REGISTERED NUMBER: 07849130 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

Camstar Ingredients Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

E J B Starke

Mrs T Dewsbery-Clark

M T Hoxworth

SECRETARY:

Mrs T Dewsbery-Clark

REGISTERED OFFICE:

Chestnuts Farm

Langton Green

Eye

Suffolk

IP23 7HL

REGISTERED NUMBER:

07849130 (England and Wales)

AUDITORS:

Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

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

REVIEW OF BUSINESS

Profitability has been negatively impacted, largely driven by heightened market competition. We anticipate the competitive landscape to continue to be a major challenge.

Key performance indicators

The key performance indicators for Camstar Ingredients Ltd are net profit margin and gross profit margin. The company have chosen these to represent the company's performance and position as increasing turnover has been a key objective for the company in recent years. Net profit is a key indicator for the company as it gives a more holistic view of how the company is performing and allows them to review their costs for maximum efficiencies.

The results for the year, as shown on the statement of comprehensive income, shows a gross profit margin of 19.5% (2024: 24.3%) and net profit margin of -1.5% (2024: 7.1%).

Revenue has decreased from £16.5m to £15.6m in 2025.

ON BEHALF OF THE BOARD:

Mrs T Dewsbery-Clark - Secretary

4 November 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of production and sale of spice blends and sauces.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

E J B Starke

Mrs T Dewsbery-Clark

M T Hoxworth

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 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 directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Knights Lowe Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs T Dewsbery-Clark - Secretary

4 November 2025

Opinion

We have audited the financial statements of Camstar Ingredients Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the 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 Directors.

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

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

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

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

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

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.

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

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

- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the companies operating sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- 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;

- investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators including the Environment Agency and the company's legal advisors;

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

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

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

Use of our report

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

James Knights BSc FCA (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

4 November 2025

TURNOVER

15,593,478

16,544,220

Cost of sales

12,553,995

12,520,564

GROSS PROFIT

3,039,483

4,023,656

Distribution costs

372,349

431,664

Administrative expenses

2,765,755

2,136,567

3,138,104

2,568,231

OPERATING (LOSS)/PROFIT

4

(98,621

)

1,455,425

Interest receivable and similar income

6,354

2,034

(92,267

)

1,457,459

Interest payable and similar expenses

5

144,060

190,330

(LOSS)/PROFIT BEFORE TAXATION

(236,327

)

1,267,129

Tax on (loss)/profit

6

4,830

85,267

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(241,157

)

1,181,862

(LOSS)/PROFIT FOR THE YEAR

(241,157

)

1,181,862

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(241,157

)

1,181,862

FIXED ASSETS

Tangible assets

7

2,684,667

2,672,687

CURRENT ASSETS

Stocks

8

1,959,404

1,938,247

Debtors

9

2,630,438

2,751,368

Cash at bank

-

38,874

4,589,842

4,728,489

CREDITORS

Amounts falling due within one year

10

4,131,117

3,923,032

NET CURRENT ASSETS

458,725

805,457

TOTAL ASSETS LESS CURRENT LIABILITIES

3,143,392

3,478,144

CREDITORS

Amounts falling due after more than one year

11

(200,692

)

(318,289

)

PROVISIONS FOR LIABILITIES

15

(568,812

)

(544,810

)

NET ASSETS

2,373,888

2,615,045

CAPITAL AND RESERVES

Called up share capital

16

990

990

Share premium

17

4,165

4,165

Capital redemption reserve

17

80

80

Retained earnings

17

2,368,653

2,609,810

SHAREHOLDERS' FUNDS

2,373,888

2,615,045

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2025 and were signed on its behalf by:

E J B Starke - Director

Mrs T Dewsbery-Clark - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

990

1,427,948

4,165

80

1,433,183

Changes in equity

Total comprehensive income

-

1,181,862

-

-

1,181,862

Balance at 31 March 2024

990

2,609,810

4,165

80

2,615,045

Changes in equity

Total comprehensive income

-

(241,157

)

-

-

(241,157

)

Balance at 31 March 2025

990

2,368,653

4,165

80

2,373,888

Cash flows from operating activities

Cash generated from operations

1

47,180

1,584,570

Interest paid

(118,801

)

(159,800

)

Interest element of hire purchase payments paid

(25,259

)

(30,530

)

Tax paid

(6,355

)

(116,035

)

Net cash from operating activities

(103,235

)

1,278,205

Cash flows from investing activities

Purchase of tangible fixed assets

(324,721

)

(693,776

)

Sale of tangible fixed assets

625

-

Interest received

6,354

2,034

Net cash from investing activities

(317,742

)

(691,742

)

Cash flows from financing activities

Loans advanced / (repaid)

147,216

(377,356

)

Capital repayments in year

(156,531

)

(174,588

)

Amount introduced by directors

-

8

Net cash from financing activities

(9,315

)

(551,936

)

(Decrease)/increase in cash and cash equivalents

(430,292

)

34,527

Cash and cash equivalents at beginning of year

2

38,874

4,347

Cash and cash equivalents at end of year

2

(391,418

)

38,874

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(236,327

)

1,267,129

Depreciation charges

306,079

277,321

Loss on disposal of fixed assets

6,037

-

Finance costs

144,060

190,330

Finance income

(6,354

)

(2,034

)

213,495

1,732,746

(Increase)/decrease in stocks

(21,157

)

218,621

Decrease/(increase) in trade and other debtors

146,457

(700,970

)

(Decrease)/increase in trade and other creditors

(291,615

)

334,173

Cash generated from operations

47,180

1,584,570

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

-

38,874

Bank overdrafts

(391,418

)

-

(391,418

)

38,874

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

38,874

4,347

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

38,874

(38,874

)

-

Bank overdrafts

-

(391,418

)

(391,418

)

38,874

(430,292

)

(391,418

)

Debt

Finance leases

(474,806

)

156,531

(318,275

)

Debts falling due within 1 year

(1,532,600

)

(40,736

)

(1,573,336

)

(2,007,406

)

115,795

(1,891,611

)

Total

(1,968,532

)

(314,497

)

(2,283,029

)

1.	STATUTORY INFORMATION

Camstar Ingredients 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The effects of the global economic situation have been carefully considered when preparing these financial statements. These financial statements continue to be prepared on a going concern basis as the directors are confident that the company is in a strong financial position to continue to trade going forward.The company has the ongoing financial support of its immediate parent company Camstar Herbs Limited if required.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold improvements

-

10 years straight line

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

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 balance sheet date.

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The 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.

Impairment

At each reporting date tangible fixed assets are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,561,285

2,867,285

Social security costs

-

13,924

Other pension costs

40,082

36,883

3,601,367

2,918,092

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

2025

2024

Directors

3

4

Other staff

77

64

80

68

2025

2024

£

£

Directors' remuneration

225,844

235,837

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

125,459

110,000

4.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

2025

2024

£

£

Repairs & renewals

233,205

301,360

Other operating leases

222,108

192,774

Depreciation - owned assets

230,704

176,982

Depreciation - assets on hire purchase contracts

75,375

100,338

Loss on disposal of fixed assets

6,037

-

Auditors' remuneration

5,000

5,000

Foreign exchange differences

6,386

301

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank & group finance interest

117,331

150,987

Bank charges

1,470

8,813

Hire purchase interest

25,259

30,530

144,060

190,330

6.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

-

43,251

Adjustment re: previous years

(19,172

)

(51,188

)

Total current tax

(19,172

)

(7,937

)

Deferred tax

24,002

93,204

Tax on (loss)/profit

4,830

85,267

UK corporation tax was charged at 25%) in 2024.