REGISTERED NUMBER: 15928578 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

2 SEPTEMBER 2024 TO 31 DECEMBER 2025

FOR

GREANCO LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

6

Report of the Independent Auditors

8

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Statement of Financial Position

14

Company Statement of Financial Position

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Statement of Cash Flows

18

Notes to the Consolidated Statement of Cash Flows

19

Notes to the Consolidated Financial Statements

20

DIRECTOR:

T M Greaney

REGISTERED OFFICE:

3 Elstree Gate

Elstree Way

Borehamwood

WD6 1JD

REGISTERED NUMBER:

15928578 (England and Wales)

SENIOR STATUTORY AUDITOR:

Brian M Leighton

AUDITORS:

Accura Accountants Ltd (Statutory Auditor)

Langley House

53 Theobald Street

Borehamwood

WD6 4RT

The director presents his strategic report of the company and the group for the period 2 September 2024 to 31 December 2025.

Greanco Limited is a holding company, it acquired 65% shareholding in Oakfield Food Group Limited in October 2024. Oakfield Food Group Limited was established to acquire 100% of the issued share capital of Oakfield (Foods) Limited and also incorporated Oakfield Foods BV, a subsidiary based in the Netherlands.The acquisition of Oakfield (Foods) Limited represented the purchase of a continuing (going concern) operation, with the business maintaining its trading activities and existing operational structure after completion.

Oakfield (Foods) Limited is a well-established business in the frozen food products industry in the UK and abroad, with more than 39 years of trading experience. The company has built a strong reputation for supplying high-quality frozen food products and has an established customer base within the sector.

In addition to the above Greanco Limited owns 100% of its subsidiary Melo Investments Ltd. Melo Investments Ltd owns 100% of its own subsidiary DG Scout Ltd.

REVIEW OF BUSINESS

The directors consider the Group's performance during the year to be very satisfactory.

Group turnover increased during the year as the Group continued to expand its customer base and strengthen its market position. Gross profit increased in line with expectations, reflecting the continuing strategic focus on higher-margin products and the successful transition away from lower-margin activities following changes to trading arrangements with the European Union.

The directors remain confident in the future prospects of the Group and expect to achieve further profitable growth in the years ahead through continued investment in customer relationships, operational efficiencies and strategic sourcing initiatives.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that the principal risks and uncertainties facing the Group are foreign currency risk, credit risk, liquidity risk, supply chain disruption and the ongoing conflict in Ukraine. The Group actively monitors these risks and implements appropriate measures to mitigate their potential impact.

Foreign Currency Risk

The Group's principal exposure to foreign currency risk arises from purchases made from overseas suppliers. While the Group's policy permits the use of hedging instruments to manage foreign currency exposure, it does not require all exposures to be hedged. Where considered appropriate, foreign exchange forward contracts are used to fix the Sterling cost of future purchases.

As the majority of sales are denominated in Sterling while a proportion of purchases are made in US Dollars and Euros, management closely monitors anticipated foreign currency requirements and market conditions.

Credit Risk

The Group seeks to minimise credit risk by maintaining cash deposits and borrowing facilities with carefully selected financial institutions approved by the Board.

Customers trading on credit terms are subject to appropriate credit assessment procedures. Where concerns arise regarding a customer's creditworthiness, the Group may require advance payment, cash against documents or other suitable forms of security.

Robust credit control procedures are in place across the business to identify potential bad debts at an early stage. Appropriate provisions are recognised where the directors consider them necessary.

Liquidity Risks

The Group manages its cash resources and borrowing requirements to maintain financial flexibility while ensuring sufficient liquidity to support its ongoing operations.

The Group maintains substantial banking facilities, including overdraft and invoice discounting arrangements. Management prepares detailed cash flow forecasts to identify future funding requirements, optimise working capital and ensure continued compliance with banking covenants and facility terms.

Supply Chain Risk and Conflict in Ukraine

The Group continues to monitor the impact of the conflict in Ukraine on supply chains, food commodity prices and energy costs. Although the Group has historically sourced products from suppliers in Ukraine, alternative sourcing arrangements have been established across Europe to mitigate the risk of supply disruption.

The conflict, together with broader inflationary pressures affecting food, freight and energy markets, continues to create challenges across the industry. Nevertheless, the directors believe that the Group's diversified supplier base, strong customer relationships and proactive approach to procurement and risk management position it well to manage these ongoing uncertainties.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors consider this to be satisfactory, that the key financial performance indicators of the Group are turnover and gross profit margin, as these provide a clear measure of the Group's trading performance.

Group turnover for the period to 31 December 2025 was £384,739,088, representing a healthy trading period.

The Group's gross profit margin is 9.51% and the directors consider this be satisfactory and particularly encouraging, reflecting the successful implementation of the Group's product and sourcing strategies.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG") STATEMENT

The directors recognise the importance of operating responsibly and sustainably and remain committed to embedding Environmental, Social and Governance ("ESG") principles throughout the Group's operations.

Activities During the Period

During the year, the Group engaged specialist ESG advisers to undertake a review of the business and develop a detailed ESG roadmap designed to improve the Group's ESG maturity and reporting capability.

The roadmap includes initiatives to strengthen governance arrangements, integrate ESG considerations into risk management processes, improve performance monitoring and reduce the Group's environmental impact.

The Group also completed an assessment of its Scope 1 and Scope 2 carbon emissions in line with Streamlined Energy and Carbon Reporting ("SECR") requirements and in support of its carbon neutral objectives.

Several sustainability initiatives are already underway, including:

• Investment in green energy solutions;

• Expansion of the Group's electric and hybrid vehicle fleet;

• Installation of electric vehicle charging infrastructure at operational sites; and

• Ongoing evaluation of opportunities to improve energy efficiency across the business.

The Group continues to support local communities through charitable initiatives and community outreach programmes, including support for breakfast clubs and local schools through funding and meal provision initiatives.

Future Plans

The directors acknowledge that the Group is at an early stage in its ESG journey but remain committed to continuous improvement and driving positive environmental and social outcomes.

Future priorities include enhancing ESG reporting, reducing emissions, strengthening stakeholder engagement and embedding sustainability considerations within decision-making processes across the Group.

The directors recognise that meaningful progress requires collaboration with employees, customers, suppliers and local communities and remain committed to ensuring ESG principles form an integral part of the Group's future development.

HUMAN RIGHTS AND MODERN SLAVERY

The directors are committed to respecting and protecting the human rights of all individuals working for, or on behalf of, the Group and to ensuring that fair, safe and ethical working conditions exist throughout its supply chain.

The Group continues to develop and strengthen its due diligence processes in order to identify, assess and mitigate potential human rights risks and instances of modern slavery.

Priority areas include:

• Health and safety;

• Freedom of association;

• Working hours and overtime;

• Access to grievance mechanisms;

• Equality, diversity and inclusion; and

• Responsible sourcing practices.

The Group adopts a zero-tolerance approach to modern slavery and human trafficking. The directors are committed to sourcing products responsibly and working only with suppliers who demonstrate a clear commitment to ethical employment practices and respect for human rights.

Suppliers are expected to work towards compliance with the standards required by the Group, and supplier relationships are continually reviewed to support these objectives.

ON BEHALF OF THE BOARD:

T M Greaney - Director

1 September 2026

The director presents his report with the financial statements of the company and the group for the period 2 September 2024 to 31 December 2025.

COMMENCEMENT OF TRADING

Greanco Limited was incorporated on 2 September 2024 and commenced trading on the same date. However, its principal trading subsidiary, Oakfield (Foods) Limited, was acquired on 29 October 2024. Oakfield (Foods) Limited has been operating since 1987 and is a well-established and reputable business within its industry, with a long-standing trading history and established market presence.

PRINCIPAL ACTIVITY

The principal activity of the subgroup Oakfield Food Group Limited in the period under review was that of the importation and wholesale of frozen food. A small percentage of the operation amounting to around 1% relate to investments and advertising in other subsidiaries.

DIVIDENDS

No dividends will be distributed for the period ended 31 December 2025.

DIRECTOR

T M Greaney was appointed as a director on 2 September 2024 and held office during the whole of the period from then to the date of this report.

The director, being eligible, offers himself for election at the forthcoming first Annual General Meeting.

POLITICAL DONATIONS AND EXPENDITURE

No donations were made to political parties during the year. The Group made charitable donations totalling £186,912 supporting various events within the industry.

STREAMLINED ENERGY AND CARBON REPORTING

The Group's greenhouse gas emissions and energy consumption for the period are set out below and relate to the Group's main subsidiary Oakfield (Foods) Limited;

Total Energy consumptions: 2025: 84,398kWh (2024: 341,845kWh)

Emissions from combustion of gas: 2025: 0.05 tCO2e (2024: 0.05 tCO2e)

Emissions from combustion of fuel for the purposes of transport: 2025: 12.34 tCO2e (2024: 13.35 tCO2e)

Emissions from purchased electricity: 2025: 1.16 tCO2e (2024: 28.08 tCO2e)

Emissions from business travel in employee-owned vehicles where the Group is responsible for purchasing fuel: 2025: 5.96 tCO2e (2024: 34.86 tCO2e)

Total gross emissions: 2025: 19.51 tCO2e (2024: 76.33 tCO2e)

Emissions per £1m turnover: 2025: 0.06 tCO2e per £m turnover (2024: 0.27 tCO2e per £m turnover)

Emissions per full time employee 2025: 0.29 tCO2e (2024: 1.19 tCO2e)

Emissions avoided by purchasing renewable electricity 2025: 1.16 tCO2e (2024: 28.08 tCO2e)

Total annual net emissions 2025: 18.35 tCO2e (2024: 48.25 tCO2e)

The directors report the company’s emissions in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (GHG Protocol). Emission calculations use the 2021 UK Government GHG Conversion Factors for Company Reporting, published by the Department for Environment, Food & Rural Affairs (DEFRA). These factors convert energy use into CO2e emissions, applying the 'location-based grid average' method, which reflects average emissions from the grid where energy consumption occurs.

Data sources include energy billing, invoices and internal systems. The company purchases 100% renewable energy for its sites and, accordingly, has included an additional emissions figure using market-based factors to reflect this.

Where actual transport usage data (e.g. litres) was unavailable, estimates were made using average fuel consumption factors. The company’s vehicle fleet currently includes eight hybrid vehicles, six electric vehicles and one diesel vehicle. As of the reporting period, five dual electric charging points were installed on site.

The directors have elected to report gross emissions relative to £ million of turnover as a key emissions metric. The company remains committed to reducing the environmental impact of its operations.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Accura Accountants Ltd (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T M Greaney - Director

1 September 2026

Opinion

We have audited the financial statements of Greanco Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 period then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page seven, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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:

Fraud risk assessment

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure by management to commit, or provide an opportunity to commit, fraud. Our risk assessment procedures included;

- enquiries of management and finance personnel, concerning the group's policies and procedures relating to:

- detecting and responding to the risks of fraud; and

- evaluation of internal controls designed to mitigate fraud risk

- enquiries of management and internal accounting staff as to whether they had knowledge of any actual, suspected or alleged fraud;

- discussions within the audit team on where fraud risks may arise, informed by our commercial experience in the meat and food production sector.

Risk communications

We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

Fraud risks

As required by auditing standards we addressed the risk of management override of controls and the risk of fraudulent revenue recognition. In particular we considered the risk that revenue is recorded in the wrong period and the risk that the management may be in a position to make inappropriate accounting entries, and the risk of bias in accounting estimates and judgments.

Procedures to address fraud risks

Our audit procedures included evaluating the design and implementation, and operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures including;

- Testing journal entries to identify unusual transactions, comparing journal entries to supporting documentation and review for any unusual journal descriptions;

- Assessing significant accounting estimates and judgements for bias;

- Obtaining third party confirmations for all bank balances and material debtors and creditors balances; and

- Testing revenue recognition around the year end to ensure transactions were recorded in the correct period.

Laws and regulations

- Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations.

Risk assessment

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements. For this risk assessment, matters considered included the following;

- discussion with the management of the Group (as required by auditing standards);

- inspection of the Group's regulatory and legal correspondence; and

- discussions with the management about the policies and procedures regarding compliance with laws and regulations.

Risk communication

Our team remained alert to indications of non-compliance and laws and regulations risks throughout the audit.

Direct laws context and link to audit

The potential effect of laws and regulations on the financial statements varies considerably. The Group is subject toUnited Kingdom laws and regulations, such as the Companies Act 2006. Other relevant rules and regulations include the following:

- Financial reporting legislation (including related UK companies' legislation).

- Taxation legislation (direct and indirect) in the Group's countries of operation.

- The Group is regulated by United Kingdom and EU Food safety and Hygiene, Food Information and general food

labelling regulations.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, 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.

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.

Brian M Leighton (Senior Statutory Auditor)

for and on behalf of Accura Accountants Ltd (Statutory Auditor)

Langley House

53 Theobald Street

Borehamwood

WD6 4RT

1 September 2026

TURNOVER

3

384,739,088

Cost of sales

(348,143,187

)

GROSS PROFIT

36,595,901

Administrative expenses

(23,260,489

)

13,335,412

Other operating income

4

23,224

Gain/loss on revaluation of assets

75,000

OPERATING PROFIT

6

13,433,636

Interest receivable and similar income

67,929

13,501,565

Gain/loss on revaluation of assets

(1,401,331

)

12,100,234

Interest payable and similar expenses

8

(3,860,735

)

PROFIT BEFORE TAXATION

8,239,499

Tax on profit

9

(3,099,195

)

PROFIT FOR THE FINANCIAL PERIOD

5,140,304

Profit attributable to:

Owners of the parent

3,341,198

Non-controlling interests

1,799,106

5,140,304

PROFIT FOR THE PERIOD

5,140,304

OTHER COMPREHENSIVE INCOME

Fair value reserve - investment property

(75,486

)

Fair value reserve - investment property

75,000

Fair value reserve - investment in share

486

Income tax relating to components of other comprehensive income

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

5,140,304

Total comprehensive income attributable to:

Owners of the parent

5,140,304

FIXED ASSETS

Intangible assets

12

29,629,671

Tangible assets

13

855,790

Investments

14

168,292

Investment property

15

525,000

31,178,753

CURRENT ASSETS

Stocks

16

30,444,888

Debtors

17

52,695,892

Cash at bank

611,500

83,752,280

CREDITORS

Amounts falling due within one year

18

63,041,423

NET CURRENT ASSETS

20,710,857

TOTAL ASSETS LESS CURRENT LIABILITIES

51,889,610

CREDITORS

Amounts falling due after more than one year

19

(60,300,000

)

PROVISIONS FOR LIABILITIES

24

(84,912

)

NET LIABILITIES

(8,495,302

)

CAPITAL AND RESERVES

Called up share capital

25

100

Retained earnings

26

4,997,350

SHAREHOLDERS' FUNDS

4,997,450

NON-CONTROLLING INTERESTS

27

(13,492,752

)

TOTAL EQUITY

(8,495,302

)

The financial statements were approved by the director and authorised for issue on 1 September 2026 and were signed by:

T M Greaney - Director

FIXED ASSETS

Intangible assets

12

-

Tangible assets

13

-

Investments

14

65,100

Investment property

15

-

65,100

CURRENT ASSETS

Debtors

17

565,000

Cash at bank

28

565,028

CREDITORS

Amounts falling due within one year

18

65,100

NET CURRENT ASSETS

499,928

TOTAL ASSETS LESS CURRENT LIABILITIES

565,028

CAPITAL AND RESERVES

Called up share capital

25

100

Retained earnings

26

564,928

SHAREHOLDERS' FUNDS

565,028

Company's profit for the financial year

564,928

The financial statements were approved by the director and authorised for issue on 1 September 2026 and were signed by:

T M Greaney - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Prior year adjustment

-

1,656,152

1,656,152

-

1,656,152

As restated

-

1,656,152

1,656,152

-

1,656,152

Changes in equity

Issue of share capital

100

-

100

-

100

Total comprehensive income

-

3,341,198

3,341,198

-

3,341,198

100

4,997,350

4,997,450

-

4,997,450

Acquisition of non-controlling interest

-

-

-

(18,026,574

)

(18,026,574

)

Non-controlling interest arising on business combination

-

-

-

4,533,822

4,533,822

Balance at 31 December 2025

100

4,997,350

4,997,450

(13,492,752

)

(8,495,302

)

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

564,928

564,928

Balance at 31 December 2025

100

564,928

565,028

Cash flows from operating activities

Cash generated from operations

1

32,253,582

Interest paid

(3,860,735

)

Tax paid

(191,231

)

Net cash from operating activities

28,201,616

Cash flows from investing activities

Purchase of intangible fixed assets

(33,916,299

)

Purchase of tangible fixed assets

(1,193,547

)

Purchase of fixed asset investments

(155,787

)

Purchase of investment property

(450,000

)

Sale of intangible fixed assets

60,623

Sale of tangible fixed assets

52,950

Sale of fixed asset investments

38,877

Interest received

67,929

Net cash from investing activities

(35,495,254

)

Cash flows from financing activities

Amount introduced by directors

(85,482

)

Net cash from financing activities

(85,482

)

Decrease in cash and cash equivalents

(7,379,120

)

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

(7,379,120

)

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

£

Profit before taxation

8,239,499

Depreciation charges

4,229,883

Loss on disposal of fixed assets

304,715

Loss on revaluation of fixed assets

1,326,331

Finance costs

3,860,735

Finance income

(67,929

)

17,893,234

Increase in stocks

(30,444,888

)

Increase in trade and other debtors

(52,545,210

)

Increase in trade and other creditors

97,350,446

Cash generated from operations

32,253,582

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Period ended 31 December 2025

31.12.25

2.9.24

£

£

Cash and cash equivalents

611,500

-

Bank overdrafts

(7,990,620

)

-

(7,379,120

)

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 2.9.24

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

-

611,500

611,500

Bank overdrafts

-

(7,990,620

)

(7,990,620

)

-

(7,379,120

)

(7,379,120

)

Debt

Debts falling due after 1 year

-

(13,750,000

)

(13,750,000

)

-

(13,750,000

)

(13,750,000

)

Total

-

(21,129,120

)

(21,129,120

)

1.	STATUTORY INFORMATION

Greanco Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the Group's accounting policies.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement and the Group's own cash flow in these financial statements.

Going concern

After making enquiries, the director has a reasonable expectation that the Group has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the director adopted the going concern basis in preparing the financial statements.

Basis of consolidation

The consolidated financial statements present the results of the Parent Company and its subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group Companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of the acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are excluded from the consolidated financial statements from the date control ceases.

Business combinations

On 29 October 2024, the Group obtained control of Oakfield (Foods) Limited through a holding company Oakfield Food Group Limited. Oakfield (Foods) Limited is a company engaged principally in frozen meat products, by acquiring 65% of its ordinary share capital.

The acquisition was undertaken principally to expand the Group's geographical presence, obtain access to new customers, achieve economies of scale and strengthen the Group's market position. The acquisition was accounted for using the purchase method in accordance with Section 19 Business Combinations and Goodwill of FRS 102.

The total consideration for the acquisition of Oakfield (Foods) Limited was £95,475,000 (£95,000,000 plus stamp duty of £475,000). This purchase was funded partially with a bank loan and the balance of £55,000,000 is still owed to the former shareholder in the form of loan notes payable over the next 10 years.

The goodwill arising on the acquisition of £33,543,024 is attributable principally to the expertise and experience of the workforce, expected synergies, customer relationships, future growth prospects and other factors giving rise to goodwill. Goodwill is being amortised on a straight-line basis over its estimated useful life of 10 years.