REGISTERED NUMBER: 15835367 (England and Wales)

BJ CHEESE GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

9

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

to

18

Notes to the Consolidated Financial Statements

19

to

26

DIRECTORS:

Mr Naveed Anjam Jhinjer

Mr Mohammed Zulfiqar

SECRETARY:

Mrs Bismillah Zulfiqar

REGISTERED OFFICE:

345 Heath Sreet

Smethwick

West Midlands

B66 2QY

REGISTERED NUMBER:

15835367 (England and Wales)

AUDITORS:

Shareef

Statutory Auditors

4 Highlands Court

Cranmore Avenue

Solihull

West Midlands

B90 4LE

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

During the year, the group undertook a reorganisation and demerger to separate its business activities into distinct corporate structures. This involved the redesignation of shares in BJ Cheese (Holdings) Limited into A and B ordinary shares to reflect different underlying business interests, followed by a share-for-share exchange whereby a new holding company, Khaspaze Nan Holdings Limited, was inserted above BJ Cheese (Holdings) Limited. Subsequently, the BJ Cheese Packaging business was separated from the group by way of a distribution in specie and transferred into a newly incorporated company, BJ Cheese Group Limited. A capital reduction was then affected to facilitate the demerger, resulting in the shareholders holding direct interests in both Khaspaze Nan Holdings Limited, which retains the remaining group investment businesses and BJ Cheese Group Limited, which holds the cheese packaging operations.

REVIEW OF BUSINESS

The directors of BJ Cheese Group Ltd aim to provide a comprehensive overview of the group's performance and financial position over the past 12 months, ending 31 March 2025.

The group operates within the cheese import, packaging and wholesale sector, supplying a broad customer base across retail and food service channels. The business continues to leverage the significant experience of its directors, developed over many years.

During the year, the group achieved revenue growth, with turnover increasing from £13,967,634 to £15,092,830. This reflects continued demand within the sector and the company's ability to expand its customer base.

However, the wider market environment has remained challenging. The business has experienced margin pressure driven by a combination of factors including input cost volatility, pricing pressure from customers, and increased operating costs. As a result, gross profit margins reduced from 18.57% to 14.62%, and operating profit decreased from £677,590 to £583,785.

PRINCIPAL RISKS AND UNCERTAINTIES

We believe that the principal risks that face our business are as follows:

Markets and competition

The UK cheese wholesale market remains highly competitive, with pricing pressure from both suppliers and customers. Changes in consumer demand, retailer consolidation, and competition from alternative suppliers may impact margins and market share

Financial risk

Cash flow risk

With a robust credit system in place and established supplier relations cash flow has been in a maintained healthy position. Fluctuations in trading volumes and input costs may impact short-term cash flow.

Credit risk

The company supplies a wide customer base, which exposes it to potential bad debts. Continued improvements over the years has led to the current, highly effective credit term process, with historical low levels of credit losses.

Liquidity risk

The company maintains sufficient liquidity through a combination of cash reserves and access to financing facilities. Ongoing monitoring of cash reserves ensures that the business meets its financial obligations as they fall due.

Operational Risk

The business is exposed to operational risks including supply chain disruption, equipment failure and labour availability. These are managed through supplier diversification, strong machine maintenance programmes and labour planning.

ON BEHALF OF THE BOARD:

Mr Naveed Anjam Jhinjer - Director

28 April 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 255,000 .

DIRECTORS

The directors who have held office during the period from 1 April 2024 to the date of this report are as follows:

Mr Naveed Anjam Jhinjer - appointed 12 July 2024

Mr Mohammed Zulfiqar - appointed 12 July 2024

POLITICAL DONATIONS AND EXPENDITURE

The group made donations in the year of £97,904, all of which were charitable.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Shareef, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr Naveed Anjam Jhinjer - Director

28 April 2026

Opinion

We have audited the financial statements of BJ Cheese Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

Our assessment focused on key laws and regulations the Group has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.

We are not responsible for preventing irregularities. Our approach to detect irregularity included, but was not limited to, the following:

- obtaining an understanding of the legal and regulatory framework applicable to the Group and how the

Group is complying with that framework, including a review of legal and professional nominal codes;

- obtaining and understanding the Group's policies and procedures and how the Group has complied - with

these, through discussions and walkthrough testing of controls;

- obtaining an understanding of the Group's risk assessment process, including the risk of fraud;

- designing our audit procedures to respond to our risk assessment; and

- performing audit work over the risk of management override of controls, including testing journal entries and other

adjustments for appropriateness, evaluating the business rationale of significant transaction outside the normal

course of business and reviewing accounting estimates for bias.

In response to the risk of irregularities in relation to non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC and associated parties.

Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities from fraud are inherently more difficult to detect than those arising from error.

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. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all 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 Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Naeem Shareef (Senior Statutory Auditor)

for and on behalf of Shareef

Statutory Auditors

4 Highlands Court

Cranmore Avenue

Solihull

West Midlands

B90 4LE

28 April 2026

TURNOVER

15,092,830

13,967,634

Cost of sales

12,884,789

11,373,784

GROSS PROFIT

2,208,041

2,593,850

Distribution costs

609,839

606,270

Administrative expenses

1,025,416

1,309,990

1,635,255

1,916,260

OPERATING PROFIT and

PROFIT BEFORE TAXATION

572,786

677,590

Tax on profit

5

129,393

168,398

PROFIT FOR THE FINANCIAL YEAR

443,393

509,192

Profit attributable to:

Owners of the parent

443,393

509,192

PROFIT FOR THE YEAR

443,393

509,192

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

443,393

Prior year adjustment

(209,942

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

299,250

Total comprehensive income attributable to:

Owners of the parent

443,393

299,250

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

384,371

375,087

Investments

10

-

-

384,371

375,087

CURRENT ASSETS

Stocks

11

354,000

219,450

Debtors

12

4,282,246

3,796,534

Cash at bank and in hand

826,233

793,295

5,462,479

4,809,279

CREDITORS

Amounts falling due within one year

13

1,276,020

798,313

NET CURRENT ASSETS

4,186,459

4,010,966

TOTAL ASSETS LESS CURRENT LIABILITIES

4,570,830

4,386,053

PROVISIONS FOR LIABILITIES

15

-

3,716

NET ASSETS

4,570,830

4,382,337

CAPITAL AND RESERVES

Called up share capital

16

200

-

Other reserves

17

(100

)

-

Retained earnings

17

4,570,730

4,382,337

SHAREHOLDERS' FUNDS

4,570,830

4,382,337

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

Mr Naveed Anjam Jhinjer - Director

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

-

-

Investments

10

200

-

200

-

TOTAL ASSETS LESS CURRENT LIABILITIES

200

-

CAPITAL AND RESERVES

Called up share capital

16

200

-

SHAREHOLDERS' FUNDS

200

-

Company's profit for the financial year

-

-

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

Mr Naveed Anjam Jhinjer - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 April 2023

-

4,233,087

-

4,233,087

Prior year adjustment

-

(209,942

)

-

(209,942

)

As restated

-

4,023,145

-

4,023,145

Changes in equity

Dividends

-

(150,000

)

-

(150,000

)

Total comprehensive income

-

509,192

-

509,192

Balance at 31 March 2024

-

4,382,337

-

4,382,337

Changes in equity

Issue of share capital

200

-

-

200

Dividends

-

(255,000

)

-

(255,000

)

Total comprehensive income

-

443,393

(100

)

443,293

Balance at 31 March 2025

200

4,570,730

(100

)

4,570,830

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Balance at 31 March 2024

-

-

-

Changes in equity

Issue of share capital

200

-

200

Balance at 31 March 2025

200

-

200

Cash flows from operating activities

Cash generated from operations

1

1,007,293

577,042

Tax paid

(174,325

)

(202,820

)

Net cash from operating activities

832,968

374,222

Cash flows from investing activities

Purchase of tangible fixed assets

(32,971

)

(3,010

)

Sale of tangible fixed assets

-

4,000

Net cash from investing activities

(32,971

)

990

Cash flows from financing activities

Owed by group undertakings

(512,059

)

(453,821

)

Equity dividends paid

(255,000

)

(150,000

)

Net cash from financing activities

(767,059

)

(603,821

)

Increase/(decrease) in cash and cash equivalents

32,938

(228,609

)

Cash and cash equivalents at beginning of year

2

793,295

1,021,962

Cash and cash equivalents at end of year

2

826,233

793,295

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

572,786

677,590

Depreciation charges

23,687

20,630

Profit on disposal of fixed assets

-

(1,486

)

596,473

696,734

(Increase)/decrease in stocks

(134,550

)

45,550

Decrease in trade and other debtors

32,657

15,129

Increase/(decrease) in trade and other creditors

512,713

(180,371

)

Cash generated from operations

1,007,293

577,042

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

826,233

793,295

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

793,295

1,021,962

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

793,295

32,938

826,233

793,295

32,938

826,233

Total

793,295

32,938

826,233

**	LAST YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS

AS CALCULATED IN CONSOLIDATED CASH FLOW STATEMENT

DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET

COMPARE MOVEMENT ON CONSOLIDATED CASH FLOW STATEMENT

=

(228,609

)

TO

MOVEMENT PER BALANCE SHEET

CASH AND CASH EQUIVALENTS

=

(228,667

)

1.	STATUTORY INFORMATION

BJ Cheese Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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.

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.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

663,427

615,864

Social security costs

55,179

48,174

Other pension costs

4,231

253,493

722,837

917,531

The average number of employees during the year was as follows:

2025

2024

Total

28

28

2025

2024

£

£

Directors' remuneration

27,737

27,737

Directors' pension contributions to money purchase schemes

-

110,000

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

1,920

-

Other operating leases

8,000

8,000

Depreciation - owned assets

23,687

20,630

Profit on disposal of fixed assets

-

(1,486

)

Auditors' remuneration

11,000

11,000

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

139,319

171,574

Deferred tax

(9,926

)

(3,176

)

Tax on profit

129,393

168,398

6.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

The parent company's only activity during the period to 31 March 2025 was that of a Holding Company, and hence the company did not make a profit or loss.

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Final

255,000

150,000