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REGISTERED NUMBER: 02430421 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

INDUS FOODS LIMITED

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


INDUS FOODS LIMITED

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTORS: T I Areehy
Ms N K Areehy
Z A Chaudhary



REGISTERED OFFICE: 75 Sampson Road North
Sparkbrook
Birmingham
B11 1BH



REGISTERED NUMBER: 02430421 (England and Wales)



AUDITORS: Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB



BANKERS: Natwest Bank plc
Bolton Corporate Service Centre
Parklands, De Havilland Way
Horwich
Bolton
BL6 4YU

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

GROUP STRATEGIC REPORT
for the year ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The group has maintained its market share this year with turnover of £15,298,090 (2023: £15,070,350). Gross profit margin has also been fairly consistent in percentage terms during this period.

On 8 April 2022, the company acquired 100% of Moorcroft Holdings Limited, an entity previously under common ownership and a new group of companies was formed.

Overall, management are satisfied with this level of performance in the current trading environment.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's principal exposure to risks are through pricing volatility, both as a result of changes in prices of products and through exchange rate fluctuations, as management are in part reliant on suppliers based overseas.

Management are mindful of these key risks to the business and have adopted strategies, which include: continued scrutiny of pricing and rates of exchange; sourcing of product from various suppliers; and management of its purchase cycle.

Management also acknowledge exposure to interest rate and credit risks and these are also assessed continuously in order to minimise their impact.

FUTURE DEVELOPMENTS
Management's focus has continued to be on purchasing strategy and this has been assisted with the new warehouse development that became operational during the prior year with this year being the first full year of operation.

Trading has been steady in the financial year and the group and company appears well placed to trade through any remaining uncertainty in the wake of past events.

With a solid balance sheet and other credit facilities in place, management believe the group and company will be able to continue to invest in its working capital needs and pay its debts as they fall due for the foreseeable future. This being further supported by refinancing of debt facilities after the year end.

The group's and company's strategy for 2024-25 and beyond remains one of growth, although management are mindful that the next 12 months may be challenging. Nevertheless, the directors believe the group and company to be a going concern and have adopted this assumption in preparing the financial statements.

ON BEHALF OF THE BOARD:





T I Areehy - Director


25 February 2025

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

REPORT OF THE DIRECTORS
for the year ended 30 June 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of wholesale grocery and packaging.

DIVIDENDS
The total distribution of ordinary dividends for the year ended 30 June 2024 will be £100,000 (2023: £100,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

T I Areehy
Ms N K Areehy
Z A Chaudhary

CHARITABLE DONATIONS AND EXPENDITURE
During the year the group/ company made charitable donations of £8,000 (2023: £5,000).

DISCLOSURE IN THE STRATEGIC REPORT
The group's review of business, principal risks and uncertainties and future developments are disclosed within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group 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;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

REPORT OF THE DIRECTORS
for the year ended 30 June 2024


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

ON BEHALF OF THE BOARD:




T I Areehy - Director


25 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INDUS FOODS LIMITED

Opinion
We have audited the financial statements of Indus Foods Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INDUS FOODS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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.

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

In preparing the financial statements, the directors are responsible for assessing the group's and the 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 the parent company or to cease operations, or have no realistic alternative but to do so.

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

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

The audit process includes an assessment of the group's and entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the group and company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INDUS FOODS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Wane Gutteridge ACA (Senior Statutory Auditor)
for and on behalf of Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB

25 February 2025

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

CONSOLIDATED
INCOME STATEMENT
for the year ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 3 15,298,090 15,070,350

Cost of sales 12,733,878 12,454,609
GROSS PROFIT 2,564,212 2,615,741

Administrative expenses 2,083,683 2,075,658
480,529 540,083

Other operating income 6,127 6,127
OPERATING PROFIT 5 486,656 546,210


Interest payable and similar expenses 6 133,491 150,768
PROFIT BEFORE TAXATION 353,165 395,442

Tax on profit 7 104,550 123,414
PROFIT FOR THE FINANCIAL YEAR 248,615 272,028
Profit attributable to:
Owners of the parent 248,615 272,028

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 30 June 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 248,615 272,028


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

248,615

272,028

Total comprehensive income attributable to:
Owners of the parent 248,615 272,028

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

CONSOLIDATED BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 1,883 3,765
Tangible assets 11 3,085,868 3,181,914
Investments 12 15,000 15,000
3,102,751 3,200,679

CURRENT ASSETS
Stocks 13 3,200,804 2,860,281
Debtors 14 2,566,287 2,543,289
Investments 15 30 30
Cash at bank and in hand 79,862 469,981
5,846,983 5,873,581
CREDITORS
Amounts falling due within one year 16 3,511,528 4,174,655
NET CURRENT ASSETS 2,335,455 1,698,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,438,206

4,899,605

CREDITORS
Amounts falling due after more than one
year

17

(1,381,123

)

(976,836

)

PROVISIONS FOR LIABILITIES 21 (134,553 ) (148,854 )
NET ASSETS 3,922,530 3,773,915

CAPITAL AND RESERVES
Called up share capital 22 60,000 60,000
Capital redemption reserve 23 635,000 635,000
Retained earnings 23 3,227,530 3,078,915
SHAREHOLDERS' FUNDS 3,922,530 3,773,915

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





T I Areehy - Director


INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

COMPANY BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 1,883 3,765
Tangible assets 11 2,328,696 2,424,742
Investments 12 25,000 25,000
2,355,579 2,453,507

CURRENT ASSETS
Stocks 13 3,200,804 2,860,281
Debtors 14 3,191,444 2,895,791
Investments 15 30 30
Cash at bank and in hand 79,862 469,663
6,472,140 6,225,765
CREDITORS
Amounts falling due within one year 16 3,498,628 4,117,066
NET CURRENT ASSETS 2,973,512 2,108,699
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,329,091

4,562,206

CREDITORS
Amounts falling due after more than one
year

17

(1,381,123

)

(713,317

)

PROVISIONS FOR LIABILITIES 21 (134,553 ) (148,854 )
NET ASSETS 3,813,415 3,700,035

CAPITAL AND RESERVES
Called up share capital 22 60,000 60,000
Capital redemption reserve 23 635,000 635,000
Retained earnings 23 3,118,415 3,005,035
SHAREHOLDERS' FUNDS 3,813,415 3,700,035

Company's profit for the financial year 213,380 247,684

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





T I Areehy - Director


INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 60,000 2,906,887 635,000 3,601,887

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 272,028 - 272,028
Balance at 30 June 2023 60,000 3,078,915 635,000 3,773,915

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 248,615 - 248,615
Balance at 30 June 2024 60,000 3,227,530 635,000 3,922,530

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 60,000 2,857,351 635,000 3,552,351

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 247,684 - 247,684
Balance at 30 June 2023 60,000 3,005,035 635,000 3,700,035

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 213,380 - 213,380
Balance at 30 June 2024 60,000 3,118,415 635,000 3,813,415

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 67,132 1,354,465
Interest paid (133,491 ) (145,389 )
Interest element of hire purchase payments
paid

-

(5,379

)
Tax paid (88,326 ) (91,189 )
Net cash from operating activities (154,685 ) 1,112,508

Cash flows from investing activities
Purchase of tangible fixed assets (9,300 ) -
Net cash from investing activities (9,300 ) -

Cash flows from financing activities
New loans in year 2,240,050 -
Loan repayments in year (2,461,966 ) (259,737 )
Capital repayments in year (47,827 ) (74,707 )
Amount withdrawn by directors (86,011 ) (76,011 )
Equity dividends paid (60,000 ) (60,000 )
Net cash from financing activities (415,754 ) (470,455 )

(Decrease)/increase in cash and cash equivalents (579,739 ) 642,053
Cash and cash equivalents at beginning of
year

2

469,981

(172,072

)

Cash and cash equivalents at end of year 2 (109,758 ) 469,981

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 353,165 395,442
Depreciation charges 107,228 108,841
Finance costs 133,491 150,768
593,884 655,051
(Increase)/decrease in stocks (340,523 ) 844,610
(Increase)/decrease in trade and other debtors (73,365 ) 135,429
Decrease in trade and other creditors (112,864 ) (280,625 )
Cash generated from operations 67,132 1,354,465

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 79,862 469,981
Bank overdrafts (189,620 ) -
(109,758 ) 469,981
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 469,981 391,674
Bank overdrafts - (563,746 )
469,981 (172,072 )


INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 469,981 (390,119 ) 79,862
Bank overdrafts - (189,620 ) (189,620 )
469,981 (579,739 ) (109,758 )

Liquid resources
Current asset investments 30 - 30
30 - 30
Debt
Finance leases (61,528 ) 47,827 (13,701 )
Debts falling due within 1 year (2,142,461 ) 777,580 (1,364,881 )
Debts falling due after 1 year (673,661 ) (520,126 ) (1,193,787 )
(2,877,650 ) 305,281 (2,572,369 )
Total (2,407,639 ) (274,458 ) (2,682,097 )

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2024

1. STATUTORY INFORMATION

Indus Foods Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

On 8 April 2022, the company acquired a subsidiary undertaking, Moorcroft Holdings Limited and the financial statements for 2024 and 2023 show the consolidated financial performance and financial position.

Basis of consolidation
The group financial statements consolidate the financial statements of Indus Foods Limited and its subsidiary undertaking drawn up to the last day of June each year, after eliminating all intercompany balances and transactions, using the purchase method of accounting.

Indus Foods Limited includes in the consolidation those subsidiary entities where control is established. Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The group and company make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Accounting estimates:

i) Inventory provisioning
The group and company hold significant levels of inventory - generally one quarter's trade - at any point. The inventory held is monitored by management to ensure appropriate provisions are made in respect of items of stock which are out of date or which are selling slowly. See note 13 to the financial statements for further disclosure.

ii) Impairment of debtors
The group and company make an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 14 to the financial statements for further disclosure.

Accounting judgements:

iii) Operating leases
The group and company utilise assets which it does not own and pays for on an ongoing basis. In making the judgement as to whether such arrangements constitute finance leases or operating leases, management have assessed where the substantial risk and rewards of the ownership of the assets fall, and assessed that the counter-party, rather than the group or company, bears substantially all of the risks and rewards of ownership of the assets.

Turnover
Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Freehold property - 2% on cost
Leasehold improvement - 2% on cost
Plant & machinery - 10% on cost
Motor vehicles - 25% on cost

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition, including any import costs, duties and carriage.

Financial instruments
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company and group operate a defined contribution pension scheme. Contributions payable to the scheme are charged to profit or loss in the period to which they relate.

The company and group have in place an employer financed retirement benefit scheme for the benefits of officers, employees and their wider families. The scheme is known as The Indus Foods Limited 2011 Employer Finances Retirement Benefit Scheme ("The scheme").

The company and group do not include the assets and liabilities of the scheme on its balance sheet to the extent that they consider that they will not retain any economic benefit from the assets of the scheme and will not have control of the rights or other access to those present economic benefits.

Share capital
Share capital is treated as an equity instrument where there is evidence of a residual interest in the assets of an entity after deducting all its liabilities. Accordingly, a financial instrument is treated as equity if:

- there is no contractual obligation to deliver cash or other financial assets or to exchange financial assets or liabilities on terms that may be unfavourable; and

- the instrument is a non-derivative that contains no contractual obligations to deliver a variable number of shares or is a derivative that will be settled only by the company exchanging a fixed amount of cash or other assets for a fixed number of the company's own equity instruments.

Where shares are issued for a value in excess of their nominal value, the resultant premium is included in a share premium account.

Dividends
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by shareholders. These amounts are recognised in the statement of changes in equity.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 14,772,776 14,640,419
Europe 525,314 429,931
15,298,090 15,070,350

All turnover in the current and prior year was derived from the sale of goods.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,198,238 1,150,471
Social security costs 91,680 80,649
Other pension costs 21,301 21,506
1,311,219 1,252,626

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administration and support 57 53

During the year, the group and company incurred additional warehouse agency fees of £113,100 (2023: £147,950).

2024 2023
£    £   
Directors' remuneration 59,413 58,292

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 69,809 72,735
Depreciation - assets on hire purchase contracts 35,537 34,224
Computer software amortisation 1,882 1,882
Auditors' remuneration 10,500 10,000
Foreign exchange differences (266,226 ) (133,778 )
Operating leases - land and buildings 18,750 25,000
Deferred capital grant (6,126 ) (6,126 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 59,198 43,142
Bank loan interest 47,283 22,371
Other interest 26,813 79,876
CT interest 197 -
Hire purchase - 5,379
133,491 150,768

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 118,851 88,358
Prior year tax - (117 )
Total current tax 118,851 88,241

Deferred tax (14,301 ) 35,173
Tax on profit 104,550 123,414

UK corporation tax has been charged at 25 % (2023 - 20.50 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 353,165 395,442
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.500 %)

88,291

81,066

Effects of:
Expenses not deductible for tax purposes 23,072 1,663
Income not taxable for tax purposes (2,373 ) (449 )
Capital allowances in excess of depreciation (4,440 ) -
Depreciation in excess of capital allowances - 41,251
Adjustments to tax charge in respect of previous periods - (117 )
Total tax charge 104,550 123,414

During the year the UK corporation tax has been charged at 25% (2023: 20.5%).

From April 2023 the UK corporation tax rate increased from 19% to 25% and is set to remain at 25% for the foreseeable future.

The effective rate for the year under review was 25% (2023: 20.5%).

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Interim 100,000 100,000

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

10. INTANGIBLE FIXED ASSETS

Group
Computer
software
£   
COST
At 1 July 2023
and 30 June 2024 7,529
AMORTISATION
At 1 July 2023 3,764
Amortisation for year 1,882
At 30 June 2024 5,646
NET BOOK VALUE
At 30 June 2024 1,883
At 30 June 2023 3,765

Company
Computer
software
£   
COST
At 1 July 2023
and 30 June 2024 7,529
AMORTISATION
At 1 July 2023 3,764
Amortisation for year 1,882
At 30 June 2024 5,646
NET BOOK VALUE
At 30 June 2024 1,883
At 30 June 2023 3,765

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

11. TANGIBLE FIXED ASSETS

Group
Freehold
land & Plant & Motor
buildings machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023 3,071,314 667,406 149,806 3,888,526
Additions - - 9,300 9,300
At 30 June 2024 3,071,314 667,406 159,106 3,897,826
DEPRECIATION
At 1 July 2023 119,232 456,799 130,581 706,612
Charge for year 46,282 45,457 13,607 105,346
At 30 June 2024 165,514 502,256 144,188 811,958
NET BOOK VALUE
At 30 June 2024 2,905,800 165,150 14,918 3,085,868
At 30 June 2023 2,952,082 210,607 19,225 3,181,914

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant & Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 201,253 53,650 254,903
DEPRECIATION
At 1 July 2023 59,463 34,425 93,888
Charge for year 22,124 13,413 35,537
At 30 June 2024 81,587 47,838 129,425
NET BOOK VALUE
At 30 June 2024 119,666 5,812 125,478
At 30 June 2023 141,790 19,225 161,015

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

11. TANGIBLE FIXED ASSETS - continued

Company
Leasehold Plant & Motor
improvements machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023 2,314,142 667,406 149,806 3,131,354
Additions - - 9,300 9,300
At 30 June 2024 2,314,142 667,406 159,106 3,140,654
DEPRECIATION
At 1 July 2023 119,232 456,799 130,581 706,612
Charge for year 46,282 45,457 13,607 105,346
At 30 June 2024 165,514 502,256 144,188 811,958
NET BOOK VALUE
At 30 June 2024 2,148,628 165,150 14,918 2,328,696
At 30 June 2023 2,194,910 210,607 19,225 2,424,742

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant & Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 201,253 53,650 254,903
DEPRECIATION
At 1 July 2023 59,463 34,425 93,888
Charge for year 22,124 13,413 35,537
At 30 June 2024 81,587 47,838 129,425
NET BOOK VALUE
At 30 June 2024 119,666 5,812 125,478
At 30 June 2023 141,790 19,225 161,015

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

12. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 July 2023
and 30 June 2024 15,000
NET BOOK VALUE
At 30 June 2024 15,000
At 30 June 2023 15,000
Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 10,000 15,000 25,000
NET BOOK VALUE
At 30 June 2024 10,000 15,000 25,000
At 30 June 2023 10,000 15,000 25,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Moorcroft Holdings Limited
Registered office: 75 Sampson Road North, Birmingham, B11 1BH
Nature of business: Rental of property
%
Class of shares: holding
Ordinary 100.00


13. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 3,200,804 2,860,281 3,200,804 2,860,281

An impairment loss of £71,000 (2023: £142,651) was recognised in cost of sales against stock during the year due to slow moving and obsolete stock.

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

14. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,197,282 2,159,291 2,197,282 2,159,291
Amounts owed by group undertakings - - 625,157 352,502
Other debtors 168,894 148,424 168,894 148,424
VAT 38,620 5,000 38,620 5,000
Prepayments and accrued income 69,155 87,871 69,155 87,871
2,473,951 2,400,586 3,099,108 2,753,088

Amounts falling due after more than one year:
Other debtors 92,336 142,703 92,336 142,703

Aggregate amounts 2,566,287 2,543,289 3,191,444 2,895,791

An impairment loss of £27,240 (2023: £43,338) was recognised against trade and other debtors during the year.

All debtors are financial assets that are debt instruments measured at amortised cost.

15. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Unlisted investments 30 30 30 30

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 1,152,016 798,071 1,152,016 753,179
Other loans (see note 18) 402,485 1,344,390 402,485 1,344,390
Hire purchase contracts (see note 19) 13,701 56,056 13,701 56,056
Trade creditors 1,329,057 1,342,334 1,329,057 1,339,639
Tax 118,851 88,326 110,270 82,643
Social security and other taxes 92,830 75,749 92,830 75,749
Other creditors 258,545 286,718 255,246 283,419
Pension creditor 12,147 27,523 12,147 27,523
Accruals and deferred income 131,896 155,488 130,876 154,468
3,511,528 4,174,655 3,498,628 4,117,066

All creditors are financial liabilities measured at amortised cost.

Accruals include arrears of fixed cumulative dividends of £44,363, of which £20,732 relates to the 5% preference shares over a period between February 2013 to October 2018; and £23,631 relates to the 6% preference shares over a period between April 2014 and October 2018.

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 960,875 374,738 960,875 111,219
Other loans (see note 18) 232,912 298,923 232,912 298,923
Hire purchase contracts (see note 19) - 5,472 - 5,472
Other creditors - 2-5 years 187,336 297,703 187,336 297,703
1,381,123 976,836 1,381,123 713,317

Within other creditors is an amount totalling £142,702 (2023: £193,069) in relation to a settlement agreement reached with HMRC for amounts that will be subsequently made good by the directors. Accordingly, a corresponding debtor is also shown within other debtors.

The settlement is repayable in instalments and as such, the creditor and corresponding debtor have been aged accordingly, with amounts due within one year of £50,367 (2023: £50,367) and amounts due within 2-5 years of £92,336 (2023: £142,703).

Also included within other creditors are amounts advanced by Indus Associates Limited ORBS of £152,490 (2023: £213,330), of which £57,490 (2023: £58,330) is repayable within one year and £95,000 (2023: £155,000) is due within 2-5 years. A loan was advanced of £300,000 in December 2021 and is repayable over 5 years, at an interest rate of 2.1%.

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 189,620 - 189,620 -
Bank loans - less than 1 year 962,396 798,071 962,396 753,179
Other loans 402,485 1,344,390 402,485 1,344,390
1,554,501 2,142,461 1,554,501 2,097,569
Amounts falling due between one and two years:
Bank loans - 1-2 years 42,118 47,565 42,118 47,565
Other loans - 1-2 years 64,269 64,269 64,269 64,269
106,387 111,834 106,387 111,834
Amounts falling due between two and five years:
Bank loans - 2-5 years 146,263 242,691 146,263 63,654
Other loans - 2-5 years 168,643 192,806 168,643 192,806
314,906 435,497 314,906 256,460
Amounts falling due in more than five years:
Repayable by instalments
Bank loans - more than 5 years 772,494 84,482 772,494 -
Other loans more 5yrs instal - 41,848 - 41,848
772,494 126,330 772,494 41,848

Other loans include loans due within one year from directors of £338,216 (2023: £368,583). These loans are unsecured, do not attract interest and are repayable on demand.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 13,701 56,056
Between one and five years - 5,472
13,701 61,528

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

19. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 13,701 56,056
Between one and five years - 5,472
13,701 61,528

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year - 18,750

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 60,000 78,750
Between one and five years 85,200 145,200
145,200 223,950

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank overdraft 189,620 - 189,620 -
Bank loans 1,923,271 1,172,809 1,923,271 864,398
Hire purchase contracts 13,701 61,528 13,701 61,528
Other loans - 911,538 - 911,538
Other creditors 152,490 213,330 152,490 213,330
2,279,082 2,359,205 2,279,082 2,050,794

Bank borrowings are secured by fixed charges over all properties, plant and equipment, stocks and securities, book and other debts; and by a floating charge on all other property and assets present and future.

HP loans are secured on the relevant assets under the finance agreement, to which they relate.

Other loans include the following:-

A finance facility agreement which was originally secured totalling £1,500,000 in respect of the refurbishment and rebuild of premises at Sampson Road North, as shown within leasehold improvements.

These loans incur interest at a fixed rate of 6%, paid quarterly in arrears on the outstanding balance of the loans. The loans were secured via the following:

- A debenture from the Borrower in favour of the Lender;
- a personal guarantee of £400,000 made by the directors;
- an inter-company guarantee limited to £1,500,000 and supported by a second legal charge
over the property to which this building work relates; and
- the subordination of directors loan monies and preference shares.

Other creditors represent amounts advanced by Indus Associates Limited ORBS, as stated in notes 16 and 17 to the financial statements and are secured by charges held over the shares of T I Areehy, director, and another family shareholder, both of whom are Trustees of Indus Associates Limited ORBS.

21. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 134,553 148,854 134,553 148,854

Group
Deferred
tax
£   
Balance at 1 July 2023 148,854
Provided during year (14,301 )
Balance at 30 June 2024 134,553

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

21. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 July 2023 148,854
Provided during year (14,301 )
Balance at 30 June 2024 134,553

22. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £ £
60,000 Ordinary £1 60,000 60,000

All Ordinary shares rank pari passu with respect to voting rights, the rights to distribution of dividends and the repayment of capital.

23. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2023 3,078,915 635,000 3,713,915
Profit for the year 248,615 248,615
Dividends (100,000 ) (100,000 )
At 30 June 2024 3,227,530 635,000 3,862,530

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 July 2023 3,005,035 635,000 3,640,035
Profit for the year 213,380 213,380
Dividends (100,000 ) (100,000 )
At 30 June 2024 3,118,415 635,000 3,753,415

Retained earnings

This reserve represents all current and prior year retained profits and losses.

Capital redemption reserve

This reserves represents the nominal value of shares repurchased by the company.

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

24. PENSION COMMITMENTS

The company and group operate a defined contribution pension scheme in respect of certain employees and directors. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and group and amounted to £21,301 (2023: £21,506).

Included within creditors is a balance due to pension providers of £12,147 (2023: £11,723) representing contributions owed to the funds from the company/ group at the year end.

25. RELATED PARTY DISCLOSURES

Ordinary dividends to directors
T I Areehy received ordinary dividends of £20,000 (2023: £20,000).

N K Areehy received ordinary dividends of £20,000 (2023: £20,000).

Z A Choudhary received ordinary dividends of £nil in the current and prior year.

Directors' interest on loans
T I Areehy earned interest of £3,268 (2023: £3,953) on loans advanced. The loan balance owed at the year end amounted to £90,610 (2023: £110,737).

N K Areehy earned interest of £3,805 (2023: £4,603) on loans advanced. The loan balance owed at the year end amounted to £105,499 (2023: £128,933).

Z A Choudhary earned interest of £3,645 (2023: £4,411) on loans advanced. The loan balance owed at the year end amounted to £101,071 (2023: £123,522).

Other family members
Other family members were voted dividends of £52,000 (2023: £52,000).

Indus Associates Limited ORBS - related pension scheme
2024 2023
£    £   
Rent 39,500 39,500
Interest payable 6,300 5,775
Amount due to related party 152,490 225,755

Alnoor Education Foundation Limited - a charitable company under common influence
2024 2023
£    £   
Donations 8,000 5,000
Dividends paid 8,000 8,000
Amount due from related party 70,224 87,024

Sanam Foods Ltd - entity controlled by son of Z Choudhary, director
2024 2023
£    £   
Warehouse agency fees 113,110 147,950
Loan received 7,000 -
Amount due to related party 8,092 10,692

INDUS FOODS LIMITED (REGISTERED NUMBER: 02430421)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

25. RELATED PARTY DISCLOSURES - continued

Indus Food (Europe) B.V. - entity controlled by a director
2024 2023
£    £   
Sales - 20,297
Loan advanced 81,193 28,896
Loan repayment 36,784 160,538
Amount due from related party 38,753 -
Amount due to related party - 10,456

Key management are considered to be the directors, whose remuneration is disclosed in the preceding notes to these financial statements.

26. CONTROLLING INTERESTS

There is no overall controlling party or parties.