ACCOUNTS - Final Accounts

Staff costs were as follows:

Registered number: 00929005

SILVER FERN FARMS (UK) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

Whitings LLP

Chartered Accountants

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY

SILVER FERN FARMS (UK) LIMITED

COMPANY INFORMATION

Directors	D G Boulton
	A G Nelson (appointed 20 May 2025)


Company secretary	J R M Whitlam


Registered number	00929005


Registered office	The Stables
	Four Mile Stable Barns
	Cambridge Road
	Newmarket
	CB8 0TN


Independent auditors	Whitings LLP
	Statutory Auditor
	Greenwood House
	Greenwood Court
	Skyliner Way
	Bury St Edmunds
	Suffolk
	IP32 7GY


Bankers	HSBC
	Level 30
	8 Canada Square
	London
	E14 5HQ

SILVER FERN FARMS (UK) LIMITED

CONTENTS

	Page
Strategic report	1 - 3
Directors' report	4 - 5
Independent auditors' report	6 - 9
Statement of income and retained earnings	10
Balance sheet	11
Statement of cash flows	12
Analysis of net debt	13
Notes to the financial statements	14 - 30

SILVER FERN FARMS (UK) LIMITED

STRATEGIC REPORT

FOR THE PERIOD ENDED 28 DECEMBER 2025

Introduction

The directors present their strategic report for the period ended 28 December 2025.

Principal activities

The principal activities of the company during the period continued to be the marketing, sales and distribution of chilled and frozen meat products, purchased primarily from its parent company in New Zealand, and the supply of ancillary services.

Business review

Key financial and other indicators between this financial year and last are as follows:

	28 December	29 December
	2025	2024
	£	£

Turnover	118,056,746	71,690,848
EBITDA	1,287,538	814,010
Shareholders' funds	8,599,083	7,711,360
Current assets as % of current liabilities	200%	336%

Sales volumes for both chilled and frozen over the twelve-month period to December 2025 were above expectations. When comparing performance year on year, turnover has increased from the previous year by £46.36m due to strong demand for Silver Fern Farms products from our customer partners, increasing sales revenue through both higher prices and increased volumes across beef, lamb & venison.

The company continues to target the key basic principles of tight inventory control, customer service levels, supply chain costs and debtor management which are monitored through a series of KPI's which are reviewed monthly.

Future developments

Our business has performed well over the last twelve months. We still had to navigate the challenges of supply chain disruptions, raw material price increases, storage and transport inflation, but the business systems we had in place did this very well. With increased food, mortgage, energy and fuel costs we are very aware of the effects this is continuing to have on the economy, and the ongoing cost-of-living crisis many now face. We of course are not immune to these cost increases as a business which we monitor very closely through our KPI's, making changes as and when required to our business operating model.

Demand for Silver Fern Farms product in the UK market remains strong with key partnership programmes in place for both chilled and frozen in retail, wholesale, foodservice and manufacturing sectors, and this strategy will continue into the next financial year.

Page 1

SILVER FERN FARMS (UK) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE PERIOD ENDED 28 DECEMBER 2025

Principal risks and uncertainties

As with any business enterprise, the company faces a variety of risks and uncertainties in the normal course of its activities, but it aims to minimise any possible adverse effects on operations through the effective implementation of risk management procedures. These procedures seek to identify any potential material risk to the company’s business activities and on an ongoing basis monitor such risk and the possible impact on the company’s wellbeing.

The principal risks and uncertainties that the company faces and which management believes could have a material and adverse impact on operations include the following:

• Market risks
The market in which the company operates continues to be highly competitive. Raw material and operational costs vary, and it may not always be possible to pass these changes on to customers. Furthermore, availability of product may also vary, and inconsistent throughput can impact on profitability and efficiencies. However, the company is well positioned through its parent undertaking to mitigate against these risks with full access to quality product range available from the group. The company also strives to build and maintain strong relationships with all customers and always to take a longer-term view in dealings with them.

• Environmental risks
The risk of disease amongst suppliers’ livestock remains one of the most critical factors to the company’s business with any major outbreak of disease likely to have a severe impact on trading. However, nearly all products sold by the company originates from New Zealand which maintains the highest standards of health and safety over its livestock and the risk of an outbreak of disease there is believed to be minimal. Notwithstanding this, contacts and relationships are also continually maintained with possible alternate sources of supply.

• Financial risks
The company extends credit to its customers in the normal course of business and accordingly is exposed to the risks associated with this practice. The company however maintains close working relationships with all customers and wherever possible the appropriate key decision makers to monitor their ongoing credit-worthiness. The company has established credit control procedures in place including access to numerous external credit reference agencies.

The maintenance of sufficient levels of cash liquidity and working capital is essential to the success of any business. As well as having the financial backing of its parent undertaking if required, the company has agreed banking facilities available to it which are deemed to be more than adequate to meet both its short- and longer-term requirements.

• Currency risk
The company has minimal exposure to currency risk and foreign exchange fluctuations as almost all sales and purchase activity is transacted in sterling.

• Interest rate risks
The company has a bank overdraft facility which carries variable interest rates at a fixed margin above prime.

• Liquidity risk
The group reduces the liquidity risk for the company by virtue of the availability of an intra group financing facility.

Page 2

SILVER FERN FARMS (UK) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE PERIOD ENDED 28 DECEMBER 2025

This report was approved by the board and signed on its behalf.

J R M Whitlam

Secretary

Date: 2 September 2026

Page 3

SILVER FERN FARMS (UK) LIMITED

DIRECTORS' REPORT

FOR THE PERIOD ENDED 28 DECEMBER 2025

The directors present their report and the financial statements for the period ended 28 December 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

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

∙state whether applicable UK 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 to 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.

Results and dividends

The profit for the period, after taxation, amounted to £887,723 (2024 - £551,692).

The directors do not recommend the payment of a dividend (2024 - £NIL).

Directors

The directors who served during the period were:

R J Hewett (resigned 20 May 2025)

D G Boulton

A G Nelson (appointed 20 May 2025)

Going concern

After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

Page 4

SILVER FERN FARMS (UK) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE PERIOD ENDED 28 DECEMBER 2025

Qualifying third party indemnity provisions

The parent undertaking has taken out insurance to indemnify all directors and certain senior management of subsidiaries worldwide against third party proceedings. These indemnity policies existed throughout the year and remain in place at the date of this report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Whitings LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

D G Boulton

Director

Date: 3 September 2026

Page 5

SILVER FERN FARMS (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVER FERN FARMS (UK) LIMITED

Opinion

We have audited the financial statements of Silver Fern Farms (UK) Limited (the 'Company') for the period ended 28 December 2025, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, 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 28 December 2025 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.

Page 6

SILVER FERN FARMS (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVER FERN FARMS (UK) LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

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 Directors' report.

We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 7

SILVER FERN FARMS (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVER FERN FARMS (UK) LIMITED (CONTINUED)

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, and fraud;

∙Enquiry of management around actual and potential litigation and claims;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

∙Challenging assumptions and judgements made by management in their significant accounting estimates; and

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

Page 8

SILVER FERN FARMS (UK) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SILVER FERN FARMS (UK) LIMITED (CONTINUED)

Use of our report

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

Jaimie King ACA (Senior statutory auditor)

for and on behalf of

Whitings LLP

Statutory Auditor

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY

3 September 2026

Page 9

SILVER FERN FARMS (UK) LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE PERIOD ENDED 28 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	118,056,746	71,690,848
Cost of sales		(112,614,424)	(67,162,054)
Gross profit		5,442,322	4,528,794
Distribution costs		(2,415,488)	(2,198,441)
Administrative expenses		(1,741,003)	(1,518,118)
Operating profit		1,285,831	812,235
Interest receivable and similar income	8	6,137	2,809
Interest payable and similar expenses	9	(34,532)	(38,586)
Profit before tax		1,257,436	776,458
Tax on profit	10	(369,713)	(224,766)
Profit after tax		887,723	551,692



Retained earnings at the beginning of the period.	7,211,360	6,659,668
Profit for the period	887,723	551,692
Retained earnings at the end of the period	8,099,083	7,211,360

The notes on pages 14 to 30 form part of these financial statements.

Page 10

SILVER FERN FARMS (UK) LIMITED

REGISTERED NUMBER: 00929005

BALANCE SHEET

AS AT 28 DECEMBER 2025

	28 December	29 December
	2025	2024
Note	£	£

Fixed assets
Tangible assets	11		4,582		1,142
Investments	12		1		1
			4,583		1,143
Current assets
Stocks	14	8,208,276		6,344,268
Debtors: amounts falling due within one year	15	9,023,091		4,568,344
Cash at bank and in hand	16	11		66,010
		17,231,378		10,978,622
Creditors: amounts falling due within one year	17	(8,636,878)		(3,268,405)
Net current assets			8,594,500		7,710,217
Total assets less current liabilities			8,599,083		7,711,360

Net assets			8,599,083		7,711,360

Capital and reserves
Called up share capital	18	500,000	500,000
Profit and loss account	19	8,099,083	7,211,360
		8,599,083	7,711,360

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D G Boulton

Director

Date: 3 September 2026

The notes on pages 14 to 30 form part of these financial statements.

Page 11

SILVER FERN FARMS (UK) LIMITED

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 28 DECEMBER 2025

			28 December	29 December
			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial period	887,723	551,692
Adjustments for:
Depreciation of tangible assets	1,707	1,775
Interest paid	34,532	38,586
Interest received	(6,137)	(2,809)
Taxation charge	369,713	224,766
(Increase) in stocks	(1,864,008)	(3,132,757)
(Increase) in debtors	(4,452,123)	(525,312)
Decrease in amounts owed by groups	-	1,318,548
Increase in creditors	828,880	705,242
Increase in amounts owed to groups	4,124,945	1,650,000
Corporation tax (paid)	(279,270)	(87,123)
Net cash generated from operating activities	(354,038)	742,608

Cash flows from investing activities
Purchase of tangible fixed assets	(5,147)	-
Interest received	6,137	2,809
Net cash from investing activities	990	2,809
Cash flows from financing activities
Interest paid	(34,532)	(38,586)
Net cash used in financing activities	(34,532)	(38,586)
Net (decrease)/increase in cash and cash equivalents	(387,580)	706,831
Cash and cash equivalents at beginning of period	(3,257)	(710,088)
Cash and cash equivalents at the end of period	(390,837)	(3,257)

Cash and cash equivalents at the end of period comprise:
Cash at bank and in hand	11	66,010
Bank overdrafts	(390,848)	(69,267)
	(390,837)	(3,257)

Page 12

SILVER FERN FARMS (UK) LIMITED

ANALYSIS OF NET DEBT

FOR THE PERIOD ENDED 28 DECEMBER 2025


At 30 December 2024	Cash flows	At 28 December 2025
£	£	£

Cash at bank and in hand	66,010	(65,999)	11
Bank overdrafts	(69,267)	(321,581)	(390,848)
	(3,257)	(387,580)	(390,837)

Page 13

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

1.	General information

Silver Fern Farms (UK) Limited is a private company, limited by shares, incorporated in England & Wales. The registered address is The Stables, Four Mile Stable Barns, Cambridge Road, Newmarket, CB8 0TN. The registered number is 00929005. The principal activities are detailed in the strategic report.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements are drawn up to the last Sunday of the year. As a result, the number of weeks in each accounting period can differ. In these financial statements, both periods cover a 52 week period.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 14

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 15

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.5

Leases

The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset.

Leases where the lessor retains substantially all the risks and benefits of ownership of the leased item are classified as operating leases, with rentals payable being recognised as an Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Long-term leasehold property	-	over the life of the lease
				Fixtures and fittings	-	over 3 to 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 18

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

2.Accounting policies (continued)

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the company’s accounting policies, management continually makes and evaluates judgements, estimates and assumptions based on experience and other factors, including expectations of future events that may have an impact on the company. Actual results may differ from those computed through the use of such judgements, estimates and assumptions but all are believed to be fair and reasonable based on the most current set of circumstances available to management. The significant judgements, estimates and assumptions made in the preparation of these financial statements are outlined below:

3.1. Inventory valuation
Items of inventory are measured at the lower of cost or net realisable value after providing for obsolescence, if any. Cost of inventories comprises of cost of purchase plus other costs incurred in bringing them to their respective present location, such as transport, customs clearance and initial stocking costs. Realisable judgements are made where the market price is lower than cost.

3.2. Bad debt provision
The directors make a provision for expected credit losses on trade and other debtors. The provision is estimated using an industry-standard percentage of sales for historical loss experience. This approach requires judgement, as actual losses may differ from industry averages. The applied rate is reviewed regularly and adjusted where necessary to reflect current conditions and known risks.

Page 19

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

Turnover

Turnover comprises revenue recognised by the company in respect of goods supplied within the company’s normal activities, exclusive of value added tax and trade discounts.

The company operates solely in the food industry and its principal activities during the year were the marketing, sales and distribution of chilled and frozen meat products.

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	115,483,567	70,074,104
Rest of Europe	2,573,179	1,616,744
	118,056,746	71,690,848

5.	Auditors' remuneration
		2025	2024
		£	£

Fees payable to the Company's auditors for the audit of the Company's financial statements

15,400

14,500

Page 20

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

Wages and salaries	561,381	531,585
Social security costs	61,739	59,189
Cost of defined contribution scheme	141,736	84,663
	764,856	675,437

The average monthly number of employees, including the directors, during the period was as follows:

	2025	2024
	No.	No.

Administration	9	8
Directors	2	2

	11	10

7.	Directors' remuneration

During the period no director received any emoluments for qualifying services (2024 - £NIL).

The directors of the company are also directors of other group companies within the Silver Fern Farms Limited group. A management charge of £164,381 (2024 - £175,931) in respect of UK administration costs during the period has been paid to Silver Fern Farms Limited, the company's ultimate parent company based in New Zealand. This includes a charge in respect of the directors' qualifying services which it is not possible or practicable to identify separately.

Page 21

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

8.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	6,137	2,809
		6,137	2,809

9.	Interest payable and similar expenses
		2025	2024
		£	£

On bank overdraft	34,532	38,547
Other interest payable	-	39
	34,532	38,586

Corporation tax
Current tax on profits for the year	369,713	224,766


	Tax on profit	369,713	224,766

Page 22

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

10.Taxation (continued)

Profit on ordinary activities before tax

1,257,436

776,458

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25%	314,359	194,115
	314,359	194,115
Effects of:
Expenses not deductible for tax purposes and reversal of provisions	57,023	30,733
Other timing differences leading to a decrease in taxation	(1,669)	(82)
Total tax charge for the period	369,713	224,766

Page 23

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

11.	Tangible fixed assets

	Long-term leasehold property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 30 December 2024	54,282	70,293	124,575
Additions	-	5,147	5,147
At 28 December 2025	54,282	75,440	129,722
Depreciation
At 30 December 2024	54,282	69,151	123,433
Charge for the period on owned assets	-	1,707	1,707
At 28 December 2025	54,282	70,858	125,140
Net book value
At 28 December 2025	-	4,582	4,582
At 29 December 2024	-	1,142	1,142

Page 24

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

12.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 30 December 2024	1
	At 28 December 2025	1

Subsidiary undertaking
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Silver Fern Farms GmbH

Trettaustrasse 22
21107 Hamburg Germany

Ordinary

100%

Page 25

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

13.	Intangible assets

		Computer software
		£
	Cost
	At 30 December 2024	29,028
	At 28 December 2025	29,028
	Amortisation
	At 30 December 2024	29,028
	At 28 December 2025	29,028
	Net book value
	At 28 December 2025	-
	At 29 December 2024	-

Page 26

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

Chilled and frozen meat products held for sale	8,208,276	6,344,268
	8,208,276	6,344,268

An impairment loss of £25,866 (2024 - £64,494) has been recognised in line with the accounting policy.

15.

Debtors

					28 December	29 December
					2025	2024
					£	£


Trade debtors	8,953,213	4,496,006
Amounts owed by group undertakings	3,600	3,600
Other debtors	22,134	27,721
Prepayments and accrued income	44,144	41,017
	9,023,091	4,568,344

Cash at bank and in hand	11	66,010
Less: bank overdrafts	(390,848)	(69,267)
	(390,837)	(3,257)

Page 27

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

Bank overdrafts	390,848	69,267
Trade creditors	209,696	177,735
Amounts owed to group undertakings	5,786,030	1,661,085
Corporation tax	215,721	125,277
Other taxation and social security	20,986	17,869
Other creditors	755,912	227,532
Accruals and deferred income	1,257,685	989,640
	8,636,878	3,268,405

The bank overdraft is repayable on demand and is secured by a Standby Letter of Credit given by the bankers of the parent company and other members of the Silver Fern Farms Group registered in New Zealand.

Authorised

2,000,000 (2024 - 2,000,000) Ordinary shares of £1 each	2,000,000	2,000,000

Allotted, called up and fully paid

500,000 (2024 - 500,000) Ordinary shares of £1 each	500,000	500,000

19.

Reserves

Called-up share capital

Called-up share capital represents the nominal value of shares that have been issued.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

Page 28

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

20.	Contingent liabilities

The company has guarantees in favour of the Rural Payments Agency for £30,000 (2024 - £30,000).

21.	Pension commitments

The Company operates a defined contributions pension scheme for certain employees and contributes to the personal pension plans of other employees. The pension cost charge represents contributions payable by the Company to the fund and amounted to £141,736 (2024 - £84,663). Contributions totaling £Nil (2024 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Land and buildings
Not later than 1 year	48,000	48,000
Later than 1 year and not later than 5 years	56,000	104,000
	104,000	152,000

					28 December	29 December
					2025	2024
					£	£

Other
Not later than 1 year	24,678	23,516
Later than 1 year and not later than 5 years	48,365	10,946
	73,043	34,462

23.	Related party transactions

The company has taken advantage of the exemption afforded by section 33 of FRS102 from the disclosure of transactions with wholly-owned entities that are part of the group on the grounds that it is a wholly-owned subsidiary.

Page 29

SILVER FERN FARMS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2025

24.	Ultimate parent undertaking and controlling party

The Company is a subsidiary undertaking of Shanghai Maling Aquarius Co. Limited (‘Maling’), which is listed on the Shanghai Stock Exchange. The ultimate controlling party is Bright Foods (Group) Co. Limited, the parent company of Maling.

The largest group in which the results of the Company are consolidated is that headed by Bright Foods (Group) Co. Limited - registered company address: No. 7, 263 Nong, Hua Shan Road, Shanghai, China 200040. The smallest group in which they are consolidated is that headed by Silver Fern Farms Limited – registered company address: 283 Princes Street, P.O. Box 941, Dunedin 9054, New Zealand. The consolidated financial statements for these groups are available from the respective registered addresses.

Page 30