Limcor Limited

	Page
Company Information	1
Strategic Report	2
Directors' Report	3—4
Independent Auditor's Report	5—7
Consolidated Profit and Loss Account	8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10
Company Balance Sheet	11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	13
Consolidated Statement of Cash Flows	14
Notes to the Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16—26

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Limcor 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 Group’s principal activity is that of the supply and distribution of fresh and chilled produce to the food service sector.

The Group is in good health and allows expansion of the business from its own resources. The results for the year and the financial position at the year-end were considered satisfactory by the directors who expect controlled growth and profitability to continue in the foreseeable future.

The directors are confident that the group will be able to strengthen its financial position by building on its current portfolio of customers and grow the business with both existing and new clients in the future.

The turnover for the year increased by approximately 9% to £24,696,644 (2024: £22,486,870), mainly due to better selection of food products and new customers acquired during the year.

The gross margin increased to 25% compared to 24% in previous year. The gross margin has improved by 1% due to better control on cost of sales.

The profit before tax for the year is £1,273,718 (2024: £1,093,583).

Principal Risks and Uncertainties

The market is highly competitive. The directors actively manage risk across all areas of the business. The main risks are competition risk, reputational risk and credit risk.

Key performance indicators

The Directors consider the following as key performance indicators:

	2025	2024
	£	£
Turnover	24,696,644	22,486,870
Cost of Sales	18,562,980	17,129,654
Gross profit	6,133,664	5,357,216
Gross Margin	25%	24%
Profit before tax	1,273,718	1,093,583
Net assets	6,007,376	5,200,141

On behalf of the board

R Thakrar Director	V Thakrar Director
31 December 2025

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Limcor Limited

Company No. 07904298

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 group's principal activity continues to be that of supply and distribution of fresh and chilled produce to the food service sector.

Future Developments

The Directors have built a strong business and reputation by providing first class service in food supply business.

This is achieved by aligning ourselves closely with our clients, ensuring we have a full understanding of their requirements. Our strategy is to continue to specialise in our principle activities, maintain our brand reputation whilst managing the risk areas across our business.

Dividends

The value of dividends paid amounted to £62,500 .

The directors recommended a final dividend of £90,000 .

Directors

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

R Thakrar

V Thakrar

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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Limcor 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

R Thakrar Director	V Thakrar Director
31 December 2025

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Independent Auditor's Report

to the Members of

Limcor Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Limcor Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 March 2025 which comprise the Consolidated Profit and Loss Account, 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 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

Limcor 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 3—4, 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.

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 assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

We discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indication of fraud. We remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

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

Limcor 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

31 December 2025

The Corporate Practice Limited

Chartered Accountants and Statutory Auditors

65 Delamere Road

Heyes

Middlesex

UB4 0NN

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Limcor Limited

Consolidated Profit and Loss Account

For The Year Ended 31 March 2025

Consolidated Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	24,696,644	22,486,870
Cost of sales		(18,562,980 )	(17,129,654 )

GROSS PROFIT		6,133,664	5,357,216

Distribution costs		(3,975,001 )	(3,437,162 )
Administrative expenses		(895,796 )	(781,466 )
Other operating income		6,000	5,000

OPERATING PROFIT	5	1,268,867	1,143,588
Other interest receivable and similar income	10	58,401	17,330
Interest payable and similar charges	11	(53,550 )	(67,335 )

PROFIT BEFORE TAXATION		1,273,718	1,093,583
Tax on Profit	12	(403,983 )	(462,952 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		869,735	630,631

The notes on pages 15 to 25 form part of these financial statements.

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Limcor Limited

Consolidated Statement of Comprehensive Income

For The Year Ended 31 March 2025

Consolidated Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	869,735	630,631
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT	869,735	630,631

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Limcor Limited

Consolidated Balance Sheet

As At 31 March 2025

Consolidated Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	13		1,316,747		1,481,340
Tangible Assets	14		4,209,844		4,165,030
Investments	15		3,240		3,240

			5,529,831		5,649,610
CURRENT ASSETS
Stocks	16	300,980		217,473
Debtors	17	5,362,623		3,577,053
Cash at bank and in hand		1,115,593		1,370,036

		6,779,196		5,164,562
Creditors: Amounts Falling Due Within One Year	18	(4,852,448 )		(4,187,405 )

NET CURRENT ASSETS (LIABILITIES)			1,926,748		977,157

TOTAL ASSETS LESS CURRENT LIABILITIES			7,456,579		6,626,767

Creditors: Amounts Falling Due After More Than One Year	19		(695,864 )		(725,779 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	21		(753,339 )		(700,847 )

NET ASSETS			6,007,376		5,200,141

CAPITAL AND RESERVES
Called up share capital	23		100		100
Revaluation reserve			2,600,317		2,600,317
Profit and Loss Account			3,406,959		2,599,724

SHAREHOLDERS' FUNDS			6,007,376		5,200,141

On behalf of the board

R Thakrar Director	V Thakrar Director
31 December 2025

The notes on pages 15 to 25 form part of these financial statements.

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Limcor Limited

Company Balance Sheet

As At 31 March 2025

Company Balance Sheet

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	15		1,655,933		1,655,933

			1,655,933		1,655,933
CURRENT ASSETS
Cash at bank and in hand		62,502		331,256

		62,502		331,256
Creditors: Amounts Falling Due Within One Year	18	(547,392 )		(930,067 )

NET CURRENT ASSETS (LIABILITIES)			(484,890 )		(598,811 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,171,043		1,057,122

Creditors: Amounts Falling Due After More Than One Year	19		(600,000 )		(579,900 )

NET ASSETS			571,043		477,222

CAPITAL AND RESERVES
Called up share capital	23		100		100
Profit and Loss Account			570,943		477,122

SHAREHOLDERS' FUNDS			571,043		477,222

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 £ 156,321 (2024: £ 140,805 profit).

On behalf of the board

R Thakrar Director	V Thakrar Director
31 December 2025

The notes on pages 15 to 25 form part of these financial statements.

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Limcor 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	100	2,600,317	2,059,093	4,659,510
Profit for the year and total comprehensive income	-	-	630,631	630,631

Dividends paid	-	-	(90,000)	(90,000)

As at 31 March 2024 and 1 April 2024	100	2,600,317	2,599,724	5,200,141


Profit for the year and total comprehensive income	-	-	869,735	869,735

Dividends paid	-	-	(62,500)	(62,500)

As at 31 March 2025	100	2,600,317	3,406,959	6,007,376

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Limcor 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	100	426,317	426,417
Profit for the year and total comprehensive income	-	140,805	140,805

Dividends paid	-	(90,000)	(90,000)

As at 31 March 2024 and 1 April 2024	100	477,122	477,222


Profit for the year and total comprehensive income	-	156,321	156,321

Dividends paid	-	(62,500)	(62,500)

As at 31 March 2025	100	570,943	571,043

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Limcor 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 generated from operations	1	387,497	1,375,375
Interest paid		(53,550 )	(67,335 )
Tax paid		(324,059 )	(170,000 )

Net cash generated from operating activities		9,888	1,138,040

Cash flows from investing activities
Proceeds from disposal of intangible assets		-	20,000
Purchase of tangible assets		(157,642 )	(168,921 )
Interest received		58,401	17,330

Net cash used in investing activities		(99,241 )	(131,591 )

Cash flows from financing activities
Equity dividends paid		(62,500 )	(90,000 )
Repayment of bank borrowings		(75,090 )	(129,127 )
Amount introduced by directors		(27,500)	-

Net cash used in financing activities		(165,090 )	(219,127 )



(Decrease)/increase in cash and cash equivalents		(254,443 )	787,322
Cash and cash equivalents at beginning of year	2	1,370,036	582,714

Cash and cash equivalents at end of year	2	1,115,593	1,370,036

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Limcor 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 generated from operations

	2025	2024
	£	£
Profit for the financial year	869,735	630,631
Adjustments for:
Tax on profit	403,983	462,952
Interest expense	53,550	67,335
Interest income	(58,401 )	(17,330 )
Amortisation of intangible assets	164,593	164,593
Depreciation of tangible assets	112,828	113,057
Movements in working capital:
Increase in stocks	(83,507 )	(9,473 )
Increase in trade and other debtors	(1,785,570 )	(979,817 )
Increase in trade and other creditors	710,286	943,427

Net cash generated from operations	387,497	1,375,375

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	1,115,593	1,370,036

3. Analysis of changes in net funds

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	1,370,036	(254,443)	1,115,593
Debts falling due within one year	(45,175 )	45,175	-
Debts falling due after more than one year	(725,779)	29,915	(695,864)

	599,082	(179,353)	419,729

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Limcor Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Limcor Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07904298 . The registered office is 40-42 Standard Road, London, NW10 6EU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. 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.

2.3. 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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Limcor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.4. 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 .... 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.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets (other than Freehold Land & Building) are measured at cost less accumulated depreciation and any accumulated impairment losses. 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	At fair valuation
Leasehold	Over 10 years
Plant & Machinery	20% reducing balance
Motor Vehicles	20% reducing balance
Fixtures & Fittings	20% reducing balance
Computer Equipment	15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.6. Investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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Limcor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. 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.

2.8. 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.

2.9. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.10. 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.

2.11. Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.12. 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.

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Page 19

Limcor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Supply and distribution of fresh and chill produce	24,696,644	22,486,870

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	24,696,644	22,486,870

	24,696,644	22,486,870

4. Other Operating Income

	2025	2024
	£	£
Rental income	6,000	5,000

	6,000	5,000

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	38,675	96,786
Depreciation of tangible fixed assets	112,828	113,057
Amortisation of intangible fixed assets	164,593	164,593

6. Auditor's Remuneration

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

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	14,500	12,500

7. Staff Costs

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

	2025	2024
	£	£
Wages and salaries	3,024,539	2,602,331
Social security costs	303,203	260,112
Other pension costs	70,760	61,351

	3,398,502	2,923,794

Page 19

Page 20

Limcor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 91 (2024: 88)

Company

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

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	48,000	48,000
Company contributions to money purchase pension schemes	30,250	26,253

	78,250	74,253

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	5,664	80
Other interest receivable type A	52,737	17,250

	58,401	17,330

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	53,550	67,335

12. 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%	351,491	302,056
Deferred Tax
Deferred taxation			52,492	160,896


Total tax charge for the period			403,983	462,952


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			1,273,718	1,093,583

Tax on profit at 25% (UK standard rate)			326,460	273,396
Goodwill/depreciation not allowed for tax			28,207	-

...CONTINUED

Page 20

Page 21

Limcor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Expenses not deductible for tax purposes	7,217	2,385
Tax losses utilised	16,538	(12,701 )
Capital allowances	(26,931 )	(2,172 )
Short term timing differences	52,492	202,044

Total tax charge for the period	403,983	462,952

13. Intangible Assets

Group

	Goodwill
	£
Cost
As at 1 April 2024	1,645,933

As at 31 March 2025	1,645,933

Amortisation
As at 1 April 2024	164,593
Provided during the period	164,593

As at 31 March 2025	329,186

Net Book Value
As at 31 March 2025	1,316,747

As at 1 April 2024	1,481,340

Company

The company had no intangible fixed assets as at 31 March 2025 or 31 March 2024.

14. Tangible Assets

Group

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles
	£	£	£	£
Cost
As at 1 April 2024	3,641,945	120,000	177,526	621,797
Additions	62,048	-	16,281	53,239

As at 31 March 2025	3,703,993	120,000	193,807	675,036

Depreciation
As at 1 April 2024	-	24,000	146,341	313,007
Provided during the period	-	12,000	9,493	72,406

As at 31 March 2025	-	36,000	155,834	385,413

Net Book Value
As at 31 March 2025	3,703,993	84,000	37,973	289,623

As at 1 April 2024	3,641,945	96,000	31,185	308,790

Page 21

Page 22

Limcor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025


	Fixtures & Fittings	Computer Equipment	Total
	£	£	£
Cost
As at 1 April 2024	167,745	106,467	4,835,480
Additions	1,320	24,754	157,642

As at 31 March 2025	169,065	131,221	4,993,122

Depreciation
As at 1 April 2024	130,027	57,075	670,450
Provided during the period	7,807	11,122	112,828

As at 31 March 2025	137,834	68,197	783,278

Net Book Value
As at 31 March 2025	31,231	63,024	4,209,844

As at 1 April 2024	37,718	49,392	4,165,030

Land and buildings with a carrying amount of £3,703,933 (2024 : £3,641,945) were revalued by directors on an open market basis. The directors consider that the current market value of the property is not materially different.

The following assets are carried at valuation with upward revaluation done as below:

Revaluation in 2022: £1,648,577

Revaluation in 2014: £1,245,834

Revaluation in 1994: £173,170

If the assets were measured using the cost model, the carrying amounts would be £636,352.

Company

The company had no tangible fixed assets as at 31 March 2025 or 31 March 2024.

15. Investments

Group

	Unlisted
	£
Cost
As at 1 April 2024	3,240

As at 31 March 2025	3,240

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	3,240

As at 1 April 2024	3,240

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Page 23

Limcor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Company

	Unlisted
	£
Cost or Valuation
As at 1 April 2024	1,655,933

As at 31 March 2025	1,655,933

Provision
As at 1 April 2024	-

As at 31 March 2025	-

Net Book Value
As at 31 March 2025	1,655,933

As at 1 April 2024	1,655,933

Subsidiaries

Details of the group's subsidiaries as at 31 March 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
Valimex (Import & Export) Limited	40-42 Standard Road, London, NW10 6EU	Ordinary shares	100.00%	-

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

	Capital and Reserves	Profit/(loss)
	£	£
Valimex (Import & Export) Limited	5,775,519	968,008

16. Stocks

	2025	2024
	£	£
Finished goods	300,980	217,473

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	2,622,513	2,648,505	-	-
Other debtors	2,740,110	928,548	-	-

	5,362,623	3,577,053	-	-

Page 23

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Limcor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

18. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	3,841,070	3,228,883	-	-
Bank loans and overdrafts	-	45,175	-	45,175
Amounts owed to group undertakings	-	-	248,448	585,948
Other creditors	556,221	487,317	293,601	293,601
Corporation tax	352,113	324,681	-	-
Taxation and social security	83,201	68,224	-	-
Accruals and deferred income	19,843	33,125	5,343	5,343

	4,852,448	4,187,405	547,392	930,067

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

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans	695,864	725,779	600,000	579,900

20. 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	-	45,175	-	45,175

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Amounts falling due between one and five years:
Bank loans	695,864	725,779	600,000	579,900

The loan is secured by a fixed and floating charge over all the assets of the parent Company.

21. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	753,339	700,847

Page 24

Page 25

Limcor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

22. Provisions for Liabilities

Group
	Deferred Tax	Total
	£	£
As at 1 April 2024	700,847	700,847
Deferred taxation	52,492	52,492

Balance at 31 March 2025	753,339	753,339

23. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary Shares of £ 1.00 each	100	100

24. 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 the profit and loss account in respect of defined contribution schemes was £70,760 (2024: £61,351).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

25. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	62,500	90,000

26. Related Party Disclosures

As at 31 March 2025 Everyday UK Properties Limited owed £ 424,192 (£390,000 in 2024) to Valimex (Import & Export) Limited. There is no fixed terms for repayment of this loan. During the year interest of £16,942 (2024: £17,250) was charged.

As at 31 March 2025 Valimex Investments Limited owed £ 1,230,053 (2024: Nil) to Valimex (Import & Export) Limited. There is no fixed terms for repayment of this loan. During the year interest of £25,595 (2024: £Nil) was charged.

As at 31 March 2025 Stannington Limited owed £ 470,200 (2024: 20,000) to Valimex (Import & Export) Limited. There is no fixed terms for repayment of this loan. During the year interest of £10,200 (2024: £Nil) was charged.

For the year ended 31st March 2025, Valimex (Import & Export) Limited paid consultancy fees to Amico Investments Limited & Crestbarn Limited amounting to £24,000 each (2024: Nil). The amount is outstanding at year end and is included within other creditors.

As at 31 March 2025 Valimex (Import & Export) Limited owed £93,065 (£82,355 in 2024) to Fresh Decoupe Limited. This amount is included in the trade creditors.

During the year Valimex (Import & Export) Limited purchased goods of £119,000 (£150,453 in 2024) from Fresh Decoupe Limited.

As at 31 March 2025 Valimex (Import & Export) Limited owed £1,702,699 (£1,157,437 in 2024) to Everyday Produce Limited. This amount is included in the trade creditors.

During the year Valimex (Import & Export) Limited purchased goods of £7,602,177 (£7,103,760 in 2024) from Everyday Produce Limited.

As at 31 March 2025 Valimex (Import & Export) Limited owed £134,448 (£176,013 in 2024) to SMT Wholesale. This amount is included in the trade creditors.

During the year Valimex (Import & Export) Limited purchased goods of £633,453 (£1,078,849 in 2024) from SMT Wholesale.

...CONTINUED

Page 25

Page 26

Limcor Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

26. Related Party Disclosures - continued

As at 31 March 2025 Valimex (Import & Export) Limited owed £352,567 (£318,051 in 2024) to V.R.Raj & Co. Limited. This amount is included in the trade creditors.

During the year Valimex (Import & Export) Limited purchased goods of £1,105,834 (£496,894 in 2024) from V.R.Raj & Co. Limited.

Valimex (Import & Export) Limited, Everyday UK Properties Limited,Valimex Investments, Stannington Limited, Fresh Decoupe Limited, Everyday Produce Limited, SMT Wholesale, V.R.Raj & Co. Limited, Amico Investments Limited & Crestbarn Limited are related by the virtue of common control and close family members.

Page 26