Company Registration No. 03272529 (England and Wales)
INTERNATIONAL FOOD LINK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
INTERNATIONAL FOOD LINK LIMITED
COMPANY INFORMATION
Directors
K G Stevens
R Horton
J P Stubbings
Secretary
J P Stubbings
Company number
03272529
Registered office
Arlington House
West Station Business Park
Spital Road
Maldon
Essex
CM9 6FF
Auditor
Maynard Heady LLP
Arlington House
West Station Business Park
Spital Road
Maldon
Essex
CM9 6FF
Business address
5-6 Galliford Road Industrial Estate
Heybridge
Maldon
Essex
CM9 4XD
INTERNATIONAL FOOD LINK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Statement of financial position
10 - 11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
The following pages do not form part of the statutory financial statements:
Detailed trading and profit and loss account
Appendix A
Schedule of administration expenses
Appendix B
INTERNATIONAL FOOD LINK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025. This report provides an overview of the Company's principal activities, performance, key performance indicators (KPIs), and future developments. It also highlights our continued commitment to innovation, operational excellence, and sustainability within the food sector of the logistics and supply chain industry.

Review of the business

As a valued member of the Woodland Group, the principal core of activities remains directly connected to the provision of services for the food industry. Within that industry the main client base is primarily the foodservice sector with business to consumer (B2C), contract fulfilment and premium shelf retail alternate revenue streams. The services and expertise of the company continue to be in matters of international trade in food supply chains incorporating in many cases embedded responsibilities for procurement, global logistics, food security / safety and compliance in complex matters of ingredients, labelling and health documentation.

The hospitality sector has faced extreme challenges in recent years with issues such as staff retention, increasing food and energy costs and supply chain issues. Despite this the company’s client base has largely survived the sustained difficult economic and geopolitical challenges. Continued pressures on consumer spending across the world and in the tourist sector in particular, has affected the demand for the Company’s services..

As a result, revenue was £13,348,940 (2024 - £11,901,678). The Company has an operating profit of £266,610 in the year against a loss of £213,885 in 2024. The Company retains a strong balance sheet position with net assets of £1,599,140 (2024 - £1,429,990).

Future developments

The Company has won two large contracts, one with a national food and drinks online retailer and one with a European frozen goods company, both of which commenced in May 2025. Regrettably, one customer contract was terminated by them in December 2025 as they decided to exit the business. The Company is actively pursuing other opportunities for fulfilment contracts.

The Company is confident that this, together with other contract wins will help to improve their profitability over the coming years.

Following Brexit the Company setup an operation in Madrid and this continues to grow. It is at the heart of our response to the increased demand for intra-European trade opportunities as we build new and innovative ways to provide services of a different level to all clients based in the EU.

The recent conflict in the Middle East has unfortunately had detrimental impact on the Company’s operations in this region. This will continue to be the case until the hospitality sector returns.

INTERNATIONAL FOOD LINK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Development and performance

Management has decided to concentrate its activities into the following sectors:

B2C Order Fulfilment Contracts

This sector is where the Company supports food clients by fulfilment, warehousing and delivery of products ordered through the clients own online ordering platforms to both business and consumer customers. This utilises the Company’s mechanisms of accredited food handling and logistics along with additional technology in which the Company has invested to improve the end customer experience. This level of investment has led to new customers and we are targeting further wins in this sector.

Imports to UK on behalf of EU Companies

Our mature import business from EU to UK continues to develop the role of nominated importer on behalf of EU companies now that increased border controls in EU require more complex support.

This will continue to be an important strategic pillar for the company supporting EU clients

International Food Link Spain Office

Following the decision to setup operations in Madrid through the Company’s associate operations, the contracts won and business generated has driven revenue for the Company in fulfilling their orders. This is expected to grow as we add dedicated resources to servicing this expanding operation and leverage opportunities presented by customers of the wider Woodland family.

Industry awards and recognitions

The Woodland Group have been awarded with the following industry awards and recognitions:

In June 2026 we retained our Gold rating from EcoVadis that validates corporate adherence to 21 recognized CSR criteria which follow verifiable international CSR standards (the Global Compact Principles, the International Labour Organization conventions, the Global Reporting Initiative standard, the ISO 26000). This places Woodland amongst the top 5% of the 90,000+ companies that have been assessed through the program thus far.

In July 2025 and then again in July 2026, a member of the Group was named one of the Top 30 Logistics Service Providers in the UK for 2025 and 2026 by the Chartered Institute of Logistics and Transport (CILT). We are very proud to receive this recognition, which reflects our ongoing commitment to innovation, sustainability, and delivering exceptional service and expertise to our customers. (CILT (UK) announces its Top 30 Logistics Service Providers for 2026 - CILT).

In January 2026 a member of the Group was included in the Good Business Pays list of fast payers. This award recognises the Group’s determination to settle supplier invoices within terms wherever possible and in such a way making Woodland easy to do business with.

On behalf of the board

R Horton
Director
14 August 2026
INTERNATIONAL FOOD LINK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company is that of the supply of chain management within the food industry and s hipping and f reight f orwarding a gents.

Results and dividends

The directors recommend that no final dividend be paid.

Directors

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

K G Stevens
R Horton
J P Stubbings
Supplier payment policy

The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

- settle the terms of payment with suppliers when agreeing the terms of each transaction;

- ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and

- pay in accordance with the company's contractual and other legal obligations.

Trade creditors of the company at the year end were equivalent to 75 days purchases, based on the average daily amount invoiced by suppliers during the year.

INTERNATIONAL FOOD LINK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

- the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

On behalf of the board
R Horton
Director
14 August 2026
INTERNATIONAL FOOD LINK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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

United Kingdom 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 International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. 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, International Accounting Standard 1 requires that directors:

- properly select and apply accounting policies;

- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;

- provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and

- make an assessment of the company's ability to continue as a going concern.

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.

INTERNATIONAL FOOD LINK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTERNATIONAL FOOD LINK LIMITED
- 6 -
Opinion

We have audited the financial statements of International Food Link Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows 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 UK adopted international accounting standards.

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with UK adopted international accounting standards; 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.

INTERNATIONAL FOOD LINK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTERNATIONAL FOOD LINK LIMITED (CONTINUED)
- 7 -
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 directors' r eport.

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, 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; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

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.

Irregularities

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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims:

- Enquiry of the entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

- Reviewing minutes of meetings of those charged with governance and

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

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 and 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.

INTERNATIONAL FOOD LINK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF INTERNATIONAL FOOD LINK LIMITED (CONTINUED)
- 8 -

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.

Adam Cohen BA FCA (Senior Statutory Auditor)
For and on behalf of Maynard Heady LLP, Statutory Auditor
Chartered Accountants
Arlington House
West Station Business Park
Spital Road
Maldon
Essex
CM9 6FF
14 August 2026
INTERNATIONAL FOOD LINK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Revenue
2
13,348,940
11,901,678
Cost of sales
(11,420,848)
(10,582,401)
Gross profit
1,928,092
1,319,277
Other operating income
173,673
154,553
Administrative expenses
(1,835,155)
(1,687,715)
Operating profit/(loss)
3
266,610
(213,885)
Share of profits of associates
18,683
935
Investment revenues
5
25
2,941
Finance costs
6
(37,807)
(32,752)
Profit/(loss) before taxation
247,511
(242,761)
Income tax expense/(income)
7
(78,361)
34,098
Profit/(loss) and total comprehensive income for the year
169,150
(208,663)
INTERNATIONAL FOOD LINK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
Non-current assets
Property, plant and equipment
8
582,021
873,676
Investments
9
48,429
28,186
630,450
901,862
Current assets
Inventories
10
381,572
388,440
Trade and other receivables
11
2,414,725
1,824,724
Current tax recoverable
-
0
34,098
Cash and cash equivalents
459,665
853,227
3,255,962
3,100,489
Current liabilities
Trade and other payables
14
1,766,522
1,842,383
Current tax liabilities
45,259
-
0
Borrowings
13
15,858
15,858
Lease liabilities
15
2,720
2,402
ROU Lease Liabilities
15
323,022
300,215
2,153,381
2,160,858
Net current assets
1,102,581
939,631
Non-current liabilities
Lease liabilities
15
100,789
411,503
Deferred tax liabilities
16
33,102
-
0
133,891
411,503
Net assets
1,599,140
1,429,990
Equity
Called up share capital
18
35,000
35,000
Capital redemption reserve
19
15,000
15,000
Retained earnings
1,549,140
1,379,990
Total equity
1,599,140
1,429,990
INTERNATIONAL FOOD LINK LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 11 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 August 2026 and are signed on its behalf by:
R Horton
Director
Company registration number 03272529 (England and Wales)
INTERNATIONAL FOOD LINK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Capital redemption reserve
Retained earnings
Total
£
£
£
£
Balance at 1 January 2024
35,000
15,000
1,588,653
1,638,653
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
(208,663)
(208,663)
Balance at 31 December 2024
35,000
15,000
1,379,990
1,429,990
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
169,150
169,150
Balance at 31 December 2025
35,000
15,000
1,549,140
1,599,140
INTERNATIONAL FOOD LINK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
10,528
469,906
Interest paid
(37,807)
(32,752)
Income taxes refunded/(paid)
34,098
(34,098)
Net cash inflow from operating activities
6,819
403,056
Investing activities
Purchase of property, plant and equipment
(88,450)
(992,092)
Proceeds from disposal of property, plant and equipment
-
0
37,960
Investment in subsidiary
(48,429)
-
0
Receipts from associates
46,869
-
0
Interest received
25
2,941
Net cash used in investing activities
(89,985)
(951,191)
Financing activities
Payment of lease liabilities
(310,396)
343,892
Net cash (used in)/generated from financing activities
(310,396)
343,892
Net decrease in cash and cash equivalents
(393,562)
(204,243)
Cash and cash equivalents at beginning of year
853,227
1,057,470
Cash and cash equivalents at end of year
459,665
853,227
INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

International Food Link Limited is a private company limited by shares incorporated in England and Wales. The registered office is Arlington House, West Station Business Park, Spital Road, Maldon, Essex, CM9 6FF. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts 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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

The Company is included in the consolidated financial statements of Woodland Group Holdings Limited, the ultimate parent undertaking. Copies of those consolidated financial statements are available from Arlington House, West Station Business Park, Spital Road, Maldon, Essex, CM9 6FF.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the true company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over 3 years
Fixtures, fittings & equipment
Straight line over 4 years
Plant and machinery
Straight line over 4 years
Computer equipment
Straight line over 3 years
Right of use assets
Over the length of the lease
Right of use assets (HP)
Over the length of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.5
Impairment of tangible and intangible assets

At each reporting 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.

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
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.7
Cash and cash equivalents

Cash and cash equivalents 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 assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through profit or loss

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets at fair value through other comprehensive income

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

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

1.11
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.

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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.

INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -

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.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event and it is probable that the company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

1.13
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 inventories or non-current 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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases
As lessee

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -

The lease liability is initially measured at the present value of the lease payments that are unpaid 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 fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.16
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.

2
Revenue
2025
2024
£
£
Revenue analysed by class of business
Transportation of catering goods
13,348,940
11,901,678
2025
2024
£
£
Revenue analysed by geographical market
UK
2,979,441
2,794,699
Europe
7,635,946
6,809,185
USA
460,851
165,948
Asia
845,046
773,244
Africa
1,427,656
1,356,120
Australia
-
2,482
13,348,940
11,901,678
INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
3
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Exchange gains
(61,167)
(780)
Fees payable to the company's auditor for the audit of the company's financial statements
7,670
21,630
Depreciation of property, plant and equipment
380,105
244,615
Profit on disposal of property, plant and equipment
-
(1,789)
Cost of inventories recognised as an expense
10,940,247
10,102,432
4
Employees

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

2025
2024
Number
Number
25
19

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
849,997
643,728
Social security costs
111,432
74,385
Pension costs
41,939
23,297
1,003,368
741,410
5
Investment income
2025
2024
£
£
Interest income
Financial instruments measured at amortised cost:
Bank deposits
25
2,941
Income above relates to assets held at amortised cost, unless stated otherwise.
6
Finance costs
2025
2024
£
£
Other interest payable
37,807
32,752
INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
7
Income tax expense
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
45,259
-
0
Adjustments in respect of prior periods
-
0
(34,098)
Total UK current tax
45,259
(34,098)
Deferred tax
Origination and reversal of temporary differences
33,102
-
0
Total tax charge/(credit)
78,361
(34,098)

The charge for the year can be reconciled to the profit/(loss) per the income statement as follows:

2025
2024
£
£
Profit/(loss) before taxation
247,511
(242,761)
Expected tax charge/(credit) based on a corporation tax rate of 25.00% (2024: 25.00%)
61,878
(60,690)
Effect of expenses not deductible in determining taxable profit
17,879
8,284
Utilisation of tax losses not previously recognised
(16,004)
36,243
Unutilised tax losses carried forward
-
0
(16,004)
Deferred tax adjustments in respect of prior years
33,102
-
0
Capital allowances
(18,494)
(1,931)
Taxation charge/(credit) for the year
78,361
(34,098)
INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
8
Property, plant and equipment
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Right of use assets
Right of use assets (HP)
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
-
0
40,416
143,141
80,338
429,763
13,245
706,903
Additions
146,810
21,000
-
0
2,866
821,416
-
992,092
Disposals
-
0
(13,047)
(37,350)
(7,090)
(220,984)
-
(278,471)
At 31 December 2024
146,810
48,369
105,791
76,114
1,030,195
13,245
1,420,524
Additions
25,835
-
0
29,498
12,309
20,808
-
88,450
Disposals
-
0
-
0
-
0
-
0
(10,205)
-
(10,205)
At 31 December 2025
172,645
48,369
135,289
88,423
1,040,798
13,245
1,498,769
Accumulated depreciation and impairment
At 1 January 2024
-
0
39,337
128,943
77,880
295,945
2,428
544,533
Charge for the year
23,152
6,329
5,320
1,296
205,869
2,649
244,615
Eliminated on disposal
-
0
(13,047)
(37,350)
(7,090)
(184,813)
-
(242,300)
At 31 December 2024
23,152
32,619
96,913
72,086
317,001
5,077
546,848
Charge for the year
60,472
5,250
10,609
4,586
296,539
2,649
380,105
Eliminated on disposal
-
0
-
0
-
0
-
0
(10,205)
-
(10,205)
At 31 December 2025
83,624
37,869
107,522
76,672
603,335
7,726
916,748
Carrying amount
At 31 December 2025
89,021
10,500
27,767
11,751
437,463
5,519
582,021
At 31 December 2024
123,658
15,750
8,878
4,028
713,194
8,168
873,676
INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
9
Investments
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Investments in subsidiaries
-
0
-
0
48,429
-
0
Investments in associates
-
0
-
0
-
0
28,186
-
0
-
0
48,429
28,186
Fair value of financial assets carried at amortised cost

The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

10
Inventories
2025
2024
£
£
Finished goods
381,572
388,440
11
Trade and other receivables
Current
Non-current
2025
2024
2025
2024
£
£
£
£
Trade receivables
2,179,872
1,608,978
-
-
Provision for bad and doubtful debts
(24,707)
(4,872)
-
-
2,155,165
1,604,106
-
-
VAT recoverable
16,715
57,116
-
-
Amounts owed by related parties
130,763
124,377
Other receivables
12,079
11,389
-
-
Prepayments
100,003
27,736
-
-
2,414,725
1,824,724
-
-
12
Trade receivables - credit risk
Fair value of trade receivables

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

No significant receivable balances are impaired at the reporting end date.

INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Trade receivables - credit risk
(Continued)
- 24 -
Movement in the allowances for impairment of trade receivables
2025
2024
£
£
Balance at 1 January 2025 and at 31 December 2025
24,707
4,872
13
Borrowings
2025
2024
£
£
Borrowings held at amortised cost:
Directors' loans
15,858
15,858
14
Trade and other payables
2025
2024
£
£
Trade payables
1,667,717
1,745,585
Amounts owed to related parties
21,144
21,144
Accruals
49,150
50,031
Social security and other taxation
28,508
23,797
Other payables
3
1,826
1,766,522
1,842,383
INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
15
Lease liabilities

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
Current liabilities
325,742
302,617
Non-current liabilities
100,789
411,503
426,531
714,120
16
Deferred taxation
Liabilities
2025
2024
£
£
Deferred tax balances
33,102
-
0

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

ACAs
£
Liability at 1 January 2024 and 1 January 2025
-
0
Deferred tax movements in current year
Charge/(credit) to profit or loss
33,102
Liability at 31 December 2025
33,102
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
41,939
23,297

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.

INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
35,000
35,000
35,000
35,000
19
Capital redemption reserve
2025
2024
£
£
At the beginning and end of the year
15,000
15,000
20
Financial commitments, guarantees and contingent liabilities

The Company has entered into an intercompany guarantee for banking facilities with certain fellow group and related party undertakings totalling £3,212,901 (2024 - £3,219,501) at the year end. This includes overdraft facilities of £2,712,901 (2024 - £2,719,501) which were undrawn at the year end. In addition, the Group held United Kingdom, Irish and French custom bonds amounting to £369,995 (2024 - £361,304).

The Company has entered into an intercompany guarantee for the VAT payments due with certain fellow group companies and the amount payable at the year end amounted to £771,259 (2024 - £296,087).

21
Capital risk management

The company is not subject to any externally imposed capital requirements.

INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
22
Related party transactions

Woodland Group Limited

The amount owed to Woodland Group Limited at 31st December 202 5 was £32,404.

Transactions with Woodland Group Limited during the year were purchases totalling £339,759 and management fees of £328,865.

Woodland Global Ltd

Woodland Global Ltd owns 57.14% of the issued share capital in International Food Link Limited.

The amount owed to Woodland Global Ltd at 31st December 202 5 was £73,766.

Transactions with Woodland Global Ltd during the year were sales of £3,504 and purchases totalling £344,490.

Woodland International Transport Incorporated

The amount owed to Woodland International Transport Incorporated at 31st December 202 5 was £1,006.

Transactions with Woodland International Transport Incorporated during the year were purchases totalling £96,994.

International Food Link Spain S.L.

The amount owed by International Food Link Spain S.L. at 31st December 202 5 was £818,510.

Transactions with International Food Link Spain S.L. incorporated during the year were sales totalling £4,249,120.

The above transactions with the related parties were all undertaken at arms length on normal commercial terms.

No guarantees have been given or received.

23
Controlling party

The company is under the control of Woodland Global Ltd, a company registered in England and Wales,

which owns 57.14% of the issued share capital. The registered office of Woodland Global Ltd is Arlington

House, West Station Business Park, Spital Road, Maldon, Essex, CM9 6FF.

24
Subsidiaries

On 31st October 2025 the company purchased the remaining 57.9% of shares in IFL Spain.

Upon obtaining control, the investment ceased to be accounted for as an associate and became an investment in a subsidiary.

Details of the company's subsidiaries at 31 December 2025 are as follows:

INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
24
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
International Food Link Spain S.L.
Plaza San Jacinto Benavente 2, Piso 4, Madrid 28012, Spain
Ordinary
100.00
25
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
92,715
92,000
Company pension contributions to defined contribution schemes
13,762
11,562
106,477
103,562
26
Cash generated from operations
2025
2024
£
£
Profit/(loss) for the year before taxation
247,511
(242,761)
Adjustments for:
Share of results of associates and joint ventures
(18,683)
(935)
Finance costs
37,807
32,752
Investment income
(25)
(2,941)
Gain on disposal of property, plant and equipment
-
(1,789)
Depreciation and impairment of property, plant and equipment
380,105
244,615
Increase in provisions
22,807
226,207
Movements in working capital:
Decrease in inventories
6,868
160,921
Increase in trade and other receivables
(630,402)
(360,163)
(Decrease)/increase in trade and other payables
(35,460)
414,000
Cash generated from operations
10,528
469,906
27
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
853,227
(393,562)
459,665
Lease liabilities
(413,905)
310,396
(103,509)
439,322
(83,166)
356,156
INTERNATIONAL FOOD LINK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
27
Analysis of changes in net funds
(Continued)
- 29 -
1 January 2024
Cash flows
31 December 2024
Prior year:
£
£
£
Cash at bank and in hand
1,057,470
(204,243)
853,227
Lease liabilities
(70,013)
(343,892)
(413,905)
987,457
(548,135)
439,322
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