The directors present the strategic report for the year ended 31 January 2026.

This report seeks to inform members of the company and group to help them to assess how the Directors have performed their duties to promote the success of the company during the financial period.

The current period of review to 31st January 2026 is a 52-week period (2025: 52-weeks).

The principal activity of the group in the period under review was that of the manufacture, sale and distribution of extruded pet food products.

During the period the Group has marginally increased its turnover by 0.8% from £147,786,000 to £148,961,000 whilst greater efficiencies have seen trading profitability increase more significantly by 24% from £22,469,000 to £27,800,000. This has been achieved as the Group has continued to work hard at small incremental Continuous Improvement changes that collectively have made a substantial difference, and allowed the Group to reduce costs to a level that will sustain the business in the future.

Organic Growth, New Products and New Markets

Despite the strategic repositioning of some trading partners, the Group has seen organic growth with both new and existing Partners, generating new sales through product development and the use of specialist recipes across many markets. The Group seeks to continue its expansion in Europe, a market in which it is now seeing steady growth.

Manufacturing Cost Decreases

During the period, the Group has continually worked to reduce and control its manufacturing costs. The Group has seen some reductions in wages and salaries costs, but these have been offset by an increase in energy prices in the year. The Group has sought to secure efficiencies within its manufacturing process and deliver costs savings whilst maintaining levels of quality and service. Through continued effort and focus the Group has managed to improve its gross profit margin from 21.6% to 26.3%.

Raw Material Price Decreases

During the period raw material prices marginally decreased. Given the Group's commitments to its partners to maximise fresh protein inputs and understand provenance in the supply chain, coupled with the commitment to not further increase selling prices in the period under review, the Company has looked to secure internal efficiencies to help maintain its Gross Margin as demonstrated above.

Customer Mix

The Group continues to develop strong working relationships with partners throughout the UK, Europe and the Far East. In addition, the Group is working with partners who not only have traditional channels to market via physical retail outlets, but also those with a dual or focused strategy on internet retail.

The Group’s investments in software, storage and despatch of B2C 'direct-to-door' boxes, continues to offer fantastic growth for both the Group and its partners. This area will become increasingly significant within the market place and offers great scope for the Group’s partners to offer multi-channel solutions especially for the tech savvy, time pressured, convenience driven purchaser. The consumer of goods using this service has tended to be pet owners who are looking for the highest quality, at the best value. The Group can only see this trend continuing.

Fresh Ingredients

The Group has continued to invest in fresh ingredients sourcing and cooking technologies (Freshtrusion) which have produced cost saving efficiencies. The large upfront costs have been strategic from two angles in that they also offer improved marketing opportunities to the Group’s branded partners (i.e. higher levels of human-grade-quality fresh ingredients), and reduce the need for classical pet food grade quality ingredients.

Freshtrusion innovation continues its technological advancement and the Group’s partners are utilising Fresh 50, Fresh 50 HDP and Fresh 100 HDP in their market positioning and product development plan. With ongoing investments, the Group will continue to offer partners further opportunities for market leading innovations in fresh ingredient technologies for their pet foods.

Export

Export sales continue to be, and will remain, a significant contributor to overall operating profit. Continued investments in the local markets of Europe, particularly Poland, Germany, France and Italy with a focus on high end bespoke product development are contributing to a successful business and product mix.

Financial Position

As contained in this report, the Group has generated £18,211,000 net profit (2025: £16,688,000), and increased its Consolidated Balance Sheet net assets from £202,855,000 to £220,525,000 during the period.

Legislative Risk

The Group continues to be fully aware of the continued risk of recalling of products due to salmonella, or contamination of some kind primarily caused by a change in testing, traceability and regulations, as opposed to changes in risks. However, the Group continues to undertake onsite testing of all raw materials and finished product in order to fully monitor the risk, and to be able to contain any contamination should it be detected.

As any creator of food knows, the quality of the raw ingredients are vital. The Group during the period has continued to collect ingredients, particularly protein, directly from their source, cooking and preparing these on site. This enables the Group to offer our customers known source ingredients in order to provide the trust and confidence in our premium quality pet food.

Credit Risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group’s receivables from customers. The Group’s exposure to credit risk is influenced mainly by the individual customer characteristics. The Directors also consider the factors that may influence the credit risk of the Group’s customer base, including default risk of the country in which the customer operates. The majority of trade debt is covered by credit insurance. The credit status of each customer is reviewed before credit is advanced. This includes external credit referencing where possible. Outstanding balances are reviewed regularly by Management.

In the period ended 31st January 2026, the Group incurred no significant bad debts.

Sales and Service

Innovation continues to drive the business forward. Our customers have increasingly benefited from a move from premium to super premium pet food with ever increasing levels of fresh meat inclusion. Continued investment in new techniques and innovative ways of including freshly prepared protein into the pet food products continues, both to challenge and drive the business. The release of Peptide Plus for dogs with particular ailments has been well received by Partners.

Export sales continue to and will remain a key market for the Group. The Group’s grain free products are widely respected across Europe.

The Group submitted a Planning Application, in conjunction with Bretherton Energy Co-op, under the joint name of the Bretherton Energy Partnership, in December 2025, to Chorley Council, to construct and operate the Asland Walks Renewable Energy Park, comprising Wind, Solar and Battery Storage. This will see 5% of the energy generated being provided to Bretherton Energy Co-op at no cost, for onward sale to residents. This will enable GA to consolidate its annual energy costs, while reducing its carbon discharges.

Debtor Days

The debtor days, being the number of days taken by customers of GA Pet Food Partners Limited, to pay their debts has reduced from 40 days at the start of the period to 35 days at the end of the financial period 2025-26.

Stock

The ratio of stock held by GA Pet Food Partners Milling Limited, to sales, achieved by GA Pet Food Partners Limited, expressed as a number of days has decreased at an average of 76 days (2025: 81 days). The Group policy is to look to decrease stock holding, seeking to reduce stocks of finished products through working alongside partners to improve forecasted product requirements reduce against shortages, price variations and aged stock.

Efficiency

The tonnes produced, by GA Pet Food Partners Milling Limited; per direct man were 2.3 tonnes of dry extruded pet food (2025: 2.0). This efficiency measure is calculated by taking the annual tonnage produced by the Group and then dividing that tonnage by the number of direct employees utilised in that production amount. The increase has been as a result of continued emphasis on improving operational efficiency as the Group has reduced its stock holding in terms of tonnage and the use of stock to satisfy partner orders.

Non-Conformances

The Group measures its number of non-conformances within its internal assessments per 1,000 tonnes of dry extruded pet food, which amounted to a monthly average of 32 (2025: 23).

The Group operates under an Environmental Permit, which closely monitors the environmental performance of the site.

Future Developments

During the coming year the Group will further invest in its people, operations and infrastructure whilst continuing to refine and improve the excellent service and products provided to its Partners.

Corporate Social Responsibility

The Group continued to actively ensure that it meets its environmental responsibilities, with the constant pursuit of moving to a sustainable future. During the period the Group continues its commitment to ten environmental pledges, which will seek to ensure 100% of all waste is recycled, with zero going to landfill and a reduction in the carbon generated by 30% over the next ten years, with an intention of being carbon free by 2050.

The Streamlined Energy and Carbon reporting is a Group report covering the activities of GA Pet Food Partners Group Limited and all its subsidiaries.

GA’s Target is to have Zero Net Carbon Emission by 2050, to achieve this GA will continue to analyse energy data weekly and investigate any anomalies. GA also have an energy policy in place and raise general awareness and communication across site of energy related issues. All new equipment which has been installed in 2025 has been fitted with sub meters to monitor energy consumption.

In February 2023, Ian Bailey of Brownlow Utilities assessed the Plocks Farm manufacturing site, and the two GA distribution sites ‘R2’ and ‘D2’. The energy assessment was carried out for compliance of the required government Energy Saving Opportunity Scheme (ESOS), with the compliance assessment being the third carried. Following the assessment a report was produced to highlight the findings from the three-day audit undertaken.

Following the ESOS 3 report, quarterly meetings take place with major stakeholders attending, this includes; the Company Chairman, Production Director, Engineering Director, Head of Projects, Head of Engineering Maintenance, and Head of Environmental and Energy.

During the quarterly meetings various energy saving opportunities have and continue to be assigned to varying personnel to complete, this is then reviewed for success or further required work quarterly, with further energy opportunity tasks assigned quarterly to attendees. The overarching aim of the meetings and work is to reduce energy consumption and increase efficiency across all GA sites.

Please see energy saving opportunities completed in 2025/26 below:

• Improving efficiency of the blast freezers by implementing door management, reducing warm air infiltration. Resulting in decreasing the energy usage by 83,010 kWh.

• Refrigerated trailer improved temperature controls saving 76,070 kWh.

• 612 air leaks were identified and repaired during the year which saved a total of £188,634.

• Detailed energy analysis of shutdown periods on extrusion lines. The data has allowed identification of equipment which can be turned off, resulting in a reduction of 20,015 kWh.

Emissions Sources

The SECR report includes UK energy use and the associated Green House Gas Emissions that relate to;

• GA Pet Food Partners’ activities which involve the combustion of gas (Scope 1)

• GA Pet Food Partners’ consumption of fuel for the purpose of transport (Scope 1)

• GA Pet Food Partners’ purchasing of electricity for its own use, including the purpose of transport (Scope 2)

• GA Pet Food Partners’ business travel in rental cars or employee owned vehicles where the company is responsible for fuel purchase (Scope 3).

Outlined in the tables below are the results for the Group's SECR Annual Report Statement against its comparative 2025 levels:

The total square metre occupied floor area for the year-ended 31st January 2026 was 197,717sqm (2025: 208,964sqm).

Intensity Ratio

The table above displays the intensity ratio chosen by the Group which was calculated using Scope 1, Location Based Scope 2 (tCO2e) and Scope 3 divided by the total occupied floor area for the Group (m2). The intensity ratio was 0.051 for the year ended 31st January 2026 which was a 5% decrease from 2025.

Methodology for Collection of Data

The Group accounts for its greenhouse gas (GHG) emissions using the operational control approach, in strict accordance with the GHG Protocol Corporate Accounting and Reporting Standard. Under this approach, the Group include emissions from all facilities and operations where we have the authority to introduce and implement operating policies. To calculate emissions, activity data (such as electricity consumption in kWh or fuel use in litres) is multiplied by verified emissions factors. We utilise the 2025 version of the UK government conversion factors for company reporting of greenhouse gas emissions report ‘Greenhouse gas reporting conversion factors 2025’.

The Group has sought, both in its short- and long-term decision making, to abide by its mission ‘to make and deliver the world’s finest pet food’. The Group’s Core Values of ‘Quality, Innovation and Integrity’ guide and instruct every colleague on every decision taken. Our mission and our core values are at the centre of all training, from induction to the development of our colleagues, so as to build a culture of constant improvement, constant change, and constant endeavour to do things ‘right’.

The Group’s policy is to look after its people, so that its people can look after its Partners (Customers), its Partners look after our profit, the profit looks after the investment, and the investment ensures we build a sustainable future.

The Group fully engages with its colleagues, and obtains feedback through a Best Company Survey gaining ‘One to Watch’ status for engagement, and with all feedback being acted on and improvements made.

Likewise, the Group seeks to work in partnership with its suppliers, and its Partners to build a lasting sustainable working relationship in the long term for the benefit of its members, its colleagues, its neighbours and society as a whole.

The Group believes in being a considerate neighbour within the wider local community in which it operates, consulting and being transparent on its plans for the business and how it seeks to address their concerns. The Group does this by holding open days, inviting the community in to observe and better understand the positive impact the Group seeks to have for local employment and services.

The impact the Group has on the environment is a key non-financial concern for the business. The Group continues to fully monitor its environmental impact, constantly implementing new strategies to combat and reduce waste striving toward its clearly stated goal of being carbon free by 2050.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 January 2026.

Strategic Report

The Group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company’s strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the directors’ report. It has done so in respect of financial risk management and future developments.

Research and Development

The Group continues to work on product and service research & development. The research and development activities focus on new product innovation and new techniques to improve quality and output. In the current period the Group has incurred a total of £267,000 (2025: £312,000) in research and development costs.

Additionally, the Group continues to work on software development for its core business. In the course of capitalisation of these development costs to Intangible Fixed Assets, costs deemed to meet the criteria for Research and Development are identified.

The results for the year are set out on page 14.

The directors declared interim dividends of £660,000 (2025: £660,000).

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Going Concern

The accounts are prepared on the going concern basis of preparation, full consideration of going concern is outlined in Note 1.

Employees

The business is solely reliant on the people within the Group to produce the products to meet our customers' ever-increasing requirements of Quality and Service. We are fortunate at the Group that we have, and continue to develop, a team of like-minded personnel that are able to rise to the challenge and deliver the safe high standards demanded of them. The Group would not have been able to prosper without these people working together for the benefit of all, for which we are enormously grateful.

Applications for employment by disabled persons are given full and fair consideration for all vacancies in accordance with their particular aptitudes and abilities. In the event of employees becoming disabled, every effort is made to retain them in order that their employment with the Group may continue. It is the policy of the Group that training, career development and promotion opportunities should be available to all employees.

Political Contributions

Neither the Company nor any of its subsidiaries made any political contributions or incurred any political expenditure during the period (2025: £nil).

Disclosure of Information to Auditor

The directors who held office at the date of approval of this directors’ report confirm that, so far as they are each aware, there is no relevant audit information of which the company’s auditor is unaware; and each director has taken all the steps that he/she ought to have taken as a director to make himself/ herself aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

Auditor

The auditor, MHA Audit Services LLP, has indicated its willingness to continue in office and a resolution to reappoint MHA Audit Services LLP as auditor will be proposed at the forthcoming Annual General Meeting in accordance with section 485 of the Companies Act 2006.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

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

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of GA Pet Food Partners Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2026 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including material accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 January 2026 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

• The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The 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 group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

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

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

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

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

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 auditor's 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. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

• Enquiries with management, including directors, about any known or suspected instances of non-compliance with laws and regulations and fraud;

• Challenging assumptions and judgements made by management in their significant accounting estimates;

• Review the systems for recording revenue and test a sample of sales recorded on the accounting system backwards to sales orders including confirmation of receipts to banking records;

• Examination of journal entries and other adjustments to test for appropriateness and identify any instances of management override of controls;

• Review of legal and professional expenditure to identify any evidence of ongoing litigation or enquiries;

• Review of minutes of board meetings; and

• Auditing the risk of fraud in revenue by testing a sample of revenue transactions to goods despatch and other records, to verify the occurrence of recorded revenue to ensure is not materially overstated in the financial statements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £16,607,417 (2025 - £13,357,861 profit).

GA Pet Food Partners Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Albert Suite, Unit 2, Revolution Park, Buckshaw Avenue, Buckshaw Village, Chorley, PR7 7DW.

The group consists of GA Pet Food Partners Group Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated group financial statements consist of the financial statements of the parent company GA Pet Food Partners Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 January 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

The financial statements have been prepared on a going concern basis, which the directors consider to be appropriate having assessed the Group's ability to continue in operational existence for the foreseeable future.

As at 31st January 2026, the Group had net assets of £220,525,000, net current assets of £75,645,000 and recorded a profit for the year of £18,211,000.

The Group's revolving credit facility expired on 31st May 2025 and was not renewed, as the Group's forecasts indicated that external funding would not be required to meet its anticipated working capital requirements. The Group has continued to operate without this facility.

The directors have prepared detailed cash flow forecasts covering the period of at least 12 months from the date of approval of these financial statements. These forecasts take into account the Group's expected trading performance, working capital requirements and committed expenditure. The directors have also considered a severe but plausible downside scenario, including the potential impact of adverse trading conditions and other macroeconomic uncertainties. The results of this assessment indicate that the Group is expected to have sufficient resources to meet its liabilities as they fall due throughout the assessment period.

Subsequent to the year end, the Group has entered into discussions with its bank regarding a proposed committed financing facility, together with an accordion facility, to provide funding capacity for significant planned capital expenditure, namely investment in the improvement and automation of operational plant. This proposed facility is intended principally to support the Group's investment programme and improve operational capacity and efficiency, rather than to fund its normal working capital requirements. As at the date of approval of these financial statements, the facility remains subject to agreement and therefore has not been assumed to be available in the directors' going concern assessment.

Having considered the above matters, including the Group's cash flow forecasts and severe but plausible downside scenario, the directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue comprises the fair value of consideration received or receivable for the sale of goods in the ordinary course of the Group's activities, net of value added tax, rebates, discounts and other amounts payable to customers. Revenue excludes amounts collected on behalf of third parties and intra-group sales.

Revenue is recognised when control of the goods is transferred to the customer, representing the point at which the Group has satisfied its performance obligation under the contract. The amount of revenue recognised is the amount of consideration to which the Group expects to be entitled in exchange for the transfer of the goods.

For the majority of sales, control of the goods transfers to the customer when the goods are dispatched or collected by the customer's own transport, at which point revenue is recognised. Where the contractual terms or circumstances indicate that control has not transferred to the customer at the point of dispatch or collection, revenue is deferred until the performance obligation has been satisfied and control of the goods has transferred to the customer.

Revenue is recognised net of variable consideration, including rebates, discounts and other amounts payable to customers, to the extent that it is highly probable that a significant reversal of the amount of revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

Rental income is recognised in the profit and loss account on a straight-line basis over the period to which it relates. Amounts received in advance are deferred and recognised in the appropriate accounting period.

Expenditure on research activities is recognised in the profit and loss account as an expense as incurred.

Expenditure on development activities may be capitalised if the product or process is technically and commercially feasible and the company intends and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the company can measure reliably the expenditure attributable to the intangible asset during its development. Development activities involve design for, construction or testing of the production of new or substantially improved products or processes. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowing costs. Other development expenditure is recognised in the profit and loss account as an expense as incurred. Capitalised development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Negative goodwill

Negative goodwill arising on business combinations is included in the balance sheet and released to the profit and loss account in the periods in which the non-monetary assets arising on the same acquisition are recovered. Any excess exceeding the fair value of non-monetary assets shall be recognised in the profit or loss over a ten-year period.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufacturer stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets (including trade and other debtors)

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicated that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

Non-financial assets

The carrying amounts of the entity’s non-financial assets, other than stocks and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). The goodwill acquired in a business combination, for the purpose of impairment testing is allocated to cash-generating units, or (“CGU”) that are expected to benefit from the synergies of the combination. For the purpose of goodwill impairment testing, if goodwill cannot be allocated to individual CGUs or groups of CGUs on a non-arbitrary basis, the impairment of goodwill is determined using the recoverable amount of the acquired entity in its entirety, or if it has been integrated then the entire group of entities into which it has been integrated.

An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and 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 transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Defined contribution plans and other long-term employee benefits

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

Defined benefit plans

A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Group’s net obligation in respect of defined benefit plans is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. The fair value of any plan assets is deducted. The Group determines the net interest expense (income) on the net defined liability/(asset) for the period by applying the discount rate as determined at the beginning of the annual period to the net defined benefit liability/(asset) taking account of charges arising as a result of contributions and benefit payments.

The discount rate is the yield at the yield at the balance sheet date on AA credit rated bonds in the currency of, and having maturity dates approximating to the terms of the Group’s obligations. A valuation is performed annually by a qualified actuary using the projected unit credit method. The Group recognises net defined benefit plan assets to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan.

Changes in the net defined benefit liability arising from employee service rendered during the period, net interest on the net defined liability, and the cost of plan introductions, benefit charges, curtailments and settlements during the period are recognised in profit or loss.

Remeasurement of the net defined benefit liability/asset is recognised in other comprehensive income in the period in which it occurs. The Scheme previously was in asset and on conversion of the Defined Benefit Scheme to a Defined Contribution Scheme, remained so, resulting in no remeasurement adjustment being recognised in other comprehensive income in the year.

Termination benefits

Termination benefits are recognised as an expense when the entity is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the entity has made an offer of voluntary redundancy, it is probably that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Payments (excluding costs for services and insurance) made under operating leases are recognised in the profit and loss account on a straight-line basis over the term of the lease unless the payments to the lessor are structured to increase in line with expected general inflation; in which case the payments to the structured increases are recognised as incurred. Lease incentives received are recognised in profit and loss over the term of the lease as an integral part of the total lease expense.

Interest receivable and interest payable

Interest payable and similar charges include interest payable, finance charges on shares classified as liabilities and finance leases recognised in profit or loss using the effective interest method, unwinding of the discount on provisions, and net foreign exchange losses that are recognised in the profit and loss account (see foreign currency accounting policy). Borrowing costs that are directly attributable to the acquisition, construction or production of an asset that takes a substantial time to be prepared for use, are expensed as incurred.

Other interest receivable and similar income include interest receivable on funds invested and net foreign exchange gain.

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method. Dividend income is recognised in the profit and loss account on the date the entity's right to receive payments is established. Foreign currency gains and losses are reported on a net basis.

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no areas identified as key sources of accounting estimate and judgement.

The average monthly number of persons (including directors) employed by the group and company during the year was:

Their aggregate remuneration comprised:

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2025 - 10).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The deferred tax liability has been calculated at the 25% rate as at the period ended 31 January 2026 (2025: 25%). This will increase the company's future current tax charge.

Negative goodwill arises on the acquisitions of Acland Bracewell Limited and Reaper Limited on 31st August 2021 which were in excess of the fair value of the non-monetary assets acquired. The resulting negative goodwill of £6,034,000 was recognised in the group's balance sheet at 31st August 2021. Negative goodwill will be released to the profit and loss account in the periods expected to benefit which the directors have assessed as 10 years.

Investment property comprises freehold land and buildings held to earn rental income. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 14th April 2026 by P Wilson & Company Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The carrying value of land and buildings comprises:

Investment property

Historically, investment properties were included within land and buildings, these have subsequently been reclassified as investment property in the financial year.

Details of the company's subsidiaries at 31 January 2026 are as follows:

All amounts owed by group undertakings are repayable on demand and attract no interest.

All related party loans, included in other creditors, are interest bearing and repayable on demand. No security is pledged by the group or company for these loans.

The bank loan was a Revolving Credit Facility and a 2-year facility which was repaid on 31st May 2025. The interest rate on the facility was based on a level of net leverage with interest rates ranging from SONIA plus between 1.2% to 1.8%.

The Revolving Credit Facility was secured by a fixed and floating charge over the undertaking and all property and assets.

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Defined benefit schemes

Reaper Limited sponsors the Reaper Limited Retirement Benefits Scheme (the Scheme). As at 1st February 2024 the Scheme operated as a defined benefit pension scheme. On the 28th March 2024 the Scheme was converted from a defined benefit scheme to a defined contribution scheme.

As a result of this change, the Reaper Retirement Benefits Scheme, now operates as a self-administered scheme operated on a defined contribution basis for selected employees. No contributions have been made to the scheme in the year.

As a defined benefit scheme, the surplus was not recognised in the Consolidated Group Balance sheet as the Group did not have an unconditional right to the surplus and therefore the surplus was restricted to nil at the previous year-end (and as at acquisition). The conclusion that the Group did not have an unconditional right to the surplus was because the Scheme is open to employees of ‘associated’ companies which are not part of the Group. On conversion of the Scheme to a defined contribution scheme, the Group has not recognised any asset or liability within its Balance Sheet as is agreed practice in the operation of such Scheme types.

The holders of ordinary shares classes A, B and C are entitled to receive dividends, derived from all those assets not classified as D share assets, as declared from time to time and are entitled to one vote per share at meetings of the Company. In the event of winding up, share classes A, B and C rank pari passu in respect of all assets other than those assets classified as D share assets.

The holders of ordinary shares class D are entitled to receive dividends derived from those assets classified as D share assets, as declared from time to time and are entitled to one vote per share at meetings of the company. In the event of winding up, share class D is restricted to the value attributed to the D share assets.

Included within the profit and loss reserve is a balance of (£249,000) (2025: £97,000) relating to cumulative fair value movement on revaluation of investment property, net of associated deferred tax provisions.

This amount is non-distributable, leaving a balance of distributable reserves of £201,155,000 (2025: £183,377,000).

As at the year end the group and company has a capital redemption reserve balance of £232 (2025: £232).

Currency translation reserve

The currency translation reserve comprises exchange differences arising on the translation of the financial statements of foreign operations into the group’s presentation currency. Such exchange differences are recognised in other comprehensive income and accumulated within the currency translation reserve.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Non-cancellable operate lease rentals are payable as follows:

During the period £2,214,000 was recognised as an expense in the profit and loss account in respect of operating leases (2025: £2,818,000).

Amounts contracted for but not provided in the financial statements:

Security

The company has provided a guarantee to its subsidiary GA Pet Food Partners Estates Limited, under section 479A of the Companies Act 2006, whereby the subsidiary, incorporated in England and Wales, is exempt from the requirements of the Act relating to the audit of individual accounts for the financial year ended 31 January 2026.

On 31st March 2026, GA Pet Food Partners Group Limited entered into an agreement to purchase the 314 B ordinary shares, representing 14.3% of the Company's issued share capital, held by Mr Giles Bracewell. The consideration is payable in ten separate tranches over a ten-year period.

The first installment was paid on 1st April 2026 and related to the purchase of 90 B ordinary shares. Following this transaction, Mr Giles Bracewell's shareholding reduced from 14.3% to 10.6%. The shares purchased will be cancelled, resulting in a corresponding change in the percentage interests of the remaining shareholders.

As the agreement was entered into after the reporting date, this represents a non-adjusting event and, accordingly, no adjustment has been made to these financial statements.

Subsequent to the year end, the Group acquired the freehold of its manufacturing site, and is set to acquire a 36.8% interest in its distribution site which is currently held by Reaper Retirement Benefit Fund. These transactions are non-adjusting events.

During the year the group entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

The following amounts were outstanding at the reporting end date:

The company has taken advantage of the exemption permitted under Section 33.1A from disclosing transactions with the parent and fellow subsidiary companies.

The comparative disclosures in respect of related party transactions have been restated, where relevant, to apply the exemption available under FRS 102 from disclosing transactions entered into between members of a group where any subsidiary party to the transaction is wholly owned.

Accordingly, the comparative amounts previously disclosed in respect of sales to entities with control, joint control or significant influence over the Company, and amounts due from such entities, have been removed where those amounts related to transactions and balances with the Company's wholly owned parent or fellow subsidiary undertakings.

The ultimate controlling party is R J T A Bracewell.

The group is controlled by R J T A Bracewell by virtue of his holding of "A" Ordinary shares in GA Pet Food Partners Group Limited.