REGISTERED NUMBER: 01446632 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 OCTOBER 2024

FOR

PAN UNITED LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

P Mehta

Ms B Kamdar

SECRETARY:

P Mehta

REGISTERED OFFICE:

156 High Street

Dorking

RH4 1BQ

REGISTERED NUMBER:

01446632 (England and Wales)

AUDITORS:

Ashfords Partnership LLP

114-116 Goodmayes Road

Ilford

Esex

IG3 9UZ

The directors present their strategic report of the company and the group for the year ended 28 October 2024.

REVIEW OF BUSINESS

The director is pleased with the company's performance for the year. Sales have outperformed expectations and are representative of the company's position within the market.

The company's turnover has increased by 11.46% in the last year. Turnover in value can fluctuate depending on changes in the market prices.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risk to the company's principal activity remains a reduction in demand by customers for fruit and vegetables.

FINANCIAL KEY PERFORMANCE INDICATORS

The two key performance indicators are turnover and gross profit margin. Sales have increased by 11.46% during the year (2023:20.63% increase). Gross profit margin is 9.56% (2023: 9.75%).

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's principal financial instruments comprise bank balances, trade debtors. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company, there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments is detailed below.

In respect of bank balances, liquidity risk is managed by maintaining a balance sufficient to meet the funds required for the company's operations.

Trade debtors are managed in respect of credit and cash flow risk by ensuring that amounts due are collected within the company's credit terms. Credit risk is also managed by credit insurance.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to satisfy any amounts due.

ON BEHALF OF THE BOARD:

Ms B Kamdar - Director

23 October 2025

The directors present their report with the financial statements of the company and the group for the year ended 28 October 2024.

DIVIDENDS

During the year company paid dividends amounting to £2,400,000..

FUTURE DEVELOPMENTS

Pan United Limited is committed to continuing to deliver high quality produce to its customers and continually evaluates its supplier base to ensure that this is achieved.

DIRECTOR

N Kamdar held office from 29 October 2023 until after 28 October 2024 but prior to the date of this report.

Prakash Mehta was appointed as director on 30th April 2025 and

Bansari Kamdar was appointed as director on 1st May 2025.

Nilay Kamdar resigned as director on 30th April 2025.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Ms B Kamdar - Director

23 October 2025

Opinion

We have audited the financial statements of Pan United Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 28 October 2024 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the consultancy services sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates are reasonable.

- were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governance; enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Ashok Mukundlal Shah (Senior Statutory Auditor)

for and on behalf of Ashfords Partnership LLP

114-116 Goodmayes Road

Ilford

Esex

IG3 9UZ

23 October 2025

TURNOVER

43,670,659

39,180,636

Cost of sales

39,497,657

35,359,463

GROSS PROFIT

4,173,002

3,821,173

Administrative expenses

1,788,306

1,370,974

2,384,696

2,450,199

Other operating income

3,869

5,460

OPERATING PROFIT

4

2,388,565

2,455,659

Interest receivable and similar income

286,431

197,725

2,674,996

2,653,384

Interest payable and similar expenses

5

1,211

111

PROFIT BEFORE TAXATION

2,673,785

2,653,273

Tax on profit

6

669,907

690,012

PROFIT FOR THE FINANCIAL YEAR

2,003,878

1,963,261

Profit attributable to:

Owners of the parent

2,003,878

1,963,261

PROFIT FOR THE YEAR

2,003,878

1,963,261

OTHER COMPREHENSIVE INCOME

Merger Reserve

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,003,878

1,963,261

Total comprehensive income attributable to:

Owners of the parent

2,003,878

1,963,261

FIXED ASSETS

Tangible assets

9

162,210

96,277

Investments

10

19,335

19,335

181,545

115,612

CURRENT ASSETS

Stocks

11

3,016,484

2,335,150

Debtors

12

5,394,346

6,658,451

Cash at bank and in hand

5,159,410

7,196,940

13,570,240

16,190,541

CREDITORS

Amounts falling due within one year

13

2,476,837

4,651,952

NET CURRENT ASSETS

11,093,403

11,538,589

TOTAL ASSETS LESS CURRENT LIABILITIES

11,274,948

11,654,201

PROVISIONS FOR LIABILITIES

15

36,117

19,248

NET ASSETS

11,238,831

11,634,953

CAPITAL AND RESERVES

Called up share capital

16

90,050

90,050

Other reserves

17

1,050,486

1,050,486

Retained earnings

17

10,098,295

10,494,417

SHAREHOLDERS' FUNDS

11,238,831

11,634,953

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2025 and were signed on its behalf by:

Ms B Kamdar - Director

FIXED ASSETS

Tangible assets

9

162,050

96,026

Investments

10

109,960

109,960

272,010

205,986

CURRENT ASSETS

Stocks

11

2,925,561

2,137,255

Debtors

12

5,458,199

6,252,033

Cash at bank and in hand

4,795,568

7,146,530

13,179,328

15,535,818

CREDITORS

Amounts falling due within one year

13

1,680,515

3,590,878

NET CURRENT ASSETS

11,498,813

11,944,940

TOTAL ASSETS LESS CURRENT LIABILITIES

11,770,823

12,150,926

PROVISIONS FOR LIABILITIES

15

36,117

19,248

NET ASSETS

11,734,706

12,131,678

CAPITAL AND RESERVES

Called up share capital

16

90,050

90,050

Other reserves

17

1,050,486

1,050,486

Retained earnings

17

10,594,170

10,991,142

SHAREHOLDERS' FUNDS

11,734,706

12,131,678

Company's profit for the financial year

2,003,028

2,274,031

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2025 and were signed on its behalf by:

Ms B Kamdar - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 29 October 2022

90,050

9,381,156

1,050,486

10,521,692

Changes in equity

Dividends

-

(850,000

)

-

(850,000

)

Total comprehensive income

-

1,963,261

-

1,963,261

Balance at 28 October 2023

90,050

10,494,417

1,050,486

11,634,953

Changes in equity

Dividends

-

(2,400,000

)

-

(2,400,000

)

Total comprehensive income

-

2,003,878

-

2,003,878

Balance at 28 October 2024

90,050

10,098,295

1,050,486

11,238,831

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 29 October 2022

90,050

9,567,111

1,050,486

10,707,647

Changes in equity

Dividends

-

(850,000

)

-

(850,000

)

Total comprehensive income

-

2,274,031

-

2,274,031

Balance at 28 October 2023

90,050

10,991,142

1,050,486

12,131,678

Changes in equity

Dividends

-

(2,400,000

)

-

(2,400,000

)

Total comprehensive income

-

2,003,028

-

2,003,028

Balance at 28 October 2024

90,050

10,594,170

1,050,486

11,734,706

Cash flows from operating activities

Cash generated from operations

1

1,253,928

1,273,358

Interest paid

(1,211

)

(111

)

Tax paid

(435,882

)

(465,702

)

Net cash from operating activities

816,835

807,545

Cash flows from investing activities

Purchase of tangible fixed assets

(92,742

)

(4,910

)

Sale of tangible fixed assets

1,332

-

Interest received

286,431

197,725

Net cash from investing activities

195,021

192,815

Cash flows from financing activities

Amounts owed by group undertakings

(649,386

)

-

Equity dividends paid

(2,400,000

)

(850,000

)

-

15

Net cash from financing activities

(3,049,386

)

(849,985

)

(Decrease)/increase in cash and cash equivalents

(2,037,530

)

150,375

Cash and cash equivalents at beginning of year

2

7,196,940

7,046,565

Cash and cash equivalents at end of year

2

5,159,410

7,196,940

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

28.10.24

28.10.23

£

£

Profit before taxation

2,673,785

2,653,273

Depreciation charges

25,583

26,521

Profit on disposal of fixed assets

(270

)

-

Finance costs

1,211

111

Finance income

(286,431

)

(197,725

)

2,413,878

2,482,180

Increase in stocks

(681,334

)

(678,016

)

Decrease/(increase) in trade and other debtors

1,913,655

(1,474,459

)

(Decrease)/increase in trade and other creditors

(2,392,271

)

943,653

Cash generated from operations

1,253,928

1,273,358

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 October 2024

28.10.24

29.10.23

£

£

Cash and cash equivalents

5,159,410

7,196,940

Year ended 28 October 2023

28.10.23

29.10.22

£

£

Cash and cash equivalents

7,196,940

7,046,565

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 29.10.23

Cash flow

At 28.10.24

£

£

£

Net cash

Cash at bank and in hand

7,196,940

(2,037,530

)

5,159,410

7,196,940

(2,037,530

)

5,159,410

Total

7,196,940

(2,037,530

)

5,159,410

1.	STATUTORY INFORMATION

Pan United Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statement in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

The key areas of judgement and estimation uncertainty in these financial statements are highlighted below.

Valuation of debtors

Debtors are reviewed periodically by management for evidence of impairment with reference to the financial position of the counterpart. Where indicator of impairment are identified and it is considered probable that the debt will not be recovered in full, a provision is recognised. As at year end trade debtors were presented net of a provision of £579,496 (2023: £454,517).

Valuation of stock

Stock is reviewed periodically by management for evidence of impairment with reference to the condition of the stock and the performance of the market as a whole. Where indicators of impairment are identified and it is considered probable the stock will be sold at a value below cost, or discarded, a provision is recognised to reduce the stock to net realisable value with reference to the anticipated sales price net of costs to sell. An impairment loss of £148,175 (2023: £121,511) was recognised in cost of sales against stock during the year.

Turnover

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

Tangible fixed assets

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

Long leasehold

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit and loss for the period.

Operating leases

Rentals paid under operating lease are charged to the Statement of income and Retained Earnings on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

28.10.24

28.10.23

£

£

Wages and salaries

526,785

372,134

Social security costs

75,759

46,028

Other pension costs

58,336

56,808

660,880

474,970