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Company registration number: 01502025
Castlebarn Limited
Financial statements
31 December 2022
Castlebarn Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Castlebarn Limited
Directors and other information

| Directors | Hamid Ali
| Company number | 01502025
| Registered office | 2nd Floor Kirkland House
|  | 11-15 Peterborough Road
|  | Harrow, Middlesex
|  | HA1 2AX
| Auditor | Krish Jermyn Auditing Limited
|  | 1st Floor, Maruti House
|  | 319 Station Road
|  | Harrow, Middlesex
|  | HA1 2AW
| Accountants | Krish Jermyn
|  | Unit 2, Bradburys Court
|  | Lyon Road
|  | Harrow, Middlesex
|  | HA1 2BY

Castlebarn Limited
Strategic report
Period ended 31 December 2022
The directors hereby present their strategic report, Director's report and the audited financial
statements of Castlebarn Limited for the period ended 31 December 2022.
Principal activities
The principal activity of the Company during the year was that of licence restaurants and take away
Business Review and key performance indicators
Despite the disturbance caused during the year due to the continuing pandemic and the consequential sales and supply chain impacts, the business during this year has delivered a reasonable performance
Business Review and key performance indicators
Despite the disturbance caused during the period due to various factors the business during this year has delivered a reasonable performance. The directors consider that the key financial performance indicators are those that monitor the performance in respect of each product.
The key performance indicators used by the business are turnover and gross margin
This report was approved by the board of directors on 30 September 2023 and signed on behalf of the board by:
Hamid Ali
Director
Castlebarn Limited
Directors report
Period ended 31 December 2022
The directors present their report and the financial statements of the company for the period ended 31 December 2022.
Directors
The directors who served the company during the period were as follows:

Hamid Ali

Dividends
The directors do not recommend the payment of a dividend.
Future developments
The future development of the company has been reported in the strategic report.
Employment of disabled persons
The Company operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal opportunity for all and this applies to external recruitment and internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability. Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by the practical limitations of the disability. Should for whatever reason, an employee of the Company become disabled whilst in employment, every step, where appropriate, will be taken to (i) assist with rehabilitation and (ii) arrange suitable retraining. The Company maintains its own health, safety and environmental policies covering all aspects of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the Company is responsible for the needs of the employees and the environment.
Employee involvement
Within the bounds of commercial confidentiality, the Company endeavours to keep staff at all levels informed of matters that affect the progress of the Company and are of interest to them as employees
Financial instruments
Financial instruments carried on the statement of financial position include cash and cash equivalents, borrowings and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.
Disclosure of information in the strategic report.
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial period. 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 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 judgments and accounting estimates that are reasonable and prudent; and
- state whether applicable UK 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 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 30 September 2023 and signed on behalf of the board by:
Hamid Ali
Director
Castlebarn Limited
Independent auditor's report to the members of
Castlebarn Limited
Period ended 31 December 2022
Opinion
We have audited the financial statements of Castlebarn Limited (the 'company') for the period ended 31 December 2022 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 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 2022 and of its profit for the period 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 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has 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 directors' report. 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 the 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 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 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.
Auditor's 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 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: The objectives of our audit, in respect to detecting irregularities including fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Enquiry of management and those charged with governance around actual and potential litigation and claims; Performing audit work over the risk of management override of controls. including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Reviewing minutes of meetings of those charged with governance; Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant UK tax compliance regulations and Data Protection Regulation (GDPR).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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Sailesh Rameshchandra Vaghjee (Senior Statutory Auditor)
For and on behalf of
Krish Jermyn Auditing Limited
Chartered Certified Accountants and Statutory Auditors
1st Floor, Maruti House
319 Station Road
Harrow, Middlesex
HA1 2AW
30 September 2023
Castlebarn Limited
Statement of comprehensive income
Period ended 31 December 2022

|  |  |  | Period |  | Year |  |
|  |  |  | ended |  | ended |  |
|  |  |  | 31/12/22 |  | 30/11/21 |  |
|  | Note |  | £ |  | £ |  |
Turnover |  | 4 |  | 20,903,749 |  | 28,580,420 |  |
Cost of sales |  |  |  | ( 16,847,168) |  | ( 20,974,192) |  |
|  |  |  | _______ |  | _______ |  |
Gross profit |  |  |  | 4,056,581 |  | 7,606,228 |  |
Administrative expenses |  |  |  | ( 3,906,661) |  | ( 4,708,460) |  |
Other operating income |  | 5 |  | 7,607 |  | 26,975 |  |
|  |  |  | _______ |  | _______ |  |
Operating profit |  | 6 |  | 157,527 |  | 2,924,743 |  |
|  |  |  | _______ |  | _______ |  |
Profit before taxation |  |  |  | 157,527 |  | 2,924,743 |  |
Tax on profit |  | 8 |  | - |  | ( 1,165,160) |  |
|  |  |  | _______ |  | _______ |  |
Profit for the financial period and total comprehensive income |  |  |  | 157,527 |  | 1,759,583 |  |
|  |  |  | _______ |  | _______ |  |

All the activities of the company are from continuing operations.
Castlebarn Limited
Statement of financial position
31 December 2022

|  |  | 31/12/22 |  |  |  | 30/11/21 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Intangible assets |  | 10 | 163,391 |  |  |  | 214,895 |  |
Tangible assets |  | 11 | 3,603,660 |  |  |  | 3,322,741 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 3,767,051 |  |  |  | 3,537,636
Current assets |  |  |  |  |  |  |  |  |
Stocks |  | 12 | 156,416 |  |  |  | 132,729 |  |
Debtors |  | 13 | 3,638,543 |  |  |  | 1,143,284 |  |
Cash at bank and in hand |  |  | 774,314 |  |  |  | 650,144 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  | 4,569,273 |  |  |  | 1,926,157 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 14 | ( 4,535,452) |  |  |  | ( 1,820,449) |  |
|  |  | _______ |  |  |  | _______ |  |
Net current assets |  |  |  |  | 33,821 |  |  |  | 105,708
|  |  |  |  | _______ |  |  |  | _______
Total assets less current liabilities |  |  |  |  | 3,800,872 |  |  |  | 3,643,344
Provisions for liabilities |  | 16 |  |  | ( 215,190) |  |  |  | ( 215,190)
|  |  |  |  | _______ |  |  |  | _______
Net assets |  |  |  |  | 3,585,682 |  |  |  | 3,428,154
|  |  |  |  | _______ |  |  |  | _______
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  | 20 |  |  | 200 |  |  |  | 200
Profit and loss account |  | 21 |  |  | 3,585,482 |  |  |  | 3,427,954
|  |  |  |  | _______ |  |  |  | _______
Shareholders funds |  |  |  |  | 3,585,682 |  |  |  | 3,428,154
|  |  |  |  | _______ |  |  |  | _______

These financial statements were approved by the board of directors and authorised for issue on 30 September 2023 , and are signed on behalf of the board by:
Hamid Ali
Director
Company registration number: 01502025
Castlebarn Limited
Statement of changes in equity
Period ended 31 December 2022

|  | Called up share capital |  | Profit and loss account | Total |  |  |  |  |
|  | £ |  | £ | £ |  |  |  |  |
At 1 November 2020 |  | 200 |  | 1,668,371 | 1,668,571 |  |  |  |  |
Profit for the period |  |  |  | 1,759,583 | 1,759,583 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
Total comprehensive income for the period |  | - |  | 1,759,583 | 1,759,583 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
At 30 November 2021 and 1 December 2021 |  | 200 |  | 3,427,955 | 3,428,155 |  |  |  |  |
Profit for the period |  |  |  | 157,527 | 157,527 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
Total comprehensive income for the period |  | - |  | 157,527 | 157,527 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
At 31 December 2022 |  | 200 |  | 3,585,482 | 3,585,682 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |

Castlebarn Limited
Statement of cash flows
Period ended 31 December 2022

|  | Period |  | Year |
|  | ended |  | ended |
|  | 31/12/22 |  | 30/11/21 |
|  | £ |  | £ |
Cash flows from operating activities |  |  |  |  |
Profit for the financial period |  | 157,527 |  | 1,759,583 |
Adjustments for: |  |  |  |  |
Depreciation of tangible assets |  | 550,694 |  | 468,497 |
Amortisation of intangible assets |  | 51,504 |  | 75,564 |
Other interest receivable and similar income |  | - |  | (1,658,111) |
Tax on profit |  | - |  | 1,165,160 |
Accrued expenses/(income) |  | ( 97,009) |  | 263,566 |
Changes in: |  |  |  |  |
Stocks |  | ( 23,687) |  | ( 132,729) |
Trade and other debtors |  | ( 2,495,259) |  | ( 1,143,284) |
Trade and other creditors |  | 986,972 |  | 525,585 |
|  | _______ |  | _______ |
Cash generated from operations |  | ( 869,258) |  | 1,323,831 |
Tax paid |  | 40,827 |  | ( 648,274) |
|  | _______ |  | _______ |
Net cash (used in)/from operating activities |  | ( 828,431) |  | 675,557 |
|  | _______ |  | _______ |
Cash flows from investing activities |  |  |  |  |
Purchase of tangible assets |  | ( 831,613) |  | ( 701,346) |
Purchase of intangible assets |  | - |  | ( 92,716) |
|  | _______ |  | _______ |
Net cash used in investing activities |  | ( 831,613) |  | ( 794,062) |
|  | _______ |  | _______ |
Cash flows from financing activities |  |  |  |  |
Proceeds from borrowings |  | 52,889 |  | - |
Proceeds from loans from group undertakings |  | 1,445,728 |  | 612,809 |
Payment of finance lease liabilities |  | 285,596 |  | - |
|  | _______ |  | _______ |
Net cash from financing activities |  | 1,784,213 |  | 612,809 |
|  | _______ |  | _______ |
Net increase/(decrease) in cash and cash equivalents |  | 124,169 |  | 494,304 |
Cash and cash equivalents at beginning of period |  | 650,144 |  | 155,840 |
|  | _______ |  | _______ |
Cash and cash equivalents at end of period |  | 774,313 |  | 650,144 |
|  | _______ |  | _______ |

Castlebarn Limited
Notes to the financial statements
Period ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2nd Floor Kirkland House, 11-15 Peterborough Road, Harrow, Middlesex, HA1 2AX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have also considered the economic consequences and other events and conditions is not expected to have a significant impact on the entity. The directors have determined that there is no material uncertainty that casts doubt on the entity's ability to continue as a going concern. It is expected that economic conditions might have some impact, though not significant, for example, in relation to expected future performance, or the effects on some future asset valuations. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill | - | over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Fittings fixtures and equipment | - | 15 % | reducing balance
| Motor vehicles | - | 25 % | straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

|  |  | Period | Year
|  |  | ended | ended
|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Sale of goods |  | 21,053,749 | 28,580,420
|  |  | _______ | _______

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income

|  |  | Period | Year
|  |  | ended | ended
|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Rental income |  | - | 11,070
| Other operating income |  | 7,607 | 15,905
|  |  | _______ | _______
|  |  | 7,607 | 26,975
|  |  | _______ | _______

6. Operating profit
Operating profit is stated after charging/(crediting):

|  |  |  | Period | Year
|  |  |  | ended | ended
|  |  |  | 31/12/22 | 30/11/21
|  |  |  | £ | £
| Amortisation of intangible assets |  |  | 51,504 | 75,564
| Depreciation of tangible assets |  |  | 550,694 | 468,497
| Fees payable for the audit of the financial statements |  |  | 4,000 | 3,500
|  |  |  | _______ | _______

7. Staff costs
The average number of persons employed by the company during the period, including the directors, amounted to:

|  |  | Period | Year
|  |  | ended | ended
|  |  | 31/12/22 | 30/11/21
| Shop Staff |  | 454 | 393
| Administration |  | 7 | 7
|  |  | _______ | _______
|  |  | 461 | 400
|  |  | _______ | _______

The aggregate payroll costs incurred during the period were:

|  |  | Period | Year
|  |  | ended | ended
|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Wages and salaries |  | 5,545,514 | 5,932,556
| Social security costs |  | 235,563 | 302,942
| Other pension costs |  | 162,309 | 192,542
|  |  | _______ | _______
|  |  | 5,943,386 | 6,428,040
|  |  | _______ | _______

8. Tax on profit
Major components of tax expense

|  |  | Period | Year
|  |  | ended | ended
|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Current tax: |  |  |
| UK current tax expense |  | - | 418,489
|  |  | _______ | _______
| Deferred tax: |  |  |
| Origination and reversal of timing differences |  | - | 98,397
| Impact of change in tax status |  | - | 648,274
|  |  | _______ | _______
| Total deferred tax |  | - | 746,671
|  |  | _______ | _______
| Tax on profit |  | - | 1,165,160
|  |  | _______ | _______

Reconciliation of tax expense
The tax assessed on the profit for the period is lower than (2021: higher than) the standard rate of corporation tax in the UK of 19.00 % (2021: 19.00%).

|  |  | Period | Year
|  |  | ended | ended
|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Profit before taxation |  | 157,527 | 2,924,743
|  |  | _______ | _______
| Profit multiplied by rate of tax |  | 29,930 | 555,701
| Utilisation of tax losses |  | ( 29,930) | ( 137,212)
|  |  | _______ | _______
| Tax on profit |  | - | 418,489
|  |  | _______ | _______

9. Earnings per share
Basic earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:

|  |  | Period | Year
|  |  | ended | ended
|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Profit for the period attributable to the owners of the company |  | 157,527 | 1,759,583
|  |  | _______ | _______

Diluted earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:

|  |  | Period | Year
|  |  | ended | ended
|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Earnings/(loss) used in calculation of basic earnings/(loss) per share |  | 157,527 | 1,759,583
|  |  | _______ | _______

10. Intangible assets

|  | Goodwill | Patents, trademarks & licences | Intangible assets-user defined | Total |  |
|  | £ | £ | £ | £ |  |
| Cost |  |  |  |  |  |
| At 1 December 2021 and 31 December 2022 | 990,700 | 515,041 | 25,000 | 1,530,741 |  |
|  | _______ | _______ | _______ | _______ |  |
| Amortisation |  |  |  |  |  |
| At 1 December 2021 | 990,699 | 300,147 | 25,000 | 1,315,846 |  |
| Charge for the period | - | 51,504 | - | 51,504 |  |
|  | _______ | _______ | _______ | _______ |  |
| At 31 December 2022 | 990,699 | 351,651 | 25,000 | 1,367,350 |  |
|  | _______ | _______ | _______ | _______ |  |
| Carrying amount |  |  |  |  |  |
| At 31 December 2022 | 1 | 163,390 | - | 163,391 |  |
|  | _______ | _______ | _______ | _______ |  |
| At 30 November 2021 | 1 | 214,894 | - | 214,895 |  |
|  | _______ | _______ | _______ | _______ |  |

11. Tangible assets

|  | Long leasehold property | Fixtures, fittings and equipment | Motor vehicles | Total |  |  |
|  | £ | £ | £ | £ |  |  |
| Cost |  |  |  |  |  |  |
| At 1 December 2021 | 4,582,881 | 6,064,712 | - | 10,647,593 |  |  |
| Additions | 368,974 | 101,052 | 361,587 | 831,613 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 December 2022 | 4,951,855 | 6,165,764 | 361,587 | 11,479,206 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Depreciation |  |  |  |  |  |  |
| At 1 December 2021 | 2,779,501 | 4,545,351 | - | 7,324,852 |  |  |
| Charge for the year | 217,235 | 243,062 | 90,397 | 550,694 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 December 2022 | 2,996,736 | 4,788,413 | 90,397 | 7,875,546 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Carrying amount |  |  |  |  |  |  |
| At 31 December 2022 | 1,955,119 | 1,377,351 | 271,190 | 3,603,660 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 30 November 2021 | 1,803,380 | 1,519,361 | - | 3,322,741 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |

12. Stocks

|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Finished goods and goods for resale |  | 156,416 | 132,729
|  |  | _______ | _______

13. Debtors

|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Trade debtors |  | - | 26,350
| Amounts owed by group undertakings |  | 3,333,365 | 633,096
| Prepayments and accrued income |  | 186,223 | 315,013
| Other debtors |  | 118,955 | 168,825
|  |  | _______ | _______
|  |  | 3,638,543 | 1,143,284
|  |  | _______ | _______

14. Creditors: amounts falling due within one year

|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Bank loans and overdrafts |  | 52,889 | -
| Trade creditors |  | 1,360,493 | 493,103
| Amounts owed to group undertakings |  | 2,058,537 | 612,809
| Accruals and deferred income |  | 166,557 | 263,566
| Corporation tax |  | 459,316 | 418,489
| Social security and other taxes |  | 152,064 | 32,482
| Obligations under finance leases |  | 285,596 | -
|  |  | _______ | _______
|  |  | 4,535,452 | 1,820,449
|  |  | _______ | _______

15. Obligations under finance leases

|  |  |  |  | 31/12/22 | 30/11/21
16. Provisions |  |  |  |  |  |
|  | Deferred tax (note 17) | Total |  |  |
|  | £ | £ |  |  |
| At 1 December 2021 and 31 December 2022 | 215,190 | 215,190 |  |  |
|  | _______ | _______ |  |  |

17. Deferred tax
The deferred tax included in the statement of financial position is as follows:

|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Included in provisions (note 16) |  | 215,190 | 215,190
|  |  | _______ | _______

The deferred tax account consists of the tax effect of timing differences in respect of:

|  |  | 31/12/22 | 30/11/21
|  |  | £ | £
| Accelerated capital allowances |  | 215,190 | 215,190
|  |  | _______ | _______

18. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 162,309 (2021: £ 192,542 ).
19. Financial instruments
Financial instruments carried on the statement of financial position include cash and cash equivalents, borrowings and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.
20. Called up share capital
Issued, called up and fully paid

|  |  | 31/12/22 |  |  |  | 30/11/21 |  |
|  |  | No |  | £ |  | No |  | £
| Ordinary shares shares of £ 1.00 each |  | 200 |  | 200 |  | 200 |  | 200
|  |  | _______ |  | _______ |  | _______ |  | _______

Called up share capital represents the nominal value of share that have been issued.
21. Reserves
The share premium, profit and loss reserves include all current and prior retained period profitsand losses.
22. Analysis of changes in net debt

|  | At 1 December 2021 | Cash flows | At 31 December 2022 |  |  |
|  | £ | £ | £ |  |  |
| Cash and cash equivalents | 650,144 | 124,170 | 774,314 |  |  |
| Debt due within one year | (612,809) | (1,784,213) | (2,397,022) |  |  |
|  | _______ | _______ | _______ |  |  |
|  | 37,335 | ( 1,660,043) | ( 1,622,708) |  |  |
|  | _______ | _______ | _______ |  |  |

23. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:

| £ | £
Not later than 1 year | 285,596 | 285,596
Later than 1 year and not later than 5 years | 1,142,384 | 1,142,384
Later than 5 years | 1,427,680 | 1,713,276
| _______ | _______
| 2,855,660 | 3,141,256
| _______ | _______

24. Related party transactions
At the period end the company owed £2,058,537 to various companies within the group.
25. Controllong party
During the year the company was controlled by the director Hamid Ali
26. Ultimate undertaking
The ultimate holding company is Caskade 2020 Limited, a company incorporated in England & Wales.