REGISTERED NUMBER: 09182848 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

FOR

FOURSEASONS FRUITERERS LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

Mr N Ventriglia

Mr F Ventriglia

REGISTERED OFFICE:

Unit 17 Chelworth Road

Cricklade

Swindon

SN6 6HE

REGISTERED NUMBER:

09182848 (England and Wales)

AUDITORS:

Aspen Waite

Chartered Certified Accountants

and Statutory Auditors

Rubis House

15 Friarn Street

Bridgwater

Somerset

TA6 3LH

The directors present their strategic report for the year ended 31st December 2025.

REVIEW OF BUSINESS

The company achieved significant sales growth during 2025, reflecting its continued focus on expanding the business and developing its position within the wholesale food and hospitality market. However, the increased turnover was achieved against challenging market conditions and did not result in a corresponding improvement in gross profit, with margins coming under pressure from increased operating, labour and distribution costs. The business also experienced increased overhead expenditure as it invested in its operational capacity and infrastructure to support growth.

As a result, the company reported a loss for the year compared with a profit in the previous year. Performance was also affected by the warehouse fire and the associated disruption to the business. Management has subsequently reviewed the profitability of its sales and product lines, reducing lower-margin and unprofitable business, with the intention of improving margins and returning the company to sustainable profitability.

FINANCIAL RISK MANAGEMENT

The company's operations expose it to a number of financial risks that include credit risk, interest rate risk and movement in the price fruit and vegetable produce.. There is no exposure to foreign exchange risk as the company sells all its products in sterling.

Credit risk is managed by regularly reviewing the credit status of all customers and stopping supplies where necessary. The company has a good track record with regards to bad debts and continues to strive to minimise losses in this area.

Interest rate risk is controlled by having a good mix of fixed and variable rate debt. Commodity price risk is controlled by purchasing produce in both the spot and forward markets.

Liquidity and cash flow risk is managed continuous monitoring of cash position to ensure company maintains a healthy cash headroom.

KEY PERFORMANCE INDICATORS

The directors consider turnover and profitability to be the key performance indicators, and these are reviewed on an ongoing basis throughout the year.

31/12/25

31/12/24

Movement

£

£

Turnover

16,895,096

14,645,501

15.4%

Gross profit

1,793,925

1,710,615

4.9%

Profit/(Loss) before taxation

(198,967

)

122,130

(262.9%

)

PRINCIPAL RISKS AND UNCERTAINTIES

The directors at Fourseasons are fully aware of the numerous risks and uncertainties that the business will face, primarily due to the perishable nature of their products and the complex, fragmented supply chain. External factors like climate change and global economics, combined with operational and market-based challenges, also create a volatile environment for the company.

Environmental and supply risks

Climate change: Extreme weather events such as droughts, floods, and heatwaves can significantly reduce crop yields and quality, causing supply shortages and price spikes.

Water scarcity: The large amount of water required for agriculture puts fruit and vegetable production at high risk from physical and regulatory water shortages. This can affect yields and create reputational risks for sourcing companies in water-stressed regions.

Seasonality: The natural seasonal cycles of fresh produce introduce market volatility, with wholesalers facing potential oversupply in peak seasons and shortages during off-seasons. This can lead to increased waste or higher costs for imported goods.

Crop diseases and pests: Outbreaks can devastate crops, leading to significant yield losses. As evidenced by past events, widespread contamination can also lead to large-scale product recalls.

Long and complex supply chains: The journey from farm to market is often long and involves many different actors, each adding to the complexity and potential for disruption. Long distances increase the risk of spoilage and product damage during transit.

Financial and market risks

Price volatility: The fresh produce market is known for significant price fluctuations. These are driven by weather, crop yields, and shipping costs. Such volatility could drastically affect the company's profit margins and market stability.

High and rising input costs: Pressures from increasing costs for inputs such as energy, fuel, transportation, fertilizers, and packaging. These rising costs can be difficult to pass on to buyers due to intense competition.

Intense competition and low margins: The wholesale sector is highly competitive, especially with large supermarket chains often bypassing wholesalers to deal directly with growers, putting pressure on margins.

Operational and food safety risks

Perishability and spoilage: The short shelf life of fresh produce is a constant threat. Spoilage can occur at any stage due to temperature fluctuations, mechanical damage, or inadequate packaging, leading to wasted inventory and financial losses.

Food safety and contamination: Produce is vulnerable to contamination from pathogens, chemical residues, and poor handling at every stage, from the field to storage. Traceability and adherence to strict food safety protocols are critical but can be costly.

Poor handling and logistics: Inadequate refrigerated transport, improper packaging, and rough handling can cause bruising and other physical damage that reduces a product's market value.

Traceability and transparency demands: Regulations and consumer expectations require full traceability from farm to table. Meeting these requirements can be challenging and costly.

Labour shortages and costs: The fresh produce industry is labour-intensive, and rising wages or shortages of skilled workers can significantly increase operational costs.

Consumer and demand uncertainties

Changing consumer tastes: Shifting preferences, such as a move towards local or organic products, can alter demand patterns. Some studies have noted a decline in the popularity of certain vegetables among younger consumers.

Economic uncertainty: During economic downturns, consumers may reduce spending on fresh produce in favor of cheaper, processed alternatives, impacting wholesalers' revenue.

Incorrect demand forecasting: Inaccurate predictions of demand can lead to either excessive inventory that spoils or supply shortages that disappoint customers.

FUTURE DEVELOPMENTS

Fourseasons future developments are centered on technology, sustainability, and shifting consumer and market demands. To stay competitive, the company are looking to further digitising their supply chains, investing in innovative growing methods, and adapting their business model.

Technological integration

Fourseasons are fully aware of how technology is transforming traditional, manual processes into streamlined, data-driven operations. Therefore, they are looking to potentially integrate technology into the following areas

Digital ordering platforms: AI-powered systems are automating the ordering process, processing requests from emails, texts, and phone calls into instant, accurate deliveries. This reduces administrative work and human errors.

Supply chain visibility: Wholesalers are implementing Internet of Things (IoT) sensors and GPS tracking to monitor the location and condition of produce in real-time. This helps reduce waste by ensuring proper temperature and humidity during transit.

Blockchain for traceability: This technology creates a secure, unchangeable digital record for produce. It provides end-to-end traceability, allowing consumers and buyers to verify a product's origin, freshness, and safety.

AI and machine learning: AI is used for more accurate demand forecasting, inventory management, and logistics optimisation. In processing, machine learning algorithms can automate the inspection and grading of produce, increasing efficiency and consistency.

Increased focus on sustainability

Sustainability is now a core business consideration driven by consumer demand and regulatory pressure.

Local sourcing: The demand for locally sourced produce is growing as consumers become more concerned with freshness and supporting local economies.

Waste reduction: Digital systems for inventory management and demand forecasting help minimize overstocking and reduce food waste.

Eco-friendly logistics: Optimising delivery routes to reduce fuel consumption and exploring the use of alternative fuels. Eventually moving towards more sustainable packaging materials to appeal to environmentally conscious consumers.

Ethical labour practices: Social sustainability, which includes ethical sourcing, fair wages, and safe working conditions, is becoming a key factor in supply chain management. Four Seasons are committed to consumer trust and brand loyalty.

ON BEHALF OF THE BOARD:

Mr F Ventriglia - Director

25th September 2026

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

DIVIDENDS

Interim dividends were paid amounting to Nil - (2024: £125,610l).

The directors do not recommend payment of a final dividend.

DIRECTORS

Mr F Ventriglia has held office during the whole of the period from 1st January 2025 to the date of this report.

Other changes in directors holding office are as follows:

Mr N Ventriglia - appointed 2nd January 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Aspen Waite, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr F Ventriglia - Director

25th September 2026

Opinion

We have audited the financial statements of Fourseasons Fruiterers Ltd (the 'company') for the year ended 31st December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31st December 2025 and of its 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

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

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:

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: Companies Act 2006, employment legislation; health and safety legislation; the regulatory requirements of Food Standards Agency (FSA); GDPR; anti-bribery and corruption legislation and Financial report framework- FRS 102.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

- Challenging assumptions made by management in its significant accounting estimates in particular: depreciation, provisions for bad debts and provisions for slow moving stocks.;

- Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account, and journal entries posted by senior management.

- Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

- Ensuring that testing undertaken on both the performance statements, and the Balance Sheet includes a number of items selected on a random basis;

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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.

Paul Waite (Senior Statutory Auditor)

for and on behalf of Aspen Waite

Chartered Certified Accountants

and Statutory Auditors

Rubis House

15 Friarn Street

Bridgwater

Somerset

TA6 3LH

25th September 2026

TURNOVER

16,895,096

14,631,225

Cost of sales

(15,101,171

)

(12,934,886

)

GROSS PROFIT

1,793,925

1,696,339

Administrative expenses

(1,899,787

)

(1,471,858

)

(105,862

)

224,481

Other operating income

20,009

14,276

OPERATING (LOSS)/PROFIT

4

(85,853

)

238,757

Interest receivable and similar income

418

97

(85,435

)

238,854

Interest payable and similar expenses

5

(113,532

)

(116,724

)

(LOSS)/PROFIT BEFORE TAXATION

(198,967

)

122,130

Tax on (loss)/profit

6

49,650

(31,104

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(149,317

)

91,026

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(149,317

)

91,026

FIXED ASSETS

Intangible assets

8

45,450

-

Tangible assets

9

344,313

120,183

389,763

120,183

CURRENT ASSETS

Stocks

10

510,548

498,432

Debtors

11

1,824,894

1,686,328

Cash at bank and in hand

102,960

326,418

2,438,402

2,511,178

CREDITORS

Amounts falling due within one year

12

(2,565,432

)

(2,252,828

)

NET CURRENT (LIABILITIES)/ASSETS

(127,030

)

258,350

TOTAL ASSETS LESS CURRENT LIABILITIES

262,733

378,533

CREDITORS

Amounts falling due after more than one year

13

(93,381

)

(47,503

)

PROVISIONS FOR LIABILITIES

17

(15,744

)

(28,105

)

NET ASSETS

153,608

302,925

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

153,508

302,825

SHAREHOLDERS' FUNDS

153,608

302,925

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 25th September 2026 and were signed on its behalf by:

Mr N Ventriglia - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2024

100

337,409

337,509

Changes in equity

Dividends

-

(125,610

)

(125,610

)

Total comprehensive income

-

91,026

91,026

Balance at 31st December 2024

100

302,825

302,925

Changes in equity

Total comprehensive loss

-

(149,317

)

(149,317

)

Balance at 31st December 2025

100

153,508

153,608

Cash flows from operating activities

Cash generated from operations

1

446,745

21,921

Interest paid

(108,752

)

(116,724

)

Interest element of hire purchase payments paid

(4,780

)

-

Tax paid

(7,596

)

(46,521

)

Net cash from operating activities

325,617

(141,324

)

Cash flows from investing activities

Purchase of intangible fixed assets

(50,500

)

-

Purchase of tangible fixed assets

(146,871

)

(12,785

)

Sale of tangible fixed assets

261

-

Interest received

418

97

Net cash from investing activities

(196,692

)

(12,688

)

Cash flows from financing activities

Invoice discounting advance /(repayment)

(299,035

)

290,908

Loan repayments in year

(38,001

)

(37,997

)

Capital repayments in year

(47,989

)

-

Amount introduced by directors

104,642

41

Amount withdrawn by directors

(72,000

)

-

Equity dividends paid

-

(125,610

)

Net cash from financing activities

(352,383

)

127,342

Decrease in cash and cash equivalents

(223,458

)

(26,670

)

Cash and cash equivalents at beginning of year

2

326,418

353,088

Cash and cash equivalents at end of year

2

102,960

326,418

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/12/25

31/12/24

£

£

(Loss)/profit before taxation

(198,967

)

122,130

Depreciation charges

32,095

41,439

(Profit)/loss on disposal of fixed assets

(261

)

4,082

Finance costs

113,532

116,724

Finance income

(418

)

(97

)

(54,019

)

284,278

Increase in stocks

(12,116

)

(240,641

)

Increase in trade and other debtors

(99,103

)

(408,433

)

Increase in trade and other creditors

611,983

386,717

Cash generated from operations

446,745

21,921

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

102,960

326,418

Year ended 31st December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

326,418

353,088

£104,304 of tangible fixed assets were purchased on hire purchase contracts

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1/1/25

Cash flow

changes

At 31/12/25

£

£

£

£

Net cash

Cash at bank

and in hand

326,418

(223,458

)

102,960

326,418

(223,458

)

102,960

Debt

Finance leases

-

(4,739

)

-

(109,043

)

Debts falling due

within 1 year

(1,042,899

)

299,035

-

(743,864

)

Debts falling due

after 1 year

(47,503

)

38,001

-

(9,502

)

(1,090,402

)

332,297

-

(862,409

)

Total

(763,984

)

108,839

-

(759,449

)

1.	STATUTORY INFORMATION

Fourseasons Fruiterers Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL

Relates to a customer base acquired in 2025 and is being amortised over 10 years

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on reducing balance

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

STOCKS

Stocks are valued at the lower of cost and selling price less costs to complete and sell, on an average cost basis.

Any damaged or obsolete stock are immediately written off.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

FINANCIAL INSTRUMENTS

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

IMPAIRMENT OF FINANCIAL ASSETS

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

DERECOGNITION OF FINANCIAL ASSETS

Financial assets are derecognised only when the contractual rights to the cash flows from asset expire or are settled, or when the group transfers the financial asset substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has been transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

CLASSIFICATION OF FINANCIAL LIABILITIES

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments is any contract that evidences a residual interest int he assets of the company after deducting all of its liabilities.

BASIC FINANCIAL LIABILITIES

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, are initially recognised at transactions price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

DERECOGNITION OF FINANCIAL LIABILITIES

Financial liabilities are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.

EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity

GOING CONCERN

At the time of approving the financial statements the Directors have considered the company's performance for the next 12 months from date of this report.

Based on the available bank facilities, cash reserves, and performance forecasts, the Directors have identified no material uncertainties regarding the going concern status of the company.

DIVIDENDS

Final dividends are recognised on the date of approval by shareholders. Interim dividends are recognised on the date paid, or the date that they are formally offset against amounts due to shareholders.

3.	EMPLOYEES AND DIRECTORS

31/12/25

31/12/24

£

£

Wages and salaries

2,821,821

2,048,449

The average number of employees during the year was as follows:

31/12/25

31/12/24

Office

15

13

Sales

7

7

Warehouse

44

31

Drivers

26

23

92

74

31/12/25

31/12/24

£

£

Directors' remuneration

252,346

278,000

Information regarding the highest paid director is as follows:

31/12/25

31/12/24

£

£

Emoluments etc

154,096

156,000

4.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging/(crediting):

31/12/25

31/12/24

£

£

Hire of plant and machinery

7,125

10,555

Other operating leases

114,103

135,408

Depreciation - owned assets

18,391

41,439

Depreciation - assets on hire purchase contracts

8,654

-

(Profit)/loss on disposal of fixed assets

(261

)

4,082

Goodwill amortisation

5,050

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/25

31/12/24

£

£

Bank loan interest

5,559

9,509

Other interest

16,022

9,122

Factoring charges

87,171

98,093

Hire purchase

4,780

-

113,532

116,724