REGISTERED NUMBER: 00055762 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Gilbertson & Page Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

R G Battersby

A J Dale

C A C Ware

K K Wong

J A Harris

K L B Ware

SECRETARY:

K K Wong

REGISTERED OFFICE:

45-55 Brownfields

Welwyn Garden City

Hertfordshire

AL7 1AN

REGISTERED NUMBER:

00055762 (England and Wales)

SENIOR STATUTORY AUDITOR:

Martin Hobson FCCA

AUDITORS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Great North House, 20 Allington Way

Darlington

County Durham

DL1 4QB

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

REVIEW OF BUSINESS

The principal activity of the parent company continued to be the manufacture and marketing of pet food.

The principal activity of Rooster Enterprises Limited is that of a holding company; the principal activity of WV Associates Limited is the manufacture and packaging of aerosol-based products. Dr John Limited continued to be dormant throughout the period.

The key financial and other performance indicators during the year were as follows:

Gilbertson & Page Limited

2025

2024

Change

Turnover

28,616,014

29,979,141

-4.55%

Gross profit margin

35.11%

34.07%

+1.04%

Profit before tax

2,273,623

2,411,643

-5.72%

The company has performed well through very challenging market conditions. Our rebranding strategy, together with our e-commerce marketing presence, has made our products more accessible and visible in the changing market. Raw material prices have improved overall, and our strategic buying policy on grains has contributed to our margin improvement. The company has not only maintained its market share but has also continued to expand its online trading platform.

Continued investment has been made in Health & Safety and Environmental Expenses to ensure the long-term sustainability of the business.

The Balance Sheet strengthened further, supported by improved shareholders' funds and higher cash balances.

WV Associates Limited

2025

2024

Change

Turnover

20,559,699

20,530,845

+0.14%

Gross profit margin

20.24%

22.69%

-2.45%

Profit before tax

226,225

574,927

-60.65%

Turnover shifted towards the UK market as export sales declined. Margins were affected by external market pressures, including volatile raw material price increases and rising labour costs. Turnover was maintained through an expanded product mix across health, beauty and pharmaceutical products, supported by the company's continued presence in the grocery sector.

Significant investment was also made in new equipment, a dedicated cleanroom, maintenance, Health & Safety, and warehousing.

The Balance Sheet has continued to strengthen with a further increase in shareholders' funds and cash balances.

LIQUIDITY RISK

The group's objective is to maintain a balance between continuity of funding and the flexible use of funding by the way of loans and similar financial arrangements. The risk is also managed by matching inward and outward flows of foreign currency.

FOREIGN CURRENCY RISK

The group has financial instruments which are denominated in currencies other than sterling. The gains and losses

arising from the group's exposure to foreign currency fluctuations are recognised in the profit and loss account.

PRICING RISK

The group has future contracts to mitigate the risk of price increases in raw materials.

FINANCIAL ASSETS

The group had no financial assets other than short-term debtors and cash at bank.

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires the directors of a company to act in a way they consider to be in good faith and would be most likely to promote the success of the company for the benefit of all its members as a whole, both in the current period and in the long term.

In discharging their duties above, the directors carefully consider, amongst other matters, the impact of their decisions on various stakeholder groups. The groups we consider in this regard are our employees, our customers, our suppliers, and our shareholders as well as the wider community in which we operate. The directors recognise that building strong relationships with our stakeholders will help us deliver out long term strategy in line with our core values and operate the business in a sustainable way. We are committed to conducting business responsibly.

The company is committed to maintaining high standards of business conduct, with training given to employees reinforcing the company's business conduct & ethics policies and guidelines. The directors recognise the potential severe consequences for both employees and business of not conforming to all locally applicable legal requirements and guidelines. In making their decisions, the directors act in a fair and balanced manner as possible, with no preference given to any particular member.

The company has continued to elevate its commitment on Environmental, Social and Governance goals. The committed Environmental programme to reduce carbon and plastic pollution and improving the atmospheric odour has been reflected via significant investment in equipment and improvements throughout the factory and by strategic purchasing policies. The company also engaged in social targets by improving our employees' safety as our first priority with continuous review and training programmes. The company promotes its Health and Safety policy and has throughout the year continued vigorously to apply increasing standards of machine and employees' safety and has continued to invest in training programmes specifically related to this matter.

The Company adheres to the corporate Governance guidelines set up by the Board of Directors to provide a structure within which the directors and management can effectively work to benefit the company, its shareholders which acts as a framework, working within the context of all locally applicable legal requirements.

Our relationship with our key suppliers and customers is managed by our Buying and Sales Departments. However, this is controlled at management level to ensure there is no unsuitable impact at a local level. The needs of all smaller suppliers and customers are adequately matched to meet local requirements. Relationships with national authorities and tax authorities are managed centrally by management.

ON BEHALF OF THE BOARD:

C A C Ware - Director

1 September 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £100,000.

FUTURE DEVELOPMENTS

There has been no significant future developments since the balance sheet date.

DIRECTORS

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

R G Battersby

A J Dale

C A C Ware

K K Wong

J A Harris

K L B Ware

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Our relationship with our key suppliers and customers is managed by our Buying and Sales Departments. However, this is controlled at management level to ensure there is no unsuitable impact at a local level. The needs of all smaller suppliers and customers are adequately matched to meet local requirements. Relationships with national authorities and tax authorities are managed centrally be management.

STREAMLINED ENERGY AND CARBON REPORTING

The group meets the definition of being 'large' for the year ended 31 December 2025. It therefore has a requirement to disclose information relating to its energy usage and emissions. Due to the fact that subsidiaries within the group are not large themselves, exemption has been taken from disclosing their data in this section of the report. The figures and information below therefore relate to Gilbertson & Page Limited itself.

2025

2024

UK energy use (kWh)

20,835,511

20,571,953

Greenhouse gas emissions (Co2e)

4,027

3,981

Intensity ratio

0.1111

0.104

Intensity ratio

Due to the nature of the business, the most applicable normalisation parameter relating to carbon emissions is "production tonnes". Therefore, the intensity ratio for the company is tonnes of CO2e per production tonne.

Methodology

Methodology used is that from the reporting process fo the Climate Change Agreements Scheme, which is one of the areas mentioned in the HM Government Environmental Reporting Guidelines March 2019. The company is part of the Climate Change Levy Scheme, and are part of an umbrella agreement with all other food producers known as FDFCCA (Food and Drink Federation Climate Change Agreement).

The company also operates under permit from the Environment Agency.

Energy Efficiency Action Plan

The following energy efficiency measures have been undertaken:

- Recovery of hot air during the winter months that is now directed onto critical machinery to ensure minimum operating temperature is sustained. This now negates the need for spot heating during the winter months.

- Some office and factory areas have had their lighting areas upgraded to motion sensor lighting with automatic switch-off after 2 minutes of no movement.

- Working practices tightened to prevent boiler to "run on" after the week's production requirements have been met. More trained operatives to allow controlled boiler shutdown immediately after cessation of week's production activities.

- Completed energy saving project whereby heat from the compressors which would normally escape into the atmosphere is recovered and is used to heat water from the main boiler.

- Improved lighting controls to maximise use of natural daylight in factory.

- Further use of LED lighting and controls in manufacturing and office areas.

- Solar panels installed feeding into production activities.

- Insulation of ducting in production to prevent heat loss to atmosphere.

- Waste energy from the compressor has now been recovered to the steam system.

- Continual transition for all company vehicles to full-hybrid vehicles has now been completed.

The company continues to achieve direct savings in energy and associated carbon emissions, through operational and technological improvements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

C A C Ware - Director

1 September 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We undertake the following procedures to identify and respond to these risks of non-compliance:

- Understanding the key legal and regulatory frameworks that are applicable to the Group. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be product quality, employment law, health and safety, taxation legislation, GDPR, ISO 9001 accreditation and financial reporting legislation

- Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance

- Review of board minutes and correspondence with regulators

- Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed

- Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies

- Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and 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.

Martin Hobson FCCA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Great North House, 20 Allington Way

Darlington

County Durham

DL1 4QB

1 September 2026

TURNOVER

3

49,173,019

50,509,986

Cost of sales

(34,966,028

)

(35,638,216

)

GROSS PROFIT

14,206,991

14,871,770

Distribution costs

(2,308,056

)

(2,298,698

)

Administrative expenses

(9,868,467

)

(10,017,598

)

2,030,468

2,555,474

Other operating income

18,489

18,553

OPERATING PROFIT

6

2,048,957

2,574,027

Interest receivable and similar income

588,764

572,317

2,637,721

3,146,344

Interest payable and similar expenses

7

(186,501

)

(208,402

)

PROFIT BEFORE TAXATION

2,451,220

2,937,942

Tax on profit

8

(681,685

)

(718,360

)

PROFIT FOR THE FINANCIAL YEAR

1,769,535

2,219,582

FIXED ASSETS

Intangible assets

11

372,637

423,360

Tangible assets

12

4,714,617

5,045,767

Investments

13

-

-

5,087,254

5,469,127

CURRENT ASSETS

Stocks

14

6,635,956

5,540,085

Debtors

15

7,227,300

8,366,083

Cash at bank and in hand

14,609,305

12,470,656

28,472,561

26,376,824

CREDITORS

Amounts falling due within one year

16

(13,485,871

)

(13,309,794

)

NET CURRENT ASSETS

14,986,690

13,067,030

TOTAL ASSETS LESS CURRENT LIABILITIES

20,073,944

18,536,157

CREDITORS

Amounts falling due after more than one year

17

(216,583

)

(333,164

)

PROVISIONS FOR LIABILITIES

20

(420,555

)

(435,722

)

NET ASSETS

19,436,806

17,767,271

CAPITAL AND RESERVES

Called up share capital

21

255,000

255,000

Revaluation reserve

22

362,120

371,542

Retained earnings

22

18,819,686

17,140,729

SHAREHOLDERS' FUNDS

19,436,806

17,767,271

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:

C A C Ware - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

3,190,169

3,572,742

Investments

13

950,001

950,001

4,140,170

4,522,743

CURRENT ASSETS

Stocks

14

1,311,874

1,281,484

Debtors

15

6,025,450

5,751,954

Cash at bank and in hand

14,426,475

12,317,536

21,763,799

19,350,974

CREDITORS

Amounts falling due within one year

16

(7,620,634

)

(7,121,990

)

NET CURRENT ASSETS

14,143,165

12,228,984

TOTAL ASSETS LESS CURRENT LIABILITIES

18,283,335

16,751,727

PROVISIONS FOR LIABILITIES

20

(188,510

)

(213,187

)

NET ASSETS

18,094,825

16,538,540

CAPITAL AND RESERVES

Called up share capital

21

255,000

255,000

Revaluation reserve

22

362,120

371,542

Retained earnings

22

17,477,705

15,911,998

SHAREHOLDERS' FUNDS

18,094,825

16,538,540

Company's profit for the financial year

1,656,285

1,783,311

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:

C A C Ware - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

255,000

15,111,725

380,964

15,747,689

Changes in equity

Transfers

-

9,422

(9,422

)

-

Dividends

-

(200,000

)

-

(200,000

)

Total comprehensive income

-

2,219,582

-

2,219,582

Balance at 31 December 2024

255,000

17,140,729

371,542

17,767,271

Changes in equity

Transfers

-

9,422

(9,422

)

-

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

1,769,535

-

1,769,535

Balance at 31 December 2025

255,000

18,819,686

362,120

19,436,806

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

255,000

14,319,265

380,964

14,955,229

Changes in equity

Transfers

-

9,422

(9,422

)

-

Dividends

-

(200,000

)

-

(200,000

)

Total comprehensive income

-

1,783,311

-

1,783,311

Balance at 31 December 2024

255,000

15,911,998

371,542

16,538,540

Changes in equity

Transfers

-

9,422

(9,422

)

-

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

1,656,285

-

1,656,285

Balance at 31 December 2025

255,000

17,477,705

362,120

18,094,825

Cash flows from operating activities

Cash generated from operations

1

3,099,641

2,953,453

Interest paid

(160,023

)

(178,672

)

Interest element of hire purchase payments paid

(26,478

)

(29,730

)

Tax paid

(831,664

)

(634,331

)

Net cash from operating activities

2,081,476

2,110,720

Cash flows from investing activities

Purchase of tangible fixed assets

(322,477

)

(379,920

)

Sale of tangible fixed assets

57

-

Interest received

588,764

572,317

Net cash from investing activities

266,344

192,397

Cash flows from financing activities

Capital repayments in year

(109,171

)

(174,086

)

Equity dividends paid

(100,000

)

(200,000

)

Net cash from financing activities

(209,171

)

(374,086

)

Increase in cash and cash equivalents

2,138,649

1,929,031

Cash and cash equivalents at beginning of year

2

12,470,656

10,541,625

Cash and cash equivalents at end of year

2

14,609,305

12,470,656

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

2025

2024

£

£

Profit before taxation

2,451,220

2,937,942

Depreciation charges

699,127

700,424

Loss on disposal of fixed assets

5,166

162,318

Finance costs

186,501

208,402

Finance income

(588,764

)

(572,317

)

2,753,250

3,436,769

Increase in stocks

(1,095,871

)

(35,271

)

Decrease/(increase) in trade and other debtors

1,138,783

(442,491

)

Increase/(decrease) in trade and other creditors

303,479

(5,554

)

Cash generated from operations

3,099,641

2,953,453

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

14,609,305

12,470,656

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

12,470,656

10,541,625

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

12,470,656

2,138,649

14,609,305

12,470,656

2,138,649

14,609,305

Debt

Finance leases

(442,443

)

109,171

(333,272

)

(442,443

)

109,171

(333,272

)

Total

12,028,213

2,247,820

14,276,033