The directors present the strategic report for the year ended 30 June 2026. The report covers the activities of both Evolution Foods Ltd and it's subsidiary company - EvoPack Limited.

The Group has delivered another strong year of growth and profitability, despite a challenging and competitive trading environment.

Turnover increased to £125.1 million, compared with £114.4 million in the previous year, representing growth of approximately 9.4%. Operating profit decreased slightly to £4.49 million (2025: £5.19 million), as did profit before taxation to £2.84 million (2025: £3.47 million).

This continued strong-performance reflects the continued development of the business, strong customer relationships and the benefits of the investments made in our people, operations, systems and manufacturing capabilities.

The Group continues to focus on the sustainable sourcing and value-added processing of ambient snacks, including nuts, dried fruit, pulses and seeds. Our scale, product expertise, service levels and ability to innovate continue to provide a strong platform for future growth.

The Group operates within a competitive food manufacturing environment and is exposed to movements in raw material prices, foreign exchange rates and wider economic conditions.

These risks are actively managed through forward purchasing, currency hedging, close supplier relationships and detailed financial and operational planning.

The Group continues to invest in systems, equipment and processes to improve efficiency, information quality and operational resilience.

During the year, the Group continued its programme of investment and operational improvement.

Our strategy remains focused on improving efficiency, maximising the utilisation of our production capabilities and developing new products and formats that meet the changing requirements of our customers and consumers.

The business has continued to demonstrate its ability to grow while maintaining strong levels of profitability. The directors believe the Group is well positioned to build upon this performance and pursue further opportunities for sustainable and profitable growth.

The key financial measures for the group during the year were:

30 June 2026 30 June 2025

Turnover £125.1m £114.4m

Operating profit £4.49m £5.19m

Profit before tax £2.84m £3.47m

Net Assets £9.69m £10.49m

Our people remain central to the success of Evolution Foods. We continue to invest in our teams and seek to create an engaged, motivated and empowered workforce.

We also place significant importance on developing long-term relationships with customers and suppliers. Working collaboratively across the supply chain enables us to respond quickly to changing market requirements and identify opportunities for innovation and growth.

The Group remains committed to operating responsibly and reducing its environmental impact.

During the year, total reported gross emissions reduced from 375.0 tonnes CO2e to 276.3 tonnes CO2e, while the carbon intensity ratio also reduced. The Group continues to invest in energy efficiency and lower-carbon solutions across its operations.

The directors remain positive about the future of Evolution Foods.

The business enters the new financial year from a position of increased scale, strong profitability and a substantially strengthened balance sheet. Our focus remains on delivering sustainable growth, improving operational efficiency, supporting our customers and continuing to develop innovative value-added products.

The Board believes that the investments made in the business provide a strong foundation for the next stage of Evolution Foods' development.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 June 2026.

The principal activity of the group continued to be that of sale of retail packed fruit and nuts.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £1,545,000. The directors do not recommend payment of a further dividend.

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

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The group's policy is to consult and discuss with employees, through an internal employee committee forum, matters likely to affect employees' interests.

Information about matters of concern to employees is given through the forum which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

In accordance with the company's articles, a resolution proposing that Dyke Yaxley Limited be reappointed as auditor of the group will be put at a General Meeting.

As the group has consumed more than 40,000 kWh of energy during this reporting period, it does not qualify as a low energy user under these regulations and is therefore required to report on its emissions, energy consumption and energy efficiency activities.

Please note that the report covers the emissions, energy consumption and energy efficiency activities of both entities within the group.

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Group Reporting.

Intensity ratios have been calculated from the value of turnover and include all of the energy usage and emissions stated within the values reported above and in accordance with the methodology applied.

In the financial year July 2025 to June 2026, the group has upgraded the office lighting to low energy lighting. The fleet of company cars has been swapped over to company electric cars and these are largely charged on-site by staff via four main charging points.

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 review of business, principal risks and uncertainties and developments and performance.true

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

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 Evolution Foods Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2026 which comprise the group profit and loss account, 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, the company statement of cash flows and notes to the financial statements, including 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 group's and the parent company's affairs as at 30 June 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's 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 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 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, health and safety regulations including the Global Standard for Food Safety Issue 8: February 2019, the Companies Act 2006, General Data Protection Regulation(GDPR) and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, inspection of minutes of board meetings held during the year as well as audit reports obtained from the relevant bodies, including the Sedex report.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

We did not identify any audit matters relating to irregularities, including fraud.

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

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 £6,115,565 (2025 - £6,233,713 profit).

Evolution Foods Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 11-14, Hortonwood 32, Telford, Shropshire, TF1 7EU.

The group consists of Evolution Foods Ltd and its subsidiary.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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 Evolution Foods Ltd together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 30 June 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.

At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

Tangible fixed assets, excluding freehold land and buildings, are stated at cost less depreciation. The company's policy is to regularly revalue freehold land and buildings. Depreciation is provided on other assets at the following rates:

Assets in the course of construction are not depreciated until the asset is completed and in use.

The property undergoes a continual maintenance program which the directors believe maintains the property in such a state that the residual value is at least equal to their net book value. As a result the corresponding depreciation would not be material and therefore is not charged in the profit and loss account. The directors perform annual impairment reviews to ensure that the carrying value is not higher than the recoverable amount.

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.

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.

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Work in progress is valued at cost on a batch basis and does not include overheads or labour costs.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, 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.

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.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions, except for stock which is recorded at the forward rate as set out in the forward exchange contracts applicable. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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 experience and other factors that are considered to be relevant. Actual results may differ from these 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.

Depreciation is calculated based on the estimated useful life of fixed assets.

An analysis of the group's turnover is as follows:

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

Their aggregate remuneration comprised:

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

Land and buildings with a carrying amount of £2,280,000 were revalued at 9 January 2025 by Lambert Smith Hampton, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length for similar properties. At the reporting date, the directors do not believe there has been a material change in the value of the property since the most recent valuation.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the cost amount would be £1,151,735 (£1,151,735 - 2025). The property undergoes a continual maintenance program which the directors believe maintains the property in such a state that the residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore would not be charged in the profit and loss account under the cost model.

The subsidiary company Evopack Limited (company number 07427304) was exempt from audit under section 479A of the Companies Act 2006 for the year ended 30 June 2025.

Details of the company's subsidiaries at 30 June 2026 are as follows:

The amount due from subsidiary represents funding advanced by the Company to enable the subsidiary to establish its operations and infrastructure, which includes significant automation, to provide packing services to the Group. Consequently, a substantial intercompany loan balance has accumulated over time, reflecting the significant investment and financial support provided by the Company to facilitate the subsidiary's operations.

The funding provided enables the subsidiary to perform an integral function within the Group's manufacturing and distribution operations. The Company continues to provide the financial support to the subsidiary in line with the Group's operational requirements and long-term business strategy. The outstanding balance is expected to be settled in accordance with the financial position and cash flow requirements of the subsidiary.

As the balance is not expected to be settled within the next 12 months, the amount was transferred to long term debtors during the year.

Included within bank loans is a liability of £20,708,536 (2025: £19,575,603) for invoice discounting and stock. This liability is secured by a fixed and floating charge over the assets of the company. The bank loan of £1,417,733 (2025: £1,519,000) is secured over the property.

The long-term loan is secured by a legal mortgage over the freehold property known as Harris House, Hortonwood 50, Telford TF7 1AA.

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

The hire purchase liability is secured over the fixed assets they relate to. The assets are held by Evopack Limited.

The company enters into forward exchange contract to hedge specific forecast transactions. At the balance sheet date the company had entered into forward exchange contracts to buy and sell US Dollars.

Currency    Principal amount     Average committed    Contracted value         

(GBP) Rate     (USD)             

USD - Sell 18,731,114 1.36209 25,500,000    

USD - Buy     16,288,235 1.36300 21,500,000

The fair value of the forward contracts at the reporting date was a net asset of £2,422,879 (2025: £8,165,940)

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The deferred tax liability set out above is expected to reverse within the next 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

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.

Voting rights

All shares rank equally for voting purposes. On a show of hands each member has one vote and on a poll each member has one vote per share held.

Dividend rights

Dividends may be paid to the holders of one or more classes of shares to the exclusion of the others or to all classes of shares, in each case at the same or differing rates, as determined by ordinary resolution or resolution of the directors.

Rights to capital

Each share ranks equally for any distribution made on a winding up.

Rights of redemption

No shares are redeemable.

Evolution Foods Ltd

During the year, the company paid consultancy fees to Shooting Fish BWI Limited, a company controlled by a director, of £nil (2025: £38,835). The balance due to Shooting Fish BWI Limited as at 30 June 2026 was £nil (2025: £nil).

During the year, the company purchased goods from Evolution Foods International (Pty) Ltd, a company controlled by two directors, of £1,376,739 (2025: £2,085,272). The balance due to Evolution Foods International (Pty) Ltd as at 30 June 2026 was £163,962 (2025: £45,750).

Natural Selection Foods Limited is a company controlled by four directors of the company. The company sold goods and recharged costs amounting to £951,930 (2025: £1,697,312) to Natural Selection Foods Limited during the year. The balance due from Natural Selection Foods Limited as at 30 June 2026 was £4,078,780 (2025: £4,347,069). The company also purchased goods from Natural Selection Foods Limited of £323,364 during the year (2025: £46,773).

Evolution Home and Leisure Limited is a company controlled by three directors of the company. The company recharged costs amounting to £nil to Evolution Home and Leisure Limited during the year (2025: £86,429). The balance due from Evolution Home and Leisure Limited as at 30 June 2026 was £nil (2025: £246,706). The value of goods purchased from Evolution Home and Leisure Limited was £nil during the year (2025: £226,071).

Studio Evolution Limited is a company controlled by two directors of the company. The company sold goods amounting to £nil to Studio Evolution Limited during the year (2025: £62,558). The balance due from Studio Evolution Limited as at 30 June 2026 was £nil (2025: £nil).

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

Evopack Limited:

Natural Selection Foods Limited is a company which shares two directors of the company. Recharges amounting to £225,084 (2025: £261,920) were made to Natural Selection Foods Limited and the balance due from the company as at 30 June 2026 was £nil (2025: £1,730). Purchases of £199,600 (2025: £nil) were made from Natural Selection Foods Limited and a balance of £25,147 (2025: £nil) was due to this company at the year end.

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

At 30 June 2026, the balances on directors’ loan accounts were as follows:

Director loans A, B and C were both overdrawn during the period, at a maximum value of £93,971, £336,566 and £59,671 respectively.

All transactions with directors are conducted on normal commercial terms. No amounts were written off or waived during the year.