REGISTERED NUMBER: 08984962 (England and Wales)

Masca Holding Limited

Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

14

Consolidated Statement of Financial Position

15

Company Statement of Financial Position

17

Consolidated Statement of Changes in Equity

19

Company Statement of Changes in Equity

20

Consolidated Statement of Cash Flows

21

Notes to the Consolidated Statement of Cash Flows

22

Notes to the Consolidated Financial Statements

24

DIRECTORS:

Mr S Cagin

Mr C Agcagul

REGISTERED OFFICE:

Unit 2

The Britannia Centre

Lenthall Road

Loughton

IG10 3SQ

REGISTERED NUMBER:

08984962 (England and Wales)

SENIOR STATUTORY AUDITOR:

Altan Kemal FCA FCCA

AUDITORS:

Alton & Co

Chartered Accountants

& Statutory Auditors

239-241 Kennington Lane

London

SE11 5QU

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

Masca Holding Ltd is the parent company of thirteen subsidiaries whose main business activities include wholesale of fruits, vegetables and other groceries as well as property management. The group's performance has been in accordance with the expectations of the directors. All companies in the group have shown a high degree of resilience in a competitive environment to achieve targeted results.

REVIEW OF BUSINESS

Turnover for the whole group declined compared to that of last year, profitability over the period also declined in line with the decline in turnover. The directors expect there to be growth in the coming years as steps taken to improve the efficiency of the group's operations, as well as increasing contribution from sales, begin to materialize, thereby ensuring that profitability is not compromised as the group expands. The trading companies in the group sell mainly groceries and basic food items and the general economic climate has led to a slow down in sale of non essentials. The main threat to the group are their competitors. The company's main strategy is to provide a complete service to customers thereby increasing their customer base and the resulting impact on the turnover of the group. The various companies aim at specific markets (and customers) to ensure that a clear strategy to win and maintain customers is implemented and sustained. Also, within the group is a property management company which is part of the group's diversification strategy.

The directors recognise the importance of all of its staff and would like to thank them for all their hard work and efforts throughout the year in helping the company make this remarkable achievement.

The results for the year and the financial position of the company are shown in the annexed financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

Each company's ability to get insurance cover is key to their ability to acquire inputs on consignment. Most of the purchases are on consignment and the consignors require insurance cover to continue supplying on consignment. The level of cover for each company depends on the financial health of the company; this is managed by keeping a close watch on monthly results and dealing with poor performing lines on a timely basis.

Furthermore, the products of the subsidiaries are mainly fresh and perishable, therefore stock levels are very low. Hence, the companies depend on the reliability of their suppliers to meet their orders at short notice to prevent stock outs leading to the loss of customers. To manage this risk for each product the company maintains more than one supplier to fulfil the required orders to ensure that the failure of one supplier will not affect their ability to meet anticipated demand and customer satisfaction for that matter. Also new product lines are constantly being introduced to ensure that a poor performance in one line will not have a significant impact on the group's turnover and also ensure that customers get all they want from a group member.

SECTION 172(1) STATEMENT

General confirmation of Directors’ duties

The directors have a clear framework for determining the matters within their remit and have approved Terms of Reference for the matters delegated to their assistants. Certain financial and strategic thresholds have been determined to identify matters requiring directors consideration and approval.

When making decisions, each director ensures that he acts in the way he considers, in good faith, what would most likely promote the company’s success for the benefit of its members as a whole, and in doing so have considered (among other matters):

S172(1) (A) “The likely consequences of any decision in the long term”

The directors understand the business and the evolving environment in which they operate, including the challenges of navigating through the Brexit transition and the economic turbulence. Based on the company's purpose to supply quality fruits, vegetables and other groceries by sourcing the best products, the strategy set by the directors is intended to strengthen the group's position to enable it play a leading role in the supply of fruits and vegetables in the UK at competitive prices whilst maintaining quality and promoting social responsibility.

The rising standard of living of a growing UK population is likely to continue to drive demand for fresh fruits and vegetables for years to come. At the same time, changes in customers' shopping approach (online shopping and the need to deliver products to customers) means increased competition as a direct result of increasing customer choice. The long-term success of the business is dependent on its ability to adapt with those changes and distinguishing itself against the growing competition by way of maintaining quality and customer satisfaction. The directors also realise the importance of their business activities as a contributor to the health of society as they sell fresh produce.

S172(1) (B) “The interests of the companies employees”

The directors recognise that the companies employees are fundamental and core to the business and necessary for the delivery of the directors' strategic ambitions. The success of the business depends on attracting, retaining and motivating employees. From ensuring that the business remains a responsible employer in all aspects, from pay and benefits to health and safety in the workplace environment, the directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible. More information on this can be found within the companies policy for employees.

S172(1) (C) “The need to foster the companies business relationships with suppliers, customers and others”

Delivering the directors' strategy requires strong mutually beneficial relationships with suppliers, customers, local authorities and governments. The company seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships and this, alongside other standards, are described in the various policy statements of the company in the Strategic Report. The group's Business Principles are reviewed by the directors periodically. The directors also review and approve the group's approach to suppliers which is set out in the group's Supplier Policy. The business continuously assesses the priorities related to customers and those with whom they do business; the companies in the group engages with these customers based on the outcome of those assessments.

S172(1) (D) “The impact of the companies operations on the community and the environment”

This aspect is inherent in the directors' strategic ambitions, most notably on their ambitions to thrive in the food wholesale and retail sector. As such, the directors constantly monitor their effect on the community and environment; an important goal for the directors is to be a benefit to both local community and the greater environment.

S172(1) (E) “The desirability of the company maintaining a reputation for high standards of business conduct”

The group aims to meet the world’s growing need for more healthy food in ways which are economically, environmentally and socially responsible. The directors periodically review and approves clear frameworks to ensure that high standards are maintained both within and outside the businesses and the business relationships they maintain. This, complemented by the ways the directors are informed and monitor compliance with relevant governance standards help ensure decisions made mean that companies in the group act in ways that perpetually promote high standards of business conduct.

S172(1) (F) “The need to act fairly as between members of the company”

After weighing up all relevant factors, the directors consider which course of action best enables delivery of their strategies through the long-term by taking into consideration the impact on stakeholders. In doing so, the directors attempt to balance the company's interests and other stakeholders' interests and this can sometimes mean that certain stakeholder interests may not be fully aligned. However, the directors attempt to be as fair as possible to all in this regard.

Culture

The directors recognise that they have an important role when assessing and ensuring that the desired culture is embedded in all the values, attitudes and behaviours they demonstrate, including in all the business activities and stakeholder relationships. The directors have established honesty, integrity and respect for people as the group's core values. The General Business Principles, Code of Conduct, and Code of Ethics help everyone act in line with these values and comply with relevant laws and regulations. The group's Commitment and Policy on Health, Safety, Security, Environment & Social Performance applies across all the companies and is designed to help protect people and the environment. The directors strive to maintain a diverse and inclusive culture.

Stakeholder engagement (including employee engagement)

The directors also recognise the important role the companies in the group have to play in society and are deeply committed to public collaboration and stakeholder engagement; this commitment is at the heart of the group's strategic ambitions. The directors believe that they will only succeed by working with customers, governments and business partners. Working together is critical, particularly at a time when society, including businesses, governments and consumers, face complex and challenging issues.

The companies continue to build on their long track record of working with others, such as customers and suppliers; the directors believe that working together, sharing knowledge and experience with others offers greater insights into their own business.

ENGAGEMENT WITH EMPLOYEES

The company is committed to achieving a working environment which provides equality of opportunity and freedom from unlawful discrimination on the basis of gender, sexual orientation, marital or civil partner status, gender reassignment, race, religion or belief, colour, nationality, ethnic or national origin, disability or age, pregnancy or maternity, trade union membership or the fact that they are part-time workers. The company's Equality and Diversity policy aims to remove unfair and discriminatory practices within the company and to encourage full contribution from its diverse community. The company is committed to actively opposing all forms of discrimination. The company also aims to provide a service that does not discriminate against its clients in the means by which they can access the services supplied by the company. The company believes that the directors, employees and customers are entitled to be treated with respect and dignity.The company's employment policy is to provide equal opportunity to all current and prospective employees without any discrimination. They endeavour to provide a work environment in which all individuals are treated with respect and dignity.

KEY PERFORMANCE INDICATORS

The main performance indicators are the sales and the profit margins. Most products are sold at an agreed margin thereby leading to a positive correlation between sales and profit. All other costs apart from cost of sales are fairly fixed. The directors monitor these on a monthly basis to ensure that poor performers are picked up on time and dealt with accordingly. They also ensure that other overheads are within limits as their effects on the ability to remain in operational existence and profitability for that matter is very critical.

The Key Performance Indicators over the last two years are as follows:

2025

2024

£

£

Turnover

100,381

112,969

Rent receivable

854

810

Gross Profit

17,039

24,116

Net Profit before tax & exceptional items

1,620

2,990

The directors believe that other variables of performance indicators are marginal and not the best indicators of the overall performance, development and position of the companies in the group.

GROUPS POLICY ON PAYMENT OF CREDITORS

The policy of the company is to agree terms of payment prior to commencing trade with a supplier and to abide by those terms on a timely submission of invoices.

SOCIAL, ENVIRONMENT AND ETHICAL MATTERS

The company believes that by operating in an ethical and social aware manner they will help preserve the environment; that being an integral part of efficient and profitable business management. The directors recognise that success in these areas depends on the involvement and commitment of everyone in the organisation.

FUTURE DEVELOPMENT

The directors expects the growth in sales in the future as the company explores new products and customers.

There are no material uncertainties that may cast any doubt about the company's ability to continue trading in the foreseeable future.

ON BEHALF OF THE BOARD:

Mr S Cagin - Director

19 December 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of wholesale of fruit,vegetables and other groceries, cafe /restaurants, property management and construction.

DIVIDENDS

An interim dividend of £2,800 per share was paid on 1 May 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 280,000 .

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 S Cagin

Mr C Agcagul

POLITICAL DONATIONS AND EXPENDITURE

Donations made in the year were not political.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Our relationship with our customers is key to the ongoing success of the business. The needs and expectation of customers are an integral part of our business strategy. We plan to ensure that the group delivers products of a very high standard and complies with all food safety regulations. We encourage long term relationship with our suppliers through collaboration and development of high quality products and supply chains.

STREAMLINED ENERGY AND CARBON REPORTING

Where the company is a parent company that prepares consolidated accounts, information must be presented on a consolidated basis; except that it need only to include information from subsidiaries that are both large and consume more than 40,000 KWH of energy annually.

None of the company's subsidiaries are large in themselves thus none is required to report on its own account. The parent company's energy consumption was below the annual threshold hence are not required to include the energy and carbon information reports on its own accounts and reports.

The company has chosen as per the companies regulation 2018 not to include energy and carbon information reports on its own and the consolidated accounts and reports.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the 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.

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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Alton & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr S Cagin - Director

19 December 2025

Opinion

We have audited the financial statements of Masca Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 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 eight, 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 group's and the 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework that are applicable to the company and determined that the most significant are the food standards regulations, building safety regulations, anti bribery regulations and money laundering regulation . We understand how the company is complying with those regulations by making enquiries of management and key personel; we also reviewed correspondence files. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements using our general commercial and sector experience, through discussion with the directors and other management (as required by auditing standards) and from inspection of the company's regulatory and legal correspondence. We discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated those identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures, we did not become aware of actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Altan Kemal FCA FCCA (Senior Statutory Auditor)

for and on behalf of Alton & Co

Chartered Accountants

& Statutory Auditors

239-241 Kennington Lane

London

SE11 5QU

29 December 2025

REVENUE

100,380,068

112,969,144

Cost of sales

83,358,758

88,853,103

GROSS PROFIT

17,021,310

24,116,041

Administrative expenses

15,247,578

20,941,172

1,773,732

3,174,869

Other operating income

988,336

817,974

OPERATING PROFIT

4

2,762,068

3,992,843

Gain/loss on revaluation of investment property

(2,230,000

)

6,271,043

532,068

10,263,886

Interest payable and similar expenses

6

1,142,110

1,002,506

(LOSS)/PROFIT BEFORE TAXATION

(610,042

)

9,261,380

Tax on (loss)/profit

7

(44,824

)

2,247,034

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(565,218

)

7,014,346

(Loss)/profit attributable to:

Owners of the parent

(565,218

)

7,014,346

(LOSS)/PROFIT FOR THE YEAR

(565,218

)

7,014,346

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(565,218

)

7,014,346

Total comprehensive (loss)/income attributable to:

Owners of the parent

(565,218

)

7,014,346

FIXED ASSETS

Intangible assets

10

10,088

11,923

Property, plant and equipment

11

14,184,526

15,087,466

Investments

12

-

-

Investment property

13

15,650,000

17,880,000

29,844,614

32,979,389

CURRENT ASSETS

Inventories

14

11,125,917

10,559,745

Debtors

15

10,291,524

10,921,515

Cash at bank and in hand

12,661,622

10,754,946

34,079,063

32,236,206

CREDITORS

Amounts falling due within one year

16

16,603,856

15,221,063

NET CURRENT ASSETS

17,475,207

17,015,143

TOTAL ASSETS LESS CURRENT LIABILITIES

47,319,821

49,994,532

CREDITORS

Amounts falling due after more than one year

17

(9,972,497

)

(11,150,498

)

PROVISIONS FOR LIABILITIES

21

(2,333,722

)

(2,985,214

)

NET ASSETS

35,013,602

35,858,820

CAPITAL AND RESERVES

Called up share capital

22

100

100

Fair value reserve

23

6,549,028

8,056,740

Retained earnings

23

28,464,474

27,801,980

SHAREHOLDERS' FUNDS

35,013,602

35,858,820

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

Mr S Cagin - Director

Mr C Agcagul - Director

FIXED ASSETS

Intangible assets

10

-

-

Property, plant and equipment

11

212,215

269,704

Investments

12

546,634

546,579

Investment property

13

-

-

758,849

816,283

CURRENT ASSETS

Debtors

15

240,212

5,735,281

Cash at bank

3,892

15,792

244,104

5,751,073

CREDITORS

Amounts falling due within one year

16

479,183

4,929,155

NET CURRENT (LIABILITIES)/ASSETS

(235,079

)

821,918

TOTAL ASSETS LESS CURRENT LIABILITIES

523,770

1,638,201

CREDITORS

Amounts falling due after more than one year

17

(93,422

)

(125,045

)

PROVISIONS FOR LIABILITIES

21

-

(4,477

)

NET ASSETS

430,348

1,508,679

CAPITAL AND RESERVES

Called up share capital

22

100

100

Retained earnings

23

430,248

1,508,579

SHAREHOLDERS' FUNDS

430,348

1,508,679

Company's loss for the financial year

(798,331

)

(821,549

)

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

Mr S Cagin - Director

Mr C Agcagul - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

100

25,605,621

3,478,753

29,084,474

Changes in equity

Dividends

-

(240,000

)

-

(240,000

)

Total comprehensive income

-

2,436,359

4,577,987

7,014,346

Balance at 31 March 2024

100

27,801,980

8,056,740

35,858,820

Changes in equity

Dividends

-

(280,000

)

-

(280,000

)

Total comprehensive loss

-

942,494

(1,507,712

)

(565,218

)

Balance at 31 March 2025

100

28,464,474

6,549,028

35,013,602

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

2,570,128

2,570,228

Changes in equity

Dividends

-

(240,000

)

(240,000

)

Total comprehensive loss

-

(821,549

)

(821,549

)

Balance at 31 March 2024

100

1,508,579

1,508,679

Changes in equity

Dividends

-

(280,000

)

(280,000

)

Total comprehensive loss

-

(798,331

)

(798,331

)

Balance at 31 March 2025

100

430,248

430,348

Cash flows from operating activities

Cash generated from operations

1

3,837,283

4,869,187

Interest paid

(1,097,980

)

(962,517

)

Interest element of hire purchase payments paid

(44,130

)

(39,989

)

Tax paid

(93,371

)

(892,447

)

Net cash from operating activities

2,601,802

2,974,234

Cash flows from investing activities

Purchase of intangible fixed assets

-

(8,579

)

Purchase of tangible fixed assets

(14,740

)

(1,080,712

)

Sale of tangible fixed assets

22,347

25,000

Net cash from investing activities

7,607

(1,064,291

)

Cash flows from financing activities

New loans in year

150,000

200,000

Loan repayments in year

(992,196

)

(992,197

)

Capital repayments in year

(190,158

)

59,028

Amount withdrawn by directors

35,000

(35,000

)

Equity dividends paid

(280,000

)

(240,000

)

Net cash from financing activities

(1,277,354

)

(1,008,169

)

Increase in cash and cash equivalents

1,332,055

901,774

Cash and cash equivalents at beginning of year

2

8,338,901

7,437,127

Cash and cash equivalents at end of year

2

9,670,956

8,338,901