The directors present the strategic report for the year ended 31 December 2024.

Khanjra International Foods Limited operates a cash and carry and wholesale distribution business, specialising in food and grocery products. The company serves a broad customer base, including independent retailers, restaurants, and takeaway outlets. Since its incorporation in April 1992, Khanjra has consistently expanded its product offering to strengthen its market position in a competitive sector.

In the financial year ended 2024, the company delivered a stable performance despite a 3% decline in revenue compared to the prior year. This reduction was primarily attributable to a slowdown in consumer spending across the hospitality and retail sectors, driven by ongoing cost-of-living pressures and inflationary headwinds. Gross profit decreased by 16% to £5.86 million (2023: £6.97 million), reflecting margin pressures.

The 2023 results were unusually strong due to strategic stock purchases made ahead of inflationary cost increases, which allowed the company to benefit from significantly enhanced margins during that period. In contrast, the 2024 results are more reflective of the company’s typical trading performance and are broadly in line with those reported in 2022. This highlights 2023 as an exceptional year rather than a trend, with 2024 marking a return to normalised operating conditions.

The company’s financial position remains robust, with net assets increasing by £1.26 million (6%) to £20.98 million (2023: £19.72 million). This growth reflects continued investment in infrastructure, systems, and stock to support long-term expansion and operational resilience.

Directors and management have a clear vision to enhance shareholders value. During the year, the company has opened a brand-new DIY & catering store to the public which expands the offering to the customer base. This will allow the company to spread risk further by diverging into different avenues of revenue.

Khanjra remains committed to reinvesting in the business to ensure a strong foundation for future growth and to maintain its competitive edge in the wholesale food distribution market.

The directors believe risk management to be an important part of furthering the company’s goals and solidity in the marketplace. They aim to identify and address risks that are associated with the company through a number of methods to limit the potential impact.

The principal risk to the business is the competitiveness of the market the company operates in. However, the directors consider the company to be in a strong position within the market. The directors believe that the wide range of products available to customers will enable them to benefit from current business trends.

Disruption to the supply chain is a key risk to the business as this would impact the availability of the wide range of products on offer to customers, the directors and management have built established relationships with a number of important suppliers. The company is in constant communication with suppliers to ensure they can react as quickly as possible to any unexpected changes.

The key measures used by directors to monitor the performance of the business are highlighted in the “review of the business” paragraph above. Regular discussions between directors and management ensure that effective monitoring of business performance takes place.

The company is currently undertaking a significant capital investment project to develop a new cash and carry site in the Northwest of England. The site has been successfully acquired, and construction is now underway, with completion anticipated in 2027. This expansion reflects the company’s long-term growth strategy and is underpinned by the management team's extensive experience in operating successful wholesale businesses. The new facility is expected to enhance operational capacity, broaden market reach, and contribute to future revenue growth.

Corporate Governance

The board comprises experienced professionals with diverse backgrounds in finance, operations, and marketing. The board is responsible for setting the strategic direction of the company and overseeing its implementation.

Khanjra International Foods Limited adheres to high standards of corporate governance, ensuring transparency, accountability, and ethical conduct. The company complies with all relevant regulations and best practices in corporate governance.

Corporate Social Responsibility (CSR)

The company is committed to giving back to the community through various CSR initiatives, including food donation programs and support for local charities.

We are dedicated to reducing our environmental impact by implementing sustainable practices such as reducing food waste, using eco-friendly packaging, and optimising our supply chain to minimise carbon emissions.

Conclusion

Khanjra International Foods Limited has continued to demonstrate strong performance in 2024, driven by strategic initiatives and effective risk management. The company is well-positioned for future growth, with a clear strategy and robust financial health.

Looking ahead, we remain optimistic about the future and are committed to achieving our strategic objectives. We will continue to focus on expanding our market presence, enhancing our product offerings, and maintaining high standards of customer service.

The directors have a responsibility under S172 of the Companies Act 2006 to act in a way that promotes the company’s success for the benefit of the members as a whole, and to have regard to the long-term effects of decisions on the company and its stakeholders. The following statement outlines the ways in which these responsibilities are handled:

The company is privately held and provides employment, training and financial reward to the owners and employees.

The aim is to maintain the company’s market position in a very competitive sector and to grow market share and profits by offering a comprehensive range of products and good customer service and experience. This will return maximum value to stakeholders.

Strategic decisions are based on medium and long-term objectives. We aim to develop our relationships with a range of key suppliers to broaden our product range and provide a competitive edge in the market.

Key stakeholders, and the ways in which we engage with them, are as follows:

Employees

We rely on a loyal and dedicated workforce and recruitment & retention of staff is critical to the business. We help engagement with our team by:

• setting remuneration at market rates and rewarding performance ;

• providing excellent working conditions, coupled with career development opportunities

Customers and suppliers

We invest in the infrastructure of the business to provide an excellent customer experience so that we can continue to offer a wide range of products in one location. Our customers value our wide product ranges and value for money offerings and we have a built up an excellent partnership arrangement with a range of key suppliers. We believe we have a reputation for fair dealings in our interaction with both customers and suppliers alike.

Community

We are a privately held business with traditional roots in the local community and are proud to actively support local causes and charities throughout the year.

Environment

We are keen to reduce our carbon footprint through energy usage initiatives. We dispose of all waste responsibly.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company continued to be that of a cash and carry and wholesale food and grocery distribution business.

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The company finances its operations through retained profits. The management's objectives are to retain sufficient liquid funds to enable the company to meet its day to day obligations as they fall due.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

We have followed the 2024-25 HM Government Sustainability Reporting Guidance, published by HM Treasury, which outlines the minimum requirements and best practices for environmental reporting in the public sector. In preparing our greenhouse gas emissions data, we have applied the GHG Reporting Protocol – Corporate Standard and used the 2024 UK Government Conversion Factors for Company Reporting, as provided by the Department for Energy Security and Net Zero.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

We have audited the financial statements of Khanjra International Foods Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 31 December 2024 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 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 contained within the annual report. 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. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 in relation to which 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.

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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

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.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

• the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

• results of our enquiries of management about their own identification and assessment of the risks of irregularities;

• the matters discussed among the audit engagement team and relevant specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

• any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

  • identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

  • detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

  • the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• enquiring of management concerning actual and potential litigation and claims;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

• in addressing the identified risks 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.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve: collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Khanjra International Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is Spices House, Greenbank Business Park, Blakewater Road, Blackburn, Lancashire, BB1 3HU.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

In order to ensure appropriate classification in accordance with the nature of the assets, expenditure incurred on the development of computer software has been reclassified during the year from fixtures and fittings to intangible assets.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold and leasehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

In order to ensure appropriate classification in accordance with the nature of the assets, expenditure incurred on the development of computer software has been reclassified during the year from fixtures and fittings to intangible assets.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Such gains are non-distributable and are credited to a separate reserve.

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The main areas of judgement that have a risk of causing material adjustment to the carrying amounts of assets and liabilities, within the next financial year, are in relation to stock and debtor provisions and the useful economic life of the company's fixed assets, together with the valuation of the company's investment properties.

Stock provision

The directors have provided against old, obsolete and perishable items and the judgement is made as to the shelf life and realisable value of products sold based on supplier information and previous trading experiences of management.

Trade debtor provisions

Provision is made against older debts and amounts where a doubt as to recoverability exists. A judgement is made based on age and previous trading history of each specific customer.

Fixed asset useful lives

Depreciation is provided based on the expected useful life of assets. Judgement is made based on the nature of the asset, previous profits or losses on disposal and generally accepted normal rates for similar assets across UK companies.

Value of investment properties

The directors are satisfied the carrying value of investment properties are materially correct using an open market value basis by reference to market evidence of transaction prices for similar properties.

All turnover arose from the provision of the principal activity of the company.

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

From the 1 April 2023 the Corporation Tax rate changed to 25%.

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The carrying value of land and buildings comprises:

Investment property comprises a mixture of residential and non-trading properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The value of stock is stated net of impairment provision. At 31 December 2024 the total impairment was £1,116,545 (2023 - £1,115,597).

See note 19 for details of the rights and terms attaching to the preference shares.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

There is unlikely to be any significant reversal of the deferred tax provision in the forthcoming 12 months.

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £7,028 (2023: £36) were payable to the fund at the balance sheet date.

The ordinary shares carry full voting rights.

On 7 July 2021 there was an allotment of 2,000,000 preference shares with a nominal value of £1 each.

All the allotted preference shares carried the same rights in which the holders were entitled to a variable cumulative preferential dividend. This dividend is equal to £0.10 per annum on the subscription price for each preference share held provided the company's profits after tax for the relevant accounting periods were above £1,000,000. If profits fall below this level then the cumulative preferential dividend is calculated on a pro rata basis.

The preference dividend is subject to a maximum aggregate payment of £200,000 per annum and shall accrue on a daily basis from and including the date of issue of the preference shares.

The company may at any time redeem any or all of the preference shares in instalments of not less than 1,000 preference shares.

The shares carry no voting rights.

The investment property reserve represents cumulative unrealised profits on investment properties and is displayed net of deferred taxation. This amounts to £80,250 (2023 - £80,250)

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Dividends totalling £200,000 (2023 - £200,000) were paid in the year in respect of shares held by the company's directors.

At the year end, the ultimate control of the company is held by the directors, Y Khanjra and Y A Patel.

Included in other creditors at the year ended 31 December 2024, is a balance of £884,849 (2023 - £1,080,250) that was owed to the directors of the company.

During the year, the company employed associates of the directors. Total remuneration of salary and other benefits was £299,594 (2023: £279,051).

On 2 April 2025, subsequent to the balance sheet date of 31 December 2024, the entire shareholding of Khanjra International Foods Limited was transferred to Khanjra International Holding Limited, a newly appointed parent entity. This transaction resulted in Khanjra International Holding Limited becoming the sole controlling entity over the company, replacing the previous individual shareholders.