Section 172(1) Statement

Norac Foods UK Limited

For the year ended 31 December 2024

Overview

As a business focused on the importation and distribution of bakery products, the Company’s success depends on maintaining strong relationships with customers, suppliers, employees and other stakeholders. The Directors of Norac Foods UK Limited are required, under Section 172(1) of the Companies Act 2006, to act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole. In doing so, the Directors have regard to the likely long term consequences of decisions, the interests of employees, the need to foster relationships with customers and suppliers, the impact on the community and environment, the importance of maintaining high standards of business conduct, and the need to act fairly between members. These considerations are embedded into Board decision making throughout the year.

Governance and decision making

The Board is responsible for setting strategy, overseeing performance, and ensuring appropriate governance frameworks are in place. The Company operates within defined governance structures, including delegated authorities, regular performance monitoring, and oversight of principal risks such as market, liquidity, credit and currency risks. Stakeholder considerations are integrated into Board discussions to support balanced and informed decisions aligned with the long term success of the Company.

Stakeholder engagement and outcomes

Employees

The Company recognises that its employees are fundamental to its success. The Board seeks to ensure a positive working environment and appropriate balance between business needs and employee wellbeing. Engagement includes ongoing communication, consideration of pay and benefits, and maintaining effective working conditions. Employee considerations inform operational planning and organisational decisions.

Customers

The Company is focused on delivering consistent quality and service to its customers. Engagement takes place through regular interaction, performance monitoring and responsiveness to customer requirements. Customer needs directly influence product offering, pricing and operational priorities.

Suppliers

The Company works closely with suppliers to ensure continuity, quality and resilience within its supply chain. Engagement includes maintaining collaborative relationships, regular communication and performance monitoring. Supplier considerations inform sourcing decisions, cost management and supply chain stability.

Shareholders

The Board maintains an open and transparent dialogue with shareholders. Decisions are aligned with delivering sustainable long term value.

Community and environment

The Company recognises its responsibility to operate in a sustainable manner. Energy usage and emissions are monitored and environmental factors are considered in operational decisions. The Company seeks to operate responsibly within the communities in which it operates.

Business conduct

The Company is committed to maintaining high standards of business conduct, operating with integrity and complying with applicable laws and regulations. Reputational considerations are integral to Board decision making.

Principal decisions during the year

During the year ended 31 December 2024, the Board took a number of key decisions which were significant to the long term success of the Company.

Managing market conditions and pricing strategy: In response to commodity price volatility, the Board adjusted pricing and cost management strategies while seeking to minimise the impact on customers and maintain sustainable supplier relationships. This approach balanced short term margin pressures with long term customer retention and supply chain stability.

Supply chain and procurement management: The Board prioritised maintaining strong supplier relationships and securing reliable sources of supply. This supported continuity of operations, product quality and long term resilience.

Operational performance and efficiency: The Company focused on improving operational efficiency while supporting growth. Decisions balanced short term performance with long term strategic objectives and sustainability.

Conclusion

The Directors confirm that, in fulfilling their duties under Section 172(1), they have acted in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to stakeholders and the long term sustainability of the business.