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Registered number: 03553775 THE INDIA COLLECTION LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
THE INDIA COLLECTION LIMITED COMPANY INFORMATION
Directors | R Mathrani
| N Panjabi
Registered number | 03553775
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
THE INDIA COLLECTION LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 10
Statement of Comprehensive Income | 11
Balance Sheet | 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14
Analysis of Net Debt | 15
Notes to the Financial Statements | 16 - 27
THE INDIA COLLECTION LIMITED STRATEGIC REPORT FOR THE PERIOD ENDED 30 MARCH 2025 The Directors present their report and financial statements for the period ended 30 March 2025.
Business review
The principal activity of the Company is the operation of a restaurant business. The Company owns and operates a unique collection of highly-regarded premium informal dining Indian restaurants in London. The Company'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 Company'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.
Financial key performance indicators
The Company 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 year's profitability. - Staff recruitment and retention. - Cashflow management of each restaurant and the Company as a whole against budgeted cashflow, taking particular account of capital expenditure. Page 1
THE INDIA COLLECTION LIMITED STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 30 MARCH 2025
Principal risks and uncertainties
The principal risks and uncertainties faced by the Company are as follows: Economic Whilst the Company has experienced growth it is always at risk of potential reduced revenue due to outside influences and general economic trends. The Company has been focusing on further performance enhancement measures. The Company’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 Company 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 Company has sufficient liquid assets to underwrite the operating and growth plans of the business. Interest Rate Risk The Company 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 Company 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.
Future developments
In the coming year, the Company'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 2
THE INDIA COLLECTION 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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company'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 Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the period, after taxation, amounted to £4,662,411 (2024 - £3,885,900). An interim dividend was paid amounting to £4,700,000 (2024: £4,200,000). The Directors do not recommend payment of a final dividend.
Directors
The directors who served during the period were:
R Mathrani
N Panjabi
Future developments
In the coming year, the Company's objectives remain consistent, with particular emphasis on growth and profitability and continuing to grow the prominence of the brands as some of the world’s most premium Indian dining establishments. Page 3
THE INDIA COLLECTION 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'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'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 4
THE INDIA COLLECTION LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE INDIA COLLECTION LIMITED
Opinion
We have audited the of The India Collection Limited (the 'Company') for the period ended 30 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the 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 : ∙give a true and fair view of the state of the Company's affairs as at 30 March 2025 and of its 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 section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the 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 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 5
THE INDIA COLLECTION LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE INDIA COLLECTION 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 Strategic Report and the Directors' Report for the financial period for which the are prepared is consistent with the ; and ∙the 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 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. Page 6
THE INDIA COLLECTION LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE INDIA COLLECTION LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the 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 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. Page 7
THE INDIA COLLECTION LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE INDIA COLLECTION 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 company’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 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 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. 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. 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 Page 8
THE INDIA COLLECTION LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE INDIA COLLECTION LIMITED (CONTINUED) 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 9
THE INDIA COLLECTION LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE INDIA COLLECTION 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 10
THE INDIA COLLECTION LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 MARCH 2025
| 30 March | 30 March
| 2025 | 2024
Note | £ | £
Turnover | 4 | 18,978,919 | 17,256,191
Cost of sales |  | (3,163,971) | (3,076,467)
Gross profit |  | 15,814,948 | 14,179,724
Distribution costs |  | (6,862,534) | (6,634,250)
Administrative expenses |  | (3,708,278) | (3,529,315)
Operating profit |  | 5,244,136 | 4,016,159
Interest payable and similar expenses |  | - | (164)
Profit before tax |  | 5,244,136 | 4,015,995
Tax on profit | 7 | (581,725) | (130,095)
Profit for the financial period |  | 4,662,411 | 3,885,900
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 16 to 27 form part of these financial statements.
Page 11
THE INDIA COLLECTION LIMITED REGISTERED NUMBER: 03553775 BALANCE SHEET AS AT 30 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 10 |  | 1,272,627 |  | 1,331,423
|  |  | 1,272,627 |  | 1,331,423
Current assets |  |  |  |  |
Stocks | 11 | 434,018 |  | 441,368 |
Debtors: amounts falling due within one year | 12 | 1,852,092 |  | 1,301,577 |
Cash at bank and in hand | 13 | 8,270 |  | 8,490 |
|  | 2,294,380 |  | 1,751,435 |
Creditors: amounts falling due within one year | 14 | (926,429) |  | (430,470) |
Net current assets |  |  | 1,367,951 |  | 1,320,965
Total assets less current liabilities |  |  | 2,640,578 |  | 2,652,388
Provisions for liabilities |  |  |  |  |
Deferred tax | 15 | (155,874) |  | (130,095) |
|  |  | (155,874) |  | (130,095)
Net assets |  |  | 2,484,704 |  | 2,522,293
Capital and reserves |  |  |  |  |
Called up share capital | 16 |  | 2 |  | 2
Share premium account | 17 |  | 329,981 |  | 329,981
Profit and loss account | 17 |  | 2,154,721 |  | 2,192,310
|  |  | 2,484,704 |  | 2,522,293
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 16 to 27 form part of these financial statements. Page 12
THE INDIA COLLECTION LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 MARCH 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 27 March 2023 | 2 | 329,981 | 2,506,410 | 2,836,393
Comprehensive income for the period |  |  |  |
Profit for the period | - | - | 3,885,900 | 3,885,900
Other comprehensive income for the period | - | - | - | -
Total comprehensive income for the period | - | - | 3,885,900 | 3,885,900
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (4,200,000) | (4,200,000)
Total transactions with owners | - | - | (4,200,000) | (4,200,000)
At 31 March 2024 | 2 | 329,981 | 2,192,310 | 2,522,293
Comprehensive income for the period |  |  |  |
Profit for the period | - | - | 4,662,411 | 4,662,411
Other comprehensive income for the period | - | - | - | -
Total comprehensive income for the period | - | - | 4,662,411 | 4,662,411
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 | 2 | 329,981 | 2,154,721 | 2,484,704
| The notes on pages 16 to 27 form part of these financial statements.
Page 13
THE INDIA COLLECTION LIMITED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial period | 4,662,411 | 3,885,900
Adjustments for: |  |
Depreciation of tangible assets | 261,763 | 318,818
Interest paid | - | 164
Taxation charge | 581,725 | 130,095
Decrease in stocks | 7,350 | 1,729
Decrease/(increase) in debtors | 617,507 | (583,304)
(Increase)/decrease in amounts owed by groups | (1,168,022) | 876,383
(Decrease) in creditors | (27,363) | (28,473)
(Decrease)/increase in amounts owed to groups | (32,624) | 32,624
Net cash generated from operating activities | 4,902,747 | 4,633,936
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (202,967) | (427,908)
Net cash from investing activities | (202,967) | (427,908)
Cash flows from financing activities |  |
Dividends paid | (4,700,000) | (4,200,000)
Interest paid | - | (164)
Net cash used in financing activities | (4,700,000) | (4,200,164)
Net (decrease)/increase in cash and cash equivalents | (220) | 5,864
Cash and cash equivalents at beginning of period | 8,490 | 2,626
Cash and cash equivalents at the end of period | 8,270 | 8,490
Cash and cash equivalents at the end of period comprise: |  |
Cash at bank and in hand | 8,270 | 8,490
| 8,270 | 8,490
The notes on pages 16 to 27 form part of these financial statements.
Page 14
THE INDIA COLLECTION LIMITED 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 | 8,490 | (220) | 8,270
| 8,490 | (220) | 8,270
The notes on pages 16 to 27 form part of these financial statements.
Page 15
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
1. | General information
The India Collection Ltd 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, United Kingdom, W1H 5QW. The nature of the Company's operations and its principal activities continued to be that of a restaurant. 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company 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 Company 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.
| 2.3 | 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 16
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.
| 2.5 | Current and deferred 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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.
| 2.6 | Intangible assets
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the statement of comprehensive income over its useful economic life. Page 17
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 2.Accounting policies (continued)
| 2.7 | 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 Company 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 Company. 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:
|  |  |  | Short-term leasehold property | - | 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.
| 2.8 | Stocks
Stocks are valued at the lower of cost or estimated selling price less costs to complete and sell.
| 2.9 | 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.
| 2.10 | 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 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 Company's cash management.
| 2.11 | 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. Page 18
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are Page 19
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
| 2.13 | 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.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. The accounts include the reasonable estimate of insurance income for the period of closure of a site due to flooding.
4. | Turnover
The whole of the turnover is attributable to the Company's principal business activity.
| All turnover arose within the United Kingdom.
Page 20
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
5. | Auditors' remuneration
|  |  |  |  | 30 March | 30 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 37,000 | 35,300
| Fees payable to the auditors are not included in The India Collection Limited as they are paid on its behalf by its parent company, MW Eat Limited. It is not practical for this fee to be split between the companies. The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
6. | Employees
| Staff costs were as follows:
|  |  |  |  | 30 March | 30 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 6,446,715 | 6,287,708
| Social security costs | 415,819 | 346,537
| Cost of defined contribution scheme | 85,583 | 79,378
|  | 6,948,117 | 6,713,623
| The average monthly number of employees, including the directors, during the period was as follows:
|  |  | 30 March | 30 March
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Directors | 2 | 2
|  | Restaurant Staff | 209 | 219
|  |  | 211 | 221
Page 21
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
7. | Taxation
|  |  |  |  | 30 March | 30 March
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 555,946 | -
|  | 555,946 | -
| Total current tax | 555,946 | -
| Deferred tax |  |
| Origination and reversal of timing differences | 25,779 | 130,095
| Total deferred tax | 25,779 | 130,095
|  | 581,725 | 130,095
| Factors affecting tax charge for the period
| The tax assessed for the period is lower 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 | 5,244,136 | 4,015,995
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 1,311,034 | 1,003,999
| Effects of: |  |
| Capital allowances for period in excess of depreciation | (9,501) | 7,865
| Expenses not deductible for tax purposes | - | 20
| Other differences leading to an increase (decrease) in the tax charge | (4,846) | -
| Group relief | (740,741) | (1,011,884)
| Deferred tax movements | 25,779 | 130,095
| Total tax charge for the period | 581,725 | 130,095
Page 22
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025 7.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
8. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends | 4,700,000 | 4,200,000
|  | 4,700,000 | 4,200,000
9. | Intangible assets
|  | Goodwill
|  | £
| Cost |
| At 31 March 2024 | 300,000
| At 30 March 2025 | 300,000
| Amortisation |
| At 31 March 2024 | 300,000
| At 30 March 2025 | 300,000
| Net book value |
| At 30 March 2025 | -
| At 30 March 2024 | -
| Goodwill was transferred from MW Eat Limited. Goodwill originally arose on the purchase of a business by MW Eat Limited in 1997.
Page 23
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
10. | Tangible fixed assets
|  | Short-term leasehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 31 March 2024 | 578,180 | 11,453,043 | 12,031,223
| Additions | - | 202,967 | 202,967
| At 30 March 2025 | 578,180 | 11,656,010 | 12,234,190
| Depreciation |  |  |
| At 31 March 2024 | 349,629 | 10,350,171 | 10,699,800
| Charge for the period on owned assets | 24,696 | 237,067 | 261,763
| At 30 March 2025 | 374,325 | 10,587,238 | 10,961,563
| Net book value |  |  |
| At 30 March 2025 | 203,855 | 1,068,772 | 1,272,627
| At 30 March 2024 | 228,551 | 1,102,872 | 1,331,423
| The overdrafts and bank loans of Echowalk Limited (the ultimate parent Company) are secured by mortgage debentures over the assets of Masala Zone Limited via a cross guarantee in favour of Barclays Bank plc.
11. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Stock held | 434,018 | 441,368
|  | 434,018 | 441,368
Page 24
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
12. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts owed by group undertakings | 1,168,022 | -
| Other debtors | 7,643 | 631,090
| Prepayments | 676,427 | 670,487
|  | 1,852,092 | 1,301,577
13. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 8,270 | 8,490
|  | 8,270 | 8,490
14. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 59,383 | 44,450
| Amounts owed to group undertakings | - | 32,624
| Corporation tax | 555,946 | -
| Other taxation and social security | 145,520 | 149,546
| Other creditors | 962 | 52,648
| Accruals and deferred income | 164,618 | 151,202
|  | 926,429 | 430,470
Page 25
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
15. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (130,095)
| Charged to profit or loss | (25,779)
| At end of year | (155,874)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (155,874) | (130,095)
|  | (155,874) | (130,095)
16. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2,320,000 (2024 - 2,320,000) Ordinary shares of £0.000001 each | 2 | 2
|  | 180,000 (2024 - 180,000) Ordinary A shares of £0.000001 each | - | -
|  |  | 2 | 2
17. | Reserves
Share premium account In 2019: 148,020 Ordinary A shares were issued at a premium of £2.23 per share.
18. | Contingent liabilities
The Company is part of a VAT Group with Echowalk Limited, MW Eat Limited and Masala Zone Limited where potential liability could fall due on The India Collection Limited totalling a maximum of £595,886 (2024: £808,434). Page 26
THE INDIA COLLECTION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 MARCH 2025
19. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £85,583 (2024: £79,378).
20. | Commitments under operating leases
| At 30 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 862,688 | 981,250
| Later than 1 year and not later than 5 years | 2,819,583 | 3,196,688
| Later than 5 years | 8,835,750 | 9,321,333
|  | 12,518,021 | 13,499,271
21. | Related party transactions
| At the year end The India Collection Limited was owed £1,168,022 (2024 - £32,624 creditor) by MW Eat Limited, the immediate parent company.
22. | Controlling party
The immediate parent company is MW Eat Limited in the current and prior year. In both the current and prior year, the Directors consider the ultimate controlling party to be 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 The India Collection Limited.
Page 27