Consolidated statement of financial position

As at 31 December 2025

	Note	2025 £’000	2024 £’000
Non-current assets
Property, plant and equipment	11	105,607	92,088
Right-of-use assets	12	6,266	2,153
Goodwill	4,13	9,903	–
Intangible assets	13	13,883	438
Intangible right-of-use assets	12	6,458	7,233
Investment in joint venture	10	327	281
Trade and other receivables	16	134	14
Deferred tax assets	20	5,571	548
Total non-current assets		148,149	102,755
Current assets
Inventories	15	27,270	29,924
Trade and other receivables	16	36,484	31,494
Derivative financial instruments	22	980	42
Current tax asset		229	–
Cash and cash equivalents	17	13,982	10,534
Total current assets		78,945	71,994
Total assets		227,094	174,749
Current liabilities
Trade and other payables	18	(21,580)	(11,878)
Provisions		(859)	(1,381)
Derivative financial instruments	22	(67)	(1,164)
Current tax liability		(925)	(757)
Lease liabilities	12	(2,774)	(2,134)
Deferred consideration		(6,022)	–
Interest-bearing loans and borrowings	19,22	(45,511)	(34,602)
Total current liabilities		(77,738)	(51,916)
Non-current liabilities
Lease liabilities	12	(8,729)	(6,821)
Deferred tax liabilities	20	(9,239)	(5,103)
Deferred consideration	4	(1,309)	–
Post-employment benefits	24	–	(1,552)
Total non-current liabilities		(19,277)	(13,476)
Total liabilities		(97,015)	(65,392)
Total net assets		130,079	109,357
Equity
Issued share capital	21	2,462	2,442
Share premium	21	44,178	44,178
Own shares held		(16)	(7)
Capital redemption reserve		15	15
Translation reserve		2,554	3,653
Hedging reserve		198	(683)
Retained earnings		80,688	59,759
Total equity		130,079	109,357

The notes to the accounts form an integral part of these financial statements.

The financial statements were authorised for issue by the Board of Directors on 10 April 2026 and were signed on its behalf by:

Nick Wright

Group CFO

Company number: 2714645

Zotefoams plc