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REGISTERED NUMBER: 11714432 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 December 2024

for

Kouriten Limited

Kouriten Limited (Registered number: 11714432)

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Director | 4 |

Report of the Independent Auditors | 6 |

Income Statement | 10 |

Other Comprehensive Income | 11 |

Statement of Financial Position | 12 |

Statement of Changes in Equity | 13 |

Statement of Cash Flows | 14 |

Notes to the Financial Statements | 15 |

Kouriten Limited

Company Information

for the Year Ended 31 December 2024

| DIRECTOR: | Mr A Mashkoor

| REGISTERED OFFICE: | 124 Baker Street

| London

| W1U 6TY

| REGISTERED NUMBER: | 11714432 (England and Wales)

| AUDITORS: | RA Audit Services Limited (Statutory Auditor)

| 2nd Floor

| Grove House

| 55 Lowlands Road

| Harrow

| Middlesex

| HA1 3AW

Kouriten Limited (Registered number: 11714432)

Strategic Report

for the Year Ended 31 December 2024

The director presents his strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Kouriten Limited was incorporated in 2018. The company is a operating as a distribution company for Franchisee operation of Miniso operator. All stores are in England. All income is coming from UK.

MINISO is a global lifestyle brand offering a wide variety of high-quality household goods, cosmetics, and food at affordable prices. Operating under a franchise model in the UK, MINISO UK functions as the master franchisor, overseeing the expansion, compliance, and operational performance of franchisees across the region.

The core business model is focused on product innovation, efficient supply chain management, and a standardized retail experience aligned with the global brand strategy. MINISO UK is responsible for brand positioning, franchisee support, supply logistics, and ensuring operational excellence in line with group standards.

During the year, the company has invested in warehouse infrastructure and inventory management systems to improve product availability and distribution efficiency. Also, launched new product lines in collaboration with global IP brands (e.g., Disney, Marvel), which significantly boosted brand engagement and in-store traffic.

PRINCIPAL RISKS AND UNCERTAINTIES

There are number of potential risks and uncertainties which could impact company's performance. The board of Directors consider the risks of all significant business decisions and changes in the external environment and company operations. These risks are assessed by the board on a regular basis to ensure they are identified and appropriately managed.

Financial risk

The company's financial risk is arising primarily from adjusting buying and selling prices of the products to match demand and supply at a given time. Retail spending is sensitive to macroeconomic conditions, inflation, and interest rates. This is managed by maintaining flexible pricing strategies and broaden product appeal to value-conscious consumers.

Competitive risk

UK's franchisee market is competitive, particularly in the high street retail sectors where the business is focused. Many companies have entered the market and are offering similar products which gives rise to competitive pricing structures. The impact of technology has been enormous, and it is essential that we keep abreast of advances in this area.

Supply Chain Disruptions

Global logistics volatility may impact stock availability. This is mitigated by having enough stock available for distribution and enhanced UK-based inventory reserves.

Foreign Exchange Volatility

A significant portion of inventory is sourced in foreign currency. This is controlled by hedging strategies and supplier negotiations to stabilise costs.

Kouriten Limited (Registered number: 11714432)

Strategic Report

for the Year Ended 31 December 2024

KEY PERFORMANCE INDICATORS

The company's key performance indicators for the year ended 31 December 2024 are as follows:

| YE 31.12.24 |  | YE 31.12.23 |  |

Turnover |  | £15,258,482 |  | £5,517,229 |  |

Gross profit |  | £3,749,477 |  | £1,188,375 |  |

Gross profit margin |  | 24.57% |  | 21.53% |  |

Profit before tax |  | £385,033 |  | £2,236,008 |  |

Shareholders' equity |  | £488,886 |  | £138,107 |  |

For the year ended 31 December 2024, turnover grew by 176%. and gross profit margin has also improved, reflecting the impact of expansion, however profit before tax fell compared to 2023. There was one off loan written off credit of £3.3m in the previous year which has resulted in high operating profit for 2023.

Despite ongoing macroeconomic headwinds, MINISO UK remains well-positioned to deliver steady growth through disciplined cost management, strategic expansion, and strengthened franchisee support. The brand’s value proposition continues to resonate with consumers seeking affordable yet high-quality lifestyle products. The Board remains cautiously optimistic about the outlook, underpinned by expectations of sustained profitability and operational resilience.

ON BEHALF OF THE BOARD:

Mr A Mashkoor - Director

18 November 2025

Kouriten Limited (Registered number: 11714432)

Report of the Director

for the Year Ended 31 December 2024

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS

The franchisor's strategic priorities for the next couple of years are:

Network Expansion: Targeting new retail locations in key commercial zones and secondary cities.

Franchise Development: Improving the support structure and profitability models to attract high-calibre franchise partners.

Digital Integration: Enhancing digital sales channels and loyalty programmes to support omnichannel growth.

Brand Strengthening: Investing in localised marketing and exclusive product collaborations to increase market share and customer retention.

DIRECTOR

Mr A Mashkoor held office during the whole of the period from 1 January 2024 to the date of this report.

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, trade debtors, trade creditors and bank borrowings.. The main purpose of these instruments is to raise funds for company's operations and to finance company's trading activities.

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 financial instruments concerned is shown below.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding.

Trade debtors are managed in respect of credit and cash flow risk by regular monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring funds are available to meet amounts due within agreed terms.

Interest rate risk - The Company borrows from its bankers using trade loans whose tenure depends on the nature of the asset and management's view of the future direction on interest rate.

In respect of loans due to and from related parties, these are interest-free and repayable on demand. This allows the company to maintain sufficient funds to meet its working capital requirements.

Kouriten Limited (Registered number: 11714432)

Report of the Director

for the Year Ended 31 December 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

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

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

- | select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, RA Audit Services Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A Mashkoor - Director

18 November 2025

Report of the Independent Auditors to the Members of

Kouriten Limited

Qualified Opinion

We have audited the financial statements of Kouriten Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and 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, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph:

- the financial statements give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its profit/loss for the year then ended;

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

- the financial statements 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We were appointed as auditors of the Company for the year ended 31 December 2024. We were not appointed as auditors of the Company for the prior year ended 31 December 2023 and therefore did not observe the counting of physical stock at the beginning of the current financial year. We were unable to satisfy ourselves by alternative means concerning inventory quantities held at 31 December 2023. Since opening stock enter into the determination of the results for the year, we were unable to determine whether adjustments might have been necessary in respect of the results for the year ended 31 December 2024 and the opening retained earnings.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Report of the Independent Auditors to the Members of

Kouriten Limited

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

- | adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

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

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Kouriten Limited

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:

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.

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 client partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulations.

1) We identified the laws and regulations applicable to the company through discussions with directors, key management personnel and from our commercial knowledge and experience.

2) We focused on specific laws and regulations which we considered may have a direct effect on financial statements or the operations of the company including Companies Act 2006, current taxation legislation, data protection, anti-bribery and money laundering, employment and health and safety legislation.

3) We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.

4) Identified laws and regulations were communicated with 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;

1) Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual suspected and alleged fraud and

2) 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:

1) Performed analytical procedures to identify any unusual and unexpected relationships,

2) Tested journal entries to identify unusual transactions,

3) 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:

1) Agreeing financial statements disclosures to underlying supporting documentation.

2) Enquiring of management as to actual and potential litigation and claims and

3) Reviewing correspondence with HMRC, enquiring of management over health and safety.

Report of the Independent Auditors to the Members of

Kouriten Limited

There are inherent limitations in our audit procedures described above. Auditing standards also limit the audit procedures required to identifying 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.

Abdul Hafeez ACA FCCA (Senior Statutory Auditor)

for and on behalf of RA Audit Services Limited (Statutory Auditor)

2nd Floor

Grove House

55 Lowlands Road

Harrow

Middlesex

HA1 3AW

19 November 2025

Kouriten Limited (Registered number: 11714432)

Income Statement

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

TURNOVER | 4 | 15,258,482 |  | 5,517,229 |  |

Cost of sales | 11,509,005 |  | 4,328,854 |  |

GROSS PROFIT | 3,749,477 |  | 1,188,375 |  |

Administrative expenses | 3,364,444 |  | (1,050,614 | ) |

OPERATING PROFIT | 6 | 385,033 |  | 2,238,989 |  |

Interest payable and similar expenses | 7 | 13,816 |  | 2,981 |  |

PROFIT BEFORE TAXATION | 371,217 |  | 2,236,008 |  |

Tax on profit | 8 | 20,438 |  | - |  |

PROFIT FOR THE FINANCIAL YEAR | 350,779 |  | 2,236,008 |  |

Kouriten Limited (Registered number: 11714432)

Other Comprehensive Income

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

PROFIT FOR THE YEAR | 350,779 |  | 2,236,008 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 350,779 |  | 2,236,008 |  |

Kouriten Limited (Registered number: 11714432)

Statement of Financial Position

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | 320,644 |  |

Tangible assets | 10 | 81,752 |  | 85,641 |  |

81,752 |  | 406,285 |  |

CURRENT ASSETS

Stocks | 11 | 7,467,408 |  | 3,239,055 |  |

Debtors | 12 | 3,960,914 |  | 2,223,463 |  |

Cash at bank and in hand | 47,313 |  | 268,083 |  |

11,475,635 |  | 5,730,601 |  |

CREDITORS

Amounts falling due within one year | 13 | 11,048,063 |  | 5,981,408 |  |

NET CURRENT ASSETS/(LIABILITIES) | 427,572 |  | (250,807 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 509,324 |  | 155,478 |  |

CREDITORS

Amounts falling due after more than one year | 14 | - |  | (17,371 | ) |

PROVISIONS FOR LIABILITIES | 17 | (20,438 | ) | - |  |

NET ASSETS | 488,886 |  | 138,107 |  |

CAPITAL AND RESERVES

Called up share capital | 18 | 100 |  | 100 |  |

Retained earnings | 488,786 |  | 138,007 |  |

SHAREHOLDERS' FUNDS | 488,886 |  | 138,107 |  |

The financial statements were approved by the director and authorised for issue on 18 November 2025 and were signed by:

Mr A Mashkoor - Director

Kouriten Limited (Registered number: 11714432)

Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 January 2023 | 100 |  | (2,098,001 | ) | (2,097,901 | ) |

Changes in equity

Total comprehensive income | - |  | 2,236,008 |  | 2,236,008 |  |

Balance at 31 December 2023 | 100 |  | 138,007 |  | 138,107 |  |

Changes in equity

Total comprehensive income | - |  | 350,779 |  | 350,779 |  |

Balance at 31 December 2024 | 100 |  | 488,786 |  | 488,886 |  |

Kouriten Limited (Registered number: 11714432)

Statement of Cash Flows

for the Year Ended 31 December 2024

| 31.12.24 |  | 31.12.23

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 21 | (490,086 | ) | 54,819 |  |

Interest paid | (13,816 | ) | (2,981 | ) |

Net cash from operating activities | (503,902 | ) | 51,838 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (38,091 | ) | (31,429 | ) |

Sale of intangible fixed assets | 320,644 |  | - |  |

Sale of tangible fixed assets | 23,162 |  | 141,848 |  |

Net cash from investing activities | 305,715 |  | 110,419 |  |

Cash flows from financing activities

Capital repayments in year | (22,583 | ) | (5,212 | ) |

Net cash from financing activities | (22,583 | ) | (5,212 | ) |

(Decrease)/increase in cash and cash equivalents | (220,770 | ) | 157,045 |  |

Cash and cash equivalents at beginning of year | 22 | 268,083 |  | 111,038 |  |

Cash and cash equivalents at end of year | 22 | 47,313 |  | 268,083 |  |

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Kouriten 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 Company 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.

| The financial statements are prepared in the Pound Sterling (£) which is the functional currency of the company.

| Kouriten Limited is a wholly owned subsidiary of Kouriten Holdings Limited and the results of Kouriten Limited are included in consolidated financial statements of Kouriten Holdings Limited which are available from their registered office 124 Baker Street, London, England, W1U 6TY.

| The principal accounting policies adopted are set out below.

| Turnover

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

| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows :

| Sales of goods

| Turnover from sale of goods is recognised when significant risk and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the Company and the cost incurred or to be incurred in respect of the transaction can be measured reliably. This is usually when goods are processed through the Company's outlet till and handed over to the customers or processed through internet and goods are dispatched. Sales are recognised in the accounts at the point of sale.

| Management fess

| Management fees includes costs recharged to franchisees and is recognised on receivable basis.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Patents and licences are being amortised evenly over their estimated useful life of 10 years.

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

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

| Fixtures and fittings | - | 15% on reducing balance

| Motor vehicles | - | 15% on reducing balance

| Computer equipment | - | straight line over 3 years

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

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

| 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. Closing stock includes unsold items at the year end and stock in transit.

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Financial instruments

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

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

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

| Classification of 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 deducting all of its liabilities.

| Basic financial liabilities

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

| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

| Pension costs and other post-retirement benefits

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

| Cash and cash equivalents

| Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks and bank overdraft. Bank overdrafts are shown within borrowings in current liabilities.

| Hire purchase and leasing commitments

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

| Equity instruments

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

| Going concern

| Management has considered the post balance sheet events and other conditions, and it has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. Improving operating results and financial position after the balance sheet date indicates the going concern assumption is still appropriate.

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAI

| In the application of the company's accounting policies, the directors are required to make judgments estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other are considered to be relevant. Actual results may differ from these estimates.

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

| Key Sources of estimation uncertainty

| The following judgements have had the most significant effect on amounts recognised in the financial statements.

| Useful lives of intangible fixed assets

| Intangible fixed assets consist of goodwill and fanchisee fees. The annual amortisation charge depends on estimated useful economic life of the asset. The directors regularly review the remaining useful life of these assets. Changes in asset's useful economic life can have a significant impact on amortisation charge for the period. Detail of the useful economic life is included in accounting policies.

| Useful lives of tangible fixed assets

| The costs of tangible fixed assets less their residual value are depreciated over their estimated useful economic lives which are estimated by the director. Changes in the expected level of usage and technological developments could impact on the useful economic lives of these assets; therefore, further depreciation charges could be revised. Detail of the useful economic life is included in accounting policies

4. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the company.

| An analysis of turnover by class of business is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Sales - internal franchise | 6,159,268 |  | 2,680,973 |  |

| Sales - outside franchise | 5,630,551 |  | 2,259,649 |  |

| Management fees - internal | 2,922,830 |  | 576,607 |  |

| Outside franchise cost recharg | 506,833 |  | - |  |

| Other management fees | 39,000 |  | - |  |

15,258,482 |  | 5,517,229 |  |

| Turnover includes income derived from all of the activity in the UK.

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

5. | EMPLOYEES AND DIRECTORS

| 31.12.24 |  | 31.12.23

£ | £ |

| Wages and salaries | 1,315,197 |  | 743,130 |  |

| Social security costs | 126,509 |  | 84,768 |  |

| Other pension costs | 25,073 |  | 16,204 |  |

1,466,779 |  | 844,102 |  |

| The average number of employees during the year was as follows:

| 31.12.24 |  | 31.12.23

| Management | 26 |  | 32 |  |

| 31.12.24 |  | 31.12.23

£ | £ |

| Director's remuneration | 83,333 |  | - |  |

6. | OPERATING PROFIT

| The operating profit is stated after charging/(crediting):

| 31.12.24 |  | 31.12.23

£ | £ |

| Depreciation - owned assets | 14,573 |  | 31,428 |  |

| Loss on disposal of fixed assets | 4,245 |  | - |  |

| Patents and licences amortisation | - |  | 58,204 |  |

| Auditors' remuneration | 8,750 |  | - |  |

| Foreign exchange differences | 37,458 |  | (34,276 | ) |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.12.24 |  | 31.12.23

£ | £ |

| Loan interest | 13,816 |  | 2,981 |  |

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

8. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 31.12.24 |  | 31.12.23

£ | £ |

| Deferred tax | 20,438 |  | - |  |

| Tax on profit | 20,438 |  | - |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before tax | 371,217 |  | 2,236,008 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%) | 92,804 |  | 559,002 |  |

| Effects of:

| Expenses not deductible for tax purposes | 16,976 |  | - |  |

| Income not taxable for tax purposes | - |  | (826,961 | ) |

| Capital allowances in excess of depreciation | (44,906 | ) | - |  |

| Depreciation in excess of capital allowances | - |  | 38,085 |  |

| Utilisation of tax losses | (108,041 | ) | - |  |

| Deferred tax | 20,438 |  | - |  |

| Losses carried forward | 43,167 |  | 229,874 |  |

| Total tax charge | 20,438 |  | - |  |

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

9. | INTANGIBLE FIXED ASSETS

| Patents

| and

| licences

£ |

| COST

| At 1 January 2024 | 582,042 |  |

| Disposals | (582,042 | ) |

| At 31 December 2024 | - |  |

| AMORTISATION

| At 1 January 2024 | 261,398 |  |

| Eliminated on disposal | (261,398 | ) |

| At 31 December 2024 | - |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  |

| At 31 December 2023 | 320,644 |  |

10. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 46,592 |  | 52,990 |  | 41,221 |  | 140,803 |  |

| Additions | 20,156 |  | - |  | 17,935 |  | 38,091 |  |

| Disposals | - |  | (52,990 | ) | - |  | (52,990 | ) |

| At 31 December 2024 | 66,748 |  | - |  | 59,156 |  | 125,904 |  |

| DEPRECIATION

| At 1 January 2024 | 8,004 |  | 24,515 |  | 22,643 |  | 55,162 |  |

| Charge for year | 7,413 |  | 1,068 |  | 6,092 |  | 14,573 |  |

| Eliminated on disposal | - |  | (25,583 | ) | - |  | (25,583 | ) |

| At 31 December 2024 | 15,417 |  | - |  | 28,735 |  | 44,152 |  |

| NET BOOK VALUE

| At 31 December 2024 | 51,331 |  | - |  | 30,421 |  | 81,752 |  |

| At 31 December 2023 | 38,588 |  | 28,475 |  | 18,578 |  | 85,641 |  |

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

11. | STOCKS

| 31.12.24 |  | 31.12.23

£ | £ |

| Stocks | 7,467,408 |  | 3,239,055 |  |

12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 486,711 |  | 1,288,882 |  |

| Amounts owed by group undertakings | 229,473 |  | 34,358 |  |

| Other debtors | 2,720,761 |  | 835,992 |  |

| Prepayments and accrued income | 523,969 |  | 64,231 |  |

3,960,914 |  | 2,223,463 |  |

13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans and overdrafts (see note 15) | 4,735,554 |  | 1,238,846 |  |

| Hire purchase contracts (see note 16) | - |  | 5,212 |  |

| Trade creditors | 891,827 |  | 583,247 |  |

| Amounts owed to group undertakings | 3,451,462 |  | 3,345,860 |  |

| Social security and other taxes | 71,433 |  | 62,951 |  |

| Pensions Payable | 3,720 |  | 8,658 |  |

| VAT | 1,375,904 |  | 311,809 |  |

| Other creditors | 83,145 |  | 57,596 |  |

| Directors' loan accounts | 4,146 |  | 4,146 |  |

| Accruals and deferred income | 430,872 |  | 363,083 |  |

11,048,063 |  | 5,981,408 |  |

14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Hire purchase contracts (see note 16) | - |  | 17,371 |  |

| Hire purchase liabilities are secured over related assets.

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

15. | LOANS

| An analysis of the maturity of loans is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 4,735,554 |  | 1,238,846 |  |

16. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.12.24 |  | 31.12.23 |

£ | £ |

| Net obligations repayable:

| Within one year | - |  | 5,212 |  |

| Between one and five years | - |  | 17,371 |  |

- |  | 22,583 |  |

| Non-cancellable |

| operating leases |

| 31.12.24 |  | 31.12.23

£ | £ |

| Within one year | 77,193 |  | 77,193 |  |

17. | PROVISIONS FOR LIABILITIES

| 31.12.24 |  | 31.12.23

£ | £ |

| Deferred tax | 20,438 |  | - |  |

| Deferred |

| tax |

£ |

| Accelerated capital allowances | 20,438 |  |

| Balance at 31 December 2024 | 20,438 |  |

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

18. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

| All shares rank pari passu with regards to voting rights, dividends and capital distributions.

19. | ULTIMATE PARENT COMPANY

| The company's immediate parent company is Kouriten Holdings Limited, a company registered in England and Wales. The company's ultimate parent company is Kolachi Holdings Ltd, a company incorporated in Jersey. The ultimate controlling party is 'Accuro Trustees (Jersey) Ltd' as trustee of Napier Hall Trust, a company registered in Jersey.

20. | RELATED PARTY DISCLOSURES

| Included in other debtors at the year end is an aggregate amount of £2,467,680 (2023: £357,956 creditor) from companies connected with the director, Mr A Mashkoor.

| Other creditors includes £4,146 (2023: £4,146) due to the director, Mr A Mashkoor.

| The above amounts are unsecured, interest free and repayable on demand.

21. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.12.24 |  | 31.12.23

£ | £ |

| Profit before taxation | 371,217 |  | 2,236,008 |  |

| Depreciation charges | 14,573 |  | 89,632 |  |

| Loss on disposal of fixed assets | 4,245 |  | - |  |

| Finance costs | 13,816 |  | 2,981 |  |

403,851 |  | 2,328,621 |  |

| Increase in stocks | (4,228,353 | ) | (1,759,551 | ) |

| Increase in trade and other debtors | (1,737,451 | ) | (1,073,980 | ) |

| Increase in trade and other creditors | 5,071,867 |  | 559,729 |  |

| Cash generated from operations | (490,086 | ) | 54,819 |  |

Kouriten Limited (Registered number: 11714432)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

22. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 47,313 |  | 268,083 |  |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 268,083 |  | 111,038 |  |

23. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 268,083 |  | (220,770 | ) | 47,313 |  |

268,083 |  | (220,770 | ) | 47,313 |  |

| Debt

| Finance leases | (22,583 | ) | 22,583 |  | - |  |

| Debts falling due within 1 year | (1,238,846 | ) | (3,496,708 | ) | (4,735,554 | ) |

(1,261,429 | ) | (3,474,125 | ) | (4,735,554 | ) |

| Total | (993,346 | ) | (3,694,895 | ) | (4,688,241 | ) |

24. | GUARANTEE

| There is a fixed and floating charges over all the assets of the company in respect of the bank borrowings.