REGISTERED NUMBER: 00782674 (England and Wales)

NATCO FOODS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2025

Page

Company information

1

Strategic report

2

Report of the directors

4

Independent auditors' report

5

Statement of comprehensive income

8

Balance sheet

9

Statement of changes in equity

10

Notes to the financial statements

11

DIRECTORS:

R P Thanwani

L T Pagarani

L Pagarani

SECRETARY:

R P Thanwani

REGISTERED OFFICE:

Unit 2 Swan Business Park

Osier Way

Buckingham

MK18 1TB

REGISTERED NUMBER:

00782674 (England and Wales)

AUDITORS:

Berringers LLP

Chartered Accountants

and Statutory Auditors

3rd Floor, Imperial House

21 - 25 North Street

Bromley

Kent

BR1 1SD

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

PRINCIPAL ACTIVITIES

The principal activity of the company during the year was that of importation, distribution and sale of foodstuffs. There have been no changes in the company's activities in the year under review.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

The directors report a profit on ordinary activities before taxation of £4,258,735 (2024: £4,512,456), the result for the year is after generous charitable donations totalling £nil (2024: £nil). Operating profit before interest and charitable donations was £5,083,029 (2024: £5,410,773). Turnover increased from £87.24million to £91.96million. The general economic situation and agricultural commodity market trends have resulted in a slight decrease in gross margins from 16.90% to 16.02%.

Turnover increased due to the general inflationary environment, as well as increased demand for the company's products.

Overheads were controlled during the year. Inventory as a proportion of turnover has increased due to the need to hold more stock as a buffer in case of supply chain disruptions, which have become more common due to global events. Debtors have increased in line with turnover.

Key performance indicators are turnover, margins and product mix. Non-financial indicators are also used including product availability, customer returns and service levels to measure business performance in meeting the needs of our customers.

The directors consider the results for the year to be satisfactory and expect a profitable trading year in 2026, despite the continuing difficult trading conditions in the food industry.

The directors have fostered a working environment where employees have multiple formal and informal avenues for engagement with senior management. The skills base has been developed through a combination of training, internal promotion and external recruitment. Staff turnover rates are monitored.

The company is investing in more sustainable packaging material technologies and generates a substantial portion of its electricity consumption through solar photovoltaic panels, to reduce the carbon footprint as well as to insulate the company from energy price inflation.The company has also further reduced the usage of secondary plastic packaging, and introduced a new automation to the packing process.

Expansion of the sales team has facilitated growth of the customer base in the UK and in export markets. Additional suppliers have been introduced to extend the product range and provide robust supply chains.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

The company operates in a sophisticated market and its performance is related to world harvests. It manages this risk by diversified sourcing. It manages the risk of losing key customers by nurturing relationships and providing an enhanced responsive service.

The main financial risks arising from the company's activities are credit risk, interest rate risk, currency risk and liquidity risk. These are monitored by the board of directors.

The company's policy in respect of credit risk is to require appropriate credit checks on new customers before sales are made. The information from these credit ratings is then factored into future dealings with the customers.

The company's policy in respect of interest rate and liquidity risk is to maintain a mixture of long term and short-term debt finance and readily accessible bank deposit accounts to ensure that the group has sufficient funds for operations.

The company's policy in respect of currency risk is to forward purchase currency where appropriate to settle trading transactions and thereby minimise any exchange rate exposure.

SECTION 172(1) STATEMENT

The directors have considered the requirements to section 172(1) and their duty to promote the company in this report, as referenced in the detailed review of the business.

EMISSIONS OF CO2 EQUIVALENT

Scope 1 - 405.3 tonnes

Scope 2 - 159.5 tonnes

ON BEHALF OF THE BOARD:

L Pagarani - Director

23 October 2026

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

DIVIDENDS

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

DIRECTORS

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

R P Thanwani

L T Pagarani

L Pagarani

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

L Pagarani - Director

23 October 2026

Opinion

We have audited the financial statements of Natco Foods Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of comprehensive income, Balance sheet, Statement of changes in equity and 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 profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and error, we considered the following:

- the nature of the industry, control environment and business performance;

- results of our enquiries to management about their own assessment of the risks of fraud and error;

- the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud.

Our procedures to respond to risk include the following:

-reviewing the financial statement disclosures and testing to supporting documentation;

- performing analytical procedures to identify any unusual or unexpected areas that may indicate risks of material misstatement due to fraud or error;

- addressing the risk of fraud and error through management override of controls, testing the appropriateness of journals, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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

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 an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Allan BSocSc FCA (Senior Statutory Auditor)

for and on behalf of Berringers LLP

Chartered Accountants

and Statutory Auditors

3rd Floor, Imperial House

21 - 25 North Street

Bromley

BR1 1SD

23 October 2026

TURNOVER

3

91,960,774

87,241,720

Cost of sales

76,724,904

72,499,970

GROSS PROFIT

15,235,870

14,741,750

Distribution costs

4,477,326

4,303,893

Administrative expenses

5,675,515

5,027,084

10,152,841

9,330,977

OPERATING PROFIT

5

5,083,029

5,410,773

Interest receivable and similar income

-

572

5,083,029

5,411,345

Interest payable and similar expenses

6

824,294

898,889

PROFIT BEFORE TAXATION

4,258,735

4,512,456

Tax on profit

7

(51,933

)

(32,525

)

PROFIT FOR THE FINANCIAL YEAR

4,310,668

4,544,981

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,310,668

4,544,981

FIXED ASSETS

Tangible assets

9

2,115,758

2,497,678

Investments

10

4

4

2,115,762

2,497,682

CURRENT ASSETS

Stocks

11

20,935,089

18,591,399

Debtors

12

12,237,970

14,846,595

Cash at bank and in hand

2,876,726

785,625

36,049,785

34,223,619

CREDITORS

Amounts falling due within one year

13

15,224,985

14,382,443

NET CURRENT ASSETS

20,824,800

19,841,176

TOTAL ASSETS LESS CURRENT LIABILITIES

22,940,562

22,338,858

CREDITORS

Amounts falling due after more than one year

14

(9,615,086

)

(9,322,118

)

PROVISIONS FOR LIABILITIES

17

(251,767

)

(303,699

)

NET ASSETS

13,073,709

12,713,041

CAPITAL AND RESERVES

Called up share capital

18

3,250,000

3,250,000

Retained earnings

19

9,823,709

9,463,041

SHAREHOLDERS' FUNDS

13,073,709

12,713,041

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2026 and were signed on its behalf by:

L Pagarani - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

3,250,000

7,318,060

10,568,060

Changes in equity

Distribution

-

(2,400,000

)

(2,400,000

)

Total comprehensive income

-

4,544,981

4,544,981

Balance at 31 December 2024

3,250,000

9,463,041

12,713,041

Changes in equity

Distribution

-

(3,950,000

)

(3,950,000

)

Total comprehensive income

-

4,310,668

4,310,668

Balance at 31 December 2025

3,250,000

9,823,709

13,073,709

1.	STATUTORY INFORMATION

Natco Foods 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d).

The company is exempt from preparing a Statement of Cash Flow as it and its subsidiary undertakings are included in the consolidated financial statements of its ultimate parent, The Greencliffe Foundation..

Preparation of consolidated financial statements

The financial statements contain information about Natco Foods Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, The Greencliffe Foundation, c/o Natco Foods Ltd, Silverdale Industrial Estate, Silverdale Road, Pump Lane, Hayes, Middlesex, England, UB3 3BL.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates.

The directors have also made key assumptions regarding the recoverability of trade debtors and have provided accordingly, as outlined in note 13.

Stock valuation is reviewed at the end of the year, and key assumptions are made in relation to net realisable values and obsolete or slow-moving stocks. Where necessary the directors include a provision against the stock value, as detailed in note 12.

The directors consider the useful economic life of fixed assets and estimate depreciation accordingly. Depreciation rates are noted in the accounting policies and the depreciation totals for the year are included in note 10.

Turnover

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

Turnover is derived from the sale of goods and recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, the price is fixed or determinable and the collection of the amount due is reasonably assured.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

0% - 10% on cost

Plant and machinery

-

15 - 25% on net book value

Fixtures and fittings

-

20% of the net book value

Motor vehicles

-

25% of the net book value

Tangible fixed assets, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The short leasehold has not been depreciated over the term of the lease as the property is owned by a related party and the intention is to stay at the property indefinitely.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other operating income or losses' in the Income Statement.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Investments in subsidiaries

Investments in subsidiaries are accounted for at cost less impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is calculated as follows:-

Raw materials - Cost of purchase on first in, first out basis.

Work in progress and finished goods - Cost of raw materials and labour together with attributable overheads.

Net realisable value is based on estimated selling price less further costs to completion and disposal.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when

applicable, are shown within borrowings in current liabilities.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

The company provides for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is recognised when income or expenses from a subsidiary or associate have been recognised, and will be assessed for tax in a future period, except where:

- the group is able to control the reversal of the timing difference; and

- it is probable that the timing difference will not reverse in the foreseeable future.

A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of assets and liabilities that are recognised in a business combination. The amount attributed to goodwill is adjusted by the amount of deferred tax recognised.

Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if:

- the company has a legally enforceable right to set off current tax assets against current tax liabilities, and

- the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Derivative financial instruments

Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

Foreign currencies

Foreign currency transactions of individual companies are translated at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rate of exchange ruling at the balance sheet date. Any differences are taken to the profit and loss account.

Functional currency and presentation currency

The financial statements are presented in sterling (£), the currency of the primary economic environment in which the company operates (its functional currency).

Related undertakings

The term related undertakings has been used in these financial statements to refer to companies which are controlled by the majority shareholders of the group but in which the company has no direct holding or interest.

Pensions

Contributions to the company's defined contribution scheme are charged to the profit and loss account in the year in which they become payable.

Leased assets

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight-line basis over the term of the lease.

Finance costs

All finance costs are recognised in profit or loss in the period in which they are incurred.

Reserves

The Company's reserves are as follows:

- Called up share capital reserve represents the nominal value of the shares issued.

- Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

Europe and UK

91,216,141

86,010,637

USA

-

46,182

Canada

389,487

479,110

Middle East

355,146

705,791

91,960,774

87,241,720

The total turnover for both the current and previous period related to the sale of goods.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,900,640

5,552,128

Social security costs

699,731

527,677

Other pension costs

82,317

109,185

6,682,688

6,188,990

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

2025

2024

Production

65

67

Warehouse

75

76

Sales and administration

49

47

189

190

2025

2024

£

£

Directors' remuneration

12,500

12,500

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

Depreciation - owned assets

571,610

587,177

(Profit)/loss on disposal of fixed assets

-

1,033

Foreign exchange differences

2,609

2,609

Auditors' remuneration - audit services

10,800

9,600

Auditors' remuneration - non-audit services

10,800

9,600

Operating lease rentals - land & buildings

1,200,000

1,200,000

Stock recognised as an expense during the year

72,765,366

68,824,766

Directors' remuneration

12,500

12,500

The remuneration was paid to one director.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Interest payable

824,294

898,889

7.

TAXATION

Analysis of the tax credit

The tax credit on the profit for the year was as follows:

2025

2024

£

£

Deferred taxation

(51,933

)

(32,525

)

Tax on profit

(51,933

)

(32,525

)

Reconciliation of total tax credit included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

4,258,735

4,512,456

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

1,064,684

1,128,114

Effects of:

Expenses not deductible for tax purposes

13,712

12,262

Income not taxable for tax purposes

-

515

Depreciation in excess of capital allowances

75,861

7,488

depreciation for the period

Group relief

(364,257

)

(548,379

)

Corporate gift aid

(790,000

)

(600,000

)

Deferred taxation movement

(51,933

)

(32,525

)

Total tax credit

(51,933

)

(32,525

)

8.	DISTRIBUTION

The distribution relates to a donation to the Greencliffe Foundation Ltd £3,950,000 (2024: £2,400,000), the ultimate parent undertaking. This was paid within nine months of the year end.

9.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2025

3,416,780

8,606,483

2,129,793

454,592

14,607,648

Additions

-

89,931

-

99,724

189,655

At 31 December 2025

3,416,780

8,696,414

2,129,793

554,316

14,797,303

DEPRECIATION

At 1 January 2025

2,895,934

6,921,658

1,932,446

359,932

12,109,970

Charge for year

209,262

290,587

37,449

34,277

571,575

At 31 December 2025

3,105,196

7,212,245

1,969,895

394,209

12,681,545

NET BOOK VALUE

At 31 December 2025

311,584

1,484,169

159,898

160,107

2,115,758

At 31 December 2024

520,846

1,684,825

197,347

94,660

2,497,678

There were no impairment adjustments in relation to fixed assets recognised during the year (2024: £nil).