REGISTERED NUMBER: 12617136 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 DECEMBER 2024

FOR

BAHADUR GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

17

DIRECTOR:

M S Punni

REGISTERED OFFICE:

Head Office

37-41 Alcombe Road

Alcombe Minehead

Somerset

TA24 6BA

REGISTERED NUMBER:

12617136 (England and Wales)

AUDITORS:

Shenward LLP

Chartered Accountants & Statutory Auditors

Summit House

Woodland Park

Bradford Road

Cleckheaton

West Yorkshire

BD19 6BW

The director presents his strategic report of the company and the group for the year ended 29 December 2024.

REVIEW OF BUSINESS

The results of the group for the year show a total turnover of £17,110,949 (2023: £14,844,002) and profit after tax of £413,690 (2023: £1,047,209). The shareholders' funds of the group total £4,067,953 (2023: £3,654,763).

The director considers that the performance of the group has produced strong results during the year ended 29 December 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to management approval and ongoing review.

The group has developed a framework for identifying risks to which it is exposed and the impact on economic capital on each of those risks.

The principal risks that the director considers the group faces are from fluctuations in the exchange rate resulting in inaccurate pricing and changes to NHS funding.

The director maintains a system of monitoring the key risks to the group and the key financial performance indicators and ensures that the group complies with the strict regulatory controls under which it operates.

STRATEGY

The continuing success of the group is dependent upon the proper selection, training and retention of personnel, who are core to the success of the group as a whole. We have continued to consolidate our position in the provision of related services across England and consider that it is important to retain a diversified portfolio of risk in order to achieve maximum profitability in a highly competitive market.

The group will continue to consolidate its existing position whilst also looking to expand this position through the acquisition of suitable additional pharmacies or by organic growth where possible.

KEY PERFORMANCE INDICATORS

The director considers that the group's key financial performance indicators are those which communicate the financial performance and strength of the group as a whole. The group uses IT systems to measure several key performance indicators against its targets including turnover and staff performance.

The return on capital employed is 9% (2023: 18%). Return on capital employed is calculated as profit before interest and taxation divided by capital employed, which constitutes total assets less current liabilities.

The director considers that the group is continuing to perform in line with the expectations of the Board.

FUTURE DEVELOPMENTS

The director is confident about the continuing financial performance of the group. However the director continues to monitor the macroeconomic impact on the group and the wider economy.

The group is committed to enhancing its reputation in the communities it serves and pivoting to the next level. The group will continue to grow organically and through further acquisitions.

ON BEHALF OF THE BOARD:

M S Punni - Director

26 September 2025

The director presents his report with the financial statements of the company and the group for the year ended 29 December 2024.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of trading as a group of independent pharmacies and management of a real estate portfolio of investment properties.

DIVIDENDS

The total distribution of dividends for the year ended 29 December 2024 will be £500.

DIRECTOR

M S Punni held office during the whole of the period from 30 December 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he 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 group's auditors are aware of that information.

AUDITORS

The auditors, Shenward LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M S Punni - Director

26 September 2025

Opinion

We have audited the financial statements of Bahadur Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 29 December 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director 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 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 Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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:

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which governs the preparation of the financial statements, 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 financial statements such as the Companies Act 2006. 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 posting inappropriate journal entries to increase profit, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business.

Audit procedures performed included, but not limited to:

- Enquiry of management around actual and potential litigation claims and instances of non-compliance with laws and regulations;

- Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business;

- Reviewing financial statements disclosures and agreeing to supporting documentation to assess compliance with applicable laws and regulations; and

- Review of board meeting minutes (where held).

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Sherad Dewedi (Senior Statutory Auditor)

for and on behalf of Shenward LLP

Chartered Accountants & Statutory Auditors

Summit House

Woodland Park

Bradford Road

Cleckheaton

West Yorkshire

BD19 6BW

26 September 2025

TURNOVER

17,110,949

14,844,002

Cost of sales

11,990,301

10,358,276

GROSS PROFIT

5,120,648

4,485,726

Administrative expenses

4,238,517

3,693,764

882,131

791,962

Other operating income

(20,000

)

456,377

OPERATING PROFIT

5

862,131

1,248,339

Interest receivable and similar income

-

11

862,131

1,248,350

Interest payable and similar expenses

6

235,560

193,905

PROFIT BEFORE TAXATION

626,571

1,054,445

Tax on profit

7

212,881

7,236

PROFIT FOR THE FINANCIAL YEAR

413,690

1,047,209

Profit attributable to:

Owners of the parent

413,690

1,047,209

PROFIT FOR THE YEAR

413,690

1,047,209

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

413,690

1,047,209

Total comprehensive income attributable to:

Owners of the parent

413,690

1,047,209

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

3,238,543

3,186,337

Investments

12

-

20,000

Investment property

13

2,511,539

1,796,059

5,750,082

5,002,396

CURRENT ASSETS

Stocks

14

644,927

641,126

Debtors

15

2,947,757

2,656,507

Cash at bank and in hand

781,884

812,549

4,374,568

4,110,182

CREDITORS

Amounts falling due within one year

16

3,069,313

3,358,554

NET CURRENT ASSETS

1,305,255

751,628

TOTAL ASSETS LESS CURRENT LIABILITIES

7,055,337

5,754,024

CREDITORS

Amounts falling due after more than one year

17

(2,589,805

)

(1,751,985

)

PROVISIONS FOR LIABILITIES

19

(397,579

)

(347,276

)

NET ASSETS

4,067,953

3,654,763

CAPITAL AND RESERVES

Called up share capital

20

100

100

Revaluation reserve

21

(89,735

)

(89,735

)

Retained earnings

21

4,157,588

3,744,398

SHAREHOLDERS' FUNDS

4,067,953

3,654,763

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

M S Punni - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

110,180

110,180

Investment property

13

-

-

110,180

110,180

CURRENT ASSETS

Debtors

15

1,981,586

2,017,092

CREDITORS

Amounts falling due within one year

16

1

1

NET CURRENT ASSETS

1,981,585

2,017,091

TOTAL ASSETS LESS CURRENT LIABILITIES

2,091,765

2,127,271

CREDITORS

Amounts falling due after more than one year

17

215,056

243,912

NET ASSETS

1,876,709

1,883,359

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

1,876,609

1,883,259

SHAREHOLDERS' FUNDS

1,876,709

1,883,359

Company's (loss)/profit for the financial year

(6,150

)

492,658

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

M S Punni - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 31 December 2022

100

2,698,189

-

2,698,289

Changes in equity

Dividends

-

(1,000

)

-

(1,000

)

Total comprehensive income

-

1,047,209

(89,735

)

957,474

Balance at 29 December 2023

100

3,744,398

(89,735

)

3,654,763

Changes in equity

Dividends

-

(500

)

-

(500

)

Total comprehensive income

-

413,690

-

413,690

Balance at 29 December 2024

100

4,157,588

(89,735

)

4,067,953

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 31 December 2022

100

1,391,601

1,391,701

Changes in equity

Dividends

-

(1,000

)

(1,000

)

Total comprehensive income

-

492,658

492,658

Balance at 29 December 2023

100

1,883,259

1,883,359

Changes in equity

Dividends

-

(500

)

(500

)

Total comprehensive loss

-

(6,150

)

(6,150

)

Balance at 29 December 2024

100

1,876,609

1,876,709

Cash flows from operating activities

Cash generated from operations

1

735,832

1,004,417

Interest paid

(154,274

)

(193,905

)

Tax paid

-

(159,134

)

Net cash from operating activities

581,558

651,378

Cash flows from investing activities

Purchase of tangible fixed assets

(198,145

)

(956,198

)

Purchase of investment property

(715,480

)

-

Sale of tangible fixed assets

-

506,642

Interest received

-

11

Net cash from investing activities

(913,625

)

(449,545

)

Cash flows from financing activities

New loans in year

412,046

493,543

Loan repayments in year

(81,287

)

(512,835

)

Amount withdrawn by directors

(28,857

)

(81,009

)

Equity dividends paid

(500

)

(1,000

)

Net cash from financing activities

301,402

(101,301

)

(Decrease)/increase in cash and cash equivalents

(30,665

)

100,532

Cash and cash equivalents at beginning of year

2

812,549

712,017

Cash and cash equivalents at end of year

2

781,884

812,549

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

Period

31.12.22

Year Ended

to

29.12.24

29.12.23

£

£

Profit before taxation

626,571

1,054,445

Depreciation charges

145,939

111,805

Loss/(profit) on disposal of fixed assets

20,000

(456,377

)

Finance costs

235,560

193,905

Finance income

-

(11

)

1,028,070

903,767

(Increase)/decrease in stocks

(3,801

)

33,020

Increase in trade and other debtors

(291,250

)

(606,012

)

Increase in trade and other creditors

2,813

673,642

Cash generated from operations

735,832

1,004,417

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 29 December 2024

29.12.24

30.12.23

£

£

Cash and cash equivalents

781,884

812,549

Period ended 29 December 2023

29.12.23

31.12.22

£

£

Cash and cash equivalents

812,549

712,017

3.	ANALYSIS OF CHANGES IN NET DEBT

At 30.12.23

Cash flow

At 29.12.24

£

£

£

Net cash

Cash at bank and in hand

812,549

(30,665

)

781,884

812,549

(30,665

)

781,884

Debt

Debts falling due within 1 year

(672,934

)

454,632

(218,302

)

Debts falling due after 1 year

(1,508,072

)

(866,677

)

(2,374,749

)

(2,181,006

)

(412,045

)

(2,593,051

)

Total

(1,368,457

)

(442,710

)

(1,811,167

)

1.	STATUTORY INFORMATION

Bahadur Group 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.

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

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Details of these judgements can be found in the accounting policies.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

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

Freehold property

-

in accordance with the property

Long leasehold

-

in accordance with the property

Improvements to property

-

in accordance with the property

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

10% on reducing balance and not provided

Motor vehicles

-

20% on reducing balance and 2% on cost

Computer equipment

-

20% on reducing balance

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 the income statement.

Impairment of fixed assets

At each reporting 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).

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

At each reporting end date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its cost and net realisable value is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.

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

Basic financial assets, which include debtors and cash and bank balances, are initially recorded at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

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,

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recorded at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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 in payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

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 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.