Pelicans Limited Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 01769896

Pelicans Limited

Financial Statements

31 May 2025

Pelicans Limited

Financial Statements

Year ended 31 May 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Consolidated statement of comprehensive income	10

Consolidated statement of financial position	11

Company statement of financial position	12

Consolidated statement of changes in equity	13

Company statement of changes in equity	14

Consolidated statement of cash flows	15

Notes to the financial statements	16

Pelicans Limited

Officers and Professional Advisers

The board of directors A. M. Thanawala

- Director

S. A. Merchant

- Director

Registered office	Qualitas House
	100 Elmgrove Road
	Harrow
	HA1 2RW

Auditor	SRV Delson
	Chartered Certified Accountants & statutory auditors
	Maruti House
	1st Floor
	369 Station Road
	Harrow
	HA1 2AW

Pelicans Limited

Strategic Report

Year ended 31 May 2025

The director presents the strategic report for the year ended 31 May 2025.

Principal activities

The principal activity of the company is that of a holding company and it holds 100% of the shares in Pelicans Manufacturing Co. Limited. The group's principal activity is the design, manufacture and sale of business promotional gifts.

Review of the business

The directors are satisfied with the results for the year.

Principal risks and uncertainties

The principal risks and uncertainties facing Pelicans Limited are liquidity risk, credit risk, interest rate and foreign currency risk. The board reviews and agrees policies for managing each of these risks and they are summarised below. Liquidity risk The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the businesses. Credit risk Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary. Interest rate risk The group is exposed to interest rate risk on bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debts so as to reduce its exposure to changes in its interest rates. Foreign currency risk The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Future developments

The directors anticipate the business environment will remain challenging and competitive. They believe that the group is in a sound financial position and they remain confident that the group will be able to reverse the decline in profitability in future.

Research and development

The group is continually undertaking research and development to improve its product range.

Other information and explanations

The group operates a centralised treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the group’s activities.

The group does not follow any specified code or standard on payment practice. However, it is the group's policy to negotiate the terms with its suppliers and to ensure that they are aware of the terms of payment when business is agreed. It is the group's policy to abide by these terms.

This report was approved by the board of directors on 14 May 2026 and signed on behalf of the board by:

A. M. Thanawala

Director

Registered office:

Qualitas House

100 Elmgrove Road

Harrow

HA1 2RW

Pelicans Limited

Directors' Report

Year ended 31 May 2025

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

Directors

The directors who served the company during the year were as follows:

A. M. Thanawala
S. A. Merchant

Dividends

The directors do not recommend the payment of a dividend.

Financial instruments

Financial instruments carried on the statement of financial position include cash and cash equivalents, borrowings and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and 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 judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. A resolution to reappoint SRV Delson as auditors will be proposed at the forthcoming Annual General Meeting.

This report was approved by the board of directors on 14 May 2026 and signed on behalf of the board by:

A. M. Thanawala

Director

Registered office:

Qualitas House

100 Elmgrove Road

Harrow

HA1 2RW

Pelicans Limited

Independent Auditor's Report to the Members of Pelicans Limited

Year ended 31 May 2025

Opinion

We have audited the financial statements of Pelicans Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and 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 FRS 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 31 May 2025 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' 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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group'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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 of 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. Reviewing minutes of meetings of those charged with governance; Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sailesh Rameshchandra Vaghjee

(Senior Statutory Auditor)

For and on behalf of

SRV Delson

Chartered Certified Accountants & statutory auditors

Maruti House

1st Floor

369 Station Road

Harrow

HA1 2AW

14 May 2026

Pelicans Limited

Consolidated Statement of Comprehensive Income

Year ended 31 May 2025

		2025	2024
Note		£	£
Turnover	4	10,886,998	12,619,102

Cost of sales	( 9,346,919)	( 10,251,840)
	-------------	-------------
Gross profit	1,540,079	2,367,262

Administrative expenses		( 1,602,224)	( 1,895,606)
Other operating income	5	101,218	–
		------------	------------
Operating profit	6	39,073	471,656

Income from shares in group undertakings	10	–	171,213
Other interest receivable and similar income	11	23,346	24,468
Interest payable and similar expenses	12	( 37,966)	( 75,693)
		------------	------------
Profit before taxation		24,453	591,644

Tax on profit	13	455	( 112,387)
		--------	---------
Profit for the financial year		24,908	479,257
		--------	---------

Notional interest receivable	4,711	–
	--------	---------
Total comprehensive income for the year	29,619	479,257
	--------	---------

All the activities of the group are from continuing operations.

Pelicans Limited

Consolidated Statement of Financial Position

31 May 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	14	335,614	374,693

Current assets

Stocks	16	300,548	163,406
Debtors	17	4,914,550	4,955,838
Cash at bank and in hand		172,720	111,810
		------------	------------
		5,387,818	5,231,054

Creditors: amounts falling due within one year	19	4,926,369	4,826,614
		------------	------------
Net current assets		461,449	404,440
		---------	---------
Total assets less current liabilities		797,063	779,133

Creditors: amounts falling due after more than one year	20	–	2,427

Provisions - deferred tax liability	22	–	9,262
		---------	---------
Net assets		797,063	767,444
		---------	---------

Capital and reserves

Called up share capital	26	60,000	60,000
Capital redemption reserve	27	100,000	100,000
Profit and loss account	27	637,063	607,444
		---------	---------
Shareholders funds		797,063	767,444
		---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 14 May 2026 , and are signed on behalf of the board by:

A. M. Thanawala

Director

Company registration number: 01769896

Pelicans Limited

Company Statement of Financial Position

31 May 2025

	2025	2024
Note	£	£

Fixed assets

Investments	15	117,000	117,000

Current assets

Debtors	17	426,908	480,408
Cash at bank and in hand		–	354
		---------	---------
		426,908	480,762

Creditors: amounts falling due within one year	19	477,996	532,496
		---------	---------
Net current liabilities		51,088	51,734
		---------	---------
Total assets less current liabilities		65,912	65,266
		--------	--------
Net assets		65,912	65,266
		--------	--------

Capital and reserves

Called up share capital	26	60,000	60,000
Profit and loss account	27	5,912	5,266
		--------	--------
Shareholders funds		65,912	65,266
		--------	--------

The profit for the financial year of the parent company was £ 646 (2024: £ 1,112 ).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 14 May 2026 , and are signed on behalf of the board by:

A. M. Thanawala

Director

Company registration number: 01769896

Pelicans Limited

Consolidated Statement of Changes in Equity

Year ended 31 May 2025

		Called up share capital	Capital redemption reserve	Profit and loss account	Total
		£	£	£	£
At 1 June 2023		60,000	100,000	172,614	332,614

Profit for the year				479,257	479,257
		--------	---------	---------	---------
Total comprehensive income for the year		–	–	479,257	479,257

Distribution		–	–	(44,427)	(44,427)
		--------	---------	---------	---------
Total investments by and distributions to owners		–	–	( 44,427)	( 44,427)

At 31 May 2024		60,000	100,000	607,444	767,444

Profit for the year				24,908	24,908
Other comprehensive income for the year:
	Notional interest receivable	–	–	4,711	4,711
		--------	---------	---------	---------
Total comprehensive income for the year		–	–	29,619	29,619

		--------	---------	---------	---------
At 31 May 2025		60,000	100,000	637,063	797,063
		--------	---------	---------	---------

Pelicans Limited

Company Statement of Changes in Equity

Year ended 31 May 2025

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 June 2023	60,000	4,154	64,154

Profit for the year		1,112	1,112
	--------	-------	--------
Total comprehensive income for the year	–	1,112	1,112

At 31 May 2024	60,000	5,266	65,266

Profit for the year		646	646
	--------	-------	--------
Total comprehensive income for the year	–	646	646

	--------	-------	--------
At 31 May 2025	60,000	5,912	65,912
	--------	-------	--------

Pelicans Limited

Consolidated Statement of Cash Flows

Year ended 31 May 2025

	2025	2024
Note	£	£

Cash flows from operating activities

Profit for the financial year	24,908	479,257

Adjustments for:
Depreciation of tangible assets	61,400	79,436
Income from shares in group undertakings	–	( 171,213)
Other interest receivable and similar income	( 23,346)	( 24,468)
Interest payable and similar expenses	37,966	75,693
(Gains)/loss on disposal of tangible assets	( 16,620)	67,521
Tax on profit	( 455)	112,387
Accrued (income)/expenses	( 54,642)	17,402
Other operating cash flow adjustment	–	(44,427)

Changes in:
Stocks	( 137,142)	73,184
Trade and other debtors	41,288	504,031
Trade and other creditors	1,117,036	( 370,589)
	------------	---------
Cash generated from operations	1,050,393	798,214

Interest paid	( 37,966)	( 75,693)
Interest received	28,057	24,468
Tax (paid)/received	( 497,501)	141,656
	------------	---------
Net cash from operating activities	542,983	888,645
	------------	---------

Cash flows from investing activities

Purchase of tangible assets	( 69,991)	( 27,878)
Proceeds from sale of tangible assets	64,290	11,501
Proceeds from sale of subsidiaries	–	171,213
	------------	---------
Net cash (used in)/from investing activities	( 5,701)	154,836
	------------	---------

Cash flows from financing activities

Proceeds from loans from group undertakings	( 49,000)	( 1,333,187)
Payments of finance lease liabilities	( 14,988)	( 292)
	------------	------------
Net cash used in financing activities	( 63,988)	( 1,333,479)
	------------	------------

Net increase/(decrease) in cash and cash equivalents		473,294	( 289,998)
Cash and cash equivalents at beginning of year		(300,574)	(10,576)
		---------	---------
Cash and cash equivalents at end of year	18	172,720	( 300,574)
		---------	---------

Pelicans Limited

Notes to the Financial Statements

Year ended 31 May 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Qualitas House, 100 Elmgrove Road, HA1 2RW, Harrow.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Pelicans Limited and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In the directors' view, there are no significant judgements or estimates made.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property	-	10% straight line
Plant and machinery	-	12% reducing balance
Fixtures and fittings	-	20% - 25% Reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	10,886,998	12,619,102
	-------------	-------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
United Kingdom	6,882,933	3,688,909
Overseas sales	4,004,065	8,930,193
	-------------	-------------
	10,886,998	12,619,102
	-------------	-------------

5. Other operating income

	2025	2024
	£	£
Other operating income	101,218	–
	---------	----

6. Operating profit/(loss)

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	61,400	79,436
(Gains)/loss on disposal of tangible assets	( 16,620)	67,521
Impairment of trade debtors	5,532	–
Foreign exchange differences	97,288	13,733
	--------	--------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	22,500	30,000
	--------	--------

8. Staff costs

The average number of persons employed by the group during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	10	23
Distribution staff	1	1
Administrative staff	7	10
	----	----
	18	34
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	1,042,722	1,377,073
Other pension costs	27,674	18,544
	------------	------------
	1,070,396	1,395,617
	------------	------------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	210,300	300,946
	---------	---------

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	140,000	109,054
	---------	---------

10. Income from shares in group undertakings

	2025	2024
	£	£
(Gain)/loss on disposal of shares in group	–	171,213
	----	---------

11. Other interest receivable and similar income

	2025	2024
	£	£
Other interest receivable and similar income	23,346	24,468
	--------	--------

12. Interest payable and similar expenses

	2025	2024
	£	£
Interest on obligations under finance leases and hire purchase contracts	1,069	323
Other interest payable and similar charges	36,897	75,370
	--------	--------
	37,966	75,693
	--------	--------

13. Tax on profit

Major components of tax (income)/expense

	2025	2024
	£	£

Current tax:

UK current tax income	8,807	135,944

Deferred tax:

Origination and reversal of timing differences	( 9,262)	( 23,557)
	-------	---------
Tax on profit	( 455)	112,387
	-------	---------

Reconciliation of tax (income)/expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 23.21 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	24,453	591,644
	--------	---------
Profit on ordinary activities by rate of tax	5,525	111,080
Effect of capital allowances and depreciation	3,282	30,411
Deferred tax movement	(9,262)	(23,557)
Group relief	–	(5,547)
	--------	---------
Tax on profit	( 455)	112,387
	--------	---------

14. Tangible assets

Group	Short leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 June 2024	200,141	597,355	33,665	263,002	1,094,163
Additions	66,517	1,337	2,137	–	69,991
Disposals	–	–	–	( 135,479)	( 135,479)
	---------	---------	--------	---------	------------
At 31 May 2025	266,658	598,692	35,802	127,523	1,028,675
	---------	---------	--------	---------	------------
Depreciation
At 1 June 2024	42,820	526,157	12,119	138,374	719,470
Charge for the year	26,666	10,758	4,736	19,240	61,400
Disposals	–	–	–	( 87,809)	( 87,809)
	---------	---------	--------	---------	------------
At 31 May 2025	69,486	536,915	16,855	69,805	693,061
	---------	---------	--------	---------	------------
Carrying amount
At 31 May 2025	197,172	61,777	18,947	57,718	335,614
	---------	---------	--------	---------	------------
At 31 May 2024	157,321	71,198	21,546	124,628	374,693
	---------	---------	--------	---------	------------

The company has no tangible assets.

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group	Motor vehicles
	£
At 31 May 2025	15,681
	--------
At 31 May 2024	20,809
	--------

15. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 June 2024 and 31 May 2025	117,000
	---------
Impairment
At 1 June 2024 and 31 May 2025	–
	---------

Carrying amount
At 1 June 2024 and 31 May 2025	117,000
	---------
At 31 May 2024	117,000
	---------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Pelicans Manufacturing Co Ltd	Ordinary	100

The results and capital and reserves for group undertakings included in the consolidated financial statements are as follows:

	Capital and reserves		Profit/(loss) for the year
	2025	2024	2025	2024
	£	£	£	£
Subsidiary undertakings
Pelicans Manufacturing Co Ltd	848,150	819,178	28,972	331,932
	---------	---------	--------	---------

16. Stocks

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Finished goods and goods for resale	300,548	163,406	–	–
	---------	---------	----	----

17. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade debtors	3,397,224	3,389,279	–	–
Amounts owed by group undertakings	–	–	426,908	480,408
Prepayments and accrued income	126,014	50,031	–	–
Corporation tax repayable	456,001	456,001	–	–
Directors loan account	591,495	953,266	–	–
Other debtors	343,816	107,261	–	–
	------------	------------	---------	---------
	4,914,550	4,955,838	426,908	480,408
	------------	------------	---------	---------

18. Cash and cash equivalents

Cash and cash equivalents comprise the following:

	2025	2024
	£	£
Cash at bank and in hand	172,720	111,810
Bank overdrafts	–	( 412,384)
	---------	---------
	172,720	( 300,574)
	---------	---------

19. Creditors: amounts falling due within one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Bank loans and overdrafts	–	412,384	–	–
Trade creditors	3,772,989	2,512,746	–	–
Amounts owed to group undertakings	423,796	472,796	423,796	472,796
Accruals and deferred income	190,913	245,555	54,200	59,700
Corporation tax	472,403	961,097	–	–
Social security and other taxes	65,984	69,968	–	–
Obligations under finance leases and hire purchase contracts	–	12,561	–	–
Other Creditors	284	139,507	–	–
	------------	------------	---------	---------
	4,926,369	4,826,614	477,996	532,496
	------------	------------	---------	---------

20. Creditors: amounts falling due after more than one year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Obligations under finance leases and hire purchase contracts	–	2,427	–	–
	----	-------	----	----

21. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	–	12,561	–	–
Later than 1 year and not later than 5 years	–	2,427	–	–
	----	--------	----	----
	–	14,988	–	–
	----	--------	----	----

22. Provisions - deferred tax liability

Group	Deferred tax (note 23)
	£
At 1 June 2024	9,262
Charge against provision	( 9,262)
	-------
At 31 May 2025	–
	-------

The company does not have any provisions.

23. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Included in provisions - deferred tax liability (note 22)	–	9,262	–	–
	----	-------	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Accelerated capital allowances	–	9,262	–	–
	----	-------	----	----

24. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 27,674 (2024: £ 18,544 ).

25. Financial instruments

Financial instruments carried on the statement of financial position include cash and cash equivalents, borrowings and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.

26. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	60,000	60,000	60,000	60,000
	--------	--------	--------	--------

27. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

28. Analysis of changes in net debt

	At 1 Jun 2024	Cash flows	At 31 May 2025
	£	£	£
Cash at bank and in hand	111,810	60,910	172,720
Bank overdrafts	(412,384)	412,384	–
Debt due within one year	(485,357)	61,561	(423,796)
Debt due after one year	(2,427)	2,427	–
	---------	---------	---------
	( 788,358)	537,282	( 251,076)
	---------	---------	---------

29. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Not later than 1 year	291,478	291,478	–	–
Later than 1 year and not later than 5 years	1,165,912	1,165,912	–	–
Later than 5 years	582,956	874,434	–	–
	------------	------------	----	----
	2,040,346	2,331,824	–	–
	------------	------------	----	----

30. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company and its subsidiary undertakings:

	Balance brought forward and outstanding
	2025	2024
	£	£
P. Kabra	( 799)	( 1,099)
S Maxton	–	116,416
C. Acharya	–	49,865
S. A. Merchant	592,294	788,084
	---------	---------
	591,495	953,266
	---------	---------

Other debtors include an amount of £591,495 (31 May 2024-£953,266) due from directors of the company. Interest has been charged on the outstanding balance.

31. Related party transactions

Company

As at year end there was an amount of £591,495 owed by the directors.

32. Controlling party

The ultimate parent company is Al-Noor Investments Limited, a company registered in Jersey, Channel Islands. Al-Noor Investments Limited is not required to prepare consolidated financial statements. Pelicans Limited is the parent of the smallest and largest group for which consolidated financial statements are prepared. The parent company’s registered office is Qualitas House, 100 Elmgrove Road, Harrow, Middlesex, HA1 2RW.