REGISTERED NUMBER: 01372973 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

UNAUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

CASKAD ENTERPRISES (PVT) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Consolidated Income Statement

4

Consolidated Other Comprehensive Income

5

Consolidated Balance Sheet

6

Company Balance Sheet

8

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

15

DIRECTORS:

Mr KB Patel

Mr CB Patel

SECRETARY:

Mr KB Patel

REGISTERED OFFICE:

24/44 Burfield Street

Leicester

LE4 6AL

REGISTERED NUMBER:

01372973 (England and Wales)

ACCOUNTANTS:

Mark J Rees LLP Chartered Accountants

Granville Hall

Granville Road

Leicester

LE1 7RU

BANKERS:

Barclays Bank plc

Town Hall Square

Leicester

LE1 9AA

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

Caskad is the parent company of the group. FGS Ingredients Limited is the main trading company in the group and is a family-run business that opened in 1996. The famiily started as a wholesaler of condiments and spices. We have since grown to become an industry leading manufacturer and distributor of condiments, spices and other related products supplying to some of the largest retailers in the United Kingdom. We have also expanded into the online

market in recent years which has been key to our continued growth.

The principal activity of FGS Ingredients Limited is that of herb and spice merchants

REVIEW OF BUSINESS

The group performed strongly despite the tough economic climate. Group turnover has increased by £5,066,019 to £30,908,206 (2024 - £25,842,187) which was inline with budgeted figures.

The group KPI's for the year show how much we have achieved this year:

KPI's £

2025

2024

Turnover

30,908

25,842

Gross Profit %

28.27

25.34

Operating Profit

2,768

2,189

Operating Profit %

8.96

8.47

Net Profit/(Loss)

2,397

1,658

Net Assets

9,279

7,007

PRINCIPAL RISKS AND UNCERTAINTIES

The company manages liquidity risk by ensuring that there are sufficient funds to meet amounts due to trade creditors and loan repayments. Trade debtors are managed in respect of credit and cash flow risk by regular monitoring of amounts outstanding in terms of time and credit limits.

The group continues to grow through effective marketing, brand and web development which has seen the online customer base increase significantly over the last few years.

Our experienced management team and strong financial position enables us to be well positioned to continue with the successful development and growth of the company.

ON BEHALF OF THE BOARD:

Mr KB Patel - Secretary

22 December 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 was £125,000 (2024 - £125,000).

DIRECTORS

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

Mr KB Patel

Mr CB Patel

ON BEHALF OF THE BOARD:

Mr KB Patel - Secretary

22 December 2025

TURNOVER

5

30,908,206

25,842,187

Cost of sales

22,171,092

19,292,485

GROSS PROFIT

8,737,114

6,549,702

Administrative expenses

6,027,897

4,418,227

2,709,217

2,131,475

Other operating income

58,770

57,273

OPERATING PROFIT

7

2,767,987

2,188,748

Interest receivable and similar income

1,796

4,057

2,769,783

2,192,805

Interest payable and similar expenses

8

294,082

82,741

PROFIT BEFORE TAXATION

2,475,701

2,110,064

Tax on profit

9

78,685

452,327

PROFIT FOR THE FINANCIAL YEAR

2,397,016

1,657,737

Profit attributable to:

Owners of the parent

2,397,016

1,657,737

PROFIT FOR THE YEAR

2,397,016

1,657,737

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,397,016

1,657,737

Total comprehensive income attributable to:

Owners of the parent

2,397,016

1,657,737

FIXED ASSETS

Tangible assets

12

299,571

348,320

Investments

13

-

121,783

Investment property

14

2,294,279

2,294,279

2,593,850

2,764,382

CURRENT ASSETS

Stocks

15

7,786,190

6,303,750

Debtors

16

11,914,202

8,115,746

Cash at bank and in hand

50,599

537,711

19,750,991

14,957,207

CREDITORS

Amounts falling due within one year

17

11,876,031

10,254,784

NET CURRENT ASSETS

7,874,960

4,702,423

TOTAL ASSETS LESS CURRENT LIABILITIES

10,468,810

7,466,805

CREDITORS

Amounts falling due after more than one year

18

(1,039,755

)

(310,805

)

PROVISIONS FOR LIABILITIES

22

(150,233

)

(149,194

)

NET ASSETS

9,278,822

7,006,806

CAPITAL AND RESERVES

Called up share capital

23

100

100

Merger reserve

24

119,994

119,994

Fair value reserve

24

460,721

460,721

Retained earnings

24

8,698,007

6,425,991

SHAREHOLDERS' FUNDS

9,278,822

7,006,806

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

Mr KB Patel - Director

FIXED ASSETS

Tangible assets

12

-

-

Investments

13

6

6

Investment property

14

2,294,279

2,294,279

2,294,285

2,294,285

CURRENT ASSETS

Debtors

16

591,564

172,511

Cash at bank

35,868

86,377

627,432

258,888

CREDITORS

Amounts falling due within one year

17

1,945,969

1,630,032

NET CURRENT LIABILITIES

(1,318,537

)

(1,371,144

)

TOTAL ASSETS LESS CURRENT LIABILITIES

975,748

923,141

PROVISIONS FOR LIABILITIES

22

118,854

115,180

NET ASSETS

856,894

807,961

CAPITAL AND RESERVES

Called up share capital

23

100

100

Fair value reserve

460,721

460,721

Retained earnings

396,073

347,140

SHAREHOLDERS' FUNDS

856,894

807,961

Company's profit for the financial year

173,933

150,020

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

Mr KB Patel - Director

Called up

Fair

share

Retained

Merger

value

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

100

4,893,254

119,994

460,721

5,474,069

Changes in equity

Dividends

-

(125,000

)

-

-

(125,000

)

Total comprehensive income

-

1,657,737

-

-

1,657,737

Balance at 31 March 2024

100

6,425,991

119,994

460,721

7,006,806

Changes in equity

Dividends

-

(125,000

)

-

-

(125,000

)

Total comprehensive income

-

2,397,016

-

-

2,397,016

Balance at 31 March 2025

100

8,698,007

119,994

460,721

9,278,822

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

100

322,120

460,721

782,941

Changes in equity

Dividends

-

(125,000

)

-

(125,000

)

Total comprehensive income

-

150,020

-

150,020

Balance at 31 March 2024

100

347,140

460,721

807,961

Changes in equity

Dividends

-

(125,000

)

-

(125,000

)

Total comprehensive income

-

173,933

-

173,933

Balance at 31 March 2025

100

396,073

460,721

856,894

Cash flows from operating activities

Cash generated from operations

1

(2,836,100

)

1,915,138

Interest paid

(286,827

)

(81,152

)

Interest element of hire purchase payments paid

(7,255

)

(1,589

)

Tax paid

(51,183

)

-

Net cash from operating activities

(3,181,365

)

1,832,397

Cash flows from investing activities

Purchase of tangible fixed assets

(13,549

)

(148,854

)

Purchase of fixed asset investments

-

(47,125

)

Purchase of investment property

-

(1,594,279

)

Sale of fixed asset investments

120,000

-

Interest received

1,796

4,057

Net cash from investing activities

108,247

(1,786,201

)

Cash flows from financing activities

New loans in year

1,973,943

102,730

Loan repayments in year

(866,133

)

(730,474

)

Equity dividends paid

(125,000

)

(125,000

)

Net cash from financing activities

982,810

(752,744

)

Decrease in cash and cash equivalents

(2,090,308

)

(706,548

)

Cash and cash equivalents at beginning of year

2

537,711

1,244,259

Cash and cash equivalents at end of year

2

(1,552,597

)

537,711

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

2025

2024

£

£

Profit before taxation

2,475,701

2,110,064

Depreciation charges

62,298

77,233

Loss on disposal of fixed assets

1,783

-

Finance costs

294,082

82,741

Finance income

(1,796

)

(4,057

)

2,832,068

2,265,981

Increase in stocks

(1,482,440

)

(1,664,317

)

Increase in trade and other debtors

(3,731,239

)

(1,766,004

)

(Decrease)/increase in trade and other creditors

(454,489

)

3,079,478

Cash generated from operations

(2,836,100

)

1,915,138

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

50,599

537,711

Bank overdrafts

(1,603,196

)

-

(1,552,597

)

537,711

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

537,711

1,244,259

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

537,711

(487,112

)

50,599

Bank overdrafts

-

(1,603,196

)

(1,603,196

)

537,711

(2,090,308

)

(1,552,597

)

Debt

Finance leases

(102,730

)

13,590

(89,140

)

Debts falling due within 1 year

(48,310

)

(378,000

)

(426,310

)

Debts falling due after 1 year

(221,679

)

(743,400

)

(965,079

)

(372,719

)

(1,107,810

)

(1,480,529

)

Total

164,992

(3,198,118

)

(3,033,126

)

1.	COMPANY INFORMATION

The principal activity of Caskad Enterprises (PVT) Limited is that of a holding company for herb and spice merchants.

2.	STATUTORY INFORMATION

The company is a private limited company (registered number 01372973), which is incorporated and domiciled in the UK. The address of the registered office is 24/44 Burfield Street, Leicester, LE4 6AL.

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

3.	STATEMENT OF COMPLIANCE

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.

4.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation

These consolidated financial statements incorporate the financial statements of the company and its wholly-owned subsidiaries. All intergroup transactions, balances, income and expenses are eliminated.

On acquisition of a subsidiary, all of the subsidiary's assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at that date.

The group has adopted the merger basis of accounting. The merger reserve included in the reserves represent the difference between the cost of the investment in subsidiary undertakings and the nominal values of the share capital of those subsidiary undertakings.

Significant judgements and estimates

There were no areas in which the preparation of the financial statements required to make significant judgements or estimates.

Turnover

Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice value less estimated rebates, returns and settlement discounts. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on receipt of the goods.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Fixtures and fittings - 15% reducing balance

Plant and machinery - 15% reducing balance

Motor vehicles - 25% reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

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.

Pension costs and other post-retirement benefits

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

Operating leases

Operating lease rentals are charged in the profit and loss account on a straight line basis over the lease term.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other investments

Other investments are initially measured at cost.

Going concern

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Rents received

Rental income is recognised on the lease of the Investment Property. The rents are recognised over the period of the lease.

5.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

30,809,646

25,766,764

Europe

98,560

75,423

30,908,206

25,842,187

6.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,213,913

2,504,172

Social security costs

302,602

221,806

Other pension costs

114,580

110,943

3,631,095

2,836,921

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

2025

2024

Employees

106

93