REGISTERED NUMBER: 01204416 (England and Wales)

Suncream Holdings Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

Mrs S M Manfredi

Mrs S R Manfredi

Mrs S D Thirlby

SECRETARY:

Mrs S M Manfredi

REGISTERED OFFICE:

Unit 7 D1

Claymore Tame Valley Industrial Estate

Wilnecote

Tamworth

Staffordshire

B77 5DQ

REGISTERED NUMBER:

01204416 (England and Wales)

AUDITORS:

UHY Hacker Young (Birmingham) LLP,

Statutory Auditor

9-11 Vittoria Street

Birmingham

B1 3ND

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

The business model stayed largely unchanged during 2025 and is expected to continue during 2026. Raw materials are mixed and pasteurised on site, the mix is sent to age in vats and packed down five possible production lines into pack sizes ranging from 90ml to 10 litres. The packed goods are stored in a 1500 pallet space cold storage facility where goods are either sent out as full pallets or are picked as multi sku pallets for smaller accounts. Two routes to market are employed, either direct haulage or via the backhaul operations of customers.

Turnover remained largely similar to the previous year with a marginal increase in GP. Wholesale and Foodservice continued to form the majority of the client base, but has continued decline due to a struggling hospitality sector.

The continued increase in the National Minimum Wage during 2025 increased the production operative labour cost and this again put pressure on the tiers above. Tamworth is an area of high employment and Suncream have as usual invested early in staff salaries, ahead of the national move, in order to retain skill and stay ahead of local labour pool pressures. There is a firm view that well paid employees lead to a better product and better customer service.

2025 saw investment in an additional automatic filling machine as well as new larger ageing vats in order to increase production capability ahead of a significant contract awarded for start 2026.

Work towards ESG continued in 2025 with the retention of a two pillar Smeta accreditation. In addition, the membership of the Rainforest Alliance continues with ethically sourced cocoa powder and 2025 saw the first RSPO accreditation for responsibly sourced palm oil.

A "Customer Comes First" initiative which was launched in 2023 continued through 2025 as the bedrock of all that is central to Suncream's ethos.

2025 saw the retention of a BRCGS AA factory accreditation.

PRINCIPAL RISKS AND UNCERTAINTIES

The economic climate remains unsettled, and the Labour government continues to exacerbate this. The decline of hospitality is a serious concern and the government support for this industry is yet to be clearly defined, meanwhile pubs continue to close at an alarming rate. Suncream still remains cautious to make major changes to their business model, although there are now 4 new Field Sales Executives employed to drive growth at grass roots level. The conflicts in Ukraine and the Middle East continue to bring challenges in terms of supply reliability and price stability, although Suncream are mitigating this where possible with contracts for raw materials. The impact of the US tariffs is yet to manifest.

Recruitment and the local labour pool is being closely monitored as any reduction in staff numbers will put the business under undue pressure. A new contract for 2026 has been achieved and this will put pressure on staffing. Recruiting new long serving, reliable employees continues to be difficult despite benchmarking salaries, buddies for new employees and good scores on employee engagement questionnaires.

There are still changes required as a result of the F gas legislation and plans are being made to ensure all refrigeration equipment is compliant well ahead of the cut off date of 2030.

More recent uncertainties concern the Extended Producer Responsibility and the amounts due under this scheme, particularly in light of recent announcements of a shortfall in required revenue and how that will impact future years. In addition, the Employment Rights Act also continues to pile pressure on recruitment and retention of staff, with impositions upon managers to deal with sick pay from day one and other significant restrictive requirements.

FINANCIAL PERFORMANCE AND KEY PERFORMANCE INDICATORS

The company uses turnover and gross profit margin to monitor ongoing results and performance targets.

2025

2024

Turnover

£13,310,866

£13,480,195

Gross profit margin

26.9%

26.4%

Current assets ratio

1.77:1

1.88:1

ON BEHALF OF THE BOARD:

Mrs S R Manfredi - Director

31 March 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

The directors recommend a final dividend per share as follows:

Ordinary A

139.98

Ordinary B

45.01

Ordinary C

NIL

Ordinary D

100

Ordinary E

100

Ordinary F

100

Ordinary G

100

Preferred A

NIL

The total distribution of dividends for the year ended 31 December 2025 will be £352,762.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mrs S M Manfredi

Mrs S R Manfredi

Mrs S D Thirlby

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, UHY Hacker Young (Birmingham) LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs S R Manfredi - Director

31 March 2026

Opinion

We have audited the financial statements of Suncream Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud

or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is

sufficient an appropriate to provide a basis for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that

are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness

of the internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates

and related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based

on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that

may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a

material uncertainty exists, we are required to draw attention in our auditor's report to the related

disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit evidence obtained up to the date of our auditor's report. However,

future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in a

manner that achieves fair presentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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

Jack Wilkinson (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young (Birmingham) LLP,

Statutory Auditor

9-11 Vittoria Street

Birmingham

B1 3ND

31 March 2026

TURNOVER

13,310,866

13,480,195

Cost of sales

9,730,691

9,915,093

GROSS PROFIT

3,580,175

3,565,102

Administrative expenses

2,532,477

2,316,974

1,047,698

1,248,128

Other operating income

750

-

OPERATING PROFIT

5

1,048,448

1,248,128

Interest receivable and similar income

7,821

6,034

1,056,269

1,254,162

Interest payable and similar expenses

6

126,286

185,123

PROFIT BEFORE TAXATION

929,983

1,069,039

Tax on profit

7

250,468

265,851

PROFIT FOR THE FINANCIAL YEAR

679,515

803,188

Profit attributable to:

Owners of the parent

679,515

803,188

PROFIT FOR THE YEAR

679,515

803,188

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

679,515

803,188

Total comprehensive income attributable to:

Owners of the parent

679,515

803,188

FIXED ASSETS

Tangible assets

10

5,941,458

5,748,498

Investments

11

-

-

5,941,458

5,748,498

CURRENT ASSETS

Stocks

12

1,417,709

1,553,400

Debtors

13

1,554,699

1,615,761

Cash at bank

594,251

300,064

3,566,659

3,469,225

CREDITORS

Amounts falling due within one year

14

2,004,399

1,856,652

NET CURRENT ASSETS

1,562,260

1,612,573

TOTAL ASSETS LESS CURRENT LIABILITIES

7,503,718

7,361,071

CREDITORS

Amounts falling due after more than one year

15

(1,281,895

)

(1,542,858

)

PROVISIONS FOR LIABILITIES

18

(721,180

)

(644,323

)

NET ASSETS

5,500,643

5,173,890

CAPITAL AND RESERVES

Called up share capital

19

5,000

5,000

Share premium

20

84,966

84,966

Revaluation reserve

20

93,144

93,144

Retained earnings

20

5,317,533

4,990,780

SHAREHOLDERS' FUNDS

5,500,643

5,173,890

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

Mrs S R Manfredi - Director

FIXED ASSETS

Tangible assets

10

5,941,458

5,748,498

Investments

11

40,000

40,000

5,981,458

5,788,498

CURRENT ASSETS

Debtors

13

93

7,460

Cash at bank

141,524

57,550

141,617

65,010

CREDITORS

Amounts falling due within one year

14

417,364

648,605

NET CURRENT LIABILITIES

(275,747

)

(583,595

)

TOTAL ASSETS LESS CURRENT LIABILITIES

5,705,711

5,204,903

CREDITORS

Amounts falling due after more than one year

15

(3,990,982

)

(3,389,900

)

PROVISIONS FOR LIABILITIES

18

(721,180

)

(644,323

)

NET ASSETS

993,549

1,170,680

CAPITAL AND RESERVES

Called up share capital

19

5,000

5,000

Share premium

20

84,966

84,966

Revaluation reserve

20

93,144

93,144

Retained earnings

20

810,439

987,570

SHAREHOLDERS' FUNDS

993,549

1,170,680

Company's profit for the financial year

175,631

262,440

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

Mrs S M Manfredi - Director

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

5,000

4,555,352

84,966

93,144

4,738,462

Changes in equity

Dividends

-

(367,760

)

-

-

(367,760

)

Total comprehensive income

-

803,188

-

-

803,188

Balance at 31 December 2024

5,000

4,990,780

84,966

93,144

5,173,890

Changes in equity

Dividends

-

(352,762

)

-

-

(352,762

)

Total comprehensive income

-

679,515

-

-

679,515

Balance at 31 December 2025

5,000

5,317,533

84,966

93,144

5,500,643

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

5,000

1,092,889

84,966

93,144

1,275,999

Changes in equity

Dividends

-

(367,759

)

-

-

(367,759

)

Total comprehensive income

-

262,440

-

-

262,440

Balance at 31 December 2024

5,000

987,570

84,966

93,144

1,170,680

Changes in equity

Dividends

-

(352,762

)

-

-

(352,762

)

Total comprehensive income

-

175,631

-

-

175,631

Balance at 31 December 2025

5,000

810,439

84,966

93,144

993,549

Cash flows from operating activities

Cash generated from operations

1

2,021,133

1,319,151

Interest paid

(109,477

)

(139,156

)

Interest element of hire purchase payments paid

(16,809

)

(45,967

)

Tax paid

(261,826

)

(174,263

)

Net cash from operating activities

1,633,021

959,765

Cash flows from investing activities

Purchase of tangible fixed assets

(572,865

)

(440,758

)

Sale of tangible fixed assets

-

10,000

Interest received

7,821

6,034

Net cash from investing activities

(565,044

)

(424,724

)

Cash flows from financing activities

Loan repayments in year

(262,852

)

(270,911

)

Capital repayments in year

(158,176

)

(217,945

)

Equity dividends paid

(352,762

)

(367,760

)

Net cash from financing activities

(773,790

)

(856,616

)

Increase/(decrease) in cash and cash equivalents

294,187

(321,575

)

Cash and cash equivalents at beginning of year

2

300,064

621,639

Cash and cash equivalents at end of year

2

594,251

300,064

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

929,983

1,069,039

Depreciation charges

379,904

373,165

Loss on disposal of fixed assets

-

43,597

Finance costs

126,286

185,123

Finance income

(7,821

)

(6,034

)

1,428,352

1,664,890

Decrease/(increase) in stocks

135,691

(108,442

)

Decrease in trade and other debtors

61,062

139,229

Increase/(decrease) in trade and other creditors

396,028

(376,526

)

Cash generated from operations

2,021,133

1,319,151

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

594,251

300,064

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

300,064

621,639

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

300,064

294,187

594,251

300,064

294,187

594,251

Debt

Finance leases

(354,457

)

158,176

(196,281

)

Debts falling due within 1 year

(380,327

)

121,169

(259,158

)

Debts falling due after 1 year

(1,322,420

)

141,684

(1,180,736

)

(2,057,204

)

421,029

(1,636,175

)

Total

(1,757,140

)

715,216

(1,041,924

)