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Registered number: 02282732 MW EAT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
MW EAT LIMITED COMPANY INFORMATION
Directors | C Panjabi
| N Panjabi
| R Mathrani
Registered number | 02282732
Registered office | 47 Upper Berkeley Street
| London
| W1H 5QW
Independent auditors | Moore Kingston Smith LLP
| Chartered Accountants and Statutory Auditors
| 4 Victoria Square
| St Albans
| Hertfordshire
| AL1 3TF
MW EAT LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 11
Consolidated Profit and Loss Account | 12
Consolidated Statement of Comprehensive Income | 13
Consolidated Balance Sheet | 14 - 15
Company Balance Sheet | 16
Consolidated Statement of Changes in Equity | 17 - 18
Company Statement of Changes in Equity | 19
Consolidated Statement of Cash Flows | 20 - 21
Consolidated Analysis of Net Debt | 22
Notes to the Financial Statements | 23 - 39
MW EAT LIMITED GROUP STRATEGIC REPORT FOR THE PERIOD ENDED 30 MARCH 2025
Introduction
The Directors present their report and financial statements for the period ended 30 March 2025.
Business review
The principal activity of the Company is that of a holding company. The Group operates a number of restaurants at the exclusive end of the Indian Restaurant sector, and operate a number of London's most prestigious Indian restaurants. The Group's objective is to continue to grow profitably, generating positive cash flows through its trading operations and maintaining the brands position at the forefront of the premium Indian Restaurant sector. This is achieved through the Group's continued focus on providing excellent quality Indian food to customers combined with alluring interiors and sophisticated service at premium locations. Results and performance The business continues to recover steadily from the after-effects of Covid-19 in respect of staff shortages and the work-from-home culture, as well as energy price increases. We are significantly more profitable and cash flow positive than the previous year, and we have sufficient resources available to trade comfortably for the foreseeable future. Page 1
MW EAT LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 30 MARCH 2025
Principal risks and uncertainties
Economic Whilst the Group has experienced growth in all of the principal sectors of its business, the Group is always at risk of potential reduced revenue due to outside influences and general economic trends. The group has been focusing on further performance enhancement measures. The Group’s strong market position, financial strength, above average profitability, rigorous processes and controls makes it well-positioned to ride out these potential challenges Liquidity Risk The Group manages its cash and borrowing requirements in order to meet the needs of the Company, maximise interest income and minimise interest expense; whilst ensuring the Group has sufficient liquid assets to underwrite the operating and growth plans of the business. Interest Rate Risk The Group is exposed to interest rate risk on loans. The Directors monitor this risk regularly and consider likely interest rates when deciding large expenditure outgoings. Credit Risk The group invests cash surpluses through banks and companies which fulfil credit rating criteria approved by the board. Given the nature of the industry business on credit is relatively low, and is spread across a large number of accounts. The process of risk acceptance and risk management is addressed through a process whereby proposals and matters of interest are subject to Board discussion and approval. Senior management constantly review processes & procedures with a view to improve controls and working practices. Compliance with regulation, legal and ethical standards is a high priority within the business. In addition, the Group is always at risk of potential reduced revenue due to outside influences and general economic trends, with fine dining being regarded as luxury expenditure.
Financial key performance indicators
The Group monitors its progress through close comparison of the performance of each individual restaurant, measured through a number of KPIs: - Profitability of each restaurant and outlet against both the budgeted profitability and the prior period's profitability. - Staff recruitment and retention. - Cashflow management of each restaurant and the Group as a whole against budgeted cashflow, taking particular account of capital expenditure. Page 2
MW EAT LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 30 MARCH 2025
Future developments
In the coming year, the Group's objectives remain consistent, with particular emphasis on profitability and continuing to grow the prominence of the brands as some of the world’s most premium Indian dining establishments. This report was approved by the board and signed on its behalf.
R Mathrani Director
Date: 8 October 2025
Page 3
MW EAT LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 30 MARCH 2025 The directors present their report and the financial statements for the period ended 30 March 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In regards to the different types of risk affecting the Company, the directors have chosen to include this information in the Strategic Report.
Results and dividends
The profit for the period, after taxation and minority interests, amounted to £3,496,655 (2024 - £2,744,990).
Directors
The directors who served during the period were:
C Panjabi
N Panjabi
R Mathrani
Disabled employees
The Company has a policy to promote opportunities for disabled individuals within the workforce through both a full and fair consideration process at the application stage, and through continued support for those already in employment. The Company is committed to providing and encouraging continued training and career progression. Page 4
MW EAT LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 30 MARCH 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Auditors
The auditors, Moore Kingston Smith LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
R Mathrani Director
Date: 8 October 2025
Page 5
MW EAT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MW EAT LIMITED
Opinion
We have audited the financial statements of MW Eat Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 30 March 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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 Group's and of the parent Company's affairs as at 30 March 2025 and of the Group's profit for the period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 6
MW EAT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MW EAT LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report 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 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 7
MW EAT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MW EAT LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 8
MW EAT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MW EAT LIMITED (CONTINUED)
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 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. ∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the group’s internal control. ∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. ∙Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. ∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. ∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 9
MW EAT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MW EAT LIMITED (CONTINUED) Explanation as to what extent 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. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: ∙We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation ∙We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. ∙We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. ∙We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. ∙Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to 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.
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 Auditors' 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. Page 10
MW EAT LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MW EAT LIMITED (CONTINUED) Graham Wintle (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP Chartered Accountants and Statutory Auditors 4 Victoria Square St Albans Hertfordshire AL1 3TF 8 October 2025 Page 11
MW EAT LIMITED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED 30 MARCH 2025
| 30 March | 30 March
| 2025 | 2024
Note | £ | £
Turnover | 4 | 31,789,469 | 31,372,050
Cost of sales |  | (5,134,336) | (5,394,573)
Gross profit |  | 26,655,133 | 25,977,477
Distribution costs |  | (13,030,336) | (13,390,910)
Administrative expenses |  | (9,191,183) | (9,212,395)
Operating profit | 5 | 4,433,614 | 3,374,172
Interest receivable and similar income | 8 | 18 | 2,677
Interest payable and similar expenses | 9 | (170) | (164)
Profit before tax |  | 4,433,462 | 3,376,685
Tax on profit | 10 | (660,755) | (401,619)
Profit for the financial period |  | 3,772,707 | 2,975,066
Profit for the period attributable to: |  |  |
Non-controlling interests |  | 276,052 | 230,076
Owners of the parent |  | 3,496,655 | 2,744,990
|  | 3,772,707 | 2,975,066
The notes on pages 23 to 39 form part of these financial statements.
Page 12
MW EAT LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 MARCH 2025
|  |  |  | 30 March | 30 March
|  |  |  | 2025 | 2024
|  |  |  | £ | £
Profit for the financial period |  | 3,772,707 | 2,975,066
Other comprehensive income |  |  |
Transfer from non controlling interests |  | (278,278) | (485,506)
Other comprehensive income for the period |  | (278,278) | (485,506)
Total comprehensive income for the period |  | 3,494,429 | 2,489,560
Profit for the period attributable to: |  |  |
Non-controlling interest |  | 276,052 | 230,076
Owners of the parent Company |  | 3,496,655 | 2,744,990
|  | 3,772,707 | 2,975,066
The notes on pages 23 to 39 form part of these financial statements.
Page 13
MW EAT LIMITED REGISTERED NUMBER: 02282732 CONSOLIDATED BALANCE SHEET AS AT 30 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 3,020,480 |  | 3,650,289
|  |  | 3,020,480 |  | 3,650,289
Current assets |  |  |  |  |
Stock | 15 | 744,802 |  | 776,478 |
Debtors: amounts falling due within one year | 16 | 2,573,318 |  | 3,884,532 |
Cash at bank and in hand | 17 | 4,108,283 |  | 3,332,557 |
|  | 7,426,403 |  | 7,993,567 |
Creditors: amounts falling due within one year | 18 | (6,051,720) |  | (6,259,399) |
Net current assets |  |  | 1,374,683 |  | 1,734,168
Total assets less current liabilities |  |  | 4,395,163 |  | 5,384,457
Provisions for liabilities |  |  |  |  |
Deferred taxation | 19 | (339,618) |  | (401,619) |
Net assets |  |  | 4,055,545 |  | 4,982,838
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 600,000 |  | 600,000
Profit and loss account |  |  | 3,308,431 |  | 4,233,498
Equity attributable to owners of the parent Company |  |  | 3,908,431 |  | 4,833,498
Non-controlling interests |  |  | 147,114 |  | 149,340
|  |  | 4,055,545 |  | 4,982,838
Page 14
MW EAT LIMITED REGISTERED NUMBER: 02282732 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 MARCH 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R Mathrani
Director
Date: 8 October 2025
The notes on pages 23 to 39 form part of these financial statements. Page 15
MW EAT LIMITED REGISTERED NUMBER: 02282732 COMPANY BALANCE SHEET AS AT 30 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 115,837 |  | 68,804
Investments | 14 |  | 4,170,002 |  | 4,170,002
|  |  | 4,285,839 |  | 4,238,806
Current assets |  |  |  |  |
Stocks | 15 | 130,905 |  | 130,905 |
Debtors: amounts falling due within one year | 16 | 901,319 |  | 2,438,467 |
Cash at bank and in hand | 17 | 4,093,027 |  | 3,316,848 |
|  | 5,125,251 |  | 5,886,220 |
Creditors: amounts falling due within one year | 18 | (5,951,134) |  | (5,371,362) |
Net current (liabilities)/assets |  |  | (825,883) |  | 514,858
Total assets less current liabilities |  |  | 3,459,956 |  | 4,753,664
Net assets |  |  | 3,459,956 |  | 4,753,664
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 600,000 |  | 600,000
Profit and loss account |  |  | 2,859,956 |  | 4,153,664
|  |  | 3,459,956 |  | 4,753,664
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R Mathrani
Director
Date: 8 October 2025
The notes on pages 23 to 39 form part of these financial statements. Page 16
MW EAT LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 MARCH 2025
| Called up share capital | Profit and loss account | Equity attributable to owners of parent Company | Non-controlling interests | Total equity
| £ | £ | £ | £ | £
At 27 March 2023 | 600,000 | 1,403,002 | 2,003,002 | 404,770 | 2,407,772
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | 2,744,990 | 2,744,990 | 230,076 | 2,975,066
Transfer from non controlling interests | - | - | - | (485,506) | (485,506)
Other comprehensive income for the period | - | - | - | (485,506) | (485,506)
Total comprehensive income for the period | - | 2,744,990 | 2,744,990 | (255,430) | 2,489,560
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | (400,000) | (400,000) | - | (400,000)
Transfer from non controlling interests | - | 485,506 | 485,506 | - | 485,506
Total transactions with owners | - | 85,506 | 85,506 | - | 85,506
At 31 March 2024 | 600,000 | 4,233,498 | 4,833,498 | 149,340 | 4,982,838
Comprehensive income for the period |  |  |  |  |
Profit for the period | - | 3,496,655 | 3,496,655 | 276,052 | 3,772,707
Transfer from non-controlling interests | - | - | - | (278,278) | (278,278)
Other comprehensive income for the period | - | - | - | (278,278) | (278,278)
Total comprehensive income for the period | - | 3,496,655 | 3,496,655 | (2,226) | 3,494,429
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | (4,700,000) | (4,700,000) | - | (4,700,000)
Transfer from non-controlling interests | - | 278,278 | 278,278 | - | 278,278
Page 17
MW EAT LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED) FOR THE PERIOD ENDED 30 MARCH 2025
Total transactions with owners | - | (4,421,722) | (4,421,722) | - | (4,421,722)
At 30 March 2025 | 600,000 | 3,308,431 | 3,908,431 | 147,114 | 4,055,545
| The notes on pages 23 to 39 form part of these financial statements.
Page 18
MW EAT LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 MARCH 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 28 March 2023 | 600,000 | 1,679,113 | 2,279,113
Comprehensive income for the period |  |  |
Profit for the period | - | 2,874,551 | 2,874,551
Total comprehensive income for the period | - | 2,874,551 | 2,874,551
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (400,000) | (400,000)
Total transactions with owners | - | (400,000) | (400,000)
At 31 March 2024 | 600,000 | 4,153,664 | 4,753,664
Comprehensive income for the period |  |  |
Profit for the period | - | 3,406,292 | 3,406,292
Total comprehensive income for the period | - | 3,406,292 | 3,406,292
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (4,700,000) | (4,700,000)
Total transactions with owners | - | (4,700,000) | (4,700,000)
At 30 March 2025 | 600,000 | 2,859,956 | 3,459,956
| The notes on pages 23 to 39 form part of these financial statements.
Page 19
MW EAT LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial period | 3,772,707 | 2,975,066
Adjustments for: |  |
Amortisation of intangible assets | - | 441
Depreciation of tangible assets | 918,392 | 1,163,407
Interest paid | 170 | 164
Interest received | (18) | (2,677)
Taxation charge | 660,755 | 401,619
Decrease/(increase) in stocks | 31,676 | (44,380)
Decrease/(increase) in debtors | 1,375,021 | (1,479,531)
Decrease in amounts owed by groups | 262,546 | -
(Decrease)/increase in creditors | (945,205) | 1,928,695
(Decrease) in amounts owed to groups | (49,037) | (652,458)
Net cash generated from operating activities | 6,027,007 | 4,290,346
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (551,129) | (2,347,712)
Sale of tangible fixed assets | - | 64,615
Interest received | 18 | 2,677
Net cash from investing activities | (551,111) | (2,280,420)
Cash flows from financing activities |  |
Dividends paid | (4,700,000) | (400,000)
Interest paid | (170) | (164)
Net cash used in financing activities | (4,700,170) | (400,164)
Net increase in cash and cash equivalents | 775,726 | 1,609,762
Page 20
MW EAT LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD ENDED 30 MARCH 2025
|  | 2025 | 2024
|  | £ | £
Cash and cash equivalents at beginning of period | 3,332,557 | 1,722,795
Cash and cash equivalents at the end of period | 4,108,283 | 3,332,557
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 4,108,283 | 3,332,557
| 4,108,283 | 3,332,557
The notes on pages 23 to 39 form part of these financial statements.
Page 21
MW EAT LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE PERIOD ENDED 30 MARCH 2025
| At 31 March 2024 | Cash flows | At 30 March 2025
| £ | £ | £
Cash at bank and in hand | 3,332,557 | 775,726 | 4,108,283
| 3,332,557 | 775,726 | 4,108,283
The notes on pages 23 to 39 form part of these financial statements.
Page 22
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
1. | General information
MW Eat Limited is a company, limited by shares, incorporated in England & Wales under the Companies Act 2006. The address of the registered office is 47 Upper Berkeley Street, London, London, England, W1H 5QW. The nature of the Company's operations and its principal activities continued to be that of a holding company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The financial statements are presented in GBP because that is the currency of the primary economic environment in which the company operates. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 27 March 2016.
| 2.3 | Going concern
The group is ultimately reliant on its financiers, including Directors, shareholders and landlords. The Directors are confident that this support will be there for the foreseeable future and enable the group to meet its working capital requirements, and on this basis deem it appropriate to prepare the financial statements on a going concern basis. Page 23
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. The Group has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 27 March 2023 to continue to be charged over the period to the first market rent review rather than the term of the lease.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 24
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.9 | Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 25
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Land and buildings | - | over the period of the lease
|  |  |  | Fixtures and fittings | - | over a period of up to 8 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 26
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 2.Accounting policies (continued)
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 27
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Key assumptions have been made in determining whether the Company's investments in subsidiaries have been impaired. Quantifying possible impairment requires estimations of an investments' value in use. The value in use calculations require the entity to estimate the future cash flow expected to arise from the investments and suitable discount rates in order to calculate present values. The carrying amount of investments in subsidiaries at the balance sheet date was £4,170,002 (2024: £4,170,002) with no impairment having been recognised in either the current or the prior period. In the prior year, the accounts included the reasonable estimate of insurance income for the period of closure of a site due to flooding.
4. | Turnover
The whole of the turnover of the company for the period has been derived from its principal activity (and falls into the class of sale of goods).
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 30 March | 30 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 137,192 | 102,150
Page 28
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
6. | Auditors' remuneration
|  |  |  |  | 30 March | 30 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements | 37,000 | 35,300
| The total fees payable to the Group's auditor in respect of all other services are £37,500 (2024: £37,000).
7. | Employees
| Staff costs were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 12,491,685 | 12,944,968 | 358,256 | 340,539
| Social security costs | 840,360 | 727,471 | 27,562 | 23,890
| Cost of defined contribution scheme | 168,899 | 157,699 | - | -
|  | 13,500,944 | 13,830,138 | 385,818 | 364,429
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | Group | Group | Company | Company
|  |  | 30 March | 30 March | 30 March | 30 March
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Directors | 3 | 3 | 3 | 3
|  | Office and Management | 17 | 17 | 16 | 17
|  | Restaurant Staff | 457 | 487 | - | -
|  |  | 477 | 507 | 19 | 20
| The directors consider that only directors are considered key management personnel.
Page 29
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
8. | Interest receivable
|  |  |  |  | 30 March | 30 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 18 | 2,677
|  | 18 | 2,677
9. | Interest payable and similar expenses
|  |  |  |  | 30 March | 30 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 170 | -
| Other loan interest payable | - | 164
|  | 170 | 164
10. | Taxation
|  |  |  |  | 30 March | 30 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 722,756 | -
|  | 722,756 | -
| Total current tax | 722,756 | -
| Deferred tax |  |
| Origination and reversal of timing differences | (62,001) | 401,619
| Total deferred tax | (62,001) | 401,619
|  | 660,755 | 401,619
Page 30
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 10.Taxation (continued)
| Factors affecting tax charge for the period
| The tax assessed for the period is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 30 March | 30 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 4,433,462 | 3,376,685
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,108,366 | 844,171
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | - | 374
| Capital allowances for period in excess of depreciation | 66,880 | 13,772
| Utilisation of tax losses | (9,266) | -
| Deferred tax movement | (62,001) | -
| Other timing differences leading to an increase (decrease) in taxation | (10,913) | -
| Other differences leading to an increase (decrease) in the tax charge | - | 1,130,478
| Group relief | (432,311) | (1,587,176)
| Total tax charge for the period | 660,755 | 401,619
| Factors that may affect future tax charges
There are no factors that may affect future tax charges
11. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the period was £3,406,292 (2024 - £2,874,551). Page 31
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
12. | Intangible assets
| Group and Company
|  | Computer Software | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 31 March 2024 | 10,884 | 300,000 | 310,884
| At 30 March 2025 | 10,884 | 300,000 | 310,884
| Amortisation |  |  |
| At 31 March 2024 | 10,884 | 300,000 | 310,884
| At 30 March 2025 | 10,884 | 300,000 | 310,884
| Net book value |  |  |
| At 30 March 2025 | - | - | -
| At 30 March 2024 | - | - | -
| All of the Group's brought forward intangible fixed assets are held in The India Collection Limited (a subsidiary company).
Page 32
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
13. | Tangible fixed assets
| Group
|  | Short-term leasehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 31 March 2024 | 941,795 | 23,806,770 | 24,748,565
| Additions | - | 551,129 | 551,129
| Transfers intra group | - | (2,351,699) | (2,351,699)
| At 30 March 2025 | 941,795 | 22,006,200 | 22,947,995
| Depreciation |  |  |
| At 31 March 2024 | 620,010 | 20,478,266 | 21,098,276
| Charge for the period on owned assets | 37,917 | 880,475 | 918,392
| Transfers intra group | - | (2,089,153) | (2,089,153)
| At 30 March 2025 | 657,927 | 19,269,588 | 19,927,515
| Net book value |  |  |
| At 30 March 2025 | 283,868 | 2,736,612 | 3,020,480
| At 30 March 2024 | 321,785 | 3,328,504 | 3,650,289
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Short leasehold | 283,868 | 321,785
|  | 283,868 | 321,785
Page 33
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 13.Tangible fixed assets (continued)
| Company
|  | Fixtures and fittings
|  | £
| Cost or valuation |
| At 31 March 2024 | 783,195
| Additions | 92,784
| At 30 March 2025 | 875,979
| Depreciation |
| At 31 March 2024 | 714,391
| Charge for the period on owned assets | 45,751
| At 30 March 2025 | 760,142
| Net book value |
| At 30 March 2025 | 115,837
| At 30 March 2024 | 68,804
Page 34
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 31 March 2024 | 4,170,002
| At 30 March 2025 | 4,170,002
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| The India Collection Limited | 47 Upper Berkeley Street, London, London, England, W1H 5QW | Ordinary | 93%
| Masala Zone Limited | 47 Upper Berkeley Street, London, London, England, W1H 5QW | Ordinary | 100%
| The aggregate of the share capital and reserves as at 30 March 2025 and the profit or loss for the period ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
|  | £ | £
| The India Collection Limited | 2,484,704 | 4,662,411
| Masala Zone Limited | 2,280,887 | 404,004
Page 35
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
15. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Stock held | 744,802 | 776,478 | 130,905 | 130,905
|  | 744,802 | 776,478 | 130,905 | 130,905
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
16. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 440,141 | 678,270 | 440,141 | 678,270
| Amounts owed by parent company | - | - | 243,799 | 1,182,597
| Other debtors | 55,360 | 1,078,264 | 42,384 | 426,770
| Prepayments and accrued income | 2,077,817 | 2,127,998 | 174,995 | 150,830
|  | 2,573,318 | 3,884,532 | 901,319 | 2,438,467
17. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 4,108,283 | 3,332,557 | 4,093,027 | 3,316,848
|  | 4,108,283 | 3,332,557 | 4,093,027 | 3,316,848
Page 36
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
18. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 3,081,438 | 3,347,033 | 3,022,007 | 3,302,537
| Amounts owed to group undertakings | 12,705 | 61,742 | 1,180,727 | 61,742
| Corporation tax | 722,756 | - | - | -
| Other taxation and social security | 1,008,085 | 1,138,658 | 725,621 | 818,424
| Other creditors | 831,455 | 1,246,256 | 823,313 | 1,037,636
| Accruals and deferred income | 395,281 | 465,710 | 199,466 | 151,023
|  | 6,051,720 | 6,259,399 | 5,951,134 | 5,371,362
Page 37
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
19. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (401,619)
| Charged to profit or loss | 62,001
| At end of year | (339,618)
| Company
|  | 2025
| At end of year | -
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | (339,618) | (401,619)
|  | (339,618) | (401,619)
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Authorised, allotted, called up and fully paid |  |
|  | 515,386 (2024 - 515,386) Ordinary shares shares of £1.00 each | 515,386 | 515,386
|  | 384,609 (2024 - 384,609) Founder shares shares of £0.22 each | 84,614 | 84,614
|  |  | 600,000 | 600,000
21. | Contingent liabilities
The Company is part of a VAT Group with Echowalk Limited, The India Collection Limited and Masala Zone Limited where potential liability could fall due on MW Eat Limited totalling a maximum of £595,886 (2024: £808,434). Page 38
MW EAT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
22. | Commitments under operating leases
| At 30 March 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 2,285,021 | 2,390,250 | 73,333 | 110,000
| Later than 1 year and not later than 5 years | 7,839,583 | 8,726,021 | - | 73,333
| Later than 5 years | 18,969,647 | 20,368,230 | - | -
|  | 29,094,251 | 31,484,501 | 73,333 | 183,333
23. | Related party transactions
| FRS102 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidary which is a party to the transaction is wholly owned by such a member. MW Eat Limited is a wholly owned subsidiary of Echowalk Limited and hence a related party. At the period end MW Eat Limited owed Echowalk Limited £12,705 (2024: £61,742). Masala Zone Limited is a wholly owned subsidiary of MW Eat Limited and hence a related party. At the period end MW Eat Limited was owed by Masala Zone Limited £243,799 (2024: £1,149,973), there is no interest payable on this loan. The India Collection Limited is a majority owned subsidiary of MW Eat Limited and hence a related party. At the period end MW Eat Limited owed The India Collection Limited £1,168,022 (2024: £32,624 debtor).
24. | Ultimate parent undertaking and controlling party
The Company is a wholly owned subsidiary of Echowalk Limited. The Directors report that the ultimate parent company is Browside Developments Limited, a company registered in the British Virgin Islands. The whole of the issued share capital of Browside Developments Limited is held in trust for the benefit of Ranjit Mathrani and Namita Panjabi who are Directors of Masala Zone Limited.
Page 39