Mleczko Delikatesy Limited

	Page
Company Information	1
Strategic Report	2—3
Directors' Report	4—5
Independent Auditor's Report	6—7
Statement of Comprehensive Income	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Statement of Cash Flows	12
Notes to the Financial Statements	13—23

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Strategic Report

For the Period 30 December 2024 to 28 December 2025

Strategic Report

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

Review of the Business

Total sales for 2025 amounted to £31.38m, which represents an overall decline of 4.4% on the figure of £32.84m reported for 2024. We pointed out last year that trading in the second half of 2024 saw sales decline by 7.3% and that continued into 2025, where sales for the first half of the year were down 5.5%. In the second half of 2025, our sales were down 2.6%.

We said last year that we had never experienced a six-month period like the last six months of 2024. There is no doubt that first half of 2025 was just as weak and overall, the 52 weeks of 2025 was the toughest period of trading we have experienced in the business for some time. We battled against a weak UK economy of very low annual growth of 1.3% and with food retail growth within this overall figure of 0.4% (Source: ONS). We believe that our sales performance was undoubtedly influenced by the huge general uncertainty around the global geo-political outlook and the increases in the cost of living brought about by turbulent markets. These factors definitely negatively affected consumer confidence. We also are aware that footfall in our stores fell as some of our customers returned to Poland.

As a result of the decline in sales referred to above, our gross profit declined from £4.85m in 2024 to £4.42m in 2025, with the gross margin achieved of 14.1% showing 0.7% decline on the corresponding margin for 2024 of 14.8%. We again battled with price increases from both our UK and Polish suppliers and producers and did our best to mitigate the impact of these price rises for our customers.

Over the 2025 financial year covered by this report, against the backdrop of difficult trading and inflationary pressures, our overheads for 2025 amounted to £5.21m, which represented a 3.7% increase on the corresponding figure for 2024 of £5.03m. We believe we managed out overhead base successfully against the background of cost increases imposed on us by the Chancellor in the March 2025 Budget of increases in the minimum wage and employers’ national insurance and the reduction in the business rates credit for retail businesses, whilst at the same time giving our staff a pay increase of 4% in April 2025. It should also be noted that the increase in employers NI alone increased costs by £157,000 and adverse currency movements added another £166,000.

The impact of the lower sales referred to above which led to a lower gross profit meant that we saw our operating performance decline from an operating profit of £251,254 in 2024 to an operating loss of £278,821 in 2025. Our interest costs reduced marginally from £218,844 to £202,285 in 2025 as a result of successive reductions in the Bank of England base rate during 2025.

In 2025, we recorded EBITDA of £52,470 compared with the corresponding figure of £568,306, where EBITDA is Earnings before interest, taxation, depreciation and amortisation.

The Company recorded a pre-tax loss of £481,106 for 2025, which compared with the pre-tax profit of £32,410 for 2024. We recorded a corporation tax credit for the year of £8,439 (2024: corporation tax charge of £23,590) and the loss after tax for 2025 was £472,667 (2024: profit for the period of £8,820)

The Directors continue to maintain a healthy balance sheet with net assets of £3.52m (2024: £4.12m) which represents the cumulative amount of profits that the directors/shareholders have re-invested in the business.

At the time of writing this report, UK annual inflation is running at an annual 3.0%, based on the Consumer Price Index figures published by the ONS on 18th February 2026, having fallen from 3.4% in December 2025. The ONS also reported on 18th February 2026 that annual food inflation was running at 3.6%. Whilst inflation appears to be falling, it is still a huge economic factor and the current war situation in the Middle East and the resulting rising oil prices means it is impossible to predict the future direction of inflation, let alone the direction of the UK and world economies.

Whilst the second half of 2025 showed a slower rate of decline in our sales than in the first half, the fact is that they did decline and having entered 2026, we have yet to see consistent sales growth. We appreciate that with the ongoing huge uncertainties in the world, the future is impossible to predict and so we are concentrating on the factors we can control – trying to promote the quality of the products we offer in our delicatessens and our bakery products and keeping a close watchful eye on our cost base.

It is also worth pointing out that despite repeated statements from the Government, the daily grind of bureaucracy we are forced to deal with to import food products from Poland has not eased. In fact, since the beginning of 2026 it appears to have worsened with a disproportionate number of trucks carrying our imported produce being stopped for inspection at the channel ports.

In addition to all of the above, we continue to deal with a business environment where we are aware that some of our competitors do not abide with the various rules and regulations we must accept and operate our business under. We know some of these competitors ignore the laws and regulations relating to employment, they don’t pay certain taxes, they pay staff in cash, and they illegally employ people who do not have work permits. Despite having raised these issues repeatedly with the relevant authorities and bringing matters to the attention of Government Ministers, these competitors continue to trade, ignoring the rules and regulations, sticking two fingers up at the laws of the UK.

In spite of all of the uncertainties and economic background that the business dealt with in 2025 and continues to deal with in 2026, the increased taxation burden and the unfair practices of particular competitors, we continue to work with our excellent and committed staff and loyal customer base to focus on the quality of the products we sell and the quality of service we offer, so that Mleczko Delikatesy delicatessens continue to be recognised as high quality food retail outlets.

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Mleczko Delikatesy Limited

Strategic Report (continued)

For the Period 30 December 2024 to 28 December 2025

Principal Risks and Uncertainties

The Company's principal risks and uncertainties continue to be as follows:

Foreign exchange rates: The Company makes the majority of its purchases in Poland in Polish Zlotys. Therefore, movements in the exchange rate have a direct impact on the firm's financial position. Going forward, a weakening or weakened Sterling would be unfavourable to the performance of the Company.

Overall, the Company continues to face significant uncertainty with the UK’s trading relationship with Europe. Since Brexit, there is significant complexity and cost to the business of importing goods and any initiatives by a new Government to reduce the burden will be welcomed. The level of bureaucracy the business endures has a significant impact, fundamentally influencing both our growth strategy and planning for the future. Disputes with the EU or EU member state, such as France, could disrupt our supply chain. For instance, any problems at the port of Calais would negatively impact the business.

Sales volume: We continue to seek new opportunities to expand our customer base. However, because of the uncertainties outlined above, unless we open a new store, we are not anticipating any material increase in sales volumes above current levels over the next 12 months.

Information Technology (IT): The Company is reliant on IT systems in the retail shops. Our EPOS software system is being used in the retail shops and stock ordering in the warehouse. The Company seeks to ensure appropriate operation of these systems for the smooth running of the business. We continued to invest in upgrading IT systems and the Company will look to improve efficiency through the intelligent implementation of technology.

Retention: The company's human capital is key to its success, and measures have been taken for the continuous development and training of the staff for improved performance. This is viewed as vital to succeed in a challenging environment. However, since 1 January 2021 and the impact of Brexit and the EU trade agreement on the free movement into the UK of EU citizens, it has become much more challenging to recruit new employees for the business.

It's without doubt that the reduced movement of people to the UK from Poland has had a negative effect on the business. Therefore, any easing in the rules relating to freedom of movement and in particular, the youth mobility agreement mooted by the Government would benefit the business.

Future Developments

The key focus over the next financial year will be to increase takings in all our shops by focussing on our high quality products, our fresh produce and our range of bakery products, We will continue to focus on our cost base and identify potential costs savings and work with our suppliers and producers to get the lowest prices for products we are buying from them. At the macro level, we are very much reliant on a stable global geopolitical environment to improve consumer confidence, the business environment and encourage firms to invest and grow.

Key performance indicators

In addition to looking at the financial progress of the business by monitoring the monthly gross margin and net profit of the business, both of which are referred to above, the Directors also monitor the cash flows generated by the business.

The cash generated by operations increased from to £290,280 in 2024 to £432,126 mainly by extending credit terms with some of our longstanding and loyal suppliers. The Directors continue to retain a large proportion of the profits in the business for reinvestment with retained earnings of £3.52m on 28 December 2025.

At an operational level, we monitor daily shop takings and product margins, and each month we monitor overall and individual shop productivity, staff numbers and costs, footfall in our stores, average basket size and staff turnover. The directors also employ analysis using other key performance indicators, including information relating to environmental matters and employee matters.

On behalf of the board

Mr Antony Mleczko Director	Mr Michael Mleczko Director
16 April 2026

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Mleczko Delikatesy Limited

Company No. 07462462

Directors' Report For the Period 30 December 2024 to 28 December 2025

Directors' Report

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

Principal Activity

The company's principal activity continues to be the operation of retail delicatessens.

Dividends

The result for the year is set out in the Statement of Comprehensive Income on page 8 and is discussed in the Strategic Report on pages 2 and 3.

The value of dividends paid amounted to £ 125,632

Directors

The directors who held office during the period were as follows:

Mr Antony Mleczko

Mr Michael Mleczko

Post Balance Sheet Events

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

Employee Engagement Statement

The directors and owners of the business have always and will continue to treat employees with the utmost respect. We employ two people in our human resources department to manage our responsibilities and commitments to our employees and monitor employee performance and we have established a staff forum for employees to communicate with the management and the directors. Each delicatessen elects a representative to sit on the forum.

We encourage employees to have open and frank discussions with us and have an input into how the company is managed and run and assist the directors with determining the strategic direction of the company. This is done via the staff forum. We have regular meetings with shop managers and use regular staff updates to communicate with all our staff. We have established an employees’ hardship fund to assist employees who may have to deal with a sudden unforeseen financial crisis.

Disabled Employees

The company gives full consideration to applications for employment from disabled persons where the

candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion. Where existing employees become disabled, it is the company policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

Matters covered in the Strategic Report

Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.

Statement of Directors' Responsibilities

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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.

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Mleczko Delikatesy Limited

Directors' Report (continued)

For the Period 30 December 2024 to 28 December 2025

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Ballantyne & Company Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Antony Mleczko Director	Mr Michael Mleczko Director
16 April 2026

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Independent Auditor's Report

to the Members of

Mleczko Delikatesy Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Mleczko Delikatesy Limited for the period ended 28 December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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/(loss) 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and 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 or 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.

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Independent Auditor's Report (continued)

to the Members of

Mleczko Delikatesy Limited

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 4—5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

We obtained an understanding of the legal and regulatory framework applicable to the Company. We determined the most significant are those relating to the financial reporting framework (namely the Companies Act 2006, UK GAAP and the application of FR102), HMRC tax compliance in the UK and EU General Data Protection Regulation.

We developed an understanding of how Mleczko Delikatesy Limited is complying with those frameworks by making enquiries of those charged with governance and executive management. We corroborated our enquiries through correspondence with third party entities where relevant and available.
We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, at the planning stage of the audit by meeting with executive management to understand where they considered there to be fraud risk and susceptibility. We also reviewed budgeted projections and actual outturn against prior year budget to determine if there were any anomalies. Where we considered audit risk to be higher we undertook tests to mitigate each identified risk.
We assessed the internal control environment established to mitigate risks of fraud or non-compliance with laws and regulations. In addition to this we evaluated compliance with laws and regulations and made enquiries of any non-compliance.
With regard to detection and responding to fraud we made enquiries of those charged with governance and executive management as to whether there was any knowledge of actual, suspected of alleged fraud.
We undertook discussions amongst the audit engagement team with respect to how and where fraud might occur in the financial statements and what the likely indicators would be. As a result of the procedures noted above we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in the following areas;
Timing of recognition of income;
Posting of unusual journals; and
Management override on internal controls.

There are inherent limitations in the audit procedures described above and the further removed non compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would be to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher and the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

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

Dalvir Johal (Senior Statutory Auditor)

for and on behalf of Ballantyne & Company Limited , Statutory Auditor

16 April 2026

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Mleczko Delikatesy Limited

Statement of Comprehensive Income

For the Period 30 December 2024 to 28 December 2025

Statement of Comprehensive Income

		28 December 2025	29 December 2024
	Notes	£	£
TURNOVER	3	31,384,639	32,843,616
Cost of sales		(26,962,063 )	(27,996,425 )

GROSS PROFIT		4,422,576	4,847,191

Distribution costs		(46,051 )	(46,685 )
Administrative expenses		(5,167,119 )	(4,982,596 )
Other operating income		511,773	433,344

OPERATING (LOSS)/PROFIT	5	(278,821 )	251,254
Interest payable and similar charges	10	(202,285 )	(218,844 )

(LOSS)/PROFIT BEFORE TAXATION		(481,106 )	32,410
Tax on (Loss)/profit	11	8,439	(23,590 )

(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL PERIOD		(472,667 )	8,820
OTHER COMPREHENSIVE INCOME FOR THE PERIOD		-	-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		(472,667)	8,820

The notes on pages 12 to 23 form part of these financial statements.

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Mleczko Delikatesy Limited

Balance Sheet

As At 28 December 2025

Balance Sheet

		28 December 2025		29 December 2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		-		833
Tangible Assets	13		4,195,006		4,261,352

			4,195,006		4,262,185
CURRENT ASSETS
Stocks	14	1,866,573		1,799,121
Debtors	15	2,577,396		2,560,842
Cash at bank and in hand		232,242		389,584

		4,676,211		4,749,547
Creditors: Amounts Falling Due Within One Year	16	(5,190,713 )		(2,478,622 )

NET CURRENT ASSETS (LIABILITIES)			(514,502 )		2,270,925

TOTAL ASSETS LESS CURRENT LIABILITIES			3,680,504		6,533,110

Creditors: Amounts Falling Due After More Than One Year	17		(156,240 )		(2,410,547 )

NET ASSETS			3,524,264		4,122,563

CAPITAL AND RESERVES
Called up share capital	22		2		2
Profit and Loss Account			3,524,262		4,122,561

SHAREHOLDERS' FUNDS			3,524,264		4,122,563

On behalf of the board

Mr Antony Mleczko Director	Mr Michael Mleczko Director
16 April 2026

The notes on pages 12 to 23 form part of these financial statements.

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Mleczko Delikatesy Limited

Statement of Changes in Equity

For the Period 30 December 2024 to 28 December 2025

Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2024	2	4,266,970	4,266,972
Profit for the period and total comprehensive income	-	8,820	8,820

Dividends paid	-	(153,229)	(153,229)

As at 29 December 2024 and 30 December 2024	2	4,122,561	4,122,563


Loss for the period and total comprehensive income	-	(472,667 )	(472,667)

Dividends paid	-	(125,632)	(125,632)

As at 28 December 2025	2	3,524,262	3,524,264

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Mleczko Delikatesy Limited

Statement of Cash Flows

For the Period 30 December 2024 to 28 December 2025

Statement of Cash Flows

		28 December 2025	29 December 2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	481,578	290,280
Tax paid		(15,780 )	-

Net cash generated from operating activities		465,798	290,280

Cash flows from investing activities
Purchase of tangible assets		(112,739 )	(196,157 )

Cash flows from financing activities
Equity dividends paid		(125,632 )	(153,229 )
Repayment of bank borrowings		(160,969 )	(205,348 )
Interest paid		(202,285)	(218,845)
Net drawdown of finance leases		(88,386)	(76,851)

Net cash used in financing activities		(577,272 )	(654,273 )



Decrease in cash and cash equivalents		(224,213 )	(560,150 )
Cash and cash equivalents at beginning of period	2	389,584	949,734

Cash and cash equivalents at end of period	2	165,371	389,584

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Mleczko Delikatesy Limited

Notes to the Statement of Cash Flows

For the Period 30 December 2024 to 28 December 2025

Notes to the Statement of Cash Flows

1. Reconciliation of (loss)/profit for the financial period to cash generated from operations

	28 December 2025	29 December 2024
	£	£
(Loss)/profit for the financial period	(472,667 )	8,820
Adjustments for:
Tax on (loss)/profit	(8,439 )	23,590
Interest expense	202,285	218,844
Amortisation of intangible assets	833	10,000
Depreciation of tangible assets	330,458	317,052
Movements in working capital:
Increase in stocks	(67,452 )	(31,707 )
Increase in trade and other debtors	(23,894 )	(241,696 )
Increase in trade and other creditors	520,454	60,355
Corporation tax (paid)	-	(74,978)

Net cash generated from operations	481,578	290,280

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	28 December 2025	29 December 2024
	£	£
Cash at bank and in hand	232,242	389,584
Overdraft facilities repayable on demand	(66,871 )	-

Cash and cash equivalents as stated in the Statement of Cash Flows	165,371	389,584

3. Analysis of changes in net debt

	As at 30 December 2024	Cash flows	New finance leases	As at 28 December 2025
	£	£	£	£
Cash at bank and in hand	389,584	(157,342)	-	232,242
Overdraft facilities repayable on demand	-	(66,871)	-	(66,871)

Cash and cash equivalents	389,584	(224,213)	-	165,371
Finance leases	(167,585)	88,386	(151,373)	(230,572)
Debts falling due within one year	(159,162 )	(2,156,509)	-	(2,315,671 )
Debts falling due after more than one year	(2,317,478)	2,317,478	-	-

	(2,254,641)	25,142	(151,373)	(2,380,872)

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Mleczko Delikatesy Limited

Notes to the Financial Statements

For the Period 30 December 2024 to 28 December 2025

Notes to the Financial Statements

1. General Information

Mleczko Delikatesy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07462462 . The registered office is Unit 4 Victory Way, Hounslow, TW5 9NS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with Financial Reporting Standard 102 – The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The financial statements are prepared under the historical cost convention, modified where relevant by the revaluation or impairment of certain assets.

The financial statements are presented in pounds sterling (GBP), and all amounts are rounded to the nearest £1 unless otherwise stated.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable, excluding VAT, discounts and rebates. Revenue is recognised only when the Company satisfies its performance obligations in line with the principles of FRS 102 Section 23.

Sales of Goods ( Retail and Wholesale)

Revenue from the sale of goods is recognised at the point in time when control and the significant risks and rewards of ownership pass to the customer. This occurs when the transaction is completed at the till (retail) or upon delivery/collection in accordance with agreed terms (wholesale).

At this moment:

The customer has accepted the goods;

The Company has no remaining performance obligations; and

The amount of consideration is fixed or determinable.

Revenue is presented net of returns, discounts, expected refunds and other adjustments.

Other operating income is recognised on an accruals basis, when the service has been provided, the amount can be measured reliably, and it is probable that the economic benefits will flow to the Company.

2.4. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of 10 Years.

2.5. Intangible Fixed Assets and Amortisation - Other Intangible

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.

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Page 14

Mleczko Delikatesy Limited

Notes to the Financial Statements (continued)

For the Period 30 December 2024 to 28 December 2025

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% on straight line
Leasehold	over term of the lease
Plant & Machinery	20% on straight line
Motor Vehicles	20% on straight line
Fixtures & Fittings	20% on straight line
Computer Equipment	20% on straight line

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. Where indicators exist, impairment testing is performed in accordance with FRS 102 Section 27.

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

2.7. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets at the lower of fair value and present value of minimum lease payments.. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.8. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.Provisions are made for obsolete, damaged or slow‑moving stock based on management assessment and historic write‑off data.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.10. Financial Instruments

The company enters only basic financial instrument transactions (trade and other receivables and payables, bank loans/overdrafts, cash). Financial assets are initially measured at transaction price and subsequently at amortised cost, less impairment. Financial liabilities are measured at amortised cost using the effective interest method. The company does not apply hedge accounting.

2.11. Interest Receivable

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

2.12. Interest Payable

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.

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Page 15

Mleczko Delikatesy Limited

Notes to the Financial Statements (continued)

For the Period 30 December 2024 to 28 December 2025

2.13. Foreign Currencies

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. Nonmonetary 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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.14. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.15. Provisions and Contingencies

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

2.16. Pensions

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.17. Dividends

Dividends are recognised as a liability when:

- They are declared and no longer at the company’s discretion (final dividends), or

- Paid (interim dividends).

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Mleczko Delikatesy Limited

Notes to the Financial Statements (continued)

For the Period 30 December 2024 to 28 December 2025

3. Turnover

Analysis of turnover by class of business is as follows:

	28 December 2025	29 December 2024
	£	£
Sale of goods	31,384,639	32,843,616

4. Other Operating Income

	28 December 2025	29 December 2024
	£	£
Commission income	12,491	7,062
Rental income	211,922	125,151
Other operating income	287,360	301,131

	511,773	433,344

5. Operating (Loss)/profit

The operating (loss)/profit is stated after charging:

	28 December 2025	29 December 2024
	£	£
Depreciation of tangible fixed assets	330,458	317,052
Amortisation of intangible fixed assets	833	10,000

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the period was as follows:

	28 December 2025	29 December 2024
	£	£
Audit Services
Audit of the company's financial statements	10,700	10,200

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	28 December 2025	29 December 2024
	£	£
Wages and salaries	7,342,614	7,680,255
Social security costs	807,055	649,351
Other pension costs	123,029	124,725

	8,272,698	8,454,331

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Page 17

Mleczko Delikatesy Limited

Notes to the Financial Statements (continued)

For the Period 30 December 2024 to 28 December 2025

8. Average Number of Employees

Average number of employees, including directors, during the period was as follows:

	28 December 2025	29 December 2024
Office and administration	15	14
Management	2	2
Other staff	293	331

	310	347

9. Directors' remuneration

	28 December 2025	29 December 2024
	£	£
Emoluments	24,759	23,616

10. Interest Payable and Similar Charges

	28 December 2025	29 December 2024
	£	£
Bank loans and overdrafts	180,086	202,277
Finance charges payable under finance leases and hire purchase contracts	22,199	16,567

	202,285	218,844

11. Tax on Profit

The tax (credit)/charge on the (loss)/profit for the period was as follows:

	Tax Rate		28 December 2025	29 December 2024
	28 December 2025	29 December 2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	-	15,779
Prior period adjustment			(15,779 )	-

			(15,779 )	15,779
Deferred Tax
Origination and reversal of timing differences			7,340	7,811


Total tax charge for the period			(8,439 )	23,590

The actual (credit)/charge for the period can be reconciled to the expected (credit)/charge for the period based on the (loss)/profit and the standard rate of corporation tax as follows:

	28 December 2025	29 December 2024
	£	£
Profit before tax	(481,106)	32,410

Tax on profit at 25% (UK standard rate)	(120,276 )	8,103

...CONTINUED

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Page 18

Mleczko Delikatesy Limited

Notes to the Financial Statements (continued)

For the Period 30 December 2024 to 28 December 2025

Goodwill/depreciation not allowed for tax	82,823	81,763
Expenses not deductible for tax purposes	11,179	-
Tax losses utilised	15,779	-
Capital allowances	(84,910 )	(71,452 )
Short term timing differences	7,340	7,811
Prior period adjustment	(15,779 )	-
Difference in tax rates	2,635	(2,635 )
Tax losses unutilised carried forward	92,770	-

Total tax charge for the period	(8,439)	23,590

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12. Intangible Assets

	Goodwill
	£
Cost
As at 30 December 2024	100,000

As at 28 December 2025	100,000

Amortisation
As at 30 December 2024	99,167
Provided during the period	833

As at 28 December 2025	100,000

Net Book Value
As at 28 December 2025	-

As at 30 December 2024	833

13. Tangible Assets

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost
As at 30 December 2024	2,825,659	1,141,152	40,041	223,136
Additions	-	-	-	39,195

As at 28 December 2025	2,825,659	1,141,152	40,041	262,331

Depreciation
As at 30 December 2024	354,952	7,969	40,041	154,940
Provided during the period	56,184	1,148	-	36,070

As at 28 December 2025	411,136	9,117	40,041	191,010

Net Book Value
As at 28 December 2025	2,414,523	1,132,035	-	71,321

As at 30 December 2024	2,470,707	1,133,183	-	68,196

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Page 19

Mleczko Delikatesy Limited

Notes to the Financial Statements (continued)

For the Period 30 December 2024 to 28 December 2025


	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 30 December 2024	2,938,352	2,525,789	9,694,129
Additions	180,725	44,192	264,112

As at 28 December 2025	3,119,077	2,569,981	9,958,241

Depreciation
As at 30 December 2024	2,525,677	2,349,198	5,432,777
Provided during the period	162,875	74,181	330,458

As at 28 December 2025	2,688,552	2,423,379	5,763,235

Net Book Value
As at 28 December 2025	430,525	146,602	4,195,006

As at 30 December 2024	412,675	176,591	4,261,352

Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

	28 December 2025	29 December 2024
	£	£
Fixtures & Fittings	147,169	86,772
Motor Vehicles	41,060	64,102

	188,229	150,874

14. Stocks

	28 December 2025	29 December 2024
	£	£
Finished goods	1,866,573	1,799,121

15. Debtors

	28 December 2025	29 December 2024
	£	£
Due within one year
Trade debtors	18,362	556
Prepayments and accrued income	422,717	454,719
Other debtors	2,031,856	1,950,678
Deferred tax current asset	2,295	9,635
VAT	2,166	45,254
Directors' loan accounts	100,000	100,000

	2,577,396	2,560,842

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Page 20

Mleczko Delikatesy Limited

Notes to the Financial Statements (continued)

For the Period 30 December 2024 to 28 December 2025

The Other debtors of £2,031,856 above include amount owed from Mleczko Delicatessens Ltd of £672,942 (2024: £672,250), Blue Cosmetics Ltd of £613,722 (2024: £586,058 ) and from Baltic Enterprises (UK) Ltd of £643,006 (2024: £565,916). All three companies are related parties of the reporting entity. Other debtors also include employee loans advanced by the reporting entity £13,282 (2024:9,891). Other debtors also include £44,104 (2024: £59,761) for money owed by the merchant card providers.

16. Creditors: Amounts Falling Due Within One Year

	28 December 2025	29 December 2024
	£	£
Net obligations under finance lease and hire purchase contracts	74,332	74,516
Trade creditors	1,591,832	1,211,495
Bank loans and overdrafts	2,382,542	159,162
Other creditors	652,036	534,932
Corporation tax	(16,680 )	14,879
Taxation and social security	188,589	179,684
Accruals and deferred income	318,062	303,954

	5,190,713	2,478,622

The Other creditors above of £618,364 are the amounts owed to M & A Trading Ltd registered in Poland (2024: £534,932). The company is a related party of the reporting entity.

Included within accruals and deferred income is an amount of £48,405 (2024: £52,621) relating to employees’ accrued holiday pay for untaken annual leave entitlement at the balance sheet date.

17. Creditors: Amounts Falling Due After More Than One Year

	28 December 2025	29 December 2024
	£	£
Net obligations under finance lease and hire purchase contracts	156,240	93,069
Bank loans	-	2,317,478

	156,240	2,410,547

Creditors: amounts falling due after more than one year consists of term loan with Barclays Bank PLC for £nil (2024: £2,317,478). The loan is repayable over the period until 01/10/2026. The interest rate on the loan is BOEBR +2.5%. The bank loan and overdrafts are secured against the assets of the company and a cross guarantee from Baltic Enterprises (UK) Ltd. The two directors and shareholders of the company are also two of the directors and shareholders of Baltic Enterprises (UK) Ltd.

18. Loans

An analysis of the maturity of loans is given below:

	28 December 2025	29 December 2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	2,315,671	159,162

	28 December 2025	29 December 2024
	£	£
Amounts falling due between one and five years:
Bank loans	-	2,317,478

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Page 21

Mleczko Delikatesy Limited

Notes to the Financial Statements (continued)

For the Period 30 December 2024 to 28 December 2025

19. Obligations Under Finance Leases and Hire Purchase

	28 December 2025	29 December 2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	74,332	74,516
Later than one year and not later than five years	156,240	93,069

	230,572	167,585

	230,572	167,585

20. Deferred Taxation

The provision for deferred tax is made up as follows:

21. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 30 December 2024	(9,635 )	(9,635)
Origination and reversal of timing differences	7,340	7,340

Balance at 28 December 2025	(2,295 )	(2,295)

22. Share Capital

	28 December 2025	29 December 2024
Allotted, called up and fully paid	£	£
2 Ordinary Shares of £ 1.00 each	2	2

23. Financial Instruments

The company has the following financial instruments:

	28 December 2025	29 December 2024
	£	£
Financial assets
Financial assets that are debt Instruments measured at amortised cost	2,382,460	2,340,818

Financial liabilities
Financial liabilities measured at amortised cost	5,175,044	4,694,606

The Company holds basic financial instruments in the normal course of business, including trade receivables, trade payables, cash, bank loans, overdraft facilities, and intercompany balances. These are measured in accordance with FRS 102 Sections 11 and 12.

1. Categories of Financial Instruments

The carrying amounts of the Company’s financial instruments at the balance sheet date were as follows:

Financial Assets (measured at amortised cost):

Trade debtors

Other debtors (including related‑party receivables)

Cash at bank and in hand

...CONTINUED

Page 21

Page 22

Mleczko Delikatesy Limited

Notes to the Financial Statements (continued)

For the Period 30 December 2024 to 28 December 2025

23. Financial Instruments - continued

Financial Liabilities (measured at amortised cost):

Trade creditors

Other creditors (including related‑party payables)

Bank loans and overdrafts

Obligations under finance leases and hire purchase contracts

The Company does not hold or issue any complex financial instruments such as derivatives, hedging instruments, or instruments measured at fair value through profit or loss.

2. Fair Value of Financial Instruments

The Directors consider that the carrying values of all financial assets and liabilities approximate to their fair values, because:

All financial instruments are short‑term or repayable on demand;

Borrowings bear market‑rate interest;

There are no significant differences between contractual cash flows and expected settlement amounts.

No financial instruments are measured at fair value, and no fair‑value hierarchy disclosures are required under FRS 102.

24. Credit Risk

Credit risk arises primarily from trade receivables and intercompany receivables.The Company manages credit risk as follows:

- Retail sales are largely cash or card transactions, resulting in low exposure;

- Wholesale customers and related‑party entities are monitored for recoverability;

- Balances are reviewed regularly, with provisions made where recovery is considered doubtful.

The Company has not experienced material credit losses during the period.All related‑party receivables are unsecured and repayable on demand.

25. Liquidity Risk

Liquidity risk is the risk that the Company is unable to meet its obligations as they fall due.The Company manages liquidity risk by:

- Maintaining regular cash‑flow forecasts;

- Monitoring bank balances daily;

- Managing working capital closely;

- Maintaining overdraft and loan facilities to support short‑term funding.

26. Cash-flow Interest Rate Risk

The Company is exposed to interest rate risk through its bank borrowings and overdraft facilities, which are subject to variable interest rates.

The Company manages this risk by:

- Regularly monitoring interest costs;

- Maintaining a mix of fixed‑rate and variable‑rate borrowings where appropriate;

- Assessing refinancing opportunities as interest‑rate conditions change.

A reasonably possible change in interest rates is not expected to have a material impact on reported profits.

27. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	28 December 2025	29 December 2024
	£	£
Not later than one year	724,400	839,400
Later than one year and not later than five years	1,784,217	2,430,616
Later than five years	78,000	156,000

	2,586,617	3,426,016

The company leases various retail shop units and warehouse premises under non‑cancellable operating leases. The lease agreements typically run for terms of 5 to 15 years. Certain leases include rent‑review clauses, or options to extend beyond the initial lease term.

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Page 23

Mleczko Delikatesy Limited

Notes to the Financial Statements (continued)

For the Period 30 December 2024 to 28 December 2025

28. Pension Commitments

The Mleczko Delikatesy Limited operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the period the charge to profit or loss in respect of defined contribution schemes was £123,029 (2024- £124,725).At the Balance Sheet date contributions of £24,707 (2024: £28,824) were due to the fund and are included in creditors.

29. Directors Advances, Credits and Guarantees

(a) The company advanced a loan of £150,000 to the director in April 2016.

(b) An Interest rate of 3% p.a.is applied to the loan and is repayable on demand.

	As at 30 December 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 28 December 2025
	£	£	£	£	£
Mr Antony Mleczko	100,000	-	-	-	100,000

30. Dividends

	28 December 2025	29 December 2024
	£	£
On equity shares:
Final dividend paid	125,632	153,229

31. Post Balance Sheet Events

There were no events after the balance sheet date that require adjustment to, or disclosure in, these financial statements.

32. Related Party Disclosures

The company was under the control of the directors throughout the whole period.

The amount of £643,006 shown in note 15 is owed by Baltic Enterprises (UK) Ltd (2024: £565,916), a related party. The two directors and shareholders of the reporting entity are also two of the directors and shareholders of Baltic Enterprises (UK) Ltd.

Other debtors also include £672,942 owed by Mleczko Delicatessens Ltd (2024: £672,250). The only director and shareholder of Mleczko Delicatessens Ltd is related to the two directors and shareholders of the reporting entity. The reporting entity bought and sold goods to Mleczko Delicatessens Ltd in 2025. The total purchases made from Mleczko Delicatessens Limited in 2025 was £1,401,100 (2024: £1,454,309) and sale of goods was £298,199 (2024: £211,942).

Other debtors also include £613,722 owed by Blue Cosmetics Limited (2024: £586,058). One of the directors of the company is also a director and shareholder of Blue Cosmetics Limited. The total purchases made from Blue Cosmetics Limited in 2025 was £184,609 (2024: £196,824) and sale of goods and services was £223,668 (2024: £186,946).

Other creditors in Note 16 are the amount owed to M & A Trading Sp.z.o.o., a company registered in Poland of £618,364 (2024: £534,932). Both the directors and shareholders of the reporting entity are also the directors and shareholders of M & A Trading Sp. z.o.o. The reporting entity bought goods from M & A Trading Sp. z.o.o. in 2025 for £258,800 (2024: £4,394,139).

The nature of the consideration for settlement of related party balances is GBP (Zloty for M & A Trading). There are no bad or doubtful debts, or provisions for bad or doubtful debts for amounts due from related parties during the year ended 28 December 2025. Amounts due to and from related parties are unsecured and carry no charges or guarantees. No collateral has been provided or received in connection with these balances.

Page 23