REGISTERED NUMBER: 02103137 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

OAKFIELD (FOODS) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

6

Statement of Directors' Responsibilities

8

Report of the Independent Auditors

9

Income Statement

13

Other Comprehensive Income

14

Statement of Financial Position

15

Statement of Changes in Equity

16

Statement of Cash Flows

17

Notes to the Statement of Cash Flows

18

Notes to the Financial Statements

20

DIRECTORS:

M. I. Levy

T M Greaney

M D Glass

D L Burr

D J Short

H P Ingram

SECRETARY:

D L Burr

REGISTERED OFFICE:

1st Floor

3 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD

REGISTERED NUMBER:

02103137 (England and Wales)

SENIOR STATUTORY AUDITOR:

Brian Melville Leighton

AUDITORS:

Accura Accountants Ltd (Statutory Auditor)

Langley House

53 Theobald Street

Borehamwood

WD6 4RT

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The results of the year and the financial position at the year-end were considered very satisfactory by the directors.

The turnover has increased significantly as the company has expanded its customer base and profit has increased in line with expectations due to the ongoing planned reduction in low-margin products and the transition following from exiting the EU.

The company has continued to deliver strong results and remains well-positioned to manage ongoing global challenges, including the conflict in Ukraine and inflationary pressures. The directors remain confident in the Company's ability to achieve further growth in the coming years.

The company believes that, with its longstanding trading relationships with suppliers and customers and the maintenance of reliable, accurate logistics and administration, it remains well placed to continue safeguarding and growing its profits. The directors constantly invest in the technical requirements of the company's customers, dealing with risk management, assurances and accreditation.

The directors remain confident in the company's ability to achieve further growth in the coming years.

PRINCIPAL RISKS AND UNCERTAINTIES

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

Foreign Currency Risk

The Company's principal exposure to foreign currency risk arises from purchases made from overseas suppliers. While the Company'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 Company 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 Company may require advance payment, cash against documents or other suitable forms of security.

Robust credit control procedures are maintained 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 Company manages its cash resources and borrowing requirements to maintain financial flexibility while ensuring sufficient liquidity to support its ongoing operations.

The Company 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 Company continues to monitor the impact of the conflict in Ukraine on supply chains, food commodity prices and energy costs. Although the Company 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 Company'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 that the key financial performance indicators of the Company are turnover and gross profit margin, as these provide a clear measure of the Company's trading performance.

Company turnover for the period to 31 December 2025 was £335,741,283, representing an increase of 20.68% compared with the previous year.

The Company's gross profit margin increased to 9.60% (2024: 9.28%). The directors consider this improvement to be particularly encouraging, reflecting the successful implementation of the company'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 Company's operations.

Activities During the Year

During the year, the Company engaged specialist ESG advisers to undertake a review of the business and develop a detailed ESG roadmap designed to improve the Company'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 Company's environmental impact.

The Company 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 company'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 Company 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 Company 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 Company.

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 Company'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 Company and to ensuring that fair, safe and ethical working conditions exist throughout its supply chain.

The Company 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;

• Access to grievance mechanisms;

• Working hours and overtime;

• Equality, diversity and inclusion; and

• Responsible sourcing practices.

The Company 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 Company, and supplier relationships are continually reviewed to support these objectives.

SECTION 172(1) STATEMENT

Statement by the directors on performance of their statutory duties in accordance with S172(1) Companies Act 2006.

Section 172(1) (a) to (e) requires the directors to act in the way they consider would be most likely to promote the successes of the company for the benefit of its members, as a whole, with regard to the following matters:

a) The likely consequences of any decision in the long term

The directors believe they have acted, in good faith, to promote the long-term success of the company. Governance is maintained through regular board meetings, during which the directors operate the business under strict budgetary controls and in alignment with the company's strategic objectives. The directors and shareholders attend all board meetings and is actively involved in key decision-making processes.

b) The interests of the company's employees

The directors regard the company’s employees as a vital asset and ensure that their interests are considered when making decisions. Employee wellbeing and development are supported through regular on-the-job training and active consultation. The directors remain committed to fostering open and constructive engagement with employees to ensure that their views are fairly represented in matters affecting their roles and the wider business.

c) The need to foster the company's business relationships with suppliers, customers and others

The board regularly reviews and identifies the company’s principal stakeholders. Business decisions are made with due consideration of the potential impact on these stakeholders. The directors aim to maintain long-term, collaborative relationships with customers, suppliers and partners who share the company’s values and standards of conduct.

d) The impact of the company's operations on the community and environment

The directors are conscious of the company’s role within the communities in which it operates. They remain committed to minimising environmental impact and promoting ethical practices throughout the supply chain. Engagement with suppliers includes the active monitoring of animal welfare, working conditions and environmental standards. These efforts are supported by technical staff, regular inspection visits and on-site assessments to ensure compliance with global standards.

e) The desirability of maintaining a reputation for high standards of professional business conduct

Given the nature of the meat industry in which the company operates, upholding high standards of professional conduct is essential. Ethical business practices are reinforced through onboarding training and ongoing internal communication. The directors are committed to ensuring that management operates the business responsibly and in accordance with the high standards of governance and integrity expected by the company and its stakeholders.

ON BEHALF OF THE BOARD:

D L Burr - Director

1 September 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the importation and wholesale of frozen foods.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 is £5,000,000 (2024: £13,350,000).

FUTURE DEVELOPMENTS

The company plans to expand its export department to consolidate existing business and develop new markets and product lines. This strategic growth aims to increase turnover while maintaining profitability.

Efforts to enhance the company’s global market presence continue, with a focus on establishing a stronger position within the industry across additional international regions.

DIRECTORS

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

M. I. Levy

T M Greaney

M D Glass

D L Burr

D J Short

H P Ingram

FINANCIAL INSTRUMENTS

The company’s principal financial instruments comprise bank facilities, which provide working capital for operational needs, as well as trade debtors and trade creditors arising directly from trading activities.

To mitigate exposure to foreign currency fluctuations, the company has entered into forward currency contracts.

Further disclosures relating to financial instruments can be found in the accounting policies and relevant notes to the financial statements.

POLITICAL DONATIONS AND EXPENDITURE

No donations were made to political parties during the year. The company made charitable donations totalling £151,628 (2024 £198,196), supporting various events within the industry.

STREAMLINED ENERGY AND CARBON REPORTING

The company's greenhouse gas emissions and energy consumption for the year are:

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 company 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 (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.

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006, the directors have chosen to include in the strategic report information otherwise required to be disclosed in the directors’ report, as specified in Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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 company'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:

M. I. Levy - Director

1 September 2026

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

Opinion

We have audited the financial statements of Oakfield (Foods) Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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 company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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 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.

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 - Identifying and responding to risks of material misstatement due to fraud

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 company'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 company (as required by auditing standards);

- inspection of the company'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 company is subject to United 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 company's countries of operation.

- The company is regulated by United Kingdom and EU Food safety and Hygiene, Food Information and general food labelling regulations.

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 Melville 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

4

335,741,283

278,197,965

Cost of sales

(303,515,837

)

(252,378,503

)

GROSS PROFIT

32,225,446

25,819,462

Administrative expenses

(16,582,785

)

(13,988,139

)

15,642,661

11,831,323

Other operating income

5

20,400

16,946

Gain/loss on revaluation of assets

75,000

-

OPERATING PROFIT

7

15,738,061

11,848,269

Interest receivable and similar income

9

-

373,979

15,738,061

12,222,248

Gain/loss on revaluation of assets

(1,702,858

)

1,760,576

14,035,203

13,982,824

Interest payable and similar expenses

10

(1,723,990

)

(329,817

)

PROFIT BEFORE TAXATION

12,311,213

13,653,007

Tax on profit

11

(2,517,778

)

(3,471,534

)

PROFIT FOR THE FINANCIAL YEAR

9,793,435

10,181,473

PROFIT FOR THE YEAR

9,793,435

10,181,473

OTHER COMPREHENSIVE INCOME

P&L account reserve movement

(75,486

)

3,340,606

Fair value reserve - investment property

75,000

494

Fair value reserve - investment

486

-

Income tax relating to components of other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

3,341,100

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

9,793,435

13,522,573

Note

Prior year adjustment

13

3,340,606

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

13,134,041

FIXED ASSETS

Intangible assets

14

-

363,567

279,901

Tangible assets

15

854,865

981,362

916,529

Investments

16

3,391

2,905

922,418

Investment property

17

525,000

450,000

450,000

1,383,256

1,797,834

2,568,848

CURRENT ASSETS

Stocks

18

30,444,888

28,245,450

20,008,465

Debtors

19

58,596,121

46,782,594

39,234,182

Cash at bank and in hand

20

349,297

1,818,566

1,062,622

89,390,306

76,846,610

60,305,269

CREDITORS

Amounts falling due within one year

21

(46,478,824

)

(39,178,855

)

(23,564,365

)

NET CURRENT ASSETS

42,911,482

37,667,755

36,740,904

TOTAL ASSETS LESS CURRENT LIABILITIES

44,294,738

39,465,589

39,309,752

PROVISIONS FOR LIABILITIES

26

(82,656

)

(46,942

)

(63,678

)

NET ASSETS

44,212,082

39,418,647

39,246,074

CAPITAL AND RESERVES

Called up share capital

27

300

300

300

Capital redemption reserve

28

700

700

700

Revaluation reserves

28

234,134

177,884

177,884

Fair value reserve

28

980

494

90,065

Retained earnings

28

43,975,968

39,239,269

38,977,125

SHAREHOLDERS' FUNDS

44,212,082

39,418,647

39,246,074

The financial statements were approved by the Board of Directors and authorised for issue on 1 September 2026 and were signed on its behalf by:

M. I. Levy - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

300

38,977,125

700

Changes in equity

Dividends

-

(13,350,000

)

-

Total comprehensive income

-

10,271,538

-

Balance at 31 December 2024

300

35,898,663

700

Prior year adjustment

-

3,340,606

-

As restated

300

39,239,269

700

Changes in equity

Dividends

-

(5,000,000

)

-

Total comprehensive income

-

9,736,699

-

Balance at 31 December 2025

300

43,975,968

700

Revaluation

Fair value

Total

reserves

reserve

equity

£

£

£

Balance at 1 January 2024

177,884

90,065

39,246,074

Changes in equity

Dividends

-

-

(13,350,000

)

Total comprehensive income

-

(89,571

)

10,181,967

Balance at 31 December 2024

177,884

494

36,078,041

Prior year adjustment

-

-

3,340,606

As restated

177,884

494

39,418,647

Changes in equity

Dividends

-

-

(5,000,000

)

Total comprehensive income

56,250

486

9,793,435

Balance at 31 December 2025

234,134

980

44,212,082

Cash flows from operating activities

Cash generated from operations

1

10,384,997

11,372,997

Interest paid

(1,723,990

)

(329,817

)

Tax paid

(3,290,149

)

(2,420,068

)

Net cash from operating activities

5,370,858

8,623,112

Cash flows from investing activities

Purchase of intangible fixed assets

(9,708

)

(83,666

)

Purchase of tangible fixed assets

(211,236

)

(461,967

)

Sale of intangible fixed assets

60,623

-

Sale of tangible fixed assets

45,800

168,000

Sale of fixed asset investments

-

1,153,268

Movement in financial instrument value

(1,703,344

)

1,310,764

Interest received

-

373,979

Net cash from investing activities

(1,817,865

)

2,460,378

Cash flows from financing activities

Movement in invoice discounting

(4,941,664

)

-

Amount withdrawn by directors

(1,000

)

(47,764

)

Equity dividends paid

(5,000,000

)

(13,350,000

)

Net cash from financing activities

(9,942,664

)

(13,397,764

)

Decrease in cash and cash equivalents

(6,389,671

)

(2,314,274

)

Cash and cash equivalents at beginning of year

2

(1,251,652

)

1,062,622

Cash and cash equivalents at end of year

2

(7,641,323

)

(1,251,652

)