Madhu's Limited

	Page
Company Information	1
Strategic Report	2—3
Directors' Report	4—6
Independent Auditor's Report	7—9
Consolidated Statement of Comprehensive Income	10
Consolidated Balance Sheet	11
Company Balance Sheet	12
Consolidated Statement of Changes in Equity	13
Company Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15
Notes to the Consolidated Statement of Cash Flows	16
Company Statement of Cash Flows	17
Notes to the Company Statement of Cash Flows	18
Notes to the Financial Statements	19—29

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Madhu's Limited

Strategic Report

For The Year Ended 31 March 2025

Strategic Report

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

Review of the Business

The company's principal activity continues to be that of operations of lecensed restaurants and event catering activities. The results for the period and financial position of the company are shown in the financial statements.

We have had a successful year, continuing to build on its reputation for high-quality food and exceptional service. The restaurant and catering business has seen steady growth in both customer numbers and revenue. Key highlights include the improvements in the ambience of restaurants and broadening of and the expansion of our catering services to include more corporate events and weddings.

Overall, we are well positioned for continued growth and success. We will continue to focus on delivering exceptional food and service, while exploring new opportunities to expand our business.

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Madhu's Limited

Strategic Report (continued)

For The Year Ended 31 March 2025

Principal Risks and Uncertainties

The restaurant industry faces several principal risks and uncertainties that could impact our business operations and financial performance. Key risks include:

Economic Conditions

Fluctuations in the economy can affect consumer spending habits, potentially reducing the frequency of dining out and impacting our revenue.

Health and Safety Regulations

Compliance with stringent health and safety regulations is critical. Any lapses could lead to fines, legal action, or reputational damage.

Supply Chain Disruptions

Our operations depend on a reliable supply chain for fresh ingredients. Disruptions due to natural disasters, supplier issues, or transportation problems can affect our ability to serve customers.

Labour Shortages

The industry is experiencing a shortage of skilled labour, which can lead to increased labour costs and challenges in maintaining service quality.

Changing Consumer Preferences

Rapid changes in consumer preferences and dietary trends require us to continuously adapt our menu offerings. Failure to do so could result in a loss of market share.

Technological Risks

Increasing reliance on technology for operations and customer engagement introduces risks related to cybersecurity and data privacy. Any breaches could harm our reputation and lead to financial losses.

Competitive Pressure

The restaurant industry is highly competitive, with new entrants and existing competitors constantly evolving. Maintaining our market position requires continuous innovation and effective marketing strategies.

We are committed to mitigating these risks through proactive management, regular review of our risk management strategies, and maintaining flexibility to adapt to changing circumstances.

Key performance indicators

The group's key financial performance indicators during the period were as follows:

	2025	2024
Revenue	£14,783,103	£15,341,169
Gross profit margin	53%	52%
Profit before tax	£178,183	£257,767
Net assets	£807,514	£679,422

On behalf of the board

Mr Arjun Anand

Director

23 December 2025

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Madhu's Limited

Company No. 04580937

Directors' Report For The Year Ended 31 March 2025

Directors' Report

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

Principal Activity

The company's principal activity continues to be that of operations of licensed restaurants and event catering activities.

Future Developments

Looking ahead, our restaurant business is poised for growth and innovation, driven by several key strategic initiatives:

Expansion Plans

We plan to expand our footprint by opening new locations in high-demand areas. This will not only increase our market presence but also cater to a broader customer base.

Menu Innovation

To stay ahead of evolving consumer preferences, we will continue to innovate our menu. This includes introducing new dishes that cater to dietary trends such as plant-based options and health-conscious meals.

Sustainability Initiatives

Sustainability remains a core focus. We aim to reduce our environmental impact by sourcing ingredients locally, minimizing food waste, and implementing energy-efficient practices across our operations.

Technology Integration

Embracing technology is crucial for enhancing customer experience and operational efficiency. We will invest in advanced point-of-sale systems, online ordering platforms, and customer relationship management tools to streamline operations and improve service delivery.

Employee Development

Our employees are our greatest asset. We will invest in comprehensive training programs to enhance their skills and ensure they deliver exceptional service. Additionally, we aim to foster a positive work environment that promotes growth and retention.

Marketing and Brand Building

Strengthening our brand presence through targeted marketing campaigns and community engagement activities will be a priority. We will leverage social media and digital marketing to reach a wider audience and build a loyal customer base.

Financial Performance

We are committed to maintaining strong financial health. This includes prudent cost management, optimising our supply chain, and exploring new revenue streams to ensure sustainable growth. By focusing on these strategic areas, we are confident in our ability to navigate the challenges ahead and capitalise on opportunities to drive long-term success.

Dividends

The value of dividends paid amounted to £NIL (2024 £ 100,002).

Financial Instruments

The company utilises various financial instruments to manage its exposure to financial risks, including credit risk, liquidity risk, and market risk. The primary financial instruments used by the company include:

Trade Receivables and Payables: These arise directly from the company's operations and are managed in accordance with established policies to ensure timely collection and payment.

Cash and Cash Equivalents: The company maintains cash balances and short-term deposits to manage its liquidity needs. These are held with reputable financial institutions to mitigate credit risk.

Borrowings: The company may use short-term and long-term borrowings to finance its operations and expansion plans. Interest rate risk associated with borrowings is managed through fixed and variable rate debt instruments.

Derivative Financial Instruments: The company may enter into derivative contracts, such as forward foreign exchange contracts, to hedge against currency risk arising from international transactions. These instruments are used for hedging purposes and not for speculative gains.

Risk Management

The company has a comprehensive risk management framework to monitor and manage the risks associated with financial instruments:

Credit Risk: The company assesses the creditworthiness of its customers and counterparties to minimise the risk of financial loss. Credit limits are established and regularly reviewed.

...CONTINUED

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Madhu's Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

Financial Instruments - continued

Liquidity Risk: The company maintains sufficient cash reserves and access to credit facilities to meet its short-term and longterm obligations. Cash flow forecasts are prepared regularly to ensure adequate liquidity.

Market Risk: The company monitors market conditions and may use hedging strategies to mitigate the impact of adverse movements in interest rates and foreign exchange rates.

Directors

The directors who held office during the year were as follows:

Mr Arjun Anand

Mr Sanjay Anand

Mr Sanjeev Anand

Post Balance Sheet Events

There are no event occured subsequent to the balance sheet date that may require either adjustment or the disclosures in the financial statements.

Branches Outside the UK

There is a franchised restaurant operated in Instanbul, Turkey. The group is not responsible for the operations of the outlet.

Statement of Directors' Responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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 company will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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Madhu's Limited

Directors' Report (continued)

For The Year Ended 31 March 2025

Independent Auditors

The auditors, The Corporate Practice Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr Arjun Anand

Director

23 December 2025

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Independent Auditor's Report

to the Members of

Madhu's Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Madhu's Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of 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 and parent company's ability to continue as a going concern for a period of at least 12 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 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. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Madhu's Limited

Matters on Which We Are Required to Report by Exception

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

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records or 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' Responsibilities Statement set out on page 4—6, 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 and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. Our audit procedures were designed to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, financial reporting legislation, the Companies Act 2006, Health & Safety regulations, distributable profits legislation, UK pensions and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management,review of unusual items in the nominal ledger and review of external press releases.

Enquiries with the management concerning any actual or potential litigation or claims; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

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

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Independent Auditor's Report (continued)

to the Members of

Madhu's Limited

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 that 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Devender Arora FCA (Senior Statutory Auditor)

for and on behalf of The Corporate Practice Limited , Statutory Auditor

23 December 2025

The Corporate Practice Limited

Chartered Accountants and Statutory Auditors

65 Delamere Road

Hayes

Middlesex

UB4 0NN

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Madhu's Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2025

Consolidated Statement of Comprehensive Income

		2025	2024
	Notes	£	£
TURNOVER	4	14,783,103	15,341,169
Cost of sales		(6,924,817 )	(7,408,129 )

GROSS PROFIT		7,858,286	7,933,040

Administrative expenses		(7,677,783 )	(7,713,826 )
Other operating income		65,831	121,858

OPERATING PROFIT	6	246,334	341,072
Other interest receivable and similar income	11	6,976	5,559
Interest payable and similar charges	12	(75,127 )	(88,864 )

PROFIT BEFORE TAXATION		178,183	257,767
Tax on Profit	13	(50,091 )	(62,834 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		128,092	194,933
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		128,092	194,933

The notes on pages 16 to 29 form part of these financial statements.

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Madhu's Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	14		678		847
Tangible Assets	15		1,845,121		1,908,602

			1,845,799		1,909,449
CURRENT ASSETS
Stocks	17	410,000		387,250
Debtors	18	3,282,949		2,843,857
Cash at bank and in hand		227,120		546,433

		3,920,069		3,777,540
Creditors: Amounts Falling Due Within One Year	19	(4,182,607 )		(4,101,029 )

NET CURRENT ASSETS (LIABILITIES)			(262,538 )		(323,489 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,583,261		1,585,960

Creditors: Amounts Falling Due After More Than One Year	20		(535,091 )		(651,376 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(240,656 )		(255,162 )

NET ASSETS			807,514		679,422

CAPITAL AND RESERVES
Called up share capital	24		600		600
Revaluation reserve			419,074		419,074
Profit and Loss Account			387,840		259,748

SHAREHOLDERS' FUNDS			807,514		679,422

On behalf of the board

Mr Arjun Anand

Director

23 December 2025

The notes on pages 16 to 29 form part of these financial statements.

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Madhu's Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	14		678		847
Tangible Assets	15		705,121		768,602
Investments	16		1		1

			705,800		769,450
CURRENT ASSETS
Stocks	17	410,000		387,250
Debtors	18	3,446,413		3,013,059
Cash at bank and in hand		215,935		539,176

		4,072,348		3,939,485
Creditors: Amounts Falling Due Within One Year	19	(4,160,294 )		(4,097,410 )

NET CURRENT ASSETS (LIABILITIES)			(87,946 )		(157,925 )

TOTAL ASSETS LESS CURRENT LIABILITIES			617,854		611,525

Creditors: Amounts Falling Due After More Than One Year	20		(66,667 )		(166,667 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	22		(173,009 )		(187,515 )

NET ASSETS			378,178		257,343

CAPITAL AND RESERVES
Called up share capital	24		600		600
Profit and Loss Account			377,578		256,743

SHAREHOLDERS' FUNDS			378,178		257,343

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 120,835 (2024: £ 185,339 profit).

On behalf of the board

Arjun Anand

Director

23 December 2025

The notes on pages 16 to 29 form part of these financial statements.

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Madhu's Limited

Consolidated Statement of Changes in Equity

For The Year Ended 31 March 2025

Consolidated Statement of Changes in Equity

	Share Capital	Revaluation reserve	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2023	600	419,074	164,817	584,491
Profit for the year and total comprehensive income	-	-	194,933	194,933

Dividends paid	-	-	(100,002)	(100,002)

As at 31 March 2024 and 1 April 2024	600	419,074	259,748	679,422


Profit for the year and total comprehensive income	-	-	128,092	128,092

As at 31 March 2025	600	419,074	387,840	807,514

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Madhu's Limited

Company Statement of Changes in Equity

For The Year Ended 31 March 2025

Company Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 April 2023	600	171,406	172,006
Profit for the year and total comprehensive income	-	185,339	185,339

Dividends paid	-	(100,002)	(100,002)

As at 31 March 2024 and 1 April 2024	600	256,743	257,343


Profit for the year and total comprehensive income	-	120,835	120,835

As at 31 March 2025	600	377,578	378,178

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Madhu's Limited

Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(93,227 )	833,491
Interest paid		(75,127 )	(88,864 )
Tax paid		(50,650 )	(56,564 )

Net cash (used in)/generated from operating activities		(219,004 )	688,063

Cash flows from investing activities
Purchase of tangible assets		(22,784 )	(111,655 )
Interest received		6,976	5,559

Net cash used in investing activities		(15,808 )	(106,096 )

Cash flows from financing activities
Equity dividends paid		-	(100,002 )
Repayment of bank borrowings		(159,146 )	(196,091 )
Amount introduced by directors		74,645	40,921

Net cash used in financing activities		(84,501 )	(255,172 )



(Decrease)/increase in cash and cash equivalents		(319,313 )	326,795
Cash and cash equivalents at beginning of year	2	546,433	219,638

Cash and cash equivalents at end of year	2	227,120	546,433

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Madhu's Limited

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Consolidated Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

	2025	2024
	£	£
Profit for the financial year	128,092	194,933
Adjustments for:
Tax on profit	50,091	62,834
Interest expense	75,127	88,864
Interest income	(6,976 )	(5,559 )
Amortisation of intangible assets	169	212
Depreciation of tangible assets	86,265	92,614
Movements in working capital:
Increase in stocks	(22,750 )	(2,250 )
Increase in trade and other debtors	(471,516 )	(964,665 )
Increase in trade and other creditors	68,271	1,366,508

Net cash (used in)/generated from operations	(93,227 )	833,491

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	227,120	546,433

3. Analysis of changes in net debt

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	546,433	(319,313)	227,120
Debts falling due within one year	(205,992 )	42,861	(163,131 )
Debts falling due after more than one year	(651,376)	116,285	(535,091)

	(310,935)	(160,167)	(471,102)

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Madhu's Limited

Company Statement of Cash Flows

For The Year Ended 31 March 2025

Company Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(151,156 )	783,873
Interest paid		(30,386 )	(43,026 )
Tax paid		(50,650 )	(56,564 )

Net cash (used in)/generated from operating activities		(232,192 )	684,283

Cash flows from investing activities
Purchase of tangible assets		(22,784 )	(111,655 )
Interest received		6,976	5,559

Net cash used in investing activities		(15,808 )	(106,096 )

Cash flows from financing activities
Equity dividends paid		-	(100,002 )
Repayment of bank borrowings		(149,886 )	(193,856 )
Amount introduced by directors		74,645	40,921

Net cash used in financing activities		(75,241 )	(252,937 )



(Decrease)/increase in cash and cash equivalents		(323,241 )	325,250
Cash and cash equivalents at beginning of year	2	539,176	213,926

Cash and cash equivalents at end of year	2	215,935	539,176

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Madhu's Limited

Notes to the Company Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Company Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash (used in)/generated from operations

	2025	2024
	£	£
Profit for the financial year	120,835	185,339
Adjustments for:
Tax on profit	47,672	62,834
Interest expense	30,386	43,026
Interest income	(6,976 )	(5,559 )
Amortisation of intangible assets	169	212
Depreciation of tangible assets	86,265	92,614
Movements in working capital:
Increase in stocks	(22,750 )	(2,250 )
Increase in trade and other debtors	(465,778 )	(951,125 )
Increase in trade and other creditors	59,021	1,358,782

Net cash (used in)/generated from operations	(151,156 )	783,873

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	215,935	539,176

3. Analysis of changes in net funds/(debt)

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	539,176	(323,241)	215,935
Debts falling due within one year	(203,758 )	49,886	(153,872 )
Debts falling due after more than one year	(166,667)	100,000	(66,667)

	168,751	(173,355)	(4,604)

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Madhu's Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Madhu's Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04580937 . The registered office is 39 South Road, Southall, Middlesex, UB1 1SW.

2. Statement of Compliance

The 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.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the historical cost convention. The reporting currency is Pound Sterling (£).

3.2. Basis Of Consolidation

The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 March 2025.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.

Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

3.3. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.

3.4. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

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Madhu's Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3.5. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.

Goodwill is amortised over its expected useful life which is estimated to be 10 years.

Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.

3.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses other than freehold land and buildings for which the group's policy is to carry land and buildings at fair value, with changes in fair value recognised in other comprehensive income. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	Carried at fair value
Leasehold	Over 10 years
Motor Vehicles	20% on cost
Fixtures & Fittings	10% on reducing balance
Computer Equipment	20% on reducing balance

3.7. Investments

Equity investments are measured at fair value through profit and loss, except for those equity investments that are not publicly traded and whose fair value cannot be otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company finacial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

3.8. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

3.9. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

Page 20

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Madhu's Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3.10. 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 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.

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.

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.

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.

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.

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.

Derecognition of financial liabilities

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

cancelled.

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Madhu's Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3.11. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3.12. Pensions

The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

4. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Catering	6,447,361	6,821,169
Restaurants	7,817,895	8,026,495
Wholesale	517,847	493,505

	14,783,103	15,341,169

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	14,783,103	15,341,169

	14,783,103	15,341,169

5. Other Operating Income

	2025	2024
	£	£
Royalties and similar income	65,831	60,856
Other operating income	-	61,002

	65,831	121,858

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Madhu's Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

6. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Depreciation of tangible fixed assets	86,265	92,614
Amortisation of intangible fixed assets	169	212

7. Auditor's Remuneration

Remuneration received by the group's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	12,000	8,000

8. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Wages and salaries	4,863,229	4,626,698	4,863,229	4,626,698
Social security costs	338,080	298,056	338,080	298,056
Other pension costs	44,857	51,918	44,857	51,918

	5,246,166	4,976,672	5,246,166	4,976,672

9. Average Number of Employees

Group

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	12	12
Sales, marketing and distribution	6	6
Operations	140	139

	158	157

Company

Average number of employees, including directors, during the year was: 158 (2024: 157)

10. Directors' remuneration

	2025	2024
	£	£
Emoluments	109,200	109,200

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Madhu's Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	1,987	3,421
Other interest receivable	4,989	2,138

	6,976	5,559



Total interest income on financial assets not measured at fair value through profit or loss:	6,976	5,559

12. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	70,794	87,483
Other finance charges	4,333	1,381

	75,127	88,864



Total interest expense on financial liabilities not measured at fair value through profit or loss:	75,127	43,026

13. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	64,597	56,072
Deferred Tax
Deferred taxation			(14,506 )	6,762


Total tax charge for the period			50,091	62,834


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			178,183	257,767

Tax on profit at 25% (UK standard rate)			44,546	64,442
Goodwill/depreciation not allowed for tax			21,566	23,154
Expenses not deductible for tax purposes			4,660	2,854
Tax losses utilised			-	(3,492 )
Capital allowances			(6,175 )	(28,487 )

...CONTINUED

Page 24

Page 25

Madhu's Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Short term timing differences	(14,506 )	6,762
Group relief	-	(2,399 )

Total tax charge for the period	50,091	62,834

14. Intangible Assets

Group

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 April 2024	375,000	13,710	388,710

As at 31 March 2025	375,000	13,710	388,710

Amortisation
As at 1 April 2024	374,999	12,864	387,863
Provided during the period	-	169	169

As at 31 March 2025	374,999	13,033	388,032

Net Book Value
As at 31 March 2025	1	677	678

As at 1 April 2024	1	846	847

Company

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 April 2024	375,000	13,710	388,710

As at 31 March 2025	375,000	13,710	388,710

Amortisation
As at 1 April 2024	374,999	12,864	387,863
Provided during the period	-	169	169

As at 31 March 2025	374,999	13,033	388,032

Net Book Value
As at 31 March 2025	1	677	678

As at 1 April 2024	1	846	847

15. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 April 2024	1,140,000	286,991	30,529	1,922,817
Additions	-	-	-	19,975

As at 31 March 2025	1,140,000	286,991	30,529	1,942,792

...CONTINUED

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Madhu's Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Depreciation
As at 1 April 2024	-	281,325	20,180	1,184,287
Provided during the period	-	3,591	3,450	75,851

As at 31 March 2025	-	284,916	23,630	1,260,138

Net Book Value
As at 31 March 2025	1,140,000	2,075	6,899	682,654

As at 1 April 2024	1,140,000	5,666	10,349	738,530


	Computer Equipment	Total
	£	£
Cost
As at 1 April 2024	28,027	3,408,364
Additions	2,809	22,784

As at 31 March 2025	30,836	3,431,148

Depreciation
As at 1 April 2024	13,970	1,499,762
Provided during the period	3,373	86,265

As at 31 March 2025	17,343	1,586,027

Net Book Value
As at 31 March 2025	13,493	1,845,121

As at 1 April 2024	14,057	1,908,602

Company

	Land & Property
	Leasehold	Motor Vehicles	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 April 2024	286,991	30,529	1,922,817	28,027	2,268,364
Additions	-	-	19,975	2,809	22,784

As at 31 March 2025	286,991	30,529	1,942,792	30,836	2,291,148

Depreciation
As at 1 April 2024	281,325	20,180	1,184,287	13,970	1,499,762
Provided during the period	3,591	3,450	75,851	3,373	86,265

As at 31 March 2025	284,916	23,630	1,260,138	17,343	1,586,027

Net Book Value
As at 31 March 2025	2,075	6,899	682,654	13,493	705,121

As at 1 April 2024	5,666	10,349	738,530	14,057	768,602

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Madhu's Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

16. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 April 2024	1

As at 31 March 2025	1

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	1

As at 1 April 2024	1

17. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Stock	410,000	387,250	410,000	387,250

18. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	831,925	590,600	831,925	590,600
Amounts owed by group undertakings	-	-	184,645	170,895
Other debtors	2,451,024	2,253,257	2,429,843	2,251,564

	3,282,949	2,843,857	3,446,413	3,013,059

19. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	1,342,619	1,252,991	1,340,219	1,252,991
Bank loans and overdrafts	163,131	205,992	153,872	203,758
Other creditors	2,093,484	2,044,383	2,093,484	2,044,383
Corporation tax	57,505	43,558	55,086	43,558
Taxation and social security	384,965	360,504	379,930	361,119
Accruals and deferred income	140,903	193,601	137,703	191,601

	4,182,607	4,101,029	4,160,294	4,097,410

Bank loans are secured by way of fixed and floating charges over the assets of the group.

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Page 28

Madhu's Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

20. Creditors: Amounts Falling Due After More Than One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans	535,091	651,376	66,667	166,667

Bank loans are secured by way of fixed and floating charges over the assets of the group.

21. Loans

An analysis of the maturity of loans is given below:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due within one year or on demand:
Bank loans	163,131	205,992	153,872	203,758

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	535,091	651,376	66,667	166,667

22. Deferred Taxation

The provision for deferred tax is made up as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Other timing differences	240,656	255,162	173,009	187,515

23. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 April 2024	255,162	255,162
Deferred taxation	(14,506 )	(14,506 )

Balance at 31 March 2025	240,656	240,656

24. Share Capital

	2025	2024
Allotted, called up but not fully paid	£	£
600 Ordinary Shares of £ 1.00 each	600	600

25. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to profit or loss in respect of defined contribution schemes was £44,857 (2024: £51,918).

Page 28

Page 29

Madhu's Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

26. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	-	100,002

27. Related Party Disclosures

As at the balance sheet date, the directors owed £37,368 (2024: £32,424). Interest has been charged on this loan. The loan was repaid on 9 December 2025.

28. Controlling Parties

The company's controlling party is Sanjay Anand .

29. Audit exemption under section 479A of the Companies Act 2006

For the year ended 31 March 2025, Madhus Investments Limited, the subsidiary company, was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. This exemption is based on a guarantee provided by its parent company, Madhu's Limited, which has agreed to cover all outstanding liabilities of the subsidiary to which the company is subject at the end of the financial year, until they are satisfied in full.

Page 29