REGISTERED NUMBER: NI617389 (Northern Ireland)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

FOR

CAMSENG INTERNATIONAL FOODS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

to

4

Report of the Independent Auditors

5

to

8

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

to

17

Notes to the Consolidated Financial Statements

18

to

36

DIRECTORS:

W C S Ly

Mrs T D Ly

A Ly

REGISTERED OFFICE:

1-25 Lower Windsor Avenue

Belfast

BT9 7DW

REGISTERED NUMBER:

NI617389 (Northern Ireland)

AUDITORS:

Baker Tilly Mooney Moore

Statutory Auditors

17 Clarendon Road

Belfast

BT1 3BG

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

REVIEW OF BUSINESS

The principal activity of the group during the year continued to be the sale and distribution of food products and catering supplies.

During the past year the group's business has progressed satisfactorily. The directors expect the economic environment will remain uncertain but the group is well placed to meet the challenges presented through continued investment in new and replacement equipment.

During the financial year, the Group acquired 100% of the equity of Golden Glen Limited. Refer to note 13 in the accounts for further details.

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

PRINCIPAL RISKS AND UNCERTAINTIES

The Board is fully committed to identifying, evaluating and managing significant risks facing the group and has developed a set of processes that enable it to do so. The Board consider the strategic, financial and operational risks potentially affecting the group. These include, but are not limited to, the macro-market and economic conditions in which the group operates, competitor activities, foreign currency movements, regulation and financial performance. Risks are prioritised according to their expected likelihood of occurring and impact if they were to occur. Impact is evaluated not only in terms of possible financial impact on the group - loss of income/additional expenditure - but also according to their effects on employees, operational efficiency and stakeholder relations.

The Board reviews and evaluates the risks of the group on a regular basis, which ensures that as new risks emerge in connection with projects or general market developments, appropriate actions can be discussed, agreed and taken in a flexible manner. The key risks identified by the directors are laid out in the Directors' Report.

FINANCIAL KEY PERFORMANCE INDICATORS

Given the straightforward nature of the business, the group's directors are of the opinion that an analysis using financial key performance indicators is not necessary for an understanding of the development, performance or position of the business.

ON BEHALF OF THE BOARD:

W C S Ly - Director

19 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the sale and distribution of food products and catering supplies.

DIVIDENDS

Dividends are recognised in the accounting period in which they are approved.

Total dividends voted in the year amount to £100,000.

DIRECTORS

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

W C S Ly

Mrs T D Ly

A Ly

FINANCIAL RISK MANAGEMENT

The group ensures that the financial exposure of the group is subject to regular review by the directors.

Foreign exchange risk

The group purchase and sell goods denominated in Euro and Sterling. The group's objective is to minimise the impact of volatility on currency fluctuations. Variances affecting operational activities in this regard are reflected in operating costs in the profit and loss account in the years in which they arise.

Credit risk

Credit risk is managed by the directors who set the credit limits for each customer before sales are made. Balances with customers are continually monitored.

Liquidity risk

The group's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities when necessary. The group's policy is to ensure that sufficient resources are available either from cash balances and cash flows to ensure all obligations can be met when they fall due.

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, Baker Tilly Mooney Moore, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W C S Ly - Director

19 December 2025

Opinion

We have audited the financial statements of Camseng International Foods Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 May 2025 and of the group's loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages three and 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 considered the opportunities and incentives that may exist within the Group for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Joanne Small (Senior Statutory Auditor)

for and on behalf of Baker Tilly Mooney Moore

Statutory Auditors

17 Clarendon Road

Belfast

BT1 3BG

19 December 2025

TURNOVER

3

30,773,731

20,880,989

Cost of sales

24,439,531

16,570,200

GROSS PROFIT

6,334,200

4,310,789

Administrative expenses

6,336,082

3,444,306

(1,882

)

866,483

Other operating income

4

14,583

-

OPERATING PROFIT

6

12,701

866,483

Interest receivable and similar income

2,926

-

15,627

866,483

Interest payable and similar expenses

7

404,681

82,584

(LOSS)/PROFIT BEFORE TAXATION

(389,054

)

783,899

Tax on (loss)/profit

8

(35,538

)

189,200

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(353,516

)

594,699

(Loss)/profit attributable to:

Owners of the parent

(353,516

)

594,699

(LOSS)/PROFIT FOR THE YEAR

(353,516

)

594,699

OTHER COMPREHENSIVE LOSS

Foreign currency retranslation

(25,913

)

(8,945

)

Income tax relating to other comprehensive loss

-

-

OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX

(25,913

)

(8,945

)

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR

(379,429

)

585,754

Total comprehensive (loss)/income attributable to:

Owners of the parent

(379,429

)

585,754

FIXED ASSETS

Intangible assets

11

4,501,169

1,135,423

Tangible assets

12

6,542,082

3,866,944

Investments

13

46,880

-

11,090,131

5,002,367

CURRENT ASSETS

Stocks

14

3,259,736

1,857,735

Debtors

15

1,402,774

696,853

Cash at bank

1,411,338

385,903

6,073,848

2,940,491

CREDITORS

Amounts falling due within one year

16

5,783,198

2,663,945

NET CURRENT ASSETS

290,650

276,546

TOTAL ASSETS LESS CURRENT LIABILITIES

11,380,781

5,278,913

CREDITORS

Amounts falling due after more than one year

17

(7,124,971

)

(458,465

)

PROVISIONS FOR LIABILITIES

21

(51,667

)

(136,876

)

NET ASSETS

4,204,143

4,683,572

CAPITAL AND RESERVES

Called up share capital

22

420

420

Share premium

23

999,880

999,880

Retained earnings

23

3,203,843

3,683,272

SHAREHOLDERS' FUNDS

4,204,143

4,683,572

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

A Ly - Director

Mrs T D Ly - Director

W C S Ly - Director

FIXED ASSETS

Intangible assets

11

1,110,906

1,125,000

Tangible assets

12

4,709,111

2,027,983

Investments

13

7,587,789

83

13,407,806

3,153,066

CURRENT ASSETS

Stocks

14

1,346,314

922,954

Debtors

15

389,387

306,240

Cash at bank

146,901

989

1,882,602

1,230,183

CREDITORS

Amounts falling due within one year

16

5,389,554

2,003,284

NET CURRENT LIABILITIES

(3,506,952

)

(773,101

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,900,854

2,379,965

CREDITORS

Amounts falling due after more than one year

17

(7,050,941

)

(348,454

)

PROVISIONS FOR LIABILITIES

21

(16,154

)

(104,495

)

NET ASSETS

2,833,759

1,927,016

CAPITAL AND RESERVES

Called up share capital

22

420

420

Share premium

23

999,880

999,880

Retained earnings

23

1,833,459

926,716

SHAREHOLDERS' FUNDS

2,833,759

1,927,016

Company's profit for the financial year

1,006,743

878,270

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

W C S Ly - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 June 2023

420

3,327,518

999,880

4,327,818

Changes in equity

Dividends

-

(230,000

)

-

(230,000

)

Total comprehensive income

-

585,754

-

585,754

Balance at 31 May 2024

420

3,683,272

999,880

4,683,572

Changes in equity

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive loss

-

(379,429

)

-

(379,429

)

Balance at 31 May 2025

420

3,203,843

999,880

4,204,143

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 June 2023

420

278,446

999,880

1,278,746

Changes in equity

Dividends

-

(230,000

)

-

(230,000

)

Total comprehensive income

-

878,270

-

878,270

Balance at 31 May 2024

420

926,716

999,880

1,927,016

Changes in equity

Dividends

-

(100,000

)

-

(100,000

)

Total comprehensive income

-

1,006,743

-

1,006,743

Balance at 31 May 2025

420

1,833,459

999,880

2,833,759

Cash flows from operating activities

Cash generated from operations

1

1,567,485

1,598,736

Interest paid

(381,019

)

(59,181

)

Interest element of hire purchase payments paid

(23,662

)

(23,403

)

Tax paid

(325,583

)

(126,170

)

Net cash from operating activities

837,221

1,389,982

Cash flows from investing activities

Purchase of intangible fixed assets

(11,383

)

-

Purchase of tangible fixed assets

(3,035,697

)

(362,232

)

Purchase of fixed asset investments

(46,880

)

-

Sale of tangible fixed assets

-

63,662

Acquisition of a subsidiary, net of cash

(3,656,318

)

-

Proceeds from disposal of fixed assets

16,000

-

Interest received

2,926

-

Net cash from investing activities

(6,731,352

)

(298,570

)

Cash flows from financing activities

New loans in year

7,113,111

-

Loan repayments in year

(53,926

)

(151,761

)

Capital repayments in year

(114,865

)

(113,399

)

Amount introduced by directors

609,130

14,948

Amount withdrawn by directors

(737,183

)

(396,893

)

Net cash from financing activities

6,816,267

(647,105

)

Increase in cash and cash equivalents

922,136

444,307

Cash and cash equivalents at beginning of year

2

317,717

(126,590

)

Cash and cash equivalents at end of year

2

1,239,853

317,717

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

31.5.25

31.5.24

£

£

(Loss)/profit before taxation

(389,054

)

783,899

Depreciation charges

714,585

454,583

Profit on disposal of fixed assets

(672

)

(146

)

Foreign exchange adjustment

(4,169

)

4,401

Finance costs

404,681

82,584

Finance income

(2,926

)

-

722,445

1,325,321

Increase in stocks

(535,782

)

(70,876

)

Decrease in trade and other debtors

125,352

63,645

Increase in trade and other creditors

1,255,470

280,646

Cash generated from operations

1,567,485

1,598,736

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2025

31.5.25

1.6.24

£

£

Cash and cash equivalents

1,411,338

385,903

Bank overdrafts

(171,485

)

(68,186

)

1,239,853

317,717

Year ended 31 May 2024

31.5.24

1.6.23

£

£

Cash and cash equivalents

385,903

187,243

Bank overdrafts

(68,186

)

(313,833

)

317,717

(126,590

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.6.24

Cash flow

At 31.5.25

£

£

£

Net cash

Cash at bank

385,903

1,025,435

1,411,338

Bank overdrafts

(68,186

)

(103,299

)

(171,485

)

317,717

922,136

1,239,853

Debt

Finance leases

(294,259

)

(49,134

)

(343,393

)

Debts falling due within 1 year

(88,837

)

(264,680

)

(353,517

)

Debts falling due after 1 year

(258,673

)

(6,646,394

)

(6,905,067

)

(641,769

)

(6,960,208

)

(7,601,977

)

Total

(324,052

)

(6,038,072

)

(6,362,124

)