Registered number: 07843083
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
NEW WORLD FOODS (EUROPE) LIMITED
CONTENTS
NEW WORLD FOODS (EUROPE) LIMITED
COMPANY INFORMATION
Page 1
NEW WORLD FOODS (EUROPE) LIMITED
STRATEGIC REPORT
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
The Directors present their Strategic Report for the Company for the 9 month period ended 31 December 2025. The comparative financial statements are for the year ended 31 March 2025.
The principal activity of the Company is the manufacture and distribution of meat snacks. The Company's turnover was £23,301,228 (March 2025 - £28,321,524). Net assets at 31 December amounted to £9,290,445 (March 2025 - £9,003,575).
The principal activity of the Company is the manufacture and distribution of meat snacks. The Company's turnover was £23,301,228 (March 2025 - £28,321,524). Net assets at 31 December amounted to £9,290,445 (March 2025 - £9,003,575).
Economic Risk
The Company’s trading is significantly influenced by (i) the availability and pricing of high quality beef and lamb stocks, (ii) the risk of increased interest rates and/or inflation having an adverse impact on served markets, (iii) the risk of unrealistic increases in wages or infrastructural cost impacting adversely on competitiveness of the Company and its principal customers and (iv) the risk of adverse exchange movements. The Company actively manages its purchasing activity by innovative product sourcing to ensure an adequate supply of stocks to meet market requirements. These risks are also managed by strict control of costs. Foreign exchange exposure is actively managed using both forward foreign exchange contracts and currency contracts.
Competition Risk
The Company has traditionally been at risk from competitors, using tactics such as predatory pricing, looking to damage key customer relationships. The Directors of the Company manage competition risk through paying close attention to customer service levels and by distinguishing the Company from our competitors through
innovation of both products and services.
Environmental Risk
The Company is continually at risk from the various animal and human health scares that are linked to food. In recent years, this has included foot and mouth disease, avian flu and bovine spongiform encephalopathy. The Company has developed product quality and traceability systems to minimise the potential risks from all known sources.
Financial Risk
The Company has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk.
Financial Instruments
The Company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling, with the only foreign currency transactions being covered by suitable currency contracts to minimise exposure to exchange rate volatility. The Company does not enter into any formally designated hedging arrangements.
The Company’s trading is significantly influenced by (i) the availability and pricing of high quality beef and lamb stocks, (ii) the risk of increased interest rates and/or inflation having an adverse impact on served markets, (iii) the risk of unrealistic increases in wages or infrastructural cost impacting adversely on competitiveness of the Company and its principal customers and (iv) the risk of adverse exchange movements. The Company actively manages its purchasing activity by innovative product sourcing to ensure an adequate supply of stocks to meet market requirements. These risks are also managed by strict control of costs. Foreign exchange exposure is actively managed using both forward foreign exchange contracts and currency contracts.
Competition Risk
The Company has traditionally been at risk from competitors, using tactics such as predatory pricing, looking to damage key customer relationships. The Directors of the Company manage competition risk through paying close attention to customer service levels and by distinguishing the Company from our competitors through
innovation of both products and services.
Environmental Risk
The Company is continually at risk from the various animal and human health scares that are linked to food. In recent years, this has included foot and mouth disease, avian flu and bovine spongiform encephalopathy. The Company has developed product quality and traceability systems to minimise the potential risks from all known sources.
Financial Risk
The Company has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk.
Financial Instruments
The Company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling, with the only foreign currency transactions being covered by suitable currency contracts to minimise exposure to exchange rate volatility. The Company does not enter into any formally designated hedging arrangements.
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NEW WORLD FOODS (EUROPE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
Management use a range of performance measures to monitor and manage the business. The performance measures are as set out below:
Movement in Turnover
9 month period ended December 2025 vs. March 2025 (17.7%)
March 2025 vs. 2024 (4.2%)
2024 vs 2023 20.4%
Movement in Operating Profit
9 month period ended December 2025 vs. March 2025 26.6%
March 2025 vs. 2024 (69.8%)
2024 vs 2023 122.2%
Movement in Turnover
9 month period ended December 2025 vs. March 2025 (17.7%)
March 2025 vs. 2024 (4.2%)
2024 vs 2023 20.4%
Movement in Operating Profit
9 month period ended December 2025 vs. March 2025 26.6%
March 2025 vs. 2024 (69.8%)
2024 vs 2023 122.2%
The Directors of the Company must act in a way they consider, in good faith, would most likely promote the success of the Company for the benefits of its members as a whole, and in doing so have regard (amongst other matters) to:
• The likely consequence of any decision in the long term
• The interest of the Company’s employees
• The need to foster the Company’s business relationships with suppliers, customer and others
• The impact of the Company’s operations on the community and the environment
• The desirability of the Company maintaining a reputation for high standards of business conduct
• The need to act fairly as between members of the Company
The Board considers that it has complied in all material respects with their duties under Section 172 (1) of the Companies Act 2006.
• The likely consequence of any decision in the long term
• The interest of the Company’s employees
• The need to foster the Company’s business relationships with suppliers, customer and others
• The impact of the Company’s operations on the community and the environment
• The desirability of the Company maintaining a reputation for high standards of business conduct
• The need to act fairly as between members of the Company
The Board considers that it has complied in all material respects with their duties under Section 172 (1) of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 3
NEW WORLD FOODS (EUROPE) LIMITED
DIRECTORS' REPORT
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the 9 month period ended 31 December 2025.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the 9 month period, after taxation, amounted to £286,870 (March 2025 - £729,846).
No dividends (March 2025 - £6,535,096) or transfers to reserves are recommended by the Directors.
The Directors who served during the 9 month period were:
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
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NEW WORLD FOODS (EUROPE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
The Directors do not expect any significant changes to the business at this time.
The auditors, Forvis Mazars, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Page 5
NEW WORLD FOODS (EUROPE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW WORLD FOODS (EUROPE) LIMITED
We have audited the financial statements of New World Foods (Europe) Limited (the 'Company') for the 9 month period ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In 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. Our audit procedures to evaluate the Directors' assessment of the Company's ability to continue to adopt the going concern basis of accounting included but were not limited to:
• Undertaking an initial assessment at the planning stage of the audit to identify events or conditions that may cast significant doubt on the Company's ability to continue as a going concern;
• Obtaining an understanding of the relevant controls relating to the Directors' going concern assessment;
• Evaluating the Directors' method to assess the Company's ability to continue as a going concern;
• Reviewing the Directors' going concern assessment, which incorporated severe but plausible scenarios;
• Evaluating the key assumptions used and judgments applied by the Directors in forming their conclusions on going concern; and
• Reviewing the appropriateness of the Directors' disclosures in the financial statements.
• Obtaining an understanding of the relevant controls relating to the Directors' going concern assessment;
• Evaluating the Directors' method to assess the Company's ability to continue as a going concern;
• Reviewing the Directors' going concern assessment, which incorporated severe but plausible scenarios;
• Evaluating the key assumptions used and judgments applied by the Directors in forming their conclusions on going concern; and
• Reviewing the appropriateness of the Directors' disclosures in the financial statements.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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NEW WORLD FOODS (EUROPE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW WORLD FOODS (EUROPE) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial 9 month period for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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NEW WORLD FOODS (EUROPE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW WORLD FOODS (EUROPE) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the UK tax legislation, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud, and money laundering and we considered the extent to which non-compliance might have a material effect on the financial statements, such as the Companies Act 2006
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.
We evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
• Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
• Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
• Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
Our audit procedures in relation to fraud included but were not limited to:
• Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
• Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• Discussing amongst the engagement team the risks of fraud; and
• Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.
We evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.
Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:
• Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations;
• Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and
• Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.
Our audit procedures in relation to fraud included but were not limited to:
• Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
• Gaining an understanding of the internal controls established to mitigate risks related to fraud;
• Discussing amongst the engagement team the risks of fraud; and
• Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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NEW WORLD FOODS (EUROPE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NEW WORLD FOODS (EUROPE) LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Audit Firm
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NEW WORLD FOODS (EUROPE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
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NEW WORLD FOODS (EUROPE) LIMITED
REGISTERED NUMBER: 07843083
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 27 form part of these financial statements.
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NEW WORLD FOODS (EUROPE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
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NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
The Company is limited by shares and incorporated in the United Kingdom, having its registered office at The Snackhouse, St. Georges Park, Kirkham, Preston, PR4 2DZ. The Company's registered number is 07843083. The principal activity of the Company is the manufacture and distribution of meat snacks.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements to disclose Key Management Personnel Compensation
∙certain disclosures required by Sections 11 and 12 in respect of financial instruments.
The Company is included in the consolidated financial statements of Kepak Group Limited, being the smallest group in which the Company is consolidated, as at 31 December 2025. These financial statements may be obtained from Companies House.
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NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Finished goods cost is calculated in two main ways depending on the nature of the stock:
1. Standard costing – raw material costs together with an appropriate amount of direct labour and overhead is included in the stocks valuation.
2. Estimate of cost based on selling price – where actual costs cannot be accurately ascertained, an approximation is made by deducting the costs of marketing, distribution and selling from the net invoice price.
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NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
When a financial asset or financial liability is recognised initially, the Company shall measure it at its fair value, which is normally the transaction price (including transaction costs except in the initial measurement of financial assets and liabilities that are measured at fair value through profit or loss). At the end of each reporting period, the Company shall measure all financial instruments within the scope of Section 12 at fair value and recognise changes in the fair value in profit or loss.
When a financial asset or financial liability is recognised initially, the Company shall measure it at its fair value, which is normally the transaction price (including transaction costs except in the initial measurement of financial assets and liabilities that are measured at fair value through profit or loss). At the end of each reporting period, the Company shall measure all financial instruments within the scope of Section 12 at fair value and recognise changes in the fair value in profit or loss.
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NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Kepak Holdings Group (“the Group”) applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar 2 income taxes, as provided in the amendments to FRS 102.
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NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Provision for Risks and Liabilities:
A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits would be required to settle the obligation.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the time value of money and, where appropriate, the risks specific to the liability.
Analysis of turnover by country of destination:
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NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
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NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
Page 20
NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
Page 21
NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
11.Taxation (continued)
The total taxation charge in future periods will be affected by any changes to the corporation taxation rates in force in the countries in which the Company operates.
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NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
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Page 23
NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
14.Tangible fixed assets (continued)
Page 24
NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
Page 25
NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
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Share premium account
Profit and loss account
Page 26
NEW WORLD FOODS (EUROPE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2025
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £150,152 (March 2025 - £192,759). Contributions totalling £1,255 (March 2025 - £11,402) were payable to the fund at the balance sheet date and are included in creditors.
These financial statements are for the period from 1 April to 31 December 2025. The comparative financial statements are for the year ended 31 March 2025. The Company's year end was changed to align with the parent company.
Comparative amounts have been regrouped where necessary, on a basis consistent with the current year.
The Company's parent is Meatsnacks Group Limited; the ultimate holding company is Kingate Investments Unlimited, an unlimited company incorporated in the Isle of Man. Meatsnacks Group Limited is an indirect subsidiary of Kepak Group Limited. The Company's financial statements are included in the consolidated financial statements of Kepak Group Limited.
Page 27