REGISTERED NUMBER: 00102916 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Golden Casket (Greenock) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

D.A. Finch

Ms A. McMullan

C.M. Rae

S. Rae

N.P. Loughery

J S Harkins

SECRETARY:

D.A. Finch

REGISTERED OFFICE:

The Old Rectory

Pinch Hill

Marhamchurch

Bude

Cornwall

EX23 0ER

REGISTERED NUMBER:

00102916 (England and Wales)

AUDITORS:

Messrs. Henderson & Company

Chartered Accountants

Statutory Auditor

73 Union Street

Greenock

PA16 8BG

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

REVIEW OF BUSINESS

The principal activities of the group in the year under review was the distribution of confectionery.

The directors are pleased to report another strong performance in 2025. Profit before tax increased to £2,242,331 from £2,104,307 in 2024. There was a small increase in turnover and gross profit, reflecting operational efficiencies and careful overhead management.

We remain focused on the quality of our products and continue to invest in the growth and development of our brands which have a strong presence in the market.

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks affecting the group are competition from other suppliers, price, availability of product and employee retention. The risks are managed by a Board of Directors with detailed industry knowledge and close involvement in the day to day operations supported by a loyal workforce.

Other external factors like price volatility and ongoing conflicts across the world continue to create uncertainty. The directors monitor the impact of the uncertainties on the business and take the necessary steps to mitigate any adverse effects.

FINANCIAL RISK MANAGEMENT

The group is exposed to a variety of financial risks including changes in market prices, credit risk, liquidity and cashflow risks arising from trading activities which are conducted in sterling and euros. Whilst the group does not use complex financial instruments, exchange rates are closely monitored and the group hedges as it considers appropriate. The group maintains strong relationships with its key customers with credit limits being closely managed and reviewed regularly within established parameters.

FINANCIAL KEY PERFORMANCE INDICATORS

The central focus of the directors is profitability, working capital and cash generation. Turnover,gross profit margins, efficiency ratios and detailed analysis of profit before tax are monitored on an ongoing basis.

ON BEHALF OF THE BOARD:

C.M. Rae - Director

9 September 2026

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

DIVIDENDS

Dividends of £Nil (2024 - £77,239) were paid during the year.

FUTURE DEVELOPMENTS

The future development of the group is supported by the policy of continued investment by Golden Casket's associated manufacturing company to improve efficiency, maintain quality, expand output and grow turnover in our core brands.

DIRECTORS

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

D.A. Finch

Ms A. McMullan

C.M. Rae

S. Rae

N.P. Loughery

Other changes in directors holding office are as follows:

J S Harkins - appointed 2 April 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Messrs. Henderson & Company, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C.M. Rae - Director

9 September 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

In identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations we considered the nature of the company and the industry and the company's control environment. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation of the company such as the Companies Act 2006, taxation legislation, food safety and health and safety legislation. We assessed the extent of compliance with laws and regulations identified through making enquiries of management, inspecting legal correspondence and correspondence with HMRC.

We considered management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management bias and override of controls. To address these risks we performed analytical procedures to identify any unusual or unexpected relationships, tested journal entries to identify unusual transactions and assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias. We reviewed financial statement disclosures and tested balances to supporting documentation.

Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

John Henderson (Senior Statutory Auditor)

for and on behalf of Messrs. Henderson & Company

Chartered Accountants

Statutory Auditor

73 Union Street

Greenock

PA16 8BG

9 September 2026

TURNOVER

3

24,137,583

24,100,150

Cost of sales

17,329,307

17,529,980

GROSS PROFIT

6,808,276

6,570,170

Distribution costs

1,335,058

1,406,537

Administrative expenses

3,122,593

3,102,421

4,457,651

4,508,958

2,350,625

2,061,212

Other operating income

66,691

57,839

OPERATING PROFIT

5

2,417,316

2,119,051

Income from fixed asset investments

10,411

7,975

Interest receivable and similar income

73,709

104,212

84,120

112,187

2,501,436

2,231,238

Interest payable and similar expenses

6

259,105

126,931

PROFIT BEFORE TAXATION

2,242,331

2,104,307

Tax on profit

7

591,729

584,284

PROFIT FOR THE FINANCIAL YEAR

1,650,602

1,520,023

Profit attributable to:

Owners of the parent

1,650,602

1,520,023

PROFIT FOR THE YEAR

1,650,602

1,520,023

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,650,602

1,520,023

Total comprehensive income attributable to:

Owners of the parent

1,650,602

1,520,023

FIXED ASSETS

Intangible assets

10

(80,514

)

(95,135

)

Tangible assets

11

1,696,000

1,667,044

Investments

12

285,233

168,918

Investment property

13

1,834,976

1,834,976

3,735,695

3,575,803

CURRENT ASSETS

Stocks

14

3,469,411

2,882,677

Debtors

15

3,182,698

2,892,717

Cash at bank

3,438,253

3,325,670

10,090,362

9,101,064

CREDITORS

Amounts falling due within one year

16

2,513,315

2,910,729

NET CURRENT ASSETS

7,577,047

6,190,335

TOTAL ASSETS LESS CURRENT LIABILITIES

11,312,742

9,766,138

CREDITORS

Amounts falling due after more than one year

17

(5,081,150

)

(5,229,353

)

PROVISIONS FOR LIABILITIES

21

(95,892

)

(51,687

)

NET ASSETS

6,135,700

4,485,098

CAPITAL AND RESERVES

Called up share capital

22

33,334

33,334

Revaluation reserve

23

20,872

20,872

Capital redemption reserve

23

141,666

141,666

Other reserves

23

48,981

48,981

Retained earnings

23

5,890,847

4,240,245

SHAREHOLDERS' FUNDS

6,135,700

4,485,098

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2026 and were signed on its behalf by:

C.M. Rae - Director

FIXED ASSETS

Intangible assets

10

58,942

60,568

Tangible assets

11

1,696,000

1,667,044

Investments

12

285,234

168,919

Investment property

13

1,834,976

1,834,976

3,875,152

3,731,507

CURRENT ASSETS

Stocks

14

3,290,687

2,672,282

Debtors

15

3,079,071

2,850,105

Cash at bank

3,433,405

3,317,807

9,803,163

8,840,194

CREDITORS

Amounts falling due within one year

16

2,443,924

2,832,270

NET CURRENT ASSETS

7,359,239

6,007,924

TOTAL ASSETS LESS CURRENT LIABILITIES

11,234,391

9,739,431

CREDITORS

Amounts falling due after more than one year

17

(5,081,150

)

(5,229,353

)

PROVISIONS FOR LIABILITIES

21

(99,856

)

(55,903

)

NET ASSETS

6,053,385

4,454,175

CAPITAL AND RESERVES

Called up share capital

22

33,334

33,334

Revaluation reserve

23

20,872

20,872

Capital redemption reserve

23

141,666

141,666

Other reserves

23

48,981

48,981

Retained earnings

23

5,808,532

4,209,322

SHAREHOLDERS' FUNDS

6,053,385

4,454,175

Company's profit for the financial year

1,599,210

1,489,100

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2026 and were signed on its behalf by:

C.M. Rae - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

100,000

10,795,240

20,872

Changes in equity

Reduction in share capital

(66,666

)

-

-

Repurchase of own shares

-

(3,925,248

)

-

Issue of redeemable preference

shares

-

(205,418

)

-

Converting ordinary shares to

preference shares

-

(3,867,113

)

-

Dividends

-

(77,239

)

-

Total comprehensive income

-

1,520,023

-

Balance at 31 December 2024

33,334

4,240,245

20,872

Changes in equity

Total comprehensive income

-

1,650,602

-

Balance at 31 December 2025

33,334

5,890,847

20,872

Capital

redemption

Other

Total

reserve

reserves

equity

£

£

£

Balance at 1 January 2024

-

123,981

11,040,093

Changes in equity

Reduction in share capital

-

-

(66,666

)

Repurchase of own shares

66,666

-

(3,858,582

)

Issue of redeemable preference

shares

-

-

(205,418

)

Converting ordinary shares to

preference shares

-

-

(3,867,113

)

Reallocation of reserves

75,000

(75,000

)

-

Dividends

-

-

(77,239

)

Total comprehensive income

-

-

1,520,023

Balance at 31 December 2024

141,666

48,981

4,485,098

Changes in equity

Total comprehensive income

-

-

1,650,602

Balance at 31 December 2025

141,666

48,981

6,135,700

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

100,000

10,795,240

20,872

Changes in equity

Reduction in share capital

(66,666

)

-

-

Repurchase of own shares

-

(3,925,248

)

-

Issue of redeemable preference

shares

-

(205,418

)

-

Converting ordinary shares to

preference shares

-

(3,867,113

)

-

Dividends

-

(77,239

)

-

Total comprehensive income

-

1,489,100

-

Balance at 31 December 2024

33,334

4,209,322

20,872

Changes in equity

Total comprehensive income

-

1,599,210

-

Balance at 31 December 2025

33,334

5,808,532

20,872

Capital

redemption

Other

Total

reserve

reserves

equity

£

£

£

Balance at 1 January 2024

-

123,981

11,040,093

Changes in equity

Reduction in share capital

-

-

(66,666

)

Repurchase of own shares

66,666

-

(3,858,582

)

Issue of redeemable preference

shares

-

-

(205,418

)

Converting ordinary shares to

preference shares

-

-

(3,867,113

)

Reallocation of reserves

75,000

(75,000

)

-

Dividends

-

-

(77,239

)

Total comprehensive income

-

-

1,489,100

Balance at 31 December 2024

141,666

48,981

4,454,175

Changes in equity

Total comprehensive income

-

-

1,599,210

Balance at 31 December 2025

141,666

48,981

6,053,385

Cash flows from operating activities

Cash generated from operations

1

1,440,042

2,870,974

Interest paid

(79,105

)

(49,506

)

Finance costs paid

(180,000

)

(77,425

)

Tax paid

(866,432

)

(238,197

)

Net cash from operating activities

314,505

2,505,846

Cash flows from investing activities

Purchase of intangible fixed assets

(12,500

)

146,106

Purchase of tangible fixed assets

(134,923

)

(29,333

)

Sale of tangible fixed assets

-

15,500

Interest received

73,709

104,212

Dividends received

10,411

7,975

Net cash from investing activities

(63,303

)

244,460

Cash flows from financing activities

New loans in year

-

1,363,500

Loan repayments in year

(138,619

)

(64,742

)

Share buyback

-

(3,925,248

)

Equity dividends paid

-

(77,239

)

Net cash from financing activities

(138,619

)

(2,703,729

)

Increase in cash and cash equivalents

112,583

46,577

Cash and cash equivalents at beginning of year

2

3,325,670

3,279,093

Cash and cash equivalents at end of year

2

3,438,253

3,325,670