Company registration number 09388709 (England and Wales)
UNDERHILL INVESTMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
UNDERHILL INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
M Abdul-Razaq
M Ashfaq
A Akhtar
Company number
09388709
Registered office
152 Sneinton Dale
Nottingham
NG2 4HJ
Auditor
UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR
UNDERHILL INVESTMENTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10 - 11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
UNDERHILL INVESTMENTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

For the year ended 31 March 2025 the directors are pleased to report that the group has generated turnover of £22.6m (20 2 4: £20m). Gross profit has increased to £4.9m (2024: £4.3m), despite facing heightened competition and inflationary pressures. Turnover is forecasted to increase in the coming year reflecting the group's strategic growth efforts and market resilience.

At the year end, after dividends paid of £670k (2024: £486 k), the group had shareholders' funds of £10.9m (2024: £10.3m) of which £3.8m (2024: £3.2m) is fully distributable.

The group faces significant competition from major supermarkets, discounters, and general retailers offering deep discounts. The group has responded by maintaining competitive pricing on essential products, absorbing inflationary pressures on key items to retain customer loyalty, while making strategic price adjustments where necessary.

Future developments

The group plans to continue its expansion and is looking at acquiring sites to open new stores. This will further strengthen its market presence and provide additional growth opportunities.

Principal risks and uncertainties

The business continues to feel the impact of annual increases in the national minimum and living wage and any future changes in these rates is the main risk facing the company in the opinion of the directors.

Economic uncertainty due to cost-of-living challenges and high inflation adds further pressure to the retail environment. However, the directors remain optimistic, focusing on delivering quality products, competitive pricing, and excellent customer service to mitigate these risks.

Development and performance

The group remains committed to expanding its brand presence, offering a wide range of products at competitive prices, and growing its customer base both in-store and online.

Key performance indicators

The group considers turnover, gross profit and shareholder's funds as its primary key performance indicators.

On behalf of the board

A Akhtar
Director
9 December 2025
UNDERHILL INVESTMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company and group continued to be that of property investment and retail of food and provisions.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £698,430 (2024 - £485,900). The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Abdul-Razaq
M Ashfaq
A Akhtar
Auditor

The auditor, UHY Hacker Young, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 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 group and company, 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

UNDERHILL INVESTMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
A Akhtar
Director
9 December 2025
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UNDERHILL INVESTMENTS LIMITED
- 4 -
Opinion

We have audited the financial statements of Underhill Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2025 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.

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 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.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNDERHILL INVESTMENTS LIMITED
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; 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 group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept by the group, or returns adequate for our audit have not been received from branches not visited by us; or

- the group 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's 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 to cease operations, or have no realistic alternative but to do so.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNDERHILL INVESTMENTS LIMITED
- 6 -
Auditor's 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 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 group through discussions with directors and

- other management, and from our commercial knowledge and experience of the sector; and

- 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 group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.

We assessed the susceptibility of the group'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 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;

- enquiring of management as to actual and potential litigation and claims.

INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UNDERHILL INVESTMENTS LIMITED
- 7 -

There are inherent limitations in the audit procedures described above; any instance of non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error. Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through an act of collusion that would mitigate internal controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the group'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 group's members those matters we are required to state to them in an auditor's 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 group and the group's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Simmonds
Senior Statutory Auditor
For and on behalf of UHY Hacker Young
9 December 2025
Chartered Accountants
Statutory Auditor
UNDERHILL INVESTMENTS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
22,584,185
19,997,826
Cost of sales
(17,726,721)
(15,657,614)
Gross profit
4,857,464
4,340,212
Administrative expenses
(3,592,784)
(3,202,682)
Other operating income
506,645
477,533
Operating profit
4
1,771,325
1,615,063
Interest payable and similar expenses
8
(144)
(6,265)
Fair value gain on investment properties
9
-
1,269,334
Profit before taxation
1,771,181
2,878,132
Tax on profit
10
(459,338)
(743,329)
Profit for the financial year
1,311,843
2,134,803
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

UNDERHILL INVESTMENTS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
564,187
520,116
Investment property
14
8,620,000
8,620,000
9,184,187
9,140,116
Current assets
Stocks
17
945,872
968,419
Debtors
18
1,759,166
1,282,503
Cash at bank and in hand
997,808
602,854
3,702,846
2,853,776
Creditors: amounts falling due within one year
19
(1,455,374)
(1,170,500)
Net current assets
2,247,472
1,683,276
Total assets less current liabilities
11,431,659
10,823,392
Provisions for liabilities
Deferred tax liability
20
515,252
520,398
(515,252)
(520,398)
Net assets
10,916,407
10,302,994
Capital and reserves
Called up share capital
22
5
5
Share premium account
5,735,444
5,735,444
Non-distributable profits reserve
23
1,357,420
1,357,420
Distributable profit and loss reserves
3,823,538
3,210,125
Total equity
10,916,407
10,302,994
The financial statements were approved by the board of directors and authorised for issue on 9 December 2025 and are signed on its behalf by:
09 December 2025
A Akhtar
Director
Company registration number 09388709 (England and Wales)
UNDERHILL INVESTMENTS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
14
8,620,000
8,620,000
Investments
15
1,685,485
1,685,485
10,305,485
10,305,485
Current assets
Debtors
18
364,276
353,616
Cash at bank and in hand
154,419
45,358
518,695
398,974
Creditors: amounts falling due within one year
19
(150,761)
(156,725)
Net current assets
367,934
242,249
Total assets less current liabilities
10,673,419
10,547,734
Provisions for liabilities
Deferred tax liability
20
452,474
452,474
(452,474)
(452,474)
Net assets
10,220,945
10,095,260
Capital and reserves
Called up share capital
22
5
5
Share premium account
5,735,444
5,735,444
Non-distributable profits reserve
23
1,357,420
1,357,420
Distributable profit and loss reserves
3,128,076
3,002,391
Total equity
10,220,945
10,095,260
UNDERHILL INVESTMENTS LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 11 -

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £824,115 (2024 - £1,584,936 profit).

The financial statements were approved by the board of directors and authorised for issue on 9 December 2025 and are signed on its behalf by:
09 December 2025
A Akhtar
Director
Company registration number 09388709 (England and Wales)
UNDERHILL INVESTMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Share premium account
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
34
5,735,444
405,420
2,513,222
8,654,120
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
952,000
1,182,803
2,134,803
Dividends
11
-
-
-
(485,900)
(485,900)
Other movements
(29)
-
-
-
(29)
Balance at 31 March 2024
5
5,735,444
1,357,420
3,210,125
10,302,994
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
1,311,843
1,311,843
Dividends
11
-
-
-
(698,430)
(698,430)
Balance at 31 March 2025
5
5,735,444
1,357,420
3,823,538
10,916,407
UNDERHILL INVESTMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Share premium account
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
34
5,735,444
405,420
2,855,355
8,996,253
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
546,580
1,038,356
1,584,936
Dividends
11
-
-
-
(485,900)
(485,900)
Transfers
-
-
405,420
(405,420)
-
Other movements
(29)
-
-
-
(29)
Balance at 31 March 2024
5
5,735,444
1,357,420
3,002,391
10,095,260
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
(952,000)
1,776,115
824,115
Dividends
11
-
-
-
(698,430)
(698,430)
Transfers
-
-
952,000
(952,000)
-
Balance at 31 March 2025
5
5,735,444
1,357,420
3,128,076
10,220,945
UNDERHILL INVESTMENTS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,689,824
1,684,078
Interest paid
(144)
(6,265)
Income taxes paid
(396,012)
(262,219)
Net cash inflow from operating activities
1,293,668
1,415,594
Investing activities
Purchase of tangible fixed assets
(200,284)
(203,018)
Net cash used in investing activities
(200,284)
(203,018)
Financing activities
Dividends paid to equity shareholders
(698,430)
(485,900)
Net cash used in financing activities
(698,430)
(485,900)
Net increase in cash and cash equivalents
394,954
726,676
Cash and cash equivalents at beginning of year
602,854
(123,822)
Cash and cash equivalents at end of year
997,808
602,854
UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
1
Accounting policies
Company information

Underhill Investments Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 152 Sneinton Dale, Nottingham, NG2 4HJ.

The group consists of Underhill Investments Ltd and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Underhill Investments Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

PAK Foods Limited and Kandore Limited have been included in the group financial statements using the purchase method of accounting. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents amounts receivable for goods net of VAT and trade discounts.

Revenue on store sales of goods and concession sales is recognised when goods are sold to the customer.

UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of 10 years.

1.6
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
15% or 33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss.

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

The group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.10
Stocks

Stocks are stated at the lower of cost and net realisable value. The cost price is calculated by determining the selling price and deducting the estimated margin.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 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.

A key area of estimation uncertainty relates to the cost calculation of stock. Stock is counted and valued at its retail price. Subsequently a sales margin is deducted from the retail price to arrive at the cost recognised in the financial statements. Sales margins are applied to categories of stock meaning each stock category has an average margin. Due to the nature of this calculation, there is an element of estimation involved and therefore estimation uncertainty regarding the calculation exists at the year-end.

Another key area of estimation uncertainty relates to the valuation of investment property. Investment properties are reported at fair value, determined by independent professional valuers. Valuation techniques like the income capitalisation and market comparison approaches require estimates and assumptions by management and valuers.

3
Turnover

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Retail of food and provisions
22,584,185
19,997,826
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
22,584,185
19,997,826
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
156,213
152,367
(Profit)/loss on disposal of tangible fixed assets
-
2,482
Operating lease charges
54,948
55,000
UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
9,500
9,000
Audit of the financial statements of the company's subsidiaries
13,500
13,060
23,000
22,060
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management and admin staff
11
11
5
5
Retail staff
91
90
-
-
Directors
3
3
3
3
Total
105
104
8
8

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,066,630
1,912,632
79,950
94,640
Social security costs
158,725
139,854
3,501
4,168
Pension costs
22,083
22,715
326
528
2,247,438
2,075,201
83,777
99,336
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
25,140
25,140
UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
144
6,265
9
Amounts written off investments
2025
2024
£
£
Changes in the fair value of investment properties
-
1,269,334
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
474,393
414,364
Adjustments in respect of prior periods
(9,909)
(2,396)
Total current tax
464,484
411,968
Deferred tax
Origination and reversal of timing differences
(5,146)
331,361
Total tax charge
459,338
743,329
UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
10
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,771,181
2,878,132
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
442,795
719,533
Tax effect of expenses that are not deductible in determining taxable profit
23,748
25,679
Tax effect of income not taxable in determining taxable profit
-
0
(813)
Adjustments in respect of prior years
(9,909)
(2,396)
Permanent capital allowances in excess of depreciation
2,704
1,326
Taxation charge
459,338
743,329
11
Dividends
2025
2024
£
£
Final paid
698,430
485,900
UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
881,176
Amortisation and impairment
At 1 April 2024 and 31 March 2025
881,176
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
-
0
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
13
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
34,124
1,186,625
202,552
1,423,301
Additions
-
0
130,000
70,284
200,284
At 31 March 2025
34,124
1,316,625
272,836
1,623,585
Depreciation and impairment
At 1 April 2024
26,984
722,609
153,592
903,185
Depreciation charged in the year
2,991
129,294
23,928
156,213
At 31 March 2025
29,975
851,903
177,520
1,059,398
Carrying amount
At 31 March 2025
4,149
464,722
95,316
564,187
At 31 March 2024
7,140
464,016
48,960
520,116
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
14
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 April 2024 and 31 March 2025
8,620,000
8,620,000

The investment property is included in the financial statements at its market valuation. The valuation was prepared by qualified surveyors, Musson Luggins, during June and July 2024.

15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
1,685,485
1,685,485
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
1,685,485
Carrying amount
At 31 March 2025
1,685,485
At 31 March 2024
1,685,485
16
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Kandore Limited
England & Wales
Ordinary
100.00
PAK Foods Limited
England & Wales
Ordinary
100.00
UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
945,872
968,419
-
0
-
0
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
44,735
33,446
44,735
33,446
Other debtors
1,685,938
1,226,080
305,948
307,677
Prepayments and accrued income
28,493
22,977
13,593
12,493
1,759,166
1,282,503
364,276
353,616
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
795,630
582,580
-
0
18,095
Corporation tax payable
428,554
360,082
138,793
120,172
Other taxation and social security
36,549
27,805
1,808
1,506
Other creditors
191,041
174,237
6,560
6,427
Accruals and deferred income
3,600
25,796
3,600
10,525
1,455,374
1,170,500
150,761
156,725
UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
20
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
64,357
69,811
Short term timing differences
(1,579)
(1,887)
Investment property - capital gains
452,474
452,474
515,252
520,398
Liabilities
Liabilities
2025
2024
Company
£
£
Investment property - capital gains
452,474
452,474
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
520,398
452,474
Credit to profit or loss
(5,146)
-
Liability at 31 March 2025
515,252
452,474

T he accelerated capital allowance deferred tax liability set out above is expected to reverse in line with accelerated capital allowances that are expected to mature within the same period.

T he investment property deferred tax liability set out above relates to capital gains in respect of investment properties, which is expected to reverse when one or more properties is sold and the gain is realised.

UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
22,083
22,715

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' of 0.01p each
-
59
-
1
Ordinary 'B' of 0.01p each
-
41
-
-
Ordinary 'C' of 0.01p each
-
59
-
1
Ordinary 'A1' of 1p each
59
-
1
-
Ordinary 'A2' of 1p each
41
-
-
-
Ordinary 'B1' of 1p each
59
-
1
-
Ordinary 'B2' of 1p each
41
41
-
-
Ordinary 'C1' of 1p each
59
59
1
1
Ordinary 'C2' of 1p each
41
41
-
-
Ordinary 'D1' of 1p each
59
59
1
1
Ordinary 'D2' of 1p each
41
41
-
-
Ordinary 'E1' of 1p each
59
59
1
1
Ordinary 'E2' of 1p each
41
41
-
-
500
500
5
5

All shares rank pari passu.

UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
23
Non-distributable profits reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
1,357,420
405,420
1,357,420
405,420
Non distributable profits in the year
-
952,000
-
952,000
At the end of the year
1,357,420
1,357,420
1,357,420
1,357,420

The non distributable reserve relates to the fair value increase on investment properties held, less the impact of deferred tax liabilities.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
42,552
116,400
-
-
Between two and five years
7,273
34,648
-
-
49,825
151,048
-
-
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
355,121
455,484
440,123
455,484
Between two and five years
1,059,531
1,019,122
1,122,031
1,019,122
In over five years
876,575
449,273
876,575
449,273
2,291,227
1,923,879
2,438,729
1,923,879
UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
25
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
62,850
73,007

As at the year end the group was owed £1,200,000 (2024: £1,200,000) by Raavi Foods Limited, a company under common control of the directors and shareholders.

As at the year end the group was owed £460,000 (2024: £nil) by Kandore Properties Limited, a company under common control of the directors and shareholders.

During the year the company paid £51,839 (2024: £56,468) to family members of the directors and shareholders, for market rate salaries. Additionally, one of family members was provided a loan of £10,000 during the prior year, of which £4,400 (2024: £9,200) remains outstanding at the balance sheet date.

26
Directors' transactions

Dividends totalling £118,832 (2024 - £140,511) were paid in the year in respect of shares held by the company's directors.

The loans for the following directors have no fixed repayment terms and are disclosed within other creditors due within one year.

Loans
% Rate
Opening balance
Closing balance
£
£
M Abdul-Razaq - Loan to group
-
1,570
1,570
M Ashfaq - Loan to group
-
1,570
1,570
3,140
3,140
UNDERHILL INVESTMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
27
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,311,843
2,134,803
Adjustments for:
Taxation charged
459,338
743,329
Finance costs
144
6,265
(Gain)/loss on disposal of tangible fixed assets
-
2,482
Fair value gain on investment properties
-
0
(1,269,334)
Depreciation and impairment of tangible fixed assets
156,213
152,367
Movements in working capital:
Decrease/(increase) in stocks
22,547
(18,856)
(Increase)/decrease in debtors
(476,663)
70,145
Increase/(decrease) in creditors
216,402
(137,123)
Cash generated from operations
1,689,824
1,684,078
28
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
602,854
394,954
997,808
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