REGISTERED NUMBER: 03146780 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

FOR

INTER TRADING LEICESTER LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

Mr D Bharania

Mr B Bharania

SECRETARY:

Mr B Bharania

REGISTERED OFFICE:

44 Cobden Street

Leicester

LE1 2LB

REGISTERED NUMBER:

03146780 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mr Nimesh Pau F.C.C.A.

AUDITORS:

R Pau & Co Limited

Chartered Certified Accountants

& Statutory Auditors

12-16 Station Street East

Coventry

West Midlands

CV6 5FJ

BANKERS:

National Westminster Bank Plc

Direct Business Banking

PO Box 4115

Horn Church

Essex

RM12 4DF

This report provides a balanced and comprehensive review of the development and performance of Inter Trading Leicester Limited during the reporting period, concluding with our position at year-end. Our review aligns with the size and non-complex nature of our business, taking into account the risks and uncertainties we face.

REVIEW OF BUSINESS

Business Model and Principal Objectives

Inter Trading Leicester Limited is an independent business operating in the UK, specializing in the wholesale and distribution of beers, wines, spirits, and soft drinks primarily within UK markets. Our principal objectives are:

1. To maintain and improve market share and profitability.

2. To ensure stability within the company for sustainable operations.

We generate value by fostering strong relationships with reliable suppliers, which in turn allows us to serve a loyal trade business to business customer base Sales occur from both existing stock and direct supplier transactions. This model supports our stability.

Factors Likely to Affect Future Development and Performance

Demand for products in the UK remains relatively stable; however, it is crucial to stay ahead of evolving trends in product types and consumption patterns.

PRINCIPAL RISKS AND UNCERTAINTIES

The following risks and uncertainties have been considered by the board. However, the directors believe the opportunities for growth far outweight the risks and uncertainties identified below.

Liquidity Risk

The company maintains sufficient working capital and manages liquidity risk through strong growth, generating profits that are retained to self-fund the business. Robust relationships with suppliers, banking facilities, and the ability to secure financing further mitigate this risk.

Credit Risk

We manage credit risk through regular reviews of customer credit terms and a strict credit policy management system. Immediate escalation of any credit issues is enforced, and we make reasonable provisions for bad debts where necessary. Due to our customer base's nature, the risk of bad debts remains low.

Economic Risk

Operating in a competitive marketplace, we face challenges related to pricing and documented economic issues within the entertainment sector. By maintaining strong supplier relationships and carefully analysing market data and trends, we effectively minimize these risks.

Political Risk

Currently, no significant political risks have been identified, as our customer base is primarily within the UK, facing only general risks associated with developed countries. The impacts of Brexit on our supply chain are well understood and accounted for, and the government has shown support for the entertainment sector's challenges.

The board has considered these risks and uncertainties, concluding that the opportunities for growth significantly outweigh the identified risks.

PROGRESS TOWARDS OBJECTIVES

Key financial and performance indicators for the year are as follows:

Year

Turnover(£'000)

Operating profit(£'000)

Profit/Loss after tax (£'000)

2025

28,713

1,074

884

2024

23,190

1,063

821

Change

+23.8%

+1.0%

+7.7%

The increases in turnover, operating profit, and net profit align with our objectives of maintaining the growth in revenue, profitability, and stability.

End-of-Year Position Review

Our net asset position has improved, with increases in trade creditors and debtors remaining within acceptable limits. Our key strength-cash liquidity-remains strong, enabling us to capitalize on purchasing opportunities. Overall, the company is well-positioned for the future.

Environmental Practices

The products sold by the company have minimal environmental impact. The board believes that implementing good environmental practices enhances the company's reputation and supports our strategy. We are committed to increasing energy efficiency and reducing waste. Notably, the company does not utilize gas fuel for heating its premises.

ON BEHALF OF THE BOARD:

Mr B Bharania - Secretary

16th September 2025

The directors present their report with the financial statements of the company for the year ended 31st March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesalers of beers, wines, spirits and soft drinks.

DIVIDENDS

The total distribution of dividends for the year ended 31st March 2025 will be £ 490,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2024 to the date of this report.

Mr D Bharania

Mr B Bharania

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of 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 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 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.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, R Pau & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr B Bharania - Secretary

16th September 2025

Opinion

We have audited the financial statements of Inter Trading Leicester Limited (the 'company') for the year ended 31st March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31st March 2025 and of its 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have 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 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, 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 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 four, 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 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.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outline 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.

Based on our understanding of the company and the industry in which it operates, we identified the principal risks

of non-compliance with laws and regulations related to the acts by the company which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition.

Audit procedures performed included:

o Review of the financial statement disclosures to underlying supporting documentation

o Enquiring of management and directors concerning actual and potential litigation and claims including knowledge of any non-compliance with laws and regulations

o In addressing the fraud risk in revenue recognition we have tested a sample of revenues recorded through agreement of booking period terms

o In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of non-compliance with laws and regulations that are not closely related to the events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

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.

Mr Nimesh Pau F.C.C.A. (Senior Statutory Auditor)

for and on behalf of R Pau & Co Limited

Chartered Certified Accountants

& Statutory Auditors

12-16 Station Street East

Coventry

West Midlands

CV6 5FJ

16th September 2025

TURNOVER

28,713,177

23,189,770

Cost of sales

26,991,170

21,502,512

GROSS PROFIT

1,722,007

1,687,258

Administrative expenses

648,511

624,675

OPERATING PROFIT

4

1,073,496

1,062,583

Interest receivable and similar income

104,649

35,814

PROFIT BEFORE TAXATION

1,178,145

1,098,397

Tax on profit

5

294,536

276,931

PROFIT FOR THE FINANCIAL YEAR

883,609

821,466

PROFIT FOR THE YEAR

883,609

821,466

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

883,609

821,466

FIXED ASSETS

Tangible assets

7

38,975

47,711

CURRENT ASSETS

Stocks

8

3,999,419

3,996,371

Debtors

9

2,871,716

3,270,976

Cash at bank and in hand

2,617,886

1,956,898

9,489,021

9,224,245

CREDITORS

Amounts falling due within one year

10

4,025,588

4,161,266

NET CURRENT ASSETS

5,463,433

5,062,979

TOTAL ASSETS LESS CURRENT LIABILITIES

5,502,408

5,110,690

PROVISIONS FOR LIABILITIES

11

5,163

7,054

NET ASSETS

5,497,245

5,103,636

CAPITAL AND RESERVES

Called up share capital

12

103

103

Retained earnings

13

5,497,142

5,103,533

SHAREHOLDERS' FUNDS

5,497,245

5,103,636

The financial statements were approved by the Board of Directors and authorised for issue on 16th September 2025 and were signed on its behalf by:

Mr D Bharania - Director

Mr B Bharania - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2023

103

4,782,067

4,782,170

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

821,466

821,466

Balance at 31st March 2024

103

5,103,533

5,103,636

Changes in equity

Dividends

-

(490,000

)

(490,000

)

Total comprehensive income

-

883,609

883,609

Balance at 31st March 2025

103

5,497,142

5,497,245

Cash flows from operating activities

Cash generated from operations

1

1,423,578

(229,501

)

Tax paid

(277,195

)

(5,923

)

Net cash from operating activities

1,146,383

(235,424

)

Cash flows from investing activities

Purchase of tangible fixed assets

(624

)

-

Interest received

104,649

35,814

Net cash from investing activities

104,025

35,814

Cash flows from financing activities

Amount introduced by directors

(90,000

)

2,030,800

Amount withdrawn by directors

(9,420

)

-

Equity dividends paid

(490,000

)

(500,000

)

Net cash from financing activities

(589,420

)

1,530,800

Increase in cash and cash equivalents

660,988

1,331,190

Cash and cash equivalents at beginning of year

2

1,956,898

625,708

Cash and cash equivalents at end of year

2

2,617,886

1,956,898

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

2025

2024

£

£

Profit before taxation

1,178,145

1,098,397

Depreciation charges

9,360

11,887

Finance income

(104,649

)

(35,814

)

1,082,856

1,074,470

Increase in stocks

(3,048

)

(889,359

)

Decrease/(increase) in trade and other debtors

399,260

(1,963,053

)

(Decrease)/increase in trade and other creditors

(55,490

)

1,548,441

Cash generated from operations

1,423,578

(229,501

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

2,617,886

1,956,898

Year ended 31st March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

1,956,898

625,708

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

1,956,898

660,988

2,617,886

1,956,898

660,988

2,617,886

Total

1,956,898

660,988

2,617,886

1.	STATUTORY INFORMATION

Inter Trading Leicester 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

The company's turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year. 4.65% of the company's turnover related to exports (2024 - 1.47%).

Tangible fixed assets

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

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

211,140

210,765

Social security costs

2,742

2,742

Other pension costs

177,512

183,436

391,394

396,943

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

2025

2024

Administration

6

6

Packing and Distribution

3

3

9

9

2025

2024

£

£

Directors' remuneration

48,000

48,000

Directors' pension contributions to money purchase schemes

30,533

36,533

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Depreciation - owned assets

9,360

11,887

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

296,428

277,260

Deferred tax

(1,892

)

(329

)

Tax on profit

294,536

276,931

6.

DIVIDENDS

2025

2024

£

£

Ordinary Shares shares of £1 each

Interim dividends

250,000

250,000

Ordinary A share of £1

Dividends paid

75,000

75,000

Ordinary B share of £1

Dividends paid

75,000

75,000

Ordinary C share of £1

Dividends paid

90,000

100,000

490,000

500,000

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1st April 2024

66,788

95,099

41,570

203,457

Additions

-

-

624

624

At 31st March 2025

66,788

95,099

42,194

204,081

DEPRECIATION

At 1st April 2024

47,912

66,611

41,223

155,746

Charge for year

1,888

7,122

350

9,360

At 31st March 2025

49,800

73,733

41,573

165,106

NET BOOK VALUE

At 31st March 2025

16,988

21,366

621

38,975

At 31st March 2024

18,876

28,488

347

47,711

8.

STOCKS

2025

2024

£

£

Stock

3,999,419

3,996,371

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,302,282

1,704,446

PAYE and national insurance

-

4,097

Other debtors

1,549,000

1,539,000

Value added taxation

12,375

-

Prepayments

8,059

23,433

2,871,716

3,270,976

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

625,713

622,518

Commercial card

46,434

-

Shareholder's loan account

1,090,000

1,000,000

Corporation tax

296,428

277,195

PAYE and national insurance

4,809

-

Pensions

667

-

Value added taxation

-

212,348

Wages

12,777

-

Directors' current accounts

1,937,417

2,036,837

Accrued expenses

11,343

12,368

4,025,588

4,161,266

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

5,163

7,054

Deferred

tax

£

Balance at 1st April 2024

7,054

Accelerated capital allowances

(1,891

)

Balance at 31st March 2025

5,163

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary Shares

£1

100

100

1

Ordinary A

£1

1

1

1

Ordinary B

£1

1

1

1

Ordinary C

£1

1

1

103

103

13.

RESERVES

Retained

earnings

£

At 1st April 2024

5,103,533

Profit for the year

883,609

Dividends

(490,000

)

At 31st March 2025

5,497,142