REGISTERED NUMBER: 02859663 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2025

for

Petrow Food Industries Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTOR:

J C Petrow

REGISTERED OFFICE:

Spitalfields House

Phoenix Road

Haverhill

CB9 7AE

REGISTERED NUMBER:

02859663 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

Maple House

Level 5A

149 Tottenham Court Road

London

W1T 7NF

The director presents his strategic report for the year ended 31 December 2025.

PRINCIPAL ACTIVITIES

Petrow Food Industries Limited is engaged in the manufacture of fruit, nut and seed-based products supplying customers within the food manufacturing sector. The company operates from its manufacturing facilities in Haverhill and continues to focus on improving operational efficiency, product quality and customer service whilst supporting the wider objectives of the group.

REVIEW OF BUSINESS

The year ended 31 December 2025 remained a challenging period for the business. Turnover reduced to £2.63 million from £3.75 million in the previous year, reflecting ongoing commercial challenges and a reduction in production volumes. The company reported a loss before taxation of £3.63 million compared with a loss of £4.56 million in the previous year. Despite the continued losses, management believes that operational improvements implemented during the year have contributed to a reduction in losses compared with the prior year.

During the year the company invested approximately £2.08 million in plant and machinery to enhance manufacturing capability and improve production efficiency at its Phoenix Road facility. Management considers this investment an important step in supporting future growth and improving operational performance.

The company has continued its programme of restructuring and operational rationalisation. As disclosed in the financial statements, manufacturing operations have been consolidated into the Phoenix Road facility, and the company is progressing the closure of the Falconer Road site. Management expects these actions to reduce overhead costs and improve overall operating efficiency in future periods.

FINANCIAL POSITION

At 31 December 2025 the company had net liabilities of £22.0 million (2024: £18.4 million) and cash balances of £4,917 (2024: £125,953). The company remains reliant upon funding provided by group companies and its ultimate beneficial owners. Amounts owed to group undertakings totalled approximately £24.0 million at the year end.

The directors continue to monitor working capital requirements closely, with particular focus on cash flow management, inventory levels and production efficiency. The support of the parent undertaking remains critical to the company's continued operations.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have identified the following principal risks affecting the business:

FUNDING AND LIQUIDITY RISK

The company has significant net liabilities and remains dependent upon ongoing financial support from its parent undertaking and ultimate beneficial owners. Any reduction in the availability of this support could adversely affect the company's ability to meet its obligations as they fall due.

TRADING PERFORMANCE RISK

The business operates in a competitive food manufacturing sector and remains exposed to fluctuations in customer demand, pricing pressures and production volumes. Failure to secure sufficient sales growth may impact future profitability and cash generation.

OPERATIONAL AND MANUFACTURING RISK

The business relies on efficient manufacturing operations and the successful implementation of recent capital investment programmes. Disruption to production, failure of key equipment or delays in achieving anticipated operational efficiencies could adversely affect performance.

FOOD SAFETY AND REGULATORY COMPLIANCE

As a manufacturer of food products, the company is subject to strict food safety, quality control and regulatory requirements. Non-compliance could result in financial penalties, reputational damage and interruption to operations.

KEY PERFORMANCE INDICATORS

The directors monitor business performance using several operational and financial measures, including:

- Revenue growth and customer demand.

- Gross margin performance.

- Operating losses and cash generation.

- Production efficiency and manufacturing utilisation.

- Inventory management and working capital requirements.

- Health and safety and product quality metrics.

Revenue for the year was £2.63 million compared with £3.75 million in the previous year, while the loss before taxation reduced from £4.56 million to £3.63 million.

GOING CONCERN AND FUTURE OUTLOOK

The directors have prepared the financial statements on a going concern basis. The company incurred a loss during the year and has significant net liabilities; however, the directors believe that the actions undertaken during the restructuring programme, investment in manufacturing facilities and anticipated cost savings from site consolidation provide a platform for future improvement. Further support has been confirmed by the parent undertaking for at least the twelve months from the date of approval of the financial statements.

The directors remain focused on achieving a return to profitability through improved manufacturing efficiency, cost control, growth in customer revenues and the completion of the operational restructuring programme. Management expects the benefits of recent capital investment and operational changes to continue to emerge during future reporting periods.

ON BEHALF OF THE BOARD:

J C Petrow - Director

30 September 2026

The director presents his report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of fruit, nut and seed based products.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTOR

J C Petrow held office during the whole of the period from 1 January 2025 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J C Petrow - Director

30 September 2026

Opinion

We have audited the financial statements of Petrow Food Industries Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other 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 31 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Emphasis of matter

We draw attention to the going concern accounting policy in note 2 of these financial statements, which refers to the funding situation of the company. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in 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 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.

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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

Through discussion with management and those charged with governance we gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates, and considered the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. During the engagement team briefing we communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, UK GAAP (FRS102), the Companies Act 2006, tax legislations and industry specific legislation such as the Food Safety Act 1990. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We evaluated management's incentives and opportunities for fraudulent manipulations of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates.

Audit procedures undertaken in response to the potential risk relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of:

- enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;

- enquiries with the same concerning any actual or potential litigation claims;

- reviewed risk of management override;

- reviewed journal entries posted with unusual account combinations or posted by senior management;

- reviewed accounting estimates for bias;

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

- agreeing financial statement disclosures to underlying supporting documentation.

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk

that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Mark Stothard BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

Maple House

Level 5A

149 Tottenham Court Road

London

W1T 7NF

30 September 2026

TURNOVER

2,628,344

3,752,957

Cost of sales

3,628,631

4,963,673

GROSS LOSS

(1,000,287

)

(1,210,716

)

Administrative expenses

2,939,832

3,718,811

(3,940,119

)

(4,929,527

)

Other operating income

929,959

973,114

OPERATING LOSS

4

(3,010,160

)

(3,956,413

)

Interest payable and similar expenses

5

621,784

603,229

LOSS BEFORE TAXATION

(3,631,944

)

(4,559,642

)

Tax on loss

6

-

-

LOSS FOR THE FINANCIAL YEAR

(3,631,944

)

(4,559,642

)

LOSS FOR THE YEAR

(3,631,944

)

(4,559,642

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(3,631,944

)

(4,559,642

)

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

6,354,441

5,055,575

6,354,441

5,055,575

CURRENT ASSETS

Stocks

10

452,651

964,106

Debtors

11

418,597

502,409

Cash at bank and in hand

4,917

125,953

876,165

1,592,468

CREDITORS

Amounts falling due within one year

12

21,835,603

21,827,366

NET CURRENT LIABILITIES

(20,959,438

)

(20,234,898

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(14,604,997

)

(15,179,323

)

CREDITORS

Amounts falling due after more than one year

13

7,428,964

3,222,694

NET LIABILITIES

(22,033,961

)

(18,402,017

)

CAPITAL AND RESERVES

Called up share capital

14

1,000

1,000

Retained earnings

15

(22,034,961

)

(18,403,017

)

SHAREHOLDERS' FUNDS

(22,033,961

)

(18,402,017

)

The financial statements were approved by the director and authorised for issue on 30 September 2026 and were signed by:

J C Petrow - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

1,000

(13,843,375

)

(13,842,375

)

Changes in equity

Total comprehensive income

-

(4,559,642

)

(4,559,642

)

Balance at 31 December 2024

1,000

(18,403,017

)

(18,402,017

)

Changes in equity

Total comprehensive income

-

(3,631,944

)

(3,631,944

)

Balance at 31 December 2025

1,000

(22,034,961

)

(22,033,961

)

Cash flows from operating activities

Cash generated from operations

1

702,361

(1,285,636

)

Interest paid

(621,784

)

(603,229

)

Net cash from operating activities

80,577

(1,888,865

)

Cash flows from investing activities

Purchase of tangible fixed assets

(2,080,949

)

(761,037

)

Sale of tangible fixed assets

128,869

93,015

Net cash from investing activities

(1,952,080

)

(668,022

)

Cash flows from financing activities

Amount introduced by directors

1,750,467

2,642,393

Net cash from financing activities

1,750,467

2,642,393

(Decrease)/increase in cash and cash equivalents

(121,036

)

85,506

Cash and cash equivalents at beginning of year

2

125,953

40,447

Cash and cash equivalents at end of year

2

4,917

125,953

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

as restated

£

£

Loss before taxation

(3,631,944

)

(4,559,642

)

Depreciation charges

524,685

462,193

Loss on disposal of fixed assets

2,492

108,444

Impairment of tangible fixed assets

126,039

360,059

Finance costs

621,784

603,229

(2,356,944

)

(3,025,717

)

Decrease in stocks

511,455

262,954

Decrease in trade and other debtors

83,812

137,741

Increase in trade and other creditors

2,464,038

1,339,386

Cash generated from operations

702,361

(1,285,636

)

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 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

4,917

125,953

Year ended 31 December 2024

31.12.24

1.1.24

as restated

£

£

Cash and cash equivalents

125,953

40,447

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

125,953

(121,036

)

4,917

125,953

(121,036

)

4,917

Total

125,953

(121,036

)

4,917

1.	STATUTORY INFORMATION

Petrow Food Industries Limited 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten 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.

Freehold property

-

at varying rates on cost

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

at varying rates on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The Financial Statements have been prepared on a going concern basis, which assumes that the company PFI will continue operating for at least 12 months from the date of approval of these financial statements. PFI incurred a loss for the year and has net liabilities at the date of reporting. The company is reliant on the continued financial support of the ultimate beneficial owners.

The parent company agreed last year to a restructuring of PFI which involved additional loans for capital investment, management changes and a streamlining of operations. These steps have been implemented resulting in an enhanced manufacturing capability at our new factory facility at Phoenix Road. We are in the process of closing our facility at Falconer Road, which will lead to further overhead savings. Shortly thereafter, it is intended to place this property on the market for sale.

It is believed that these steps, together with actions to curtail loss-making activities, will enable PFI to become profitable. Until this is achieved and for at least the next 12 months from the date of signing of the financial statements the parent company will continue to provide financial support which will enable PFI to meet its obligations as they fall due. In view of this and considering the changes which have been implemented within the company the directors are confident that the company has adequate resources and the management team in place to continue operating for the foreseeable future and have therefore prepared the financial statements on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

as restated

£

£

Wages and salaries

2,818,806

2,836,398

Social security costs

325,970

261,319

Other pension costs

128,481

77,705

3,273,257

3,175,422

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

31.12.25

31.12.24

as restated

Production

82

88

31.12.25

31.12.24

as restated

£

£

Director's remuneration

-

-

4.	OPERATING LOSS

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

31.12.25

31.12.24

as restated

£

£

Other operating leases

(185,692

)

417,854

Depreciation - owned assets

514,457

444,641

Loss on disposal of fixed assets

2,492

108,444

Auditors' remuneration

11,150

10,500

Foreign exchange differences

741

2,785

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

as restated

£

£

Interest payable to group

companies

621,784

603,229

621,784

603,229

6.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 December 2025 nor for the year ended 31 December 2024.

7.	PRIOR YEAR ADJUSTMENT

During the year the directors reviewed the terms attaching to the amounts due to the parent undertaking and directors. It was determined that these balances were not repayable within twelve months of the reporting date and should therefore have been classified as amounts falling due after more than one year. Accordingly, the comparative figures have been restated to reclassify certain balances from creditors falling due within one year to creditors falling due after more than one year. This adjustment affects presentation only and has no impact on the company's profit for the year, total net assets or shareholders' funds.

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2025

and 31 December 2025

100,000

AMORTISATION

At 1 January 2025

and 31 December 2025

100,000

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

9.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2025

1,072,652

6,010,595

476,239

7,559,486

Additions

-

2,072,454

8,495

2,080,949

Disposals

-

(408,224

)

-

(408,224

)

Impairments

-

(126,039

)

-

(126,039

)

At 31 December 2025

1,072,652

7,548,786

484,734

9,106,172

DEPRECIATION

At 1 January 2025

324,129

1,744,694

435,088

2,503,911

Charge for year

24,642

472,011

17,804

514,457

Eliminated on disposal

-

(266,637

)

-

(266,637

)

At 31 December 2025

348,771

1,950,068

452,892

2,751,731

NET BOOK VALUE

At 31 December 2025

723,881

5,598,718

31,842

6,354,441

At 31 December 2024

748,523

4,265,901

41,151

5,055,575

10.

STOCKS

31.12.25

31.12.24

as restated

£

£

Raw materials

353,802

832,646

Work-in-progress

10,453

49,333

Finished goods

88,396

82,127

452,651

964,106

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

as restated

£

£

Trade debtors

208,206

427,148

Other debtors

5,487

5,520

VAT

142,238

-

Prepayments and accrued income

62,666

69,741

418,597

502,409

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

as restated

£

£

Trade creditors

408,551

283,898

Amounts owed to group undertakings

21,304,825

20,924,078

Corporation tax

48

48

Social security and other taxes

73,572

62,126

VAT

-

1,349

Other creditors

20,986

6,764

Accruals and deferred income

27,621

549,103

21,835,603

21,827,366

13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

as restated

£

£

Amounts owed to group undertakings

2,731,703

275,900

Directors' loan accounts

4,697,261

2,946,794

7,428,964

3,222,694

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.25

31.12.24

value:

as restated

£

£

1,000

Ordinary

£

1,000

1,000

15.

RESERVES

Retained

earnings

£

At 1 January 2025

(18,403,017

)

Deficit for the year

(3,631,944

)

At 31 December 2025

(22,034,961

)