REGISTERED NUMBER: 15391727 (England and Wales)

ICEKING GROUP LTD

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

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Statement of Cash Flows

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

Mrs R C Mouralidarane

Mr J Mouralidarane

Mr C Z Mouralidarane

Dr A C Mouralidarane

REGISTERED OFFICE:

167-169 Great Portland Street

Fifth Floor

London

W1W 5PF

REGISTERED NUMBER:

15391727 (England and Wales)

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.

Iceking Group Limited was formed on 6th January 2024 to take over all the shares of the individual shareholders of the companies in the group under a group restructuring making it the parent company of the group. The companies in the group has been growing sturdily and the directors expect this trend in growth to continue for the foreseeable future. The group operates in retail shops in London and restaurants in food and beverages across Kent and West Sussex.

REVIEW OF BUSINESS

The group saw a significant growth in turnover from last year. This is in line with expected trend over the last few years as the group continue to expand its area of operations, however the increase in turnover did not lead to an increase in the net profit due to additional trading sites opening in the year resulting in a more than proportionate increase in overheads compared with their contribution. The directors expect margin and contribution for that matter to increase in the future as all the new branches opened in the year begin to make full contribution towards profit.

PRINCIPAL RISKS AND UNCERTAINTIES

The company faces risks including market competition, inflationary pressures, and

changes in consumer spending habits. Management continuously monitors these risks

and maintains contingency plans to ensure resilience.

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. They also ensure that other overheads are within cost limits as their effect on the ability to remain in operational existence and profitability is critical.

2025

2024

£

£

Turnover

15,455

10,980

Gross Profit

7,341

6,636

Pre Tax Net Profit /(Loss)

(338)

415

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 company.

COMPANY 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.

POLICY ON 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.

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. The company is committed to environmental responsibility, sourcing locally where

possible, minimizing food waste, and supporting community initiatives in its operating areas.

FUTURE DEVELOPMENT

The group plans to expand its restaurants footprint across the South East, introduce

delivery-only kitchens, and continue enhancing sustainability through local sourcing and

waste reduction initiatives.

For the retail business the group aims to enhance its retail presence across London by investing in ecommerce platforms, improving customer experience, and adopting more sustainable

packaging solutions

ON BEHALF OF THE BOARD:

Dr A C Mouralidarane - Director

17 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 ACTIVITY

The principal activity of the group in the year under review was that of retail sale of food, grocery, restaurants and cafe'.

DIVIDENDS

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

DIRECTORS

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

Mrs R C Mouralidarane

Mr J Mouralidarane

Mr C Z Mouralidarane

Dr A C Mouralidarane

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;

-	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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the 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:

Dr A C Mouralidarane - Director

17 December 2025

Opinion

We have audited the financial statements of ICEKING GROUP LTD (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 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 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.

Last years accounts was not audited.

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 four, 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 regulation, anti bribery regulations and money laundering regulations. 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

15,838,591

11,665,973

Cost of sales

8,497,266

5,029,568

GROSS PROFIT

7,341,325

6,636,405

Administrative expenses

7,675,091

6,039,858

(333,766

)

596,547

Other operating income

294,341

24,707

OPERATING (LOSS)/PROFIT

4

(39,425

)

621,254

Interest receivable and similar income

39,895

30,838

470

652,092

Interest payable and similar expenses

5

338,604

237,292

(LOSS)/PROFIT BEFORE TAXATION

(338,134

)

414,800

Tax on (loss)/profit

6

(926,248

)

650,100

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

588,114

(235,300

)

Profit/(loss) attributable to:

Owners of the parent

588,114

(235,300

)

PROFIT/(LOSS) FOR THE YEAR

588,114

(235,300

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR

588,114

(235,300

)

Total comprehensive income/(loss) attributable to:

Owners of the parent

588,114

(235,300

)

FIXED ASSETS

Intangible assets

8

71,193

37,506

Property, plant and equipment

9

7,182,393

5,666,370

Investments

10

-

-

7,253,586

5,703,876

CURRENT ASSETS

Inventories

11

244,739

239,964

Debtors

12

1,238,530

730,268

Cash at bank and in hand

454,347

413,928

1,937,616

1,384,160

CREDITORS

Amounts falling due within one year

13

4,375,072

3,877,242

NET CURRENT LIABILITIES

(2,437,456

)

(2,493,082

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,816,130

3,210,794

CREDITORS

Amounts falling due after more than one year

14

(4,720,977

)

(2,785,254

)

PROVISIONS FOR LIABILITIES

17

(94,037

)

(1,012,738

)

NET ASSETS/(LIABILITIES)

1,116

(587,198

)

CAPITAL AND RESERVES

Called up share capital

18

300

100

Retained earnings

19

816

(587,298

)

SHAREHOLDERS' FUNDS

1,116

(587,198

)

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

Dr A C Mouralidarane - Director

FIXED ASSETS

Intangible assets

8

-

-

Property, plant and equipment

9

-

-

Investments

10

200

-

200

-

CURRENT ASSETS

Cash in hand

100

100

NET CURRENT ASSETS

100

100

TOTAL ASSETS LESS CURRENT LIABILITIES

300

100

CAPITAL AND RESERVES

Called up share capital

18

300

100

SHAREHOLDERS' FUNDS

300

100

Company's profit for the financial year

-

-

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

Dr A C Mouralidarane - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

-

(351,998

)

(351,998

)

Changes in equity

Issue of share capital

100

-

100

Total comprehensive loss

-

(235,300

)

(235,300

)

Balance at 31 March 2024

100

(587,298

)

(587,198

)

Changes in equity

Issue of share capital

200

-

200

Total comprehensive income

-

588,114

588,114

Balance at 31 March 2025

300

816

1,116

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Balance at 31 March 2024

100

-

100

Changes in equity

Issue of share capital

200

-

200

Balance at 31 March 2025

300

-

300

Cash flows from operating activities

Cash generated from operations

1

352,625

2,334,406

Interest paid

(338,604

)

(237,292

)

Tax paid

(18,206

)

-

Net cash from operating activities

(4,185

)

2,097,114

Cash flows from investing activities

Purchase of intangible fixed assets

(40,000

)

(40,220

)

Purchase of tangible fixed assets

(2,231,290

)

(2,864,576

)

Sale of tangible fixed assets

-

22,098

Interest received

39,895

30,838

Net cash from investing activities

(2,231,395

)

(2,851,860

)

Cash flows from financing activities

New loans in year

2,256,616

665,458

Amount withdrawn by directors

18,570

146,097

Share issue

200

100

Net cash from financing activities

2,275,386

811,655

Increase in cash and cash equivalents

39,806

56,909

Cash and cash equivalents at beginning of year

2

413,928

357,019

Cash and cash equivalents at end of year

2

453,734

413,928

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

2025

2024

£

£

(Loss)/profit before taxation

(338,134

)

414,800

Depreciation charges

721,583

751,697

Finance costs

338,604

237,292

Finance income

(39,895

)

(30,838

)

682,158

1,372,951

Increase in inventories

(4,775

)

(234,289

)

Increase in trade and other debtors

(500,715

)

(294,225

)

Increase in trade and other creditors

175,957

1,489,969

Cash generated from operations

352,625

2,334,406

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

454,347

413,928

Bank overdrafts

(613

)

-

453,734

413,928

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

413,928

357,019

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

413,928

40,419

454,347

Bank overdrafts

-

(613

)

(613

)

413,928

39,806

453,734

Debt

Debts falling due within 1 year

(439,526

)

(441,901

)

(881,427

)

Debts falling due after 1 year

(2,785,254

)

(1,814,718

)

(4,599,972

)

(3,224,780

)

(2,256,619

)

(5,481,399

)

Total

(2,810,852

)

(2,216,813

)

(5,027,665

)

1.	STATUTORY INFORMATION

ICEKING GROUP LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

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

Short leasehold

-

straight line over the life of the lease

Plant and machinery

-

20% on cost and 10% on cost

Fixtures and fittings

-

20% on cost and 10% on cost

Stocks

Inventories 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The 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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,619,785

2,908,254

Social security costs

276,336

207,210

Other pension costs

53,702

44,789

3,949,823

3,160,253

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

2025

2024

Operations

247

247

Finance and administration

8

8

Directors

3

3

258

258

2025

2024

£

£

Directors' remuneration

-

-

4.	OPERATING (LOSS)/PROFIT

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

2025

2024

£

£

Hire of plant and machinery

16,971

3,359

Other operating leases

1,195,078

861,840

Depreciation - owned assets

715,267

754,107

Patents and licences amortisation

6,313

2,714

Auditors' remuneration

18,000

-

Auditors' remuneration for non audit work

-

4,000

Taxation advisory services

2,000

-

Other non- audit services

14,600

6,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

338,604

237,292