ACCOUNTS - Final Accounts

Operating loss

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

Registered number: 07592875

CPC FOODS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

CPC FOODS LIMITED

COMPANY INFORMATION

Directors	A Clarke
	J Cornes


Company secretary	G Avrain


Registered number	07592875


Registered office	Oak House
	Heyford Close
	Aldermans Green
	Coventry
	West Midlands
	CV2 2QB


Independent auditor	MHA
	Statutory Auditors
	11 Merus Court
	Meridian Business Park
	Leicester
	LE19 1RJ

CPC FOODS LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 4
Directors' Report	5 - 12
Independent Auditor's Report	13 - 16
Consolidated Statement of Comprehensive Income	17
Consolidated Balance Sheet	18 - 19
Company Balance Sheet	20 - 21
Consolidated Statement of Changes in Equity	22 - 23
Company Statement of Changes in Equity	24
Consolidated Statement of Cash Flows	25 - 26
Consolidated Analysis of Net Debt	27
Notes to the Financial Statements	28 - 58

CPC FOODS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The principal activity of the Company continued to be that of a holding company. The principal activities of the Group during the year continued to include pig breeding and rearing, animal processing, meat purchasing and processing, the manufacture of pork products, chilled ready meals and the wholesale distribution of meat and meat products.

Business review

The Group delivered turnover of £548.7m in 2025, an increase of £257.1m (88.2%) compared with 2024.

The significant increase primarily reflects the full-year impact of acquisitions completed towards the end of 2024, including Peddars Pigs Limited, Direct Table Foods Limited, Pro-Pak Foods Limited and Tican (Chilled) Limited, which have broadened the Group's activities, strengthened its position across the pork supply chain and expanded its presence in added-value food manufacturing and distribution.

Livestock division

The Livestock division encompasses the Group's upstream farming, livestock, primary processing and associated meat trading activities, providing greater integration and resilience across the Group's supply chain.

The acquisition of Peddars Pigs Limited, in particular, has increased the Group's involvement in the upstream supply chain, supporting greater integration and operational efficiency. Peddars Pigs operates across approximately 115 farms, with performance during its first reporting period ahead of internal expectations.

C&K Meats experienced increases in turnover, with turnover growing by 10.2%. However, profitability was adversely affected by market margin pressures, inflation in labour and energy costs, and delays to planned capital investment.

Cheale Meats experienced lower turnover but delivered improvements in both gross profit and operating margins, demonstrating continued focus on profitable revenue streams and operational efficiency.

Protein division

The Protein division comprises the Group's core pork processing and manufacturing operations, supplying a broad range of bacon, sausage and other pork products.

Becketts Foods and Direct Table Foods similarly experienced pressure from raw material, packaging, labour, energy and transportation costs, with both businesses maintaining a strong focus on cost control, yield and productivity improvements.

Riverway Foods increased turnover by 40.7%, reflecting the recovery of production volumes following the business continuity arrangements implemented after the 2022 fire. On a like-for-like basis, excluding exceptional items, Riverway moved from an operating loss in 2024 to an operating profit in 2025.

Tican (Chilled) Limited also delivered a positive performance during the year, with sales increasing by 5.7% to £84.6m and gross profit margin improving from 12.2% to 13.3%. Improved operational efficiencies helped mitigate inflationary pressure on distribution and administration costs, contributing to an improvement in operating profitability before exceptional items.

Page 1

CPC FOODS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Added Value division

The Added Value division broadens the Group's customer and product offering through chilled ready meals and meat distribution activities, providing opportunities for diversification and growth beyond the Group's core protein operations.

Pro-Pak Foods delivered strong turnover growth during the year, increasing by 18.0% to £58.4m. However, profitability was impacted by a combination of lower-margin new business, significant raw material price volatility, particularly in beef, competitive market conditions and higher-than-anticipated labour costs incurred to maintain customer service levels.

Group level

At Group level, gross profit margin decreased from 14.3% in 2024 to 13.3% in 2025, reflecting continued market pressure and inflation across raw materials, energy, transportation and labour.

The Group recorded an operating loss margin of 2.7%, compared with broadly break-even performance in 2024, and a loss after tax of £22.6m, of which £8.4m related to foreign exchange losses.

Despite these challenges, the enlarged Group provides a stronger and more diversified platform for future development. The integration of the businesses acquired during 2024 provides opportunities to improve supply chain resilience, optimise production across the Group's manufacturing sites and develop greater operational efficiencies.

Management remains focused on improving profitability through disciplined cost management, improvements in yield and productivity, optimisation of production volumes across Group companies, development of improved revenue streams and targeted capital investment in the Group's facilities and equipment.

Principal risks and uncertainties

The Directors have assessed the principal risks and uncertainties as listed below.

Credit risk and price risk

The Group sources its products from a number of suppliers and is exposed to changes in the market prices of its commodities. To mitigate increases in prices the Group continues to source its products from a number of different suppliers and periodically reviews its agreements with suppliers to ensure these are on commercially favourable terms.

The Group faces constant pressure from customers to reduce prices, highlighting the importance of commodity buying prices. This also places additional pressure on margins. To mitigate this risk, the Group continues to undertake perpetual cost review processes to make savings where possible. Additionally, the Group provides for liabilities from customers in proportion to the risk they are exposed to on a percentage basis. New credit customers are only accepted after they have been approved by the credit controllers.

Liquidity risk

The Group is financed with appropriate long-term and short-term finance to match the needs of the business.

Labour availability risk

The Group operates a comprehensive recruitment and retention programme, including robust recruitment processes, competitive pay, employee assistance programmes, and ongoing training and development. Agency workers are also used to manage short-term fluctuations in labour demand where necessary.

Page 2

CPC FOODS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Regulatory risk

The Group works closely with relevant trade bodies and professional advisers to monitor potential changes in the regulatory environment. The Board regularly assesses the impact of such changes and agrees appropriate implementation strategies designed to minimise cost and operational disruption.

Financial key performance indicators

Key performance indicators used by the Group are as follows;

- Turnover;
- Gross profit margin; and
- Profit on ordinary activities before taxation.

Details of the key performance indicators are shown on the face of the Statement of Comprehensive Income.

Other key performance indicators

The non-financial key performance indicator of the Group is the Group continuing to pass food health & safety audits which it continues to do.

Directors' statement of compliance with duty to promote the success of the Group

Section S172 (1) Statement

During the year, the directors have had regard to the matters set out in S172 (1) (a) to (f) of the Companies Act 2006 whilst performing their duties. Whilst making decisions the directors ensure that they have acted in good faith, in a way they believe would promote the success of the Group for the benefit of its members as a whole.

Specifically, the directors have considered the following:-
a. The likely consequences of any decision in the long term;
b. The interests of the Group's employees;
c. The need to foster the Group's business relationships with suppliers, customers and others;
d. The impact of the Group's operations on the community and the environment;
e. The desirability of the Group maintaining a reputation for high standards of business conduct; and
f. The need to act fairly between members of the Group.

S172 (1) (a) The likely consequences of any decision in the long term

The directors understand the business and the environment in which it operates. This is key to understanding the likely consequences of any long term decisions. There is a clear plan for growth which ensures they continue to sell quality products, satisfying customer and shareholder needs, amongst other stakeholders.

Continually improving environmental performance and operating methods in line with key laws and regulations are integral and fundamental parts of the business strategy. This strategy is key to ensuring the Group is delivering on their duty of care for the benefit of future generations.

S172 (1) (b) The interests of the Group's employees

The directors recognise that the employees are key to the business and its success. What makes them different is their approach to relationships, which extends past the expected customer focus, to all their employees. Employee welfare and wellbeing is of utmost importance and they ensure all employees work in a safe and healthy environment and this is supported through regular external health and safety compliance checks. The directors regularly engage with employees through internal communication methods. When making decisions, the directors consider which course of action best delivers the Group strategy in the long term, taking into consideration all stakeholders of the Group, including the employees.

Page 3

CPC FOODS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

S172 (1) (c) The need to foster the Group's business relationships with suppliers, customers and others

The directors recognise that building relationships with suppliers and customers is also key to the success of the business. Their objective is to become a key partner, delivering quality products each time. This can only be achieved if they are also building relationships with their key suppliers. The directors recognise that working with suppliers and customers is also key to ensuring the impact to the environment is minimised.

S172 (1) (d) The impact of the Group's operations on the community and the environment

CPC Foods Limited recognise the importance of minimising the impact of their operations on the community and environment.

S172 (1) (e) The desirability of the Group maintaining a reputation for high standards of business conduct

The Group is committed to improving quality and reducing any environmental impact, as noted above. This ensures that their reputation within the local community is maintained.

S172 (1) (f) The need to act fairly between members of the Group

When making decisions, the directors consider which course of action best delivers the Group strategy in the long term, taking into consideration all stakeholders of the Group.

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

................................................

A Clarke

Director

Date: 10 September 2026

Page 4

CPC FOODS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Results and dividends

The loss for the year, after taxation and minority interests, amounted to £23,840,557 (2024 - loss £3,170,398).

There were no dividends paid in the year under review (2024 - £Nil).

Directors

The directors who served during the year were:

A Clarke

J Cornes

Environmental matters

CPC Foods Limited, Riverway Foods Holdings Limited, Riverway Foods Limited, Cheale Meats Limited, Tican Process Holdings Limited, Tican UK Limited Tican (UK) Holdings Limited and Porcus Pig Care Limited are exempt from the requirement to disclose SECR information. The below disclosures relate to Beckett's Foods Limited, Direct Table Foods Limited, Pro-Pak Foods Limited, C & K Meats Limited Tican (Chilled) Limited and Peddars Pigs Limited.

The Companies qualifying for SECR will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Companies qualifying for SECR have complied with all applicable legislation and regulations.

The Companies Act 2006 (Strategic Report and Directors' Report) Regulation 2018 requires companies qualifying for SECR reporting to disclose annual UK energy consumption and Greenhouse Gas emissions from SECR regulated sources. Energy and Greenhouse Gas emissions have been independently calculated by the ESG division of Inspired Energy plc.

This report (including the Scope 1, 2 and 3 consumption and CO2e emissions data) has been developed and calculated using the GHG Protocol – A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004); Greenhouse Gas Protocol – Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019). Government Emissions Factor Database 2025 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for the reporting period.

All consumption data for the qualifying companies was complete for the reporting period. Therefore, no estimations were required.

Market-based emissions were calculated by utilising the CO2e emission factor or fuel mix (a breakdown of various renewable and non-renewable energy sources that compose the total energy supplied) published by each supplier. This was calculated against the total amount of energy each company had consumed throughout the reporting period by each supplier.

Consumption (kWh) and Greenhouse Gas emissions (tCO2e) totals

Scope 1: Emissions associated with gas usage and transportation fuels (under the company's control).

Scope 2: Emissions associated with the consumption of purchased electricity are presented on both a location based (using country average electricity emission factors) and market based (considering any purchased renewable generated electricity) approach.

Page 5

CPC FOODS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Scope 3: Company's value chain emissions, divided into 15 categories, as established by the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting & Reporting Standard. Under SECR this is limited to emissions resulting from sources not directly owned by the Companies qualifying for SECR. For example, grey fleet business travel undertaken in employee-owned vehicles only.

The total consumption (kWh) figures for energy supplies reportable by Beckett's Foods Limited, C & K Meats Limited, Direct Table Foods Limited, Pro-Pak Foods Limited, Tican (Chilled) Limited and Peddars Pigs Limited are as follows:

Utility and Scope	2025 Consumption kWh UK	2024 Consumption kWh Uk (As restated)**
Scope 1 Total	31,477,602	8,167,921
Gaseous & Other Fuels (Scope 1)	20,314,953	7,395,208
Transportation (Scope 1)	11,162,649	772,713
Scope 2 Total	29,661,916	13,883,674
Grid-supplied Electricity (Scope 2)	29,545,096	13,816,572
Self-Generation (Scope 2)	116,820	67,102
Scope 3 Total	884,216	136,892
Transportation (Scope 3)	884,216	136,892
Total	62,023,734	22,188,487

The total emissions t(CO2e) figures for energy supplies reportable by Beckett's Foods Limited, C & K Meats Limited, Direct Table Foods Limited, Pro-Pak Foods Limited, Tican (Chilled) Limited and Peddars Pigs Limited are as follows:

Utility and Scope	2025 Consumption tCO2e UK - Location Based	2024 Consumption tCO2e UK - Location Based (As restated)**
Scope 1 Total	9,528.70	5,420.67
Natural Gas and Other Fuels (Scope 1)	4,500.28	1,371.58
Refrigerants (Scope 1)	513.62	3,868.86
Transportation (Scope 1)	2,841.36	180.23
Land Management (Scope 1)	1,673.44	-
Scope 2 Total	5,229.48	2,860.72
Grid-Supplied Electricity (Scope 2)	5,229.48	2,860.72
Scope 3 Total	207.92	30.56
Transportation (Scope 3)	207.92	30.56
Total	14,966.10	8,311.95

Intensity Metrics

Intensity metrics based on tonnes production have been calculated as follows:

Total Tonnage Produced - 130,778 (2024 - 90,474)
Total tCO2e (location based) - 14,966.10 (2024 - 8,311.95**)
Total tCO2e (market based) - 7,644.69 (2024 - 9,525.37**)

Location Based:
tCO2e / tonne of production - 0.114 (2024 - 0.092**)

Market based:
tCO2e / tonne of production - 0.058 (2024 - 0.105**)

Page 6

CPC FOODS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

** Direct Table Foods Limited, Pro-Pak Foods Limited and Tican Chilled Limited joined the group on the 27 December 2024 therefore 2 days have been included in the prior year. 2024 figures have been restated to reflect updates to the underlying environmental data and calculation methodologies. The restatements include: (i) amendments to the tCO2e calculation methodology to remove production values not directly attributable to the Group; (ii) the inclusion of additional transport and CO2 data received during the Scope 3 data collection process, resulting in revisions to Scope 1 and Scope 3 transport emissions (kWh and tCO2e) and Scope 1 refrigerant emissions; and (iii) the correction of an error in the R404A refrigerant data previously used in the emissions calculations.

Energy efficiency improvements:
The Group is committed to year-on-year improvements in its operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years.

Measures ongoing and undertaken through FY2025:

Direct Table Foods Limited:
Installation of a new waste compactor
Installed in Q4 2025, the compactor has been configured to function on demand, reducing the number of waste collections. This has officially gone live in FY2026. This change is projected to cut collections in half, leading to an estimated 3,500 kgCO2 in savings, while also enhancing overall energy efficiency.

Upgradation of batteries
The manual handling equipment fleet was fully transitioned to lithium-ion batteries to improve operational efficiency. This reduced charging losses and improved energy efficiency.

Upgradation to LED lighting
A phased program to replace Electronic Fly Killers (EFK) fittings with LED lighting started in 2025 and is still in progress. This change lowers electricity usage and improves lighting efficiency and lifespan.

High-pressure water system
A high-pressure water system was installed in 2025 to reduce overall water consumption. The system also lowered energy demand by reducing the volume of water requiring heating.

Pro-Pak Foods Limited:
Transition to renewable electricity procurement
The use of REGOs from 1 April 2025 has significantly reduced carbon emissions through the market-based methodology. This has enhanced the group's commitment to renewable energy, boosted energy efficiency, and supported sustainability goals by optimising energy usage.

Investment in steam trap technology
Pro-Pak Foods Limited has invested in energy measurement and optimisation to enhance steam trap technology. This will minimise maintenance costs, optimise steam usage, and reduce energy consumption.

C&K Meats Limited:
Installation of energy-efficient transformer
A new, more energy-efficient transformer was installed to meet increased power demand from the site expansion. This upgrade was projected to reduce energy use by 56,685 kWh per annum, equating to a reduction of 15.58 tCO2 emissions.

Removal of R404A
The removal of 700 kg of R404A avoided 2,745 tonnes of carbon emissions and improved energy efficiency by replacing it with glycol, which has no environmental impact.

Page 7

CPC FOODS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Installation of water softener system
A new factory-wide water softener system was installed, reducing scale build-up in pipes and improving water flow. This led to lower maintenance and fewer part replacements due to damage caused by scaling water, protecting equipment while improving overall energy efficiency.

Becketts Foods Limited:
Installation of energy-efficient lighting
Energy-efficient lighting was installed in the dry packaging stores, reducing overall electricity consumption. This upgrade enhanced operational visibility, reduced energy demand, and improved facility-wide efficiency.

Fittings of inverters
Inverters were fitted to the backup motors on the ammonia plant, providing variable speed control, energy efficiency, and operational backup. This initiative resulted in a 5% reduction in energy usage, supporting overall plant energy efficiency.

Tican (Chilled) Limited

From 1st April 2025, Tican (Chilled) Limited commenced procurement of all electricity from renewable sources. This has reduced their market-based emissions.

Tican (Chilled) Limited are aware of their impacts on the environment and have invested heavily to energy improvements at their premises in Walsall and Boston. This includes the repowering of the solar array at Boston to 60kWp and the agreement to install commercial EV charge points at their Boston site. Investment decisions made at Tican Chilled are typically well founded on energy conscious solutions.

Measures To Be Addressed In FY2026

Direct Table Foods Limited:
Localised energy monitoring
There are plans to incorporate localised energy monitoring, which will help pinpoint exactly where and when energy is being used, making it easier to spot inefficiencies and reduce waste. This targeted insight enables faster optimisation, lower costs, and more informed decisions at the building or system level.

Continued upgrade to LED lighting
The phased program to replace EFK fittings with LED lighting will continue into 2026. This change lowers electricity usage and improves lighting efficiency and lifespan.

Pro-Pak Foods Limited:
Implementation of behavioural change
Under this behavioural change initiative, structured awareness and engagement programs will be conducted to promote responsible resource use and operational best practices.

Continued renewable electricity procurement
Pro-Pak Foods Limited will continue to procure REGOs to reduce carbon emissions stemming from electricity consumption.

C&K Meats Limited:
Cleaning and maintenance of solar panels
Although the solar panel cleaning project began in FY2025 and has increased the energy (kWh) generation by 20%, it is projected to further increase power generation once the remaining half of the roof is completed. The remaining work will be carried out when weather conditions improve to maximise system performance.

Becketts Foods Limited:
Packaging machine upgrade
Advanced, energy-efficient packaging machines will be installed, replacing older equipment with high- performance systems. This upgrade will enhance operational efficiency and reduce energy consumption.

Page 8

CPC FOODS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Tican (Chilled) Limited
Tican Chilled has committed to achieving carbon net zero across all operational scopes by 2050. The Company is developing measurable near-term and medium-term targets based on opportunities identified in the ESOS Phase 3 report. These interim milestones will be formalised as individual projects are implemented and their impacts quantified

Future developments

Going forward the Directors aim to continue to grow the business whilst keeping a tight control over costs.

Financial instruments

The directors have significant experience in the sector and have developed review procedures and control systems to effectively manage the exposure of the entity to price risk, credit risk, liquidity risk and cash flow risk. The Group's principal financial instruments comprise of bank balances, trade creditors, trade debtors and amounts owed to group. The main purpose of these instruments is to raise funds for the Group's operations and to finance the Group's operations. The liquidity risk in respect of these is managed by way of a funding strategy set by the directors which includes setting operating limits to liquidity risk exposure. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Employee involvement

The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on various factors affecting the performance of the Group. This is achieved through formal and informal meetings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.

Engagement with suppliers, customers and others

Employees

Our employees contribute to a positive working culture and healthy working environment and are paramount to the success of the business. The Group strives to be a responsible employer in our approach to pay and benefits, constantly engaging with the team to ascertain which training and development opportunities should be made available to improve both productivity as well as individual employees' potential within the business.

We continually invest in employee development and well-being to create and encourage an inclusive culture within the organisation. Employee appraisal programmes encourage employee feedback and facilitate the opportunity for both employees and managers to agree on setting performance goals on a regular basis. Our culture invites different perspectives new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued and recognised for their hard work.

Customers

Customers are at the centre of our business and it is essential that the commercial sales teams focus on building long-term partnerships with current and potential customers in order to fully understand their objectives and requirements.

Page 9

CPC FOODS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Suppliers

The Group works with a wide range of suppliers both UK and continental and remains committed to being fair and transparent in dealings with all suppliers. The Group has procedures requiring due diligence of suppliers as to their internal governance. The Group has systems and processes in place to ensure suppliers are paid in a fair and timely manner.

Community and environment

The Group's approach to social responsibility, diversity and the community is of high importance. Corporate social responsibility principles are part of our culture and decision-making process and we take a consultative approach focused on building long-term relationships and solving business problems.

Regulators

The Group works closely with all industry sector regulators, trade associations and relevant government departments in an open and proactive manner in order to help develop regulations that meet the needs of all our stakeholders. The directors' intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards and good governance expected of the Group.

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitude of the applicant concerned. In the event of employees becoming disabled every effort is made to ensure that their employment with the Group continues and that appropriate training is arranged. It is the policy of the Group that training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.

Directors' insurance and indemnities

The Directors have the benefit of the indemnity provisions contained in the Group’s Articles of Association (‘Articles’), and the Group has maintained throughout the year directors’ and officers’ liability insurance for the benefit of the Group, the directors and its officers. The Group has entered into qualifying third party indemnity arrangements for the benefit of all its Directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.

Disclosure of information to auditor

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 and the Group's auditor is 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 and the Group's auditor is aware of that information.

Page 10

CPC FOODS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Post balance sheet events

On 6 January 2026, Tican Process Holdings Limited, a wholly owned subsidiary of CPC Foods Limited, was dissolved.
On 6 January 2026, Tican (UK) Holdings Limited, a wholly owned subsidiary of CPC Foods Limited, was dissolved.
On 6 January 2026, Tican UK Limited, a wholly owned subsidiary of CPC Foods Limited, was dissolved.
From January 2026, Porcus Pig Care Limited, a 50.01% subsidiary of CPC Foods Limited, commenced trading as a provider of veterinary services.

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

Auditor

The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments 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; and

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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CPC FOODS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

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

................................................

A Clarke

Director

Date: 10 September 2026

Oak House

Heyford Close

Aldermans Green

Coventry

West Midlands

CV2 2QB

Page 12

CPC FOODS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CPC FOODS LIMITED

Opinion

I have audited the financial statements of CPC Foods Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Analysis of Net Debt and the related notes, including 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 my opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2025 and of the Group's loss for the year then ended;

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

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

Basis for opinion

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of my report. I am independent of the Group in accordance with the ethical requirements that are relevant to my audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

In auditing the financial statements, I 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 I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 13

CPC FOODS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CPC FOODS LIMITED (CONTINUED)

Other information

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

I have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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

∙the Group 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 Group and the Parent Company and its environment obtained in the course of the audit, I have not identified material misstatements in the Group Strategic Report or the Directors' Report.

I have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires me to report to you if, in my opinion:

∙adequate accounting records have not been kept by the Parent Company, or returns adequate for my audit have not been received from branches not visited by me; or

∙the Group 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

∙I have not received all the information and explanations I require for my audit.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 11, 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 Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 14

CPC FOODS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CPC FOODS LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

My 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 my 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 Group financial statements.

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

∙Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud;

∙Enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non- compliance with laws and regulations;

∙Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

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

∙Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud.

Because of the inherent limitations of an audit, there is a risk that I 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 I 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 my 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 my Auditor's Report.

Page 15

CPC FOODS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CPC FOODS LIMITED (CONTINUED)

Use of my 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. My audit work has been undertaken so that I might state to the Company's members those matters I am required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for my audit work, for this report, or for the opinions I have formed.

Shelley Harvey FCCA (Senior Statutory Auditor)

for and on behalf of MHA, Statutory Auditors

Leicester, United Kingdom

11 September 2026

MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).

Page 16

CPC FOODS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	548,676,175	291,502,662
Cost of sales		(475,591,734)	(249,832,701)
Gross profit		73,084,441	41,669,961
Distribution costs		(15,957,226)	(7,611,967)
Administrative expenses		(72,540,883)	(36,110,409)
Exceptional administrative expenses	13	-	1,298,187
Other operating income	5	438,641	691,022
Operating loss	6	(14,975,027)	(63,206)
Interest receivable and similar income	10	1,724,771	517,743
Interest payable and similar expenses	11	(8,824,528)	(3,262,611)
Loss before taxation		(22,074,784)	(2,808,074)
Tax on loss	12	(482,107)	(269,550)
Loss for the financial year		(22,556,891)	(3,077,624)

Loss for the year attributable to:
Non-controlling interests	1,283,666	92,774
Owners of the Parent Company	(23,840,557)	(3,170,398)
	(22,556,891)	(3,077,624)

Total comprehensive income for the year attributable to:
Non-controlling interest	1,283,666	92,774
Owners of the Parent Company	(23,840,557)	(3,170,398)
	(22,556,891)	(3,077,624)

There were no recognised gains and losses for 2025 or 2024 other than those included in the Consolidated Statement of Comprehensive Income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 28 to 58 form part of these financial statements.

Page 17

CPC FOODS LIMITED

REGISTERED NUMBER: 07592875

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		As restated 2024
Note		£		£

Fixed assets
Intangible assets	15		9,640,074		10,378,321
Tangible assets	16		75,913,716		67,647,041
			85,553,790		78,025,362
Current assets
Stocks	18	35,922,828		33,711,092
Debtors: amounts falling due within one year	19	89,480,158		83,396,368
Cash at bank and in hand	20	70,555,234		69,894,388
		195,958,220		187,001,848
Current Liabilities
Creditors: amounts falling due within one year	21	(313,736,174)		(275,593,292)
Net current liabilities			(117,777,954)		(88,591,444)
Total assets less current liabilities			(32,224,164)		(10,566,082)
Creditors: amounts falling due after more than one year	22		(253,884)		(220,434)
Provisions for liabilities
Deferred taxation	24	(4,537,821)		(3,847,420)
Other provisions	25	(564,958)		(390,000)
			(5,102,779)		(4,237,420)
Net liabilities			(37,580,827)		(15,023,936)

Capital and reserves
Called up share capital	26	2	2
Revaluation reserve		771,124	788,650
Other reserves		24,000	24,000
Profit and loss account		(39,752,393)	(15,929,362)
Equity attributable to owners of the Parent Company		(38,957,267)	(15,116,710)
Non-controlling interests		1,376,440	92,774
		(37,580,827)	(15,023,936)

Page 18

CPC FOODS LIMITED

REGISTERED NUMBER: 07592875

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

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

................................................

A Clarke

Director

Date: 10 September 2026

The notes on pages 28 to 58 form part of these financial statements.

Page 19

CPC FOODS LIMITED

REGISTERED NUMBER: 07592875

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	17		158,357,441		170,609,165
			158,357,441		170,609,165
Current assets
Debtors: amounts falling due within one year	19	51,885		9,151,417
Cash at bank and in hand	20	524,192		19,945
		576,077		9,171,362
Current Liabilities
Creditors: amounts falling due within one year	21	(190,760,988)		(173,499,846)
Net current liabilities			(190,184,911)		(164,328,484)
Total assets less current liabilities			(31,827,470)		6,280,681


Net (liabilities)/assets			(31,827,470)		6,280,681

Capital and reserves
Called up share capital	26	2	2
Profit and loss account		(31,827,472)	6,280,679
		(31,827,470)	6,280,681

Page 20

CPC FOODS LIMITED

REGISTERED NUMBER: 07592875

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

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

................................................

A Clarke

Director

Date: 10 September 2026

The notes on pages 28 to 58 form part of these financial statements.

Page 21


		CPC FOODS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Revaluation reserve	Other reserves	Profit and loss account	Equity attributable to owners of Parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£	£
At 1 January 2024 (as previously stated)	2	806,176	24,000	(21,143,270)	(20,313,092)	-	(20,313,092)
Prior year adjustment (note 27)	-	-	-	8,366,780	8,366,780	-	8,366,780
At 1 January 2024 (as restated)	2	806,176	24,000	(12,776,490)	(11,946,312)	-	(11,946,312)
Comprehensive income for the year
Loss for the year	-	-	-	(3,170,398)	(3,170,398)	92,774	(3,077,624)
Transfer to profit and loss account	-	(17,526)	-	17,526	-	-	-

At 1 January 2025 (as previously stated)	2	788,650	24,000	(24,296,142)	(23,483,490)	92,774	(23,390,716)
Prior year adjustment (note 27)	-	-	-	8,366,780	8,366,780	-	8,366,780
At 1 January 2025 (as restated)	2	788,650	24,000	(15,929,362)	(15,116,710)	92,774	(15,023,936)
Comprehensive income for the year
Loss for the year	-	-	-	(23,840,557)	(23,840,557)	1,283,666	(22,556,891)
Transfer from profit and loss account	-	(17,526)	-	17,526	-	-	-
At 31 December 2025	2	771,124	24,000	(39,752,393)	(38,957,267)	1,376,440	(37,580,827)

The notes on pages 28 to 58 form part of these financial statements.

Page 22


		CPC FOODS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Revaluation reserve

Revaluation reserves represent the revaluation of the land and property.

Other reserves

Other reserves represent the cumulative effect of movements of investment property net of any deferred tax and are non distributable reserves.

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 23

CPC FOODS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	2	(11,039,815)	(11,039,813)
Comprehensive income for the year
Profit for the year	-	17,320,494	17,320,494

At 1 January 2025	2	6,280,679	6,280,681
Comprehensive income for the year
Loss for the year	-	(30,017,745)	(30,017,745)
Debt waiver as part of group restructure	-	(8,090,406)	(8,090,406)
At 31 December 2025	2	(31,827,472)	(31,827,470)

	The notes on pages 28 to 58 form part of these financial statements.
	Profit and loss account Includes all current and prior period retained profits and losses.

Page 24

CPC FOODS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Loss for the financial year	(22,556,891)	(3,077,624)
Adjustments for:
Amortisation of intangible assets	1,938,247	2,796,847
Depreciation of tangible assets	8,177,357	2,668,530
Impairments of fixed assets	364,296	-
Gain on disposal of tangible assets	(157,820)	(4,885)
Interest paid	8,824,528	3,262,611
Interest received	(1,724,771)	(517,743)
Taxation charge	482,107	269,550
(Increase)/decrease in stocks	(2,211,736)	8,035,861
(Increase)/decrease in debtors	(5,594,192)	32,060,518
Decrease/(increase) in amounts owed by group	148,635	(15,930,184)
(Increase)/decrease in amounts owed by participating interests	(162,336)	-
(Decrease)/increase in creditors	(17,655,409)	1,480,695
Increase/(decrease) in amounts owed to group	28,199,022	(23,262,518)
Increase in amounts owed to participating interests	4,335,992	-
Increase in provisions	174,958	-
Corporation tax received	48,164	95,071
Net cash generated from operating activities	2,630,151	7,876,729

Cash flows from investing activities
Acquisition of subsidiary (net of cash acquired)	-	37,828,079
Payment of deferred consideration	(1,200,000)	-
Purchase of tangible fixed assets	(16,679,497)	(4,419,972)
Sale of tangible fixed assets	977,374	-
Interest received	1,724,771	517,743
HP interest paid	(21,513)	(12,707)
Net cash from investing activities	(15,198,865)	33,913,143
Cash flows from financing activities
Repayment of loans	(127,500)	(21,667)
Repayment of/new finance leases	(1,033,496)	(3,947)
Interest paid	(8,803,015)	(3,249,904)
Net cash used in financing activities	(9,964,011)	(3,275,518)
Net (decrease)/increase in cash and cash equivalents	(22,532,725)	38,514,354
Cash and cash equivalents at beginning of year	39,347,527	833,173

Page 25

CPC FOODS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

		2025	2024
		£	£

Cash and cash equivalents at the end of year	16,814,802	39,347,527

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	70,555,234	69,894,388
Bank overdrafts	(53,740,432)	(30,546,861)
	16,814,802	39,347,527

The notes on pages 28 to 58 form part of these financial statements.

Page 26

CPC FOODS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2025


At 1 January 2025	Cash flows	At 31 December 2025
£	£	£

Cash at bank and in hand	69,894,388	660,846	70,555,234
Bank overdrafts	(30,546,861)	(23,193,571)	(53,740,432)
Debt due after 1 year	-	(140,000)	(140,000)
Debt due within 1 year	(395,000)	267,500	(127,500)
Finance leases	(456,860)	88,702	(368,158)
	38,495,667	(22,316,523)	16,179,144

The notes on pages 28 to 58 form part of these financial statements.

Page 27

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

The entity is a private company, limited by shares, domiciled in England and Wales, registration number 07592875. The registered office is Oak House, Heyford Close, Aldermans Green, Coventry, West Midlands, CV2 2QB.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

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

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

2.3

Going concern

After reviewing the Group's forecasts and projections, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Directors have not identified any material uncertainty in relation to going concern and the Group continues to adopt the going concern basis in preparing its financial statements.

The Group's ability to continue as a going concern is dependent on the continued financial and operational support of the wider group. The Group has received confirmation from the ultimate parent undertaking, Premium Food Group ApS & Co. KG, that it will not seek repayment of intercompany balances until the Group is in a position to settle those liabilities. A multi-lateral guarantee is in place across the UK group, and CPC Foods Limited will ensure that this support is made available across the group, as required, to maintain sufficient financial headroom and support the continued operation of the Group. The directors therefore believe the Group has the ability to continue as a going concern for the next 12 months.

Page 28

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's and Group's functional and presentational currency is British Pound Sterling (£).

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 the Consolidated Statement of Comprehensive Income 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 Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'other operating income'.

Page 29

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group 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 Group 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.7

Interest income

Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.

2.8

Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income 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.

Page 30

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.9

Borrowing costs

All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the year in which they are incurred.

2.10

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income 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 and the Group operate and generate 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;

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

2.12

Exceptional items

Exceptional items are transactions that do not fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 31

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.13

Intangible assets

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 the Group's share 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 Consolidated Statement of Comprehensive Income over its useful economic life.

Amortisation is provided on the following basis:

Goodwill - Straight line over 10 years

2.14

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property	-	Straight line over 25 and 50 years
Long-term leasehold property	-	Straight line over the life of the lease or straight line over 10 and 50 years
Plant and machinery	-	Straight line over 2, 4 and 10 years
Motor vehicles	-	Straight line over 3 years
Fixtures, fittings and computer equipment	-	Straight line over 3 and 20 years
Biological Assets	-	Straight line over 2.5 years
Assets under construction	-	Not depreciated
Refrigeration	-	Straight line over 12 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 the Consolidated Statement of Comprehensive Income.

Biological assets

Peddars Pigs Limited, a subsidiary of CPC Foods Limited, rears pigs for the food industry. The Group's biological assets consist of breeding livestock, including breeding sows and breeding boars. Pigs held for sale as part of the normal production cycle are accounted for as inventory.

Biological assets are initially recognised at cost and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses. Cost comprises expenditure directly attributable to bringing the animals to their present condition, including feed, veterinary costs

Page 32

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.14

Tangible fixed assets (continued)

and other directly attributable rearing expenses.

As the animals mature, additional directly attributable costs are capitalised, resulting in an increase in the carrying value of the biological assets. Depreciation is charged over the estimated productive life of the breeding livestock, commencing when the animals are available for their intended use.

The carrying value of biological assets is reviewed for indicators of impairment at each reporting date and written down to recoverable amount where necessary.

Where a biological asset reaches the end of its productive breeding life and is subsequently used within the Group's meat manufacturing operations, the asset is transferred from biological assets to inventory at its carrying value on the date of transfer.

This policy is applied in accordance with FRS 102 Section 34, under which the Group has elected to measure biological assets using the cost model.

2.15

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Consolidated Statement of Comprehensive Income.

2.16

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.17

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 33

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.18

Stocks

Raw Materials, Work in Progress and Finished Goods:

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 the Consolidated Statement of Comprehensive Income.

Livestock:

Livestock are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost comprises all directly attributable costs incurred in bringing the animals to their present condition, including feed, veterinary expenses and attributable production overheads. Costs are accumulated throughout the production cycle and allocated to the livestock based on their stage of development at the reporting date. Any excess of the carrying value of biological assets over their net realisable value is recognised as an impairment loss in the Consolidated Statement of Comprehensive Income.

2.19

Debtors

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

2.20

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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 Consolidated 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 Group's cash management.

2.21

Creditors

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

Page 34

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.22

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 the Consolidated Statement of Comprehensive Income.

Page 35

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.23

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in Consolidated Statement of Comprehensive Income.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Consolidated Statement of Comprehensive Income.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Page 36

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.23

Financial instruments (continued)

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.24

Exemptions for qualifying entities under FRS102

The Company has taken advantage of the following exemptions:

(i) from preparing a statement of cash flows, on the basis that it is a qualifying entity and the Consolidated Statement of Cash Flows, included in these financial statements, includes the Company’s cash flows; and

(ii) from the requirement to disclose intra-group related party transactions, under FRS102 paragraph 33.1A.

Page 37

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Impairment of intangible assets and goodwill

The Group considers whether intangible assets and/or goodwill are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows.

(ii) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(iii) Stocks provisioning

Raw Materials, Work in Progress and Finished Goods:

The Group continues to slice and package pork and is exposed to changes in the market prices of pork commodities. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the stocks provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Livestock:

The Group is engaged in the breeding, rearing and finishing of pigs and is therefore exposed to changes in livestock market prices, feed costs and other factors affecting the recoverability of biological asset values. As a result, it is necessary to consider whether the carrying value of biological assets remains recoverable at each reporting date. When assessing the need for a provision, management considers the age, condition and stage of development of the livestock, together with expected market values, anticipated production performance, mortality rates and estimated costs to complete and sell. Where the recoverable amount of biological assets is assessed to be lower than their carrying value, an appropriate provision is recognised to reduce the assets to their recoverable amount.

(iv) Impairment of assets

The Group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Page 38

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3.Judgments in applying accounting policies (continued)

(v) Accruals

The Group provides for liabilities from customers in proportion to the risk they are exposed to on a percentage basis.

(vi) Impairment of Investments

Investments in equity instruments are measured at cost less impairment. The Group reviews the cost of investments held and considers whether there is any indication of impairment based on the expected future benefit of the instrument. Where an impairment is identified it is recognised in the Consolidated Statement of Comprehensive Income.

Turnover

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

Meat processing and packaging	512,708,312	285,020,708
Rearing of livestock	35,967,863	6,481,954
	548,676,175	291,502,662

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	536,155,862	274,816,476
Rest of Europe	10,533,376	14,950,590
Rest of the World	1,986,937	1,735,596
	548,676,175	291,502,662

5.	Other operating income
		2025	2024
		£	£

Fees receivable	438,641	691,022
	438,641	691,022

Page 39

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Depreciation of tangible assets	8,177,357	2,668,530
Impairment of fixed assets	364,296	-
Amortisation of intangible fixed assets, including goodwill	1,938,247	2,796,847
Loss/(profit) on foreign exchange differences	8,389,016	(1,638,782)
(Profit)/loss on sale of fixed assets	(157,820)	4,885
Operating lease rentals	819,447	358,613

Fees payable to the Group's auditors and their associates for the audit of the consolidated, parent Company's and subsidiaries financial statements

210,000

145,000

Fees payable to the Group's auditors and their associates for non-audit services:
All taxation advisory services not included above	49,585	28,000
All assurance services not included above	76,450	46,000

Page 40

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	67,618,233	30,805,001
Social security costs	6,916,235	2,633,682
Cost of defined contribution scheme	1,461,726	509,962
	75,996,194	33,948,645

The average monthly number of employees, including the Directors, during the year was as follows:

	2025	2024
	No.	No.

Production staff	1,442	583
Administrative staff	323	246
Management staff	16	15

	1,781	844

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	526,215	226,533
Group contributions to defined contribution pension schemes	4,248	-
	530,463	226,533

	The highest paid director received remuneration of £292,714 (2024 - £225,256).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,248 (2024 - £Nil).

Page 41

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

10.	Interest receivable
		2025	2024
		£	£

	Other interest receivable	1,724,771	517,743
		1,724,771	517,743

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	804,629	530,901
Other loan interest payable	7,987,511	2,719,003
Finance leases and hire purchase contracts	21,513	12,707
Other interest payable	10,875	-
	8,824,528	3,262,611

Corporation tax
Current tax on profits for the year	955,102	85,838
Adjustments in respect of previous periods	(209,888)	(80,427)

Total current tax	745,214	5,411

Deferred tax
Origination and reversal of timing differences	(263,107)	264,139
Total deferred tax	(263,107)	264,139

Page 42

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

Loss on ordinary activities before tax

(22,074,784)

(2,808,074)

Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	(5,518,696)	(702,019)
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	416,312	78,596
Depreciation for year in excess of capital allowances	778,068	(97,112)
Amortisation for the year in excess of capital allowances	535,871	699,212
Adjustments to tax charge in respect of prior periods	(209,888)	(80,427)
Other timing differences leading to a decrease in taxation	(24,885)	(9,044)
Changes in provisions leading to an increase in the tax charge	6,788	339,588
Unrelieved tax losses carried forward	4,498,537	40,756
Total tax charge for the year	482,107	269,550

Page 43

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

Factors that may affect future tax charges

There are no factors to note that may affect future tax changes.

BEPS 2.0 Pillar Two Legislation

The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework has introduced a global minimum tax regime under the Pillar Two Model Rules. The legislation has been enacted in the UK and applies to multinational enterprise groups with annual consolidated revenues of at least €750 million.

The Company is a constituent entity of a multinational enterprise group within the scope of the Pillar Two legislation. The Group has assessed its exposure to Pillar Two top-up taxes and, based on the application of the transitional Country-by-Country Reporting safe harbour provisions and other available reliefs, does not expect any material Pillar Two top-up tax liabilities to arise for the current financial year.

Accordingly, no current tax amounts have been recognised in respect of Pillar Two top-up taxes in these financial statements. The Company has applied the mandatory temporary exception from recognising and disclosing deferred tax assets and liabilities related to Pillar Two income taxes.

13.	Exceptional items
		2025	2024
		£	£

	Release of exceptional costs in relation to fire	-	1,298,187
		-	1,298,187

14.	Parent company loss for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £30,017,745 (2024 - profit £17,320,494).

Page 44

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Intangible assets
	Group

		Goodwill
		£
	Cost
	At 1 January 2025	30,951,812
	Additions	1,200,000
	At 31 December 2025	32,151,812
	Amortisation
	At 1 January 2025	20,573,491
	Charge for the year	1,938,247
	At 31 December 2025	22,511,738
	Net book value
	At 31 December 2025	9,640,074
	At 31 December 2024	10,378,321

Page 45

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	Tangible fixed assets
	Group

	Freehold property	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures, fittings and Computer equipment
	£	£	£	£	£
Cost or valuation
At 1 January 2025	24,122,723	6,146,210	34,598,961	2,337,806	7,339,930
Additions	1,787	-	5,171,998	552,638	4,433,114
Disposals	-	-	(1,251,638)	-	-
Transfers between classes	2,604,014	-	191,083	-	(1,333,826)
Transfer (to)/from inventory	-	-	-	-	-
Disposal of biological assets	-	-	-	-	-
At 31 December 2025	26,728,524	6,146,210	38,710,404	2,890,444	10,439,218
Depreciation
At 1 January 2025	733,002	3,746,012	7,407,314	1,692	1,137,183
Charge for the year on owned assets	1,526,802	90,169	5,268,487	397,437	894,462
Disposals	-	-	(361,202)	-	-
Elimination on transfer to inventory	-	-	-	-	-
Impairment charge	-	-	364,296	-	-
At 31 December 2025	2,259,804	3,836,181	12,678,895	399,129	2,031,645
Net book value
At 31 December 2025	24,468,720	2,310,029	26,031,509	2,491,315	8,407,573
At 31 December 2024	23,389,721	2,400,198	27,191,647	2,336,114	6,202,747

Page 46

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.Tangible fixed assets (continued)

	Assets under construction	Refrigeration	Biological assets	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	817,702	134,652	5,308,912	80,806,896
Additions	7,457,595	-	10,750	17,627,882
Disposals	-	-	-	(1,251,638)
Transfers between classes	(1,461,271)	-	-	-
Transfer (to)/from inventory	-	-	1,042,293	1,042,293
Disposal of biological assets	-	-	(197,786)	(197,786)
At 31 December 2025	6,814,026	134,652	6,164,169	98,027,647
Depreciation
At 1 January 2025	-	134,652	-	13,159,855
Charge for the year on owned assets	-	-	1,436,833	9,614,190
Disposals	-	-	-	(361,202)
Elimination on transfer to inventory	-	-	(663,208)	(663,208)
Impairment charge	-	-	-	364,296
At 31 December 2025	-	134,652	773,625	22,113,931
Net book value
At 31 December 2025	6,814,026	-	5,390,544	75,913,716
At 31 December 2024	817,702	-	5,308,912	67,647,041

Page 47

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.Tangible fixed assets (continued)

Biological assets

Peddars Pigs Limited, a subsidiary of CPC Foods Limited, rears pigs for the food industry. The Group's biological assets consist of breeding livestock, including breeding sows and breeding boars. Pigs held for sale as part of the normal production cycle are accounted for as inventory.

Biological assets are initially recognised at cost and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses. Cost comprises expenditure directly attributable to bringing the animals to their present condition, including feed, veterinary costs and other directly attributable rearing expenses.

As the animals mature, additional directly attributable costs are capitalised, resulting in an increase in the carrying value of the biological assets. Depreciation is charged over the estimated productive life of the breeding livestock, commencing when the animals are available for their intended use.

The carrying value of biological assets is reviewed for indicators of impairment at each reporting date and written down to recoverable amount where necessary.

Where a biological asset reaches the end of its productive breeding life and is subsequently used within the Group's meat manufacturing operations, the asset is transferred from biological assets to inventory at its carrying value on the date of transfer.

This policy is applied in accordance with FRS 102 Section 34, under which the Group has elected to measure biological assets using the cost model.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	766,169	-
	766,169	-

Page 48

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.	Fixed asset investments
	Group

	Unlisted investments	Other fixed asset investments	Total
	£	£	£
Cost or valuation
At 1 January 2025	677,654	92,585	770,239
At 31 December 2025	677,654	92,585	770,239
Impairment
At 1 January 2025	677,654	92,585	770,239
At 31 December 2025	677,654	92,585	770,239
Net book value
At 31 December 2025	-	-	-
At 31 December 2024	-	-	-

Page 49

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2025	194,920,218
	Additions	1,200,366
	Disposals	(15,967,053)
	At 31 December 2025	180,153,531
	Impairment
	At 1 January 2025	24,311,053
	Charge for the period	13,452,090
	Impairment on disposals	(15,967,053)
	At 31 December 2025	21,796,090
	Net book value
	At 31 December 2025	158,357,441
	At 31 December 2024	170,609,165

During the year, deferred consideration of £1,200,000 relating to the additional investment in Peddars Pigs Limited was recognised following the satisfaction of the performance conditions.

Porcus Pig Care Limited was incorporated on 22 April 2025. CPC Foods Limited acquired a 50.01% interest on incorporation at £366.

During the year, Tican Process Holdings Limited entered the process of being struck off. As a result, management assessed the recoverability of the related investment and concluded that its carrying value was no longer recoverable. Accordingly, the investment was fully impaired at the year end by £13,452,090.

Subsequent to the reporting date, the strike-off process was completed and the entity was formally dissolved on 6 January 2026.

Riverway Foods Holdings Limited was formally dissolved on 7 October 2025. The previously impaired investment in the subsidiary of £15,967,053 was written off on dissolution and the entity ceased to be a member of the Group from that date.

Page 50

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Beckett's Foods Limited	Oak House, Heyford Close, Aldermans Green, Coventry, CV2 2QB	Ordinary	100%
C & K Meats Limited	Oak House, Heyford Close, Aldermans Green, Coventry, CV2 2QB	Ordinary	100%
Cheale Meats Limited	Orchard Farm, Little, Warley Brentwood, Essex, CM13 3EN	Ordinary	100%
Riverway Foods Limited	Oak House, Heyford Close, Aldermans Green, Coventry, CV2 2QB	Ordinary	100%
Pro-Pak Foods Limited	Seven Street York Road, Industrial Park, Malton, North Yorkshire, YO17 6YA	Ordinary	100%
Direct Table Foods Limited	Saxham Business Park, Little Saxham, Bury St. Edmunds, IP28 6RX	Ordinary	100%
Tican (Chilled) Limited	Unit 1-1a Stockton Close, Walsall, West Midlands, WS2 8LH	Ordinary	100%
Tican (UK) Limited	Unit 1-1a Stockton Close, Walsall, West Midlands, WS2 8LH	Ordinary	100%
Tican (UK) Holdings Limited	Unit 1-1a Stockton Close, Walsall, West Midlands, WS2 8LH	Ordinary	100%
Tican Process Holdings Limited	Saxham Business Park, Little Saxham, Bury St. Edmunds, IP28 6RX	Ordinary	100%
Peddars Pigs Limited	The Mill House Business Centre, Station Road, Castle Donnington, DE74 2NJ	Ordinary	50.01%
Porcus Pig Care Limited	The Mill House Business Centre, Station Road, Castle Donnington, DE74 2NJ	Ordinary	50.01%

Porcus Pig Care Limited was incorporated on 22 April 2025. CPC Foods Limited acquired a 50.01% interest on incorporation.

Riverway Foods Holdings Limited was formally dissolved on 7 October 2025. The investment in the subsidiary was written off on dissolution and the entity ceased to be a member of the Group from that date.

Page 51

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

18.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	16,786,556	13,383,668
Work in progress (goods to be sold)	2,666,153	2,646,908
Finished goods and goods for resale	4,939,388	6,298,144
Livestock	11,530,731	11,382,372
	35,922,828	33,711,092

19.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	77,429,832	75,303,554	-	-
Amounts owed by group undertakings	552,118	700,753	122	9,073,272
Amounts owed by associated undertakings	162,336	-	-	-
Other debtors	5,424,224	3,768,450	51,763	78,145
Prepayments and accrued income	4,949,077	3,136,937	-	-
Tax recoverable	962,571	486,674	-	-
	89,480,158	83,396,368	51,885	9,151,417

20.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Cash at bank and in hand	70,555,234	69,894,388	524,192	19,945
Less: bank overdrafts	(53,740,432)	(30,546,861)	-	-
	16,814,802	39,347,527	524,192	19,945

Page 52

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

21.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Bank overdrafts	53,740,432	30,546,861	-	-
Other loans	127,500	395,000	-	-
Trade creditors	47,115,602	53,744,049	1,650	39,436
Amounts owed to group undertakings	177,428,626	149,229,604	190,489,047	159,982,156
Amounts owed to other participating interests	4,335,992	-	-	-
Corporation tax	1,106,179	96,420	-	-
Other taxation and social security	1,634,134	1,543,892	-	-
Obligations under finance lease and hire purchase contracts	254,274	236,426	-	-
Other creditors	3,170,498	19,612,704	3,881	13,211,846
Accruals and deferred income	24,822,937	20,188,336	266,410	266,408
	313,736,174	275,593,292	190,760,988	173,499,846

The Company and Group are party to a cross guarantee agreement with HSBC between CPC Foods Limited, Pro-Pak Foods Limited, Tican (Chilled) Limited, Beckett's Foods Limited, Riverway Foods Limited, C&K Meats Limited, Cheale Meats Limited, Peddars Pigs Limited, Direct Table Foods Limited and Porcus Pig Care Limited. The cross guarantee covers the net overdraft facility of the aforementioned entities and is secured by a debenture including a fixed and floating charge over the assets of the Company and Group.

The bank loans and overdrafts are secured by a debenture dated 30 January 2023, which is a fixed charge over all of the assets of the Group.

Assets under hire purchase are secured against the assets to which they relate.

22.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	As restated 2024
		£	£

Other loans	140,000	-
Net obligations under finance leases and hire purchase contracts	113,884	220,434
	253,884	220,434

Assets under hire purchase are secured against the assets to which they relate.

Page 53

CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

23.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2025	2024
		£	£

Amounts falling due within one year
Other loans	127,500	395,000
	127,500	395,000

Amounts falling due 2-5 years
Other loans	140,000	-

	267,500	395,000

24.	Deferred taxation
	Group

		2025
		£

	At beginning of year	3,847,420
	Charged to the Consolidated Statement of Comprehensive Income	690,401
	At end of year	4,537,821

		Group	Group
		2025	2024
		£	£

Accelerated capital allowances	5,047,335	4,012,375
Tax losses carried forward	(254,105)	-
Pension surplus	(214,350)	(123,358)
Provisions	(41,059)	(41,597)
	4,537,821	3,847,420

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CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

25.	Provisions
	Group

		Other provision
		£

	At 1 January 2025	390,000
	Charged to the Consolidated Statement of Comprehensive Income	174,958
	At 31 December 2025	564,958

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CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

26.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1 (2024 - 1) 1 Ordinary A share of £1.00	1	1
1 (2024 - 1) 1 Ordinary B share of £1.00	1	1

	2	2

Each share carries one vote, ranked equally in respect of dividends and capital distributions (including on winding up), is non-redeemable, and entitles the holder to appoint one director.

27.	Prior year adjustment

During the year, the Group identified an error in the accounting treatment of insurance proceeds received in 2023 following the factory fire in 2022 at Riverway Foods Limited.

Insurance proceeds of £8,366,780 were received during 2023 and were recognised as deferred income on the basis that the funds were to be used for the future reconstruction of the factory. Upon further review during the current year, it was determined that no enforceable conditions or repayment obligations were attached to the receipt of the funds. Accordingly, at the date of receipt, the proceeds did not meet the definition of a liability under FRS 102.

The correction has been applied by restating the comparative figures and adjusting opening reserves as at 1 January 2024 and 1 January 2025.

Deferred income due after more than one year stated at £8,366,780 as at 31 December 2024 has been restated to £Nil.

Creditors: amounts falling due after more than one year reduced by £8,366,780, from £8,587,214 to £220,434, following the derecognition of deferred income.

Profit and Loss Account brought forward as at 1 January 2024 of £(21,143,270) has been restated to £(12,776,490).

Profit and Loss Account brought forward as at 1 January 2025 of £(24,296,142) has been restated to £(15,929,362).

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CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

28.	Capital commitments
	At 31 December 2025 the Group had capital commitments as follows:
		Group	Group
		2025	2024
		£	£

	Contracted for but not provided in these financial statements	9,264,986	247,735
		9,264,986	247,735

29.	Commitments under operating leases
	At 31 December 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Not later than 1 year	1,977,216	743,158	-	-
Later than 1 year and not later than 5 years	2,371,630	3,109,372	-	-
Later than 5 years	471,340	938,000	-	-
	4,820,186	4,790,530	-	-


Sales to other related parties	2,904	-
Purchases from other related parties	6,838,008	-
Balances due from other related parties	162,336	-
Balances due to other related parties	4,396,292	-

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CPC FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

31.	Post balance sheet events

32.	Controlling party

The Group is controlled by its immediate parent company, Premium Food Group ApS & Co. KG, a company incorporated in Germany. The immediate parent company was previously named Tonnies Holding GmbH & Co. KG.

Copies of the ultimate parent company's consolidated financial statements are available from In der Mark 2, 33378 Rheda-Wiedenbrück, Germany.

Page 58