Company registration number SC506349 (Scotland)
SÜDZUCKER UNITED KINGDOM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
SÜDZUCKER UNITED KINGDOM LIMITED
COMPANY INFORMATION
Directors
T Desire
M D Oosterink
D F McCabe
Company number
SC506349
Registered office
Caledonian Exchange
19A Canning Street
Edinburgh
EH3 8HE
Auditor
Thomson Cooper
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
Bankers
Deutsche Bank AG London
Winchester House
1 Great Winchester street
London
EC2 2DB
Solicitors
Lindsays WS
Caledonian Exchange
19A Canning Street
Edinburgh
EH3 8HE
SÜDZUCKER UNITED KINGDOM LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Income statement
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 24
SÜDZUCKER UNITED KINGDOM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 1 -

The directors present the strategic report for the year ended 28 February 2026. This report provides an overview of the Company’s performance, principal risks and future prospects.

Review of the business

The Company continued its key activity of the sales and distribution of sugar and sugar specialty products, within the UK and Irish Food & Beverage Markets. The business focuses on reliable InterGroup manufactured products and efficient warehousing and logistics, to ensure continuity of supply and consistently high levels of service to its customers.

Principal risks and uncertainties

The Company’s operations expose it to a range of risks and uncertainties, including fluctuations in market prices and exchange rates. Risks arising from the United Kingdom’s exit from the European Union remain, however the Company continues to seek and develop strategies within the market to mitigate such risks.

The ongoing situation in the Middle East continues to give rise to heightened geopolitical and economic uncertainty, which has the potential to impact global supply chains, energy, fuel costs, & transportation routes,. These factors may result in increased input costs, logistical disruption, or volatility within the markets in which the Company operates.

The Company actively plans for a range of potential scenarios and has taken steps to support continuity of supply, including maintaining close communication with suppliers, logistics partners, and customers. The Directors continue to monitor developments closely and assess potential operational and financial impacts on an ongoing basis. To date, the sales and distribution of sugar have not been materially affected by these developments. These mitigation actions have supported business continuity and helped limit volatility in operational and financial performance.

Key performance indicators

For the twelve months ended 28 February 2026, the Company generated revenue of £66,031,459 (2025: £66,222,516) and reported reserves of £1,2 45,500 (2025: £1,381,018). Gross margin increased during the year from 8.2% to 9.56%. Within a year where global sugar prices fell, this improvement reflects continued focus on pricing discipline and effective cost management.

On behalf of the board

D F McCabe
Director
14 April 2026
SÜDZUCKER UNITED KINGDOM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2026.

Principal activities

The principal activity of the company is the sale of sugar and fondants to the bakery, wholesale, and confectionery industries.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £900,000. The directors do not recommend payment of a further dividend.

Directors

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

T Desire
M D Oosterink
D F McCabe
Auditor

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

Statement of directors' responsibilities

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

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Statement of disclosure to auditor

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

SÜDZUCKER UNITED KINGDOM LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 3 -
On behalf of the board
D F McCabe
Director
14 April 2026
SÜDZUCKER UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SÜDZUCKER UNITED KINGDOM LIMITED
- 4 -
Opinion

We have audited the financial statements of Südzucker United Kingdom Limited (the 'company') for the year ended 28 February 2026 which comprise the income statement, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 28 February 2026 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport 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.

SÜDZUCKER UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SÜDZUCKER UNITED KINGDOM LIMITED (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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.

Auditor's 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

We considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions and manipulating the company's key performance indicators to meet targets. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the officers and other management (as required by the auditing standards).

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

SÜDZUCKER UNITED KINGDOM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SÜDZUCKER UNITED KINGDOM LIMITED (CONTINUED)
- 6 -

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

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

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

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sharon Collins (Senior Statutory Auditor)
For and on behalf of Thomson Cooper, Statutory Auditor
3 Castle Court
Carnegie Campus
Dunfermline
Fife
KY11 8PB
14 April 2026
SÜDZUCKER UNITED KINGDOM LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 7 -
2026
2025
Notes
£
£
Turnover
3
66,031,459
66,222,516
Cost of sales
(59,718,674)
(60,806,426)
Gross profit
6,312,785
5,416,090
Distribution costs
(4,287,678)
(3,723,999)
Administrative expenses
(1,336,738)
(760,996)
Other operating income
330,601
316,532
Profit before taxation
1,018,970
1,247,627
Tax on profit
8
(254,488)
(313,322)
Profit for the financial year
764,482
934,305

The income statement has been prepared on the basis that all operations are continuing operations.

SÜDZUCKER UNITED KINGDOM LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2026
28 February 2026
- 8 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
10
4,556
3,331
Current assets
Stocks
11
3,278,628
3,806,961
Debtors
12
9,403,545
10,266,981
Cash at bank and in hand
1,143,955
793,485
13,826,128
14,867,427
Creditors: amounts falling due within one year
13
(12,584,873)
(13,489,417)
Net current assets
1,241,255
1,378,010
Total assets less current liabilities
1,245,811
1,381,341
Provisions for liabilities
Deferred tax liability
14
311
323
(311)
(323)
Net assets excluding pension liability
1,245,500
1,381,018
Defined benefit pension liability
15
-
0
-
0
Net assets
1,245,500
1,381,018
Capital and reserves
Called up share capital
16
200,000
200,000
Profit and loss reserves
1,045,500
1,181,018
Total equity
1,245,500
1,381,018
The financial statements were approved by the board of directors and authorised for issue on 14 April 2026 and are signed on its behalf by:
D F McCabe
Director
Company registration number SC506349 (Scotland)
SÜDZUCKER UNITED KINGDOM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2024
200,000
896,713
1,096,713
Year ended 28 February 2025:
Profit and total comprehensive income
-
934,305
934,305
Dividends
9
-
(650,000)
(650,000)
Balance at 28 February 2025
200,000
1,181,018
1,381,018
Year ended 28 February 2026:
Profit and total comprehensive income
-
764,482
764,482
Dividends
9
-
(900,000)
(900,000)
Balance at 28 February 2026
200,000
1,045,500
1,245,500
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 10 -
1
Accounting policies
Company information

Südzucker United Kingdom Limited is a private company limited by shares incorporated in Scotland. The registered office is Caledonian Exchange, 19A Canning Street, Edinburgh, EH3 8HE.

1.1
Accounting convention

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

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of S üdzucker AG as at 28 February 2026. These consolidated financial statements are available from its registered office, Südzucker Aktiengesellschaft, Mannheim/Ochsenfurt, Hauptverwaltung, Maximilianstrasse 10, 6800 Mannheim, Germany.

1.2
Going concern

At the time of approving the financial statements, the directors consider that the company has adequate resources to continue in existence for a period of not less than twelve months. The directors are are satisfied that the company has sufficient cash reserves and working capital and therefore continue to adopt the going concern basis. true

1.3
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 be met before turnover is recognised:

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 11 -

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of turnover can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably

1.4
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.

Computer equipment
3 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 the Statement of Comprehensive Income.

1.5
Impairment of fixed assets

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

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

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

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

1.6
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 first in, first out basis.

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 12 -

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 the Statement of Comprehensive Income.

1.7
Cash and cash equivalents

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

1.8
Financial instruments

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

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 13 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

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

1.10
Taxation

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

Current tax

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

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 14 -
Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

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

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

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

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 15 -
1.12
Retirement benefits

Defined contribution plan

The company makes payments to 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 payments obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income 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.

Defined benefit plan

On 7 December 2016, the company became the principle employer of the Südzucker United Kingdom Limited Pension and Life Assurance Scheme. The scheme became a closed fund in August 2003.

A defined benefit scheme defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit scheme is a pension plan that is not a defined contribution scheme.

The liability recognised in the Statement of Financial Position in respect of the defined benefit scheme is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in the Statement of Comprehensive Income as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in the Statement of Comprehensive Income as 'interest payable and expenses'

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
1
Accounting policies
(Continued)
- 16 -

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.13
Leases
As lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease

1.14
Foreign exchange

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

1.15

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.

1.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
Judgements 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 experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

As noted above, the company has an obligation to pay pension contributions to a defined benefit pension scheme. The cost of these benefits and the present value of the obligation depend on a number of factors including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management seeks advice of third part actuaries to provide estimates of these factors in determining the net pension obligation in the financial statements. The assumptions reflect historical experience and current trends. The details of the scheme are included in note 15 to the financial statements.

SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 17 -
3
Turnover and other revenue
2026
2025
£
£
Turnover analysed by geographical market
United Kingdom
47,620,518
46,800,743
Rest of Europe
18,410,941
19,421,773
66,031,459
66,222,516
The whole of the turnover is attributable to the sale of sugar and fondants to the bakery, wholesale and confectionery industries.
2026
2025
£
£
Other revenue
Management recharges
330,601
316,532
4
Operating profit
2026
2025
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
240,339
(220,366)
Depreciation of owned tangible fixed assets
1,983
2,177
Operating lease charges
45,032
29,775
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,025
25,560
6
Employees

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

2026
2025
Number
Number
Sales
7
7
Administration
1
1
Total
8
8
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
6
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2026
2025
£
£
Wages and salaries
546,134
447,075
Social security costs
74,102
58,888
Pension costs
77,983
132,469
698,219
638,432
7
Directors' remuneration
2026
2025
£
£
Remuneration for qualifying services
114,146
141,033
Company pension contributions to defined contribution schemes
44,352
21,500
158,498
162,533

The Directors are considered to be the key management personnel.

8
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
254,500
312,285
Adjustments in respect of prior periods
-
0
572
Total current tax
254,500
312,857
Deferred tax
Origination and reversal of timing differences
488
465
Adjustment in respect of prior periods
(500)
-
0
Total deferred tax
(12)
465
Total tax charge
254,488
313,322
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
8
Taxation
(Continued)
- 19 -

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

2026
2025
£
£
Profit before taxation
1,018,970
1,247,627
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
254,743
311,907
Tax effect of expenses that are not deductible in determining taxable profit
233
141
Adjustments in respect of prior years
-
0
1,274
Deferred tax adjustments in respect of prior years
(488)
-
0
Taxation charge for the year
254,488
313,322
9
Dividends
2026
2025
£
£
Dividends paid on Ordinary shares
900,000
650,000
10
Tangible fixed assets
Computer equipment
£
Cost
At 1 March 2025
23,437
Additions
3,208
Disposals
(2,423)
At 28 February 2026
24,222
Depreciation and impairment
At 1 March 2025
20,106
Depreciation charged in the year
1,983
Eliminated in respect of disposals
(2,423)
At 28 February 2026
19,666
Carrying amount
At 28 February 2026
4,556
At 28 February 2025
3,331
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
- 20 -
11
Stocks
2026
2025
£
£
Finished goods and goods for resale
3,278,628
3,806,961
12
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
7,930,470
9,032,863
Corporation tax recoverable
218,749
180,000
Amounts owed by group undertakings
1,229,641
1,010,998
Other debtors
24,685
43,120
9,403,545
10,266,981
13
Creditors: amounts falling due within one year
2026
2025
£
£
Trade creditors
121,411
139,660
Amounts owed to group undertakings
12,295,971
13,061,713
Taxation and social security
56,758
55,034
Other creditors
88,733
212,010
Accruals and deferred income
22,000
21,000
12,584,873
13,489,417

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

14
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Balances:
£
£
Accelerated capital allowances
311
323
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
14
Deferred taxation
(Continued)
- 21 -
2026
Movements in the year:
£
Liability at 1 March 2025
323
Credit to profit or loss
(12)
Liability at 28 February 2026
311
15
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
77,983
132,469

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

Defined benefit schemes

On 7 December 2016, the company became the principal employer and Trustee of the Südzucker United Kingdom Limited Pension and Life Assurance Scheme (formerly known as WT Mather Pension and Life Assurance Scheme). The scheme became a closed fund in August 2003.

100% of the scheme assets are in a unitised with profits policy. The expected return on the scheme assets is determined by considering the expected returns available on the assets underlying the current investment policy. Expected returns on insurance policies reflects rates of return experienced in the respective market.

2026
2025
Key assumptions
%
%
Discount rate
5.80
5.50
Inflation
3.00
3.00
Revaluation rate for deferred pensioners
5.00
5.00
Pension in payment increases - pension earned before 6 April 1997
3.00
3.00
Pension in payment increases - pension earned after 6 April 1997
3.40
3.40
Mortality assumptions
2026
2025

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
20.3
19.8
- Females
23.6
23.4
Retiring in 20 years
- Males
22.0
21.0
- Females
25.1
24.9
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
15
Retirement benefit schemes
(Continued)
- 22 -
2026
2025

Amounts recognised in the income statement

£
£
Net interest on net defined benefit liability/(asset)
(85,000)
(71,000)
Restriction on net interest income credited to the income statement
85,000
71,000
Other costs and income
176,000
-
Total costs
176,000
-
2026
2025

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(92,000)
(148,000)
Less: calculated interest element
148,000
127,000
Return on scheme assets excluding interest income
56,000
(21,000)
Restriction on net interest income credited to the income statement
(85,000)
(71,000)
Actuarial changes related to obligations
(326,000)
(28,000)
Effect of changes in the amount of surplus that is not recoverable
1,678,000
1,540,000
Total costs
1,323,000
1,420,000

The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:

2026
2025
£
£
Present value of defined benefit obligations
(1,052,000)
(1,151,000)
Fair value of plan assets
2,730,000
2,691,000
Surplus in scheme
1,678,000
1,540,000
Scheme surplus not recognised
1,678,000
1,540,000
Total liability recognised
-
-
2026

Movements in the present value of defined benefit obligations

£
Liabilities at 1 March 2025
1,151,000
Past service cost
176,000
Benefits paid
(12,000)
Actuarial gains and losses
(326,000)
Interest cost
63,000
At 28 February 2026
1,052,000
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
15
Retirement benefit schemes
(Continued)
- 23 -
2026

The defined benefit obligations arise from plans funded as follows:

£
Wholly unfunded obligations
-
Wholly or partly funded obligations
1,052,000
1,052,000
2026

Movements in the fair value of plan assets

£
Fair value of assets at 1 March 2025
2,691,000
Interest income
148,000
Return on plan assets (excluding amounts included in net interest)
(56,000)
Benefits paid
(12,000)
Other
(41,000)
At 28 February 2026
2,730,000

The actual return on plan assets, net of the restriction on net interest income credited to the income statement, was £7,000 (2025 - £77,000).

2026
2025

Fair value of plan assets at the reporting period end

£
£
Corporate bonds
956,000
888,000
Gilts
1,610,000
1,561,000
Cash
164,000
242,000
2,730,000
2,691,000

A fellow group undertaking has provided a Deed of Indemnity in relation to liabilities arising to the company from the Südzucker United Kingdom Limited Pension and Life Assurance Scheme. Furthermore, a guarantee is in place by this fellow group undertaking for Südzucker United Kingdom Limited as Trustee of the Südzucker United Kingdom Limited Pension and Life Assurance Scheme.

16
Share capital
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200,000
200,000
200,000
200,000
17
Operating lease commitments
As lessee
SÜDZUCKER UNITED KINGDOM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2026
17
Operating lease commitments
(Continued)
- 24 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2026
2025
£
£
Within 1 year
63,315
54,748
Years 2-5
33,190
39,932
96,505
94,680
18
Related party transactions

The company has taken the advantage of the exemption relating to the disclosure of related party transactions with other group undertakings conferred by FRS 102 on the grounds that it and the other companies are wholly owned subsidiaries of Südzucker AG, the Company's ultimate parent undertaking.

19
Ultimate controlling party

The company's immediate parent undertaking is Südzucker Holding GmbH, a holding company incorporated in Germany.

The company's ultimate parent undertaking and controlling party is Südzucker AG, a company also incorporated in Germany.

The financial statements for Südzucker AG can be obtained from Südzucker Aktiengesellschaft, Mannheim/Ochsenfurt, Hauptverwaltung, Maximillianstrasse 10, 6800 Mannheim 1, Germany. This is the largest and smallest group into whose consolidated financial statements the company's financial information is included.

2026-02-28 2025-03-01 false false false CCH Software CCH Accounts Production 2026.100 T Desire M D Oosterink D F McCabe SC506349 2025-03-01 2026-02-28 SC506349 bus:Director1 2025-03-01 2026-02-28 SC506349 bus:Director2 2025-03-01 2026-02-28 SC506349 bus:Director3 2025-03-01 2026-02-28 SC506349 bus:RegisteredOffice 2025-03-01 2026-02-28 SC506349 bus:Agent1 2025-03-01 2026-02-28 SC506349 2026-02-28 SC506349 2024-03-01 2025-02-28 SC506349 core:RetainedEarningsAccumulatedLosses 2024-03-01 2025-02-28 SC506349 core:RetainedEarningsAccumulatedLosses 2025-03-01 2026-02-28 SC506349 2025-02-28 SC506349 core:ComputerEquipment 2026-02-28 SC506349 core:ComputerEquipment 2025-02-28 SC506349 core:WithinOneYear 2026-02-28 SC506349 core:WithinOneYear 2025-02-28 SC506349 core:CurrentFinancialInstruments core:WithinOneYear 2026-02-28 SC506349 core:CurrentFinancialInstruments core:WithinOneYear 2025-02-28 SC506349 core:ShareCapital 2026-02-28 SC506349 core:ShareCapital 2025-02-28 SC506349 core:RetainedEarningsAccumulatedLosses 2026-02-28 SC506349 core:RetainedEarningsAccumulatedLosses 2025-02-28 SC506349 core:ShareCapital 2024-02-29 SC506349 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC506349 core:ShareCapitalOrdinaryShareClass1 2026-02-28 SC506349 core:ShareCapitalOrdinaryShareClass1 2025-02-28 SC506349 core:ComputerEquipment 2025-03-01 2026-02-28 SC506349 core:UKTax 2025-03-01 2026-02-28 SC506349 core:UKTax 2024-03-01 2025-02-28 SC506349 1 2025-03-01 2026-02-28 SC506349 1 2024-03-01 2025-02-28 SC506349 core:ComputerEquipment 2025-02-28 SC506349 core:CurrentFinancialInstruments 2026-02-28 SC506349 core:CurrentFinancialInstruments 2025-02-28 SC506349 bus:OrdinaryShareClass1 2025-03-01 2026-02-28 SC506349 bus:OrdinaryShareClass1 2026-02-28 SC506349 bus:OrdinaryShareClass1 2025-02-28 SC506349 core:BetweenTwoFiveYears 2026-02-28 SC506349 core:BetweenTwoFiveYears 2025-02-28 SC506349 bus:PrivateLimitedCompanyLtd 2025-03-01 2026-02-28 SC506349 bus:FRS102 2025-03-01 2026-02-28 SC506349 bus:Audited 2025-03-01 2026-02-28 SC506349 bus:FullAccounts 2025-03-01 2026-02-28 xbrli:pure xbrli:shares iso4217:GBP