REGISTERED NUMBER: 03736461 (England and Wales)

Audited Financial Statements

for the Year Ended 31 May 2025

for

A1 Veg Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr I Hussain

Mr I A Hussain

SECRETARY:

Mrs A Hussain

REGISTERED OFFICE:

353 Uxbridge Road

Southall

Middlesex

UB1 3EJ

REGISTERED NUMBER:

03736461 (England and Wales)

SENIOR STATUTORY AUDITOR:

Gareth Owen Hughes BSc ACA

INDEPENDENT AUDITORS:

Garside and Co. Limited

Chartered Accountant & Statutory Auditor

Suite 631, Linen Hall

162-168 Regent Street

London

W1B 5TG

FIXED ASSETS

Intangible assets

4

2

2

Tangible assets

5

137,436

152,144

137,438

152,146

CURRENT ASSETS

Stocks

6

330,260

282,714

Debtors

7

3,154,686

3,219,785

Cash at bank and in hand

368,996

305,518

3,853,942

3,808,017

CREDITORS

Amounts falling due within one year

8

(3,096,546

)

(3,133,118

)

NET CURRENT ASSETS

757,396

674,899

TOTAL ASSETS LESS CURRENT LIABILITIES

894,834

827,045

CREDITORS

Amounts falling due after more than one year

9

32,784

35,654

CAPITAL AND RESERVES

Called up share capital

21,099

21,099

Retained earnings

840,951

770,292

SHAREHOLDER FUNDS

862,050

791,391

894,834

827,045

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 January 2026 and were signed on its behalf by:

Mr I Hussain - Director

1.	STATUTORY INFORMATION

A1 Veg Limited 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 Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.

The financial statements are presented in 'sterling', which is the functional and presentation currency of the entity.

Going Concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover

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

Turnover includes revenue earned from the sale of goods.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods.

Intangible assets - goodwill

Goodwill represents the amount paid in connection with the acquisition of a business. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill is amortised on a straight-line basis over its estimated useful economic life of fifteen years.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulative depreciation and impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Leasehold land and buildings

evenly over the lease term

Plant and machinery

15% on reducing balance

Motor vehicles

25% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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 the income statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Produce and other consumable stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each statement of financial position date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its net realisable value and/or replacement cost. The impairment loss is recognised immediately in the income statement.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised.

Contingent assets are not recognised. Contingent assets are disclosed in the financial statements when an inflow of economic benefits is probable.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Foreign currencies

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

Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2024 - 46 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2024

and 31 May 2025

279,000

AMORTISATION

At 1 June 2024

and 31 May 2025

278,998

NET BOOK VALUE

At 31 May 2025

2

At 31 May 2024

2

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 June 2024

317,439

390,764

56,675

764,878

Additions

-

15,204

-

15,204

At 31 May 2025

317,439

405,968

56,675

780,082

DEPRECIATION

At 1 June 2024

307,911

278,257

26,566

612,734

Charge for year

3,229

19,156

7,527

29,912

At 31 May 2025

311,140

297,413

34,093

642,646

NET BOOK VALUE

At 31 May 2025

6,299

108,555

22,582

137,436

At 31 May 2024

9,528

112,507

30,109

152,144

6.

STOCKS

31.5.25

31.5.24

£

£

Stocks

330,260

282,714

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Trade debtors

1,813,530

1,663,660

Amounts owed by group undertakings

1,229,951

1,464,289

VAT

9,186

7,930

Prepayments and accrued income

102,019

83,906

3,154,686

3,219,785

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Trade creditors

2,983,416

3,001,627

Corporation tax

22,029

53,572

Social security and other taxes

30,582

22,730

Salaries and wages payable

10,642

7,158

Pension payable

2,148

1,827

Other creditors

756

551

Obligations under HP contracts

-

9,279

Accrued expenses

46,973

36,374

3,096,546

3,133,118

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.25

31.5.24

£

£

Deferred taxation

32,784

35,654

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gareth Owen Hughes BSc ACA (Senior Statutory Auditor)

for and on behalf of Garside and Co. Limited

11.	PARENT UNDERTAKING

In July 2022, A1 Veg Limited became a member of the IH Holdings Limited Group of companies. IH Holdings Limited is a company registered in England and Wales (company number 04802283) with its registered office at 353 Uxbridge Road, Southall, Middlesex, UB1 3EJ. Copies of the consolidated financial statements are publicly available from the registered office.