Caseware UK (AP4) 2024.0.164 2024.0.164 2025-04-07 2025-04-07 2025-04-07 false 2024-04-08 Luxury Clothing and accessories false false false 02937706 2024-04-07 02937706 2024-04-08 2025-04-07 02937706 2023-04-01 2024-03-31 02937706 2025-04-07 02937706 2024-03-31 02937706 2023-04-01 02937706 1 2024-04-08 2025-04-07 02937706 d:CompanySecretary1 2024-04-08 2025-04-07 02937706 d:Director1 2024-04-08 2025-04-07 02937706 d:RegisteredOffice 2024-04-08 2025-04-07 02937706 c:Buildings 2024-04-08 2025-04-07 02937706 c:Buildings c:LongLeaseholdAssets 2024-04-08 2025-04-07 02937706 c:PlantMachinery 2024-04-08 2025-04-07 02937706 c:PlantMachinery 2025-04-07 02937706 c:PlantMachinery 2024-03-31 02937706 c:PlantMachinery c:OwnedOrFreeholdAssets 2024-04-08 2025-04-07 02937706 c:FurnitureFittings 2024-04-08 2025-04-07 02937706 c:FurnitureFittings 2025-04-07 02937706 c:FurnitureFittings 2024-03-31 02937706 c:FurnitureFittings c:OwnedOrFreeholdAssets 2024-04-08 2025-04-07 02937706 c:OfficeEquipment 2024-04-08 2025-04-07 02937706 c:OwnedOrFreeholdAssets 2024-04-08 2025-04-07 02937706 c:Goodwill 2024-04-08 2025-04-07 02937706 c:CurrentFinancialInstruments 2025-04-07 02937706 c:CurrentFinancialInstruments 2024-03-31 02937706 c:CurrentFinancialInstruments 1 2025-04-07 02937706 c:CurrentFinancialInstruments 1 2024-03-31 02937706 c:CurrentFinancialInstruments 6 2025-04-07 02937706 c:CurrentFinancialInstruments 6 2024-03-31 02937706 c:Non-currentFinancialInstruments 2025-04-07 02937706 c:Non-currentFinancialInstruments 2024-03-31 02937706 c:CurrentFinancialInstruments c:WithinOneYear 2025-04-07 02937706 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 02937706 c:Non-currentFinancialInstruments c:AfterOneYear 2025-04-07 02937706 c:Non-currentFinancialInstruments c:AfterOneYear 2024-03-31 02937706 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2025-04-07 02937706 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-03-31 02937706 c:ShareCapital 2025-04-07 02937706 c:ShareCapital 2024-03-31 02937706 c:ShareCapital 2023-04-01 02937706 c:SharePremium 2024-04-08 2025-04-07 02937706 c:SharePremium 2025-04-07 02937706 c:SharePremium 2024-03-31 02937706 c:SharePremium 2023-04-01 02937706 c:ForeignCurrencyTranslationReserve 2024-04-08 2025-04-07 02937706 c:RetainedEarningsAccumulatedLosses 2024-04-08 2025-04-07 02937706 c:RetainedEarningsAccumulatedLosses 2025-04-07 02937706 c:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 02937706 c:RetainedEarningsAccumulatedLosses 2024-03-31 02937706 c:RetainedEarningsAccumulatedLosses 2023-04-01 02937706 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2025-04-07 02937706 c:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-03-31 02937706 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:ListedExchangeTraded 2025-04-07 02937706 c:FinancialLiabilitiesFairValueThroughProfitOrLoss c:ListedExchangeTraded 2024-03-31 02937706 c:AcceleratedTaxDepreciationDeferredTax 2025-04-07 02937706 c:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02937706 c:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2024-04-08 2025-04-07 02937706 c:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2025-04-07 02937706 c:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2024-03-31 02937706 c:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2024-04-08 2025-04-07 02937706 c:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2025-04-07 02937706 c:FurtherSpecificTypeProvisionContingentLiability3ComponentTotalProvisionsContingentLiabilities 2024-03-31 02937706 d:OrdinaryShareClass1 2024-04-08 2025-04-07 02937706 d:OrdinaryShareClass1 2025-04-07 02937706 d:OrdinaryShareClass1 2024-03-31 02937706 d:FRS102 2024-04-08 2025-04-07 02937706 d:Audited 2024-04-08 2025-04-07 02937706 d:FullAccounts 2024-04-08 2025-04-07 02937706 d:PrivateLimitedCompanyLtd 2024-04-08 2025-04-07 02937706 c:Subsidiary1 2024-04-08 2025-04-07 02937706 c:Subsidiary1 1 2024-04-08 2025-04-07 02937706 c:Subsidiary2 2024-04-08 2025-04-07 02937706 c:Subsidiary2 1 2024-04-08 2025-04-07 02937706 c:Subsidiary3 2024-04-08 2025-04-07 02937706 c:Subsidiary3 1 2024-04-08 2025-04-07 02937706 c:Subsidiary4 2024-04-08 2025-04-07 02937706 c:Subsidiary4 1 2024-04-08 2025-04-07 02937706 c:Subsidiary5 2024-04-08 2025-04-07 02937706 c:Subsidiary5 1 2024-04-08 2025-04-07 02937706 c:Subsidiary6 2024-04-08 2025-04-07 02937706 c:Subsidiary6 1 2024-04-08 2025-04-07 02937706 c:WithinOneYear 2025-04-07 02937706 c:WithinOneYear 2024-03-31 02937706 c:BetweenOneFiveYears 2025-04-07 02937706 c:BetweenOneFiveYears 2024-03-31 02937706 c:MoreThanFiveYears 2025-04-07 02937706 c:MoreThanFiveYears 2024-03-31 02937706 d:Consolidated 2025-04-07 02937706 d:ConsolidatedGroupCompanyAccounts 2024-04-08 2025-04-07 02937706 2 2024-04-08 2025-04-07 02937706 6 2024-04-08 2025-04-07 02937706 f:PoundSterling 2024-04-08 2025-04-07 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02937706 ESKANDAR LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
ESKANDAR LIMITED COMPANY INFORMATION
Director | E Nabavi
Company secretary | T Bennett (resigned 19 June 2025)
Registered number | 02937706
Registered office | 2 London Wall Place
| London
| EC2Y 5AU
Independent auditors | MHA
| 2 London Wall Place
| London
| EC2Y 5AU
ESKANDAR LIMITED CONTENTS
| Page
Group Strategic Report | 1
Director's Report | 2 - 3
Independent Auditors' Report | 4 - 6
Consolidated Statement of Comprehensive Income | 7
Consolidated Balance Sheet | 8 - 9
Company Balance Sheet | 10 - 11
Consolidated Statement of Changes in Equity | 12 - 13
Company Statement of Changes in Equity | 14 - 15
Consolidated Statement of Cash Flows | 16 - 17
Consolidated Analysis of Net Debt | 18
Notes to the Financial Statements | 19 - 43
ESKANDAR LIMITED GROUP STRATEGIC REPORT FOR THE PERIOD ENDED 7 APRIL 2025
Introduction
The director presents the Strategic report and the financial statements for Eskandar Limited (the "Company") and its subsidiaries (collectively, the "Group") for the period ended 7 April 2025. The principal activity of the Group and Company is the retailing of luxury clothing and accessories.
Business review
The Group operates through a combination retail stores and wholesale channels across the UK, Europe and the United States and online sales worldwide. Group turnover for the period was £11.5m (2024: £10.1m). Gross profit margin was 73% (2024: 71%) and profit before tax was £681k (2024: loss of £441k). Online sales now represents the largest sales channel and increased during the period, contributing to the overall growth in revenue. Retail performance was impacted by the ongoing optimisation of the store portfolio, including the closure of certain underperforming locations during and after the period end. Wholesale activity reduced during the period, reflecting a more cautious approach from certain customers and a focus on managing risk within the channel. Overall performance reflects a shift in channel mix towards online sales, alongside actions taken to improve the cost base and focus on core operations.
Principal risks and uncertainties
Financial and non-financial The Group continues to operate in a challenging retail environment, with pressures on consumer demand and cost inflation impacting performance. The Group manages working capital carefully, given the timing differences between payments to suppliers and receipts from customers. The Group is exposed to foreign exchange risk due to sales in USD and purchases in EUR. This risk is managed through hedging arrangements where appropriate. The Group monitors potential changes in international trade conditions, including tariffs, which may impact pricing and demand in key markets. This report was approved by the board and signed on its behalf.
E Nabavi Director
Date: 2 April 2026
Page 1
ESKANDAR LIMITED DIRECTOR'S REPORT FOR THE PERIOD ENDED 7 APRIL 2025 The director presents his report and the financial statements for the period ended 7 April 2025.
Director's responsibilities statement
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial period. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Results and dividends
The profit for the period, after taxation and minority interests, amounted to £587,537 (2024 - loss £628,849). During the period, the Company paid dividends of £287,725 (2024: £327,404).
Director
The director who served during the period was:
E Nabavi
Future developments
The Group will continue to pursue organic growth through wholesale and online opportunities. Page 2
ESKANDAR LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE PERIOD ENDED 7 APRIL 2025
Disclosure of information to auditors
The director at the time when this Director's Report is approved has confirmed that: ∙so far as is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙ has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
The Liberty concession was closed in November 2025, the Chelsea store in January 2026 and the Chicago store in February 2026. The Directors also acknowledge the implementation of a Company voluntary arrangement in January 2026 to aid with the Group's liquidity position (please see note 2.3 for details on how this interacts with the going concern principle). These terms have been adhered to post period end. The Group also removed one of its banking covenants in July 2025. This report was approved by the board and signed on its behalf.
E Nabavi Director
Date: 2 April 2026
Page 3
ESKANDAR LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ESKANDAR LIMITED
Opinion
We have audited the financial statements of Eskandar Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 7 April 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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, 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's affairs as at 7 April 2025 and of the Group's profit for the period 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 United Kingdom, including the Financial Reporting Council'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 director's 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 or 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 director with respect to going concern are described in the relevant sections of this report. Page 4
ESKANDAR LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ESKANDAR LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The director is 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. 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 course of 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.
Opinion 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 Director's Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Director's Report 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 Director's 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 and returns; or ∙certain disclosures of director's 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 Director's Responsibilities Statement set out on page 2, the director is 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 director determines 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 director is 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 5
ESKANDAR LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ESKANDAR LIMITED (CONTINUED)
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 an Auditors' 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 Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ∙Enquiry of management and those charged with governance around actual and potential litigation and claims; ∙Performing audit work over the risk and management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; ∙Review minutes and meetings of those charged with governance; and ∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with application 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 Auditors' Report.
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 an Auditors' 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. Stephen Poleykett (Senior Statutory Auditor) for and on behalf of MHA, Statutory Auditors London, United Kingdom 8 April 2026 MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542). Page 6
ESKANDAR LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 7 APRIL 2025
| 1 April 2024 to 7 April 2025 | 31 March 2024
Note | £ | £
Turnover | 4 | 11,534,448 | 10,107,488
Cost of sales |  | (3,158,318) | (2,930,021)
Gross profit |  | 8,376,130 | 7,177,467
Administrative expenses |  | (7,475,492) | (7,581,043)
Other operating income | 5 | 40,596 | -
Fair value movements |  | (28,544) | 31,866
Operating profit/(loss) | 6 | 912,690 | (371,710)
Interest receivable and similar income | 10 | 620 | -
Interest payable and similar expenses | 11 | (231,921) | (69,776)
Profit/(loss) before taxation |  | 681,389 | (441,486)
Tax on profit/(loss) | 12 | (94,428) | (195,623)
Profit/(loss) for the financial period/year |  | 586,961 | (637,109)
Exchange differences on retranslation of subsidiary undertakings |  | 181,797 | (28,366)
Total comprehensive income for the period/year |  | 768,758 | (665,475)
Profit/(loss) for the period attributable to: |  |  |
Non-controlling interests |  | (576) | (8,260)
Owners of the parent Company |  | 587,537 | (628,849)
|  | 586,961 | (637,109)
Total comprehensive income for the period attributable to: |  |  |
Non-controlling interest |  | (576) | (8,260)
Owners of the parent Company |  | 769,334 | (657,215)
|  | 768,758 | (665,475)
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
The notes on pages 19 to 43 form part of these financial statements.
Page 7
ESKANDAR LIMITED REGISTERED NUMBER: 02937706 CONSOLIDATED BALANCE SHEET AS AT 7 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible fixed assets | 14 |  | 150,846 |  | 201,125
Tangible fixed assets | 15 |  | 154,672 |  | 243,616
|  |  | 305,518 |  | 444,741
Current assets |  |  |  |  |
Stocks | 17 | 2,833,701 |  | 1,780,893 |
Debtors: amounts falling due after more than one year | 18 | 158,881 |  | 160,434 |
Debtors: amounts falling due within one year | 18 | 1,051,645 |  | 2,362,403 |
Cash at bank and in hand | 19 | 1,060,382 |  | 207,039 |
|  | 5,104,609 |  | 4,510,769 |
Creditors: amounts falling due within one year | 20 | (3,439,128) |  | (2,934,981) |
Net current assets |  |  | 1,665,481 |  | 1,575,788
Total assets less current liabilities |  |  | 1,970,999 |  | 2,020,529
Creditors: amounts falling due after more than one year | 21 |  | (256,051) |  | (499,680)
Provisions for liabilities |  |  |  |  |
Provisions | 25 |  | (174,912) |  | (461,746)
Net assets |  |  | 1,540,036 |  | 1,059,103
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 50,383 |  | 50,383
Share premium account | 27 |  | 55,108 |  | 55,108
Foreign exchange reserve | 27 |  | (95,755) |  | (277,552)
Profit and loss account | 27 |  | 1,541,488 |  | 1,241,776
Equity attributable to owners of the parent Company |  |  | 1,551,224 |  | 1,069,715
Non-controlling interests |  |  | (11,188) |  | (10,612)
|  |  | 1,540,036 |  | 1,059,103
Page 8
ESKANDAR LIMITED REGISTERED NUMBER: 02937706 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 7 APRIL 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
E Nabavi
Director
Date: 2 April 2026
The notes on pages 19 to 43 form part of these financial statements. Page 9
ESKANDAR LIMITED REGISTERED NUMBER: 02937706 COMPANY BALANCE SHEET AS AT 7 APRIL 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 38,672 |  | 10,024
Investments | 16 |  | 1,370 |  | 1,370
|  |  | 40,042 |  | 11,394
Current assets |  |  |  |  |
Stocks | 17 | 2,125,694 |  | 822,674 |
Debtors: amounts falling due after more than one year | 18 | 88,500 |  | 88,500 |
Debtors: amounts falling due within one year | 18 | 2,021,896 |  | 4,439,020 |
Cash at bank and in hand | 19 | 866,536 |  | 54,693 |
|  | 5,102,626 |  | 5,404,887 |
Creditors: amounts falling due within one year | 20 | (3,813,604) |  | (2,651,377) |
Net current assets |  |  | 1,289,022 |  | 2,753,510
Total assets less current liabilities |  |  | 1,329,064 |  | 2,764,904
Creditors: amounts falling due after more than one year | 21 |  | (256,051) |  | (428,388)
Provisions for liabilities |  |  |  |  |
Other provisions | 25 |  | (941,523) |  | (1,528,147)
Net assets |  |  | 131,490 |  | 808,369
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 50,383 |  | 50,383
Share premium account | 27 |  | 55,108 |  | 55,108
Profit and loss account | 27 |  | 25,999 |  | 702,878
|  |  | 131,490 |  | 808,369
Page 10
ESKANDAR LIMITED REGISTERED NUMBER: 02937706 COMPANY BALANCE SHEET (CONTINUED) AS AT 7 APRIL 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
E Nabavi
Director
Date: 2 April 2026
The notes on pages 19 to 43 form part of these financial statements. Page 11

|  | ESKANDAR LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 7 APRIL 2025
|  | Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Equity attributable to owners of parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £ | £
| At 8 April 2024 | 50,383 | 55,108 | (277,552) | 1,241,776 | 1,069,715 | (10,612) | 1,059,103
| Profit for the period | - | - | - | 587,537 | 587,537 | (576) | 586,961
| Exchange differences on retranslation of subsidiary undertakings | - | - | 181,797 | - | 181,797 | - | 181,797
| Dividends | - | - | - | (287,825) | (287,825) | - | (287,825)
| At 7 April 2025 | 50,383 | 55,108 | (95,755) | 1,541,488 | 1,551,224 | (11,188) | 1,540,036
| The notes on pages 19 to 43 form part of these financial statements.
Page 12

|  | ESKANDAR LIMITED |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2024
|  | Called up share capital | Share premium account | Foreign exchange reserve | Profit and loss account | Equity attributable to owners of parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £ | £
| At 1 April 2023 | 50,383 | 55,108 | (249,186) | 2,198,029 | 2,054,334 | (2,352) | 2,051,982
| Loss for the year | - | - | - | (628,849) | (628,849) | (8,260) | (637,109)
| Exchange differences on retranslation of subsidiary undertakings | - | - | (28,366) | - | (28,366) | - | (28,366)
| Dividends | - | - | - | (327,404) | (327,404) | - | (327,404)
| At 7 April 2024 | 50,383 | 55,108 | (277,552) | 1,241,776 | 1,069,715 | (10,612) | 1,059,103
| The notes on pages 19 to 43 form part of these financial statements.
Page 13

ESKANDAR LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 7 APRIL 2025
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 8 April 2024 | 50,383 | 55,108 | 702,878 | 808,369
Loss for the period | - | - | (389,054) | (389,054)
Dividends | - | - | (287,825) | (287,825)
At 7 April 2025 | 50,383 | 55,108 | 25,999 | 131,490
| The notes on pages 19 to 43 form part of these financial statements.
Page 14
ESKANDAR LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2023 | 50,383 | 55,108 | 1,075,517 | 1,181,008
Loss for the year | - | - | (45,235) | (45,235)
Dividends | - | - | (327,404) | (327,404)
At 7 April 2024 | 50,383 | 55,108 | 702,878 | 808,369
| The notes on pages 19 to 43 form part of these financial statements.
Page 15
ESKANDAR LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 7 APRIL 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit/(loss) for the financial period/year | 586,961 | (637,109)
Adjustments for: |  |
Amortisation of intangible assets | 50,279 | 50,279
Depreciation of tangible assets | 131,023 | 198,227
Interest paid | 231,921 | 69,776
Interest received | (620) | -
Taxation charge | 94,428 | 195,623
Increase in stocks | (1,052,808) | (7,975)
Decrease in debtors | 1,390,438 | 409,752
Increase/(decrease) in creditors | 700,679 | (42,319)
(Decrease)/increase in provisions | (286,834) | -
Net fair value losses/(gains) recognised in P&L | 28,544 | (31,866)
Corporation tax paid | (395,370) | (175,026)
Foreign exchange differences | 181,797 | (28,366)
Net cash generated from operating activities | 1,660,438 | 996
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (42,079) | (35,922)
Interest received | 620 | -
Net cash used in investing activities | (41,459) | (35,922)
Cash flows from financing activities |  |
New loans | 788,463 | 501,277
Repayment of loans | - | (200,544)
Repayment of other loans | (776,780) | -
Dividends paid | (287,825) | (327,404)
Interest paid | (231,921) | (69,776)
Net cash used in financing activities | (508,063) | (96,447)
Net increase/(decrease) in cash and cash equivalents | 1,110,916 | (131,373)
Cash and cash equivalents at beginning of period/year | (50,534) | 80,839
Cash and cash equivalents at the end of period/year | 1,060,382 | (50,534)
Cash and cash equivalents at the end of period/year comprise: |  |
Cash at bank and in hand | 1,060,382 | 207,039
Page 16
ESKANDAR LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD ENDED 7 APRIL 2025
|  | 2025 | 2024
|  | £ | £
Bank overdrafts | - | (257,573)
| 1,060,382 | (50,534)
The notes on pages 19 to 43 form part of these financial statements.
Page 17
ESKANDAR LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE PERIOD ENDED 7 APRIL 2025
|  | At 8 April 2024 | Cash flows | Other non-cash changes | At 7 April 2025
|  | £ | £ | £ | £
Cash at bank and in hand | 207,039 | 953,343 | - | 1,160,382
Bank overdrafts | (257,573) | 257,573 | - | -
Debt due after 1 year | (428,388) | 172,337 | - | (256,051)
Debt due within 1 year | (529,569) | (231,186) | - | (760,755)
Liquid investments | 8,212 | - | (8,212) | -
| (1,000,279) | 1,152,067 | (8,212) | 143,576
The notes on pages 19 to 43 form part of these financial statements.
Page 18
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
1. | General information
The Company is a private company limited by shares. The Company is incorporated in England and Wales, registration number 02937706. The principal activity of the Company during the period was the designing, wholesaling and retailing of ladies luxury clothing and accessories. The address of the registered office is 2 London Wall Place, London, EC2Y 5AU. The period end changed from 31 March 2025 to 7 April 2025. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 19
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The financial statements have been prepared on a going concern basis. The director has assessed the Group’s ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements. At 7 April 2025, the Group remained solvent and liquid, although emerging pressures on working capital were beginning to be evident. Immediately prior to the period end, the Group completed the sale of a property in the United States, which provided a temporary injection of funds. These proceeds were used to settle pressing liabilities and support ongoing trading. In the months that followed, the Group experienced a deterioration in its liquidity position, driven primarily by significant delays in payment from a major US wholesale customer, together with underperformance in certain overseas retail locations and the impact of legacy cost commitments. These factors resulted in increasing pressure on cash flow and creditor relationships. The Group explored options to raise external finance and to refinance existing facilities during Q3 2025; however, despite profitable trading in the period to 7 April 2025, the prior year’s losses constrained the availability of such funding. The lack of available credit insurance in respect of the exposure to the US wholesale customer ruled out invoice financing options. Consequently, and following engagement with key stakeholders, the Group entered into a Company Voluntary Arrangement (“CVA”), which was approved by a majority of creditors on 13 January 2026. The CVA provides for the structured repayment, in full of historic unsecured creditor balances over a period of 33 months. The approval of the CVA has mitigated the immediate liquidity and solvency risks previously faced by the Group by removing creditor enforcement risk and providing a manageable repayment profile. Under the terms of the CVA, the Group is prohibited from declaring or paying dividends for the duration of the arrangement. This restriction ensures that available cash resources are retained within the business and prioritised towards meeting ongoing trading requirements and the obligations to creditors under the CVA. The Group has prepared detailed cash flow forecasts from January 2026, based on board approved revenue, overhead and production assumptions, which will be formalised into budgets. The forecasts fully reflect the contributions required under the CVA and demonstrate headroom against CVA payment dates, with a targeted minimum cash headroom of approximately £200,000 to manage short-term volatility in retail trading. The major US wholesale customer filed for Chapter 11 protection on 13 January 2026. This has opened the door to re-engage with this customer on revised trading terms. Cash on Delivery terms have been agreed for production units that have already been produced, and any future production for this customer will be self-financing from previous payments. The director has also considered the sensitivity of the forecasts to lower-than-expected sales. In such circumstances, mitigating actions are available, including the ability to scale back production volumes to align with demand. In addition, the director has confirmed a willingness to waive his salary, on a discretionary basis, if required to preserve liquidity. As part of the Company’s operational restructuring, the Chelsea and Chicago stores have ceased trading, with the timing managed to minimise the Group's liabilities. The future of the Paris store remains under review. These actions are reflected in the forecasts. Page 20
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025 2.Accounting policies (continued)
| 2.3 | Going concern (continued)
Trading since the 2025 period -end has been profitable overall. Online sales have continued to grow strongly year on year, and primary retail locations have traded in line with or ahead of expectations. Many production suppliers have reduced or removed credit terms following the CVA; this was anticipated and has been planned for within the cash flow forecasts. Under the terms of the CVA, any covenant breach would require rectification within a 30-day period. Based on current forecasts and the mitigating actions available, the director considers this risk to be manageable. Considering the approval and implementation of the CVA, the forecast cash flows, the operational flexibility available to management, and post-period-end trading performance, the director considers that it remains appropriate to prepare the financial statements on a going concern basis. Accordingly, the financial statements do not include the adjustments that would be required if the Group were unable to continue as a going concern.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP, rounded to the nearest £1. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 21
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds. Page 22
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025 2.Accounting policies (continued)
| 2.10 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life. Other intangible assets Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Lease premiums are amortised over the term of the lease. Page 23
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025 2.Accounting policies (continued)
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | Shorter of useful life and lease term
|  |  |  | IT development & Hardware | - | 25% straight-line
|  |  |  | Office equipment, fixtures & fittings | - | 3-10 years straight-line
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 profit or loss.
| 2.13 | Impairment of fixed assets and goodwill
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss. Page 24
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025 2.Accounting policies (continued)
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are Page 25
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary Page 26
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
| 2.21 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 27
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: Trade debtors Management apply judgement in evaluating the recoverability of debtors. To the extent that the Director believes debtors not to be recoverable, they have been provided for in the financial statements. Stock Management apply judgement in evaluating stock for slow-moving and obsolescence. The judgement is based on management's knowledge of the stock and customer demand, as well as the age of stock. At each balance sheet date, stocks are assessed for impairment and written down where appropriate. Investments Management apply judgement in evaluating investments for overstatement. The judgement is based on the projected net present value of future cash flows. At each balance sheet date, investments are assessed for impairment and written down where appropriate. Stock returns provision Management apply judgment in evaluating the required provision for the return of stock from third parties and subsidiaries. The judgement is based on projected returns of stock and net realisable value of stock lines. Dilapidation provision Management apply judgement in evaluating the required provision for dilapidation. The judgement is based on management knowledge of the expected costs to repair damages and reinstate alterations. Page 28
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 1 April 2024 to 7 April 2025 | 31 March 2024
|  |  |  |  | £ | £
| Sales | 11,534,448 | 10,107,488
Analysis of turnover by country of destination:
|  |  |  |  | 1 April 2024 to 7 April 2025 | 31 March 2024
|  |  |  |  | £ | £
| United Kingdom | 6,665,781 | 3,807,634
| Rest of Europe | 705,845 | 774,855
| Rest of the World | 4,162,822 | 5,524,999
|  | 11,534,448 | 10,107,488
5. | Other operating income
|  |  |  |  | 1 April 2024 to 7 April 2025 | 31 March 2024
|  |  |  |  | £ | £
| Profit on disposal of London trade | 40,596 | -
6. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 1 April 2024 to 7 April 2025 | 31 March 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 131,023 | 198,227
| Amortisation of intangible assets | 50,279 | 50,279
| Exchange differences | 402,161 | 126,826
| Other operating lease rentals | 1,619,175 | 1,620,790
Page 29
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
7. | Auditors' remuneration
| During the period, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 75,000 | 67,500
8. | Employees
| Staff costs, including director's remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 2,389,587 | 2,246,004 | 1,258,747 | 1,072,778
| Social security costs | 253,285 | 202,702 | 125,198 | 111,547
| Pension costs | 93,578 | 98,231 | 63,939 | 63,909
|  | 2,736,450 | 2,546,937 | 1,447,884 | 1,248,234
| The average monthly number of employees, including the director, during the period was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production staff | 4 | 4
|  | Distribution staff | 31 | 31
|  | Administrative staff | 15 | 15
|  |  | 50 | 50
9. | Director's remuneration
|  |  |  |  | 1 April 2024 to 7 April 2025 | 31 March 2024
|  |  |  |  | £ | £
| Director's emoluments | 11,347 | 10,622
Page 30
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
10. | Interest receivable
|  |  |  |  | 1 April 2024 to 7 April 2025 | 31 March 2024
|  |  |  |  | £ | £
| Other interest receivable | 620 | -
11. | Interest payable and similar expenses
|  |  |  |  | 1 April 2024 to 7 April 2025 | 31 March 2024
|  |  |  |  | £ | £
| Bank interest payable | 231,921 | 69,776
12. | Taxation
|  |  |  |  | 1 April 2024 to 7 April 2025 | 31 March 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the period/year | 93,805 | 191,280
|  | 93,805 | 191,280
| Foreign tax |  |
| Foreign tax on income for the period/year | 623 | 4,343
| Total current tax | 94,428 | 195,623
| Deferred tax |  |
| Total deferred tax | - | -
| Tax on profit/(loss) | 94,428 | 195,623
Page 31
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025 12.Taxation (continued)
| Factors affecting tax charge for the period/year
| The tax assessed for the period/year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit/(loss) on ordinary activities before tax | 681,389 | (441,486)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 170,347 | (110,372)
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | (212) | (26)
| Capital allowances for period/year in excess of depreciation | 1,772 | 19,011
| Non-taxable | (202,288) | 171,478
| Tax on foreign subsidiaries | 623 | 4,457
| Double taxation relief | (94,723) | (38,183)
| Unrelieved loss on foreign subsidiaries | 218,909 | 149,258
| Total tax charge for the period/year | 94,428 | 195,623
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interim dividends paid | 287,825 | 327,404
Page 32
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
14. | Intangible assets
| Group
|  | Lease premium | Goodwill | Total
|  | £ | £ | £
| Cost |  |  |
| At 8 April 2024 | 1,356,605 | 855 | 1,357,460
| At 7 April 2025 | 1,356,605 | 855 | 1,357,460
| Amortisation |  |  |
| At 8 April 2024 | 1,156,335 | - | 1,156,335
| Charge for the period on owned assets | 50,279 | - | 50,279
| At 7 April 2025 | 1,206,614 | - | 1,206,614
| Net book value |  |  |
| At 7 April 2025 | 149,991 | 855 | 150,846
| At 7 April 2024 | 200,270 | 855 | 201,125
Page 33
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
15. | Tangible fixed assets
| Group
|  | Leasehold improvements | IT development & hardware | Office equipment, fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 8 April 2024 | 3,728,647 | 48,818 | 594,461 | 4,371,926
| Additions | - | - | 42,079 | 42,079
| At 7 April 2025 | 3,728,647 | 48,818 | 636,540 | 4,414,005
| Depreciation |  |  |  |
| At 8 April 2024 | 3,623,759 | 48,818 | 455,733 | 4,128,310
| Charge for the period on owned assets | 104,888 | - | 26,135 | 131,023
| At 7 April 2025 | 3,728,647 | 48,818 | 481,868 | 4,259,333
| Net book value |  |  |  |
| At 7 April 2025 | - | - | 154,672 | 154,672
| At 7 April 2024 | 104,888 | - | 138,728 | 243,616
Page 34
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025 15.Tangible fixed assets (continued)
| Company
|  | IT development & hardware | Office equipment, fixtures and fittings | Total
|  | £ | £ | £
| Cost |  |  |
| At 8 April 2024 | 48,818 | 146,575 | 195,393
| Additions | - | 42,079 | 42,079
| At 7 April 2025 | 48,818 | 188,654 | 237,472
| Depreciation |  |  |
| At 8 April 2024 | 48,818 | 136,551 | 185,369
| Charge for the period on owned assets | - | 13,431 | 13,431
| At 7 April 2025 | 48,818 | 149,982 | 198,800
| Net book value |  |  |
| At 7 April 2025 | - | 38,672 | 38,672
| At 7 April 2024 | - | 10,024 | 10,024
Page 35
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies | Loans to subsidiaries | Total
|  | £ | £ | £
| Cost |  |  |
| At 8 April 2024 | 407,765 | 3,337,050 | 3,744,815
| At 7 April 2025 | 407,765 | 3,337,050 | 3,744,815
| Impairment |  |  |
| At 8 April 2024 | 407,764 | 3,335,681 | 3,743,445
| At 7 April 2025 | 407,764 | 3,335,681 | 3,743,445
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Eskandar London Limited | 2 London Wall Place, London, EC2Y 5AU | Ordinary | 100%
| Eskandar Paris SARL | 7 Rue Princesse, 75006 Paris, France | Ordinary | 98.6%
| Eskandar Holdings LLC | 33 E 10th St, New York, NY 10003, USA | Ordinary | 100%
| Eskandar New York LLC | 33 E 10th St, New York, NY 10003, USA | Ordinary | 100%
| Eskandar Los Angeles LLC | 8816 Melrose Ave, Los Angeles, CA 90069 | Ordinary | 100%
| Eskandar Chicago LLC | 70E Walton St, Chicago, IL 60611, USA | Ordinary | 100%
| The Company has provided Eskandar London Limited, registration number 06529500, with a parental guarantee in accordance with section 479C of the Companies Act 2006. As such, advantage has been taken of the audit exemption available for Eskandar London Limited conferred by Section 479A of the Companies Act 2006 relating to the audit of their individual statements.
Page 36
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
17. | Stocks
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Raw materials and consumables | 189,035 | 309,402 | 189,035 | 309,402
| Finished goods and goods for resale | 2,555,199 | 1,471,491 | 1,578,878 | 513,272
| Right to returned goods | 89,467 | - | 357,781 | -
|  | 2,833,701 | 1,780,893 | 2,125,694 | 822,674
| The difference between purchase price or production cost of stocks and their replacement cost is not material. Group stock is stated after provisions for impairment of £459,616 (2024: £1,184,901). The parent's stock is stated after provisions for impairment of £409,222 (2024: £570,444).
18. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due after more than one year |  |  |  |
| Other debtors | 158,881 | 160,434 | 88,500 | 88,500
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Due within one year |  |  |  |
| Trade debtors | 504,160 | 462,756 | 476,830 | 341,916
| Amounts owed by group undertakings | - | - | 1,121,882 | 2,485,125
| Other debtors | 146,207 | 1,589,050 | 49,024 | 1,430,169
| Prepayments and accrued income | 284,573 | 272,020 | 266,060 | 151,948
| Tax recoverable | 95,055 | 8,715 | 86,450 | -
| Deferred taxation | 21,650 | 21,650 | 21,650 | 21,650
| Forward contracts | - | 8,212 | - | 8,212
|  | 1,051,645 | 2,362,403 | 2,021,896 | 4,439,020
Page 37
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 1,060,382 | 207,039 | 866,536 | 54,693
| Less: bank overdrafts | - | (257,573) | - | (257,573)
|  | 1,060,382 | (50,534) | 866,536 | (202,880)
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | - | 257,573 | - | 257,573
| Bank loans | 246,269 | 130,000 | 246,318 | 130,000
| Other loans | 240,486 | 172,735 | 242,020 | 172,735
| Trade creditors | 1,088,564 | 776,326 | 1,069,283 | 644,386
| Amounts owed to group undertakings | - | - | 558,714 | 87,262
| Corporation tax | 415,208 | 629,809 | 415,208 | 629,809
| Other taxation and social security | 222,430 | 215,519 | 171,736 | 72,058
| Other creditors | 373,666 | 272,314 | 322,702 | 238,878
| Accruals and deferred income | 832,173 | 480,705 | 767,291 | 418,676
| Forward contracts | 20,332 | - | 20,332 | -
|  | 3,439,128 | 2,934,981 | 3,813,604 | 2,651,377
| Bank loans and overdrafts are secured by way of a fixed and floating charge.
Page 38
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank loans | 168,547 | 140,833 | 168,547 | 140,833
| Other loans | 87,504 | 287,555 | 87,504 | 287,555
| Accruals and deferred income | - | 71,292 | - | -
|  | 256,051 | 499,680 | 256,051 | 428,388
| Bank loans and overdrafts are secured by way of a fixed and floating charge.
The company has bank and non-bank loans which accrue interest at Base rate + between 3% - 29% per annum. Bank loans are secured by an unlimited debenture over the Company's assets.
22. | Loans
| Analysis of the maturity of loans is given below:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Amounts falling due within one year |  |  |  |
| Bank loans | 246,269 | 130,000 | 246,318 | 130,000
| Other loans | 240,486 | 172,735 | 242,020 | 172,735
|  | 486,755 | 302,735 | 488,338 | 302,735
| Amounts falling due 1-2 years |  |  |  |
| Bank loans | 168,547 | 140,833 | 168,547 | 140,833
| Other loans | 87,504 | 287,555 | 87,504 | 287,555
|  | 256,051 | 428,388 | 256,051 | 428,388
|  | 742,806 | 731,123 | 744,389 | 731,123
Page 39
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
23. | Financial instruments
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Financial assets |  |  |  |
| Financial assets measured at fair value through profit or loss | - | 8,212 | - | 8,212
| Financial liabilities |  |  |  |
| Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio | (20,332) | - | (20,332) | -
| Derivative financial instruments measured at fair value through profit or loss are not traded in active markets. These have been fair valued using observable forward exchange rates and interest rates corresponding to the maturity of the contract.
Page 40
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
24. | Deferred taxation
| Group
|  | 2025
|  | £
| 1 April 2024 | 21,650
| 7 April 2025 | 21,650
| Company
|  | 2025
|  | £
| 1 April 2024 | 21,650
| 7 April 2025 | 21,650
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Short term timing differences | 21,650 | 21,650 | 21,650 | 21,650
25. | Provisions
| Group
|  | Dilapidations
|  | £
| At 8 April 2024 | 461,746
| Credited to profit or loss | (286,834)
| At 7 April 2025 | 174,912
Page 41
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025 25.Provisions (continued)
| Company
|  | Dilapidation | Subsidiary stock returns | Total
|  | £ | £ | £
| At 8 April 2024 | 461,746 | 1,066,401 | 1,528,147
| Credited to profit or loss | (286,834) | (299,790) | (586,624)
| At 7 April 2025 | 174,912 | 766,611 | 941,523
26. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 50,383 (2024 - 50,383) Ordinary shares of £1.00 each | 50,383 | 50,383
| The shares have full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.
27. | Reserves
Share premium account This reserve is used to record contributions received for ordinary shares in excess of the par value of the shares. Foreign exchange reserve Reserves arising from the translation of foreign subsidiaries due to movement in exchange rates from initial recognition to the balance sheet date. Profit and loss account This reserve is used to record the accumulated distributable profits and losses realised during the course of the period.
28. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £93,578 (2024 - £98,231). Contributions totalling £3,785 (2024: £13,754) were payable to the fund at the balance sheet date. Page 42
ESKANDAR LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 7 APRIL 2025
29. | Commitments under operating leases
| At 7 April 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Not later than 1 year | 637,000 | 637,000 | 92,000 | 92,000
| Later than 1 year and not later than 5 years | 800,750 | 1,364,000 | 92,000 | 184,000
| Later than 5 years | - | 73,750 | - | -
|  | 1,437,750 | 2,074,750 | 184,000 | 276,000
30. | Related party transactions
| In previous periods the Company made loans to Eskandar US Corporation LLC, a company controlled by E Nabavi. The amount payable at the balance sheet to Eskandar US Corporation LLC was £148,644 (2024: £1,397,921 receivable). The loan is unsecured, interest free and repayable on demand. The Company paid dividends of £287,825 (2024: £327,404) to E Nabavi during the period/year. The Group was charged rent of £110,000 (2024: £110,000) during the year on a commercial basis for a property owned by E Nabavi. At the year end there was a balance owed to E Nabavi of £174,000 (2024: £226,834). The ultimate controlling party is E. Nabavi.
31. | Post balance sheet events
Post balance sheet events have been disclosed in the Director's Report.
Page 43