Company registration number 05803234 (England and Wales)
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
COMPANY INFORMATION
Director
Mr T L Sheikh
Company number
05803234
Registered office
259 Water Road
Wembley
Middlesex
HA0 1HX
Auditor
Vision Consulting Accountants Limited
The Gherkin Building
28th Floor
30 St. Mary Axe
London
EC3A 8EP
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11 - 12
Company balance sheet
13 - 14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 42
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

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

Review of the business

The results for the year and the financial position at the year end are in line with the expectation of the director.

The turnover has increased by circa £3.5m as compared to last year.

Our overhead structure has been closely monitored during the year and has been adjusted to the level appropriate for our trading activity.

The company continues to work closely with large retailers in certain geographical locations.

Future Developments

The directors intend to continue expanding the group’s reach by strengthening distribution networks in the United Kingdom, where demand for high-quality meat products remains strong.

The group plans to further invest in cold storage and logistics capabilities to support growth and enhance service efficiency.

The group is also exploring opportunities to diversify its product range to include more value-added and sustainable product lines, responding to increasing customer interest in traceability, animal welfare, and environmental impact.

Principal risks and uncertainties

The group is exposed to a number of risks and uncertainties, including:

- Supply Chain Risk: Availability and pricing of raw materials are influenced by global agricultural cycles, exchange rates, disease outbreaks and international trade regulations. The group mitigates this risk by maintaining multiple supplier relationships and forward purchasing arrangements where appropriate.

- Currency Risk: With an increasing proportion of purchases obtained from overseas markets, fluctuations in foreign exchange rates could affect profitability. The group uses forward contracts to manage significant exposures.

- Regulatory and Compliance Risk: The food sector is highly regulated, particularly in relation to food safety, hygiene, and labelling. The group invests in regular training and quality control procedures to ensure ongoing compliance.

- Market and Competitive Risk: Competition from both domestic and international suppliers remains strong. The group focuses on customer service, reliable delivery, and product quality to maintain its competitive position.

Development and performance

The group achieved transformative growth in the year ended 31 March 2025, displaying our ability to thrive in a competitive market:

- Turnover surged by 17.2% to £24.08 million (2024: £20.53 million), driven by expanded product lines and customer demand.

- Gross profits grew by 1.2% to £3.45 million (2024: £3.41 million) while net profits grew by 18.6% reflecting rigorous cost discipline and operational efficiencies.

- Net assets grew by 186.5% to £2.35 million (2024: £0.82 million), reinforcing our financial stability.

These results validate our strategic focus on cost optimisation, product diversification and supply chain development, positioning us strongly for future expansion.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Key performance indicators

The group operates a range of key financial performance indicators which include a review of turnover, profit margin, cash flow and debt management.

The board uses the indicators to monitor the financial and operational activity of the group to ensure that the targets are achievable.

The directors consider the following to be the Key Performance Indicators of the Group's business:

| 2025 | 2024
Turnover | £24,081,928 | £20,539,225
Gross profit | £3,451,419 | £3,417,779
Operating profit | £1,525,933 | £1,499,231
Profit before tax | £1,911,029 | £1,611,439

On behalf of the board

Mr T L Sheikh
Director
30 July 2026
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company and group continued to be that of wholesale and retail of meat and property

investment and management.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £120,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr T L Sheikh
Financial instruments
Treasury operations and Financial instruments

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

The group’s principal financial instruments include derivative financial instruments, the purpose of which is to manage currency risks and interest rate risks arising from the group’s activities, and bank overdrafts, loans and corporate bonds, the main purpose of which is to raise finance for the group’s operations. In addition, the group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations. Derivative transactions which the group enters into principally comprise forward exchange contracts. In accordance with group’s treasury policy, derivative instruments are not entered into for speculative purposes.

Financial Instruments - 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 business.

Interest Rate risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The group uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in 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.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments 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.

Future developments

The director believes that the current year will achieve stability in trading and remains optimistic about the long-term future.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
Auditor

Vision Consulting Accountants Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the director to prepare financial statements for each financial year. Under that law, the director has elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and parent company, 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 and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Mr T L Sheikh
Director
30 July 2026
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
- 5 -

Qualified opinion on financial statements

We have audited the financial statements of Tariq Halal Meat Wholesale Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

- give a true and fair view of the state of the group's and the parent company's 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 qualified opinion

We were not appointed as auditor of the group and parent company until after 31 March 2025 and therefore did not observe the counting of physical inventories at that date. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 March 2025 and 31 March 2024, which are included in the group and parent company balance sheets at £330,000 and £275,650 respectively. Consequently, we were unable to determine whether any adjustments to these amounts, or to the related cost of sales and profit for the years ended 31 March 2025 and 31 March 2024, were necessary.

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 and parent company 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 qualified 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 and 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.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
- 6 -

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 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, except that, as described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities held at 31 March 2025 and 31 March 2024. Where the other information refers to inventory or related balances, including cost of sales, profit and net assets, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the director’s report for the financial year for which the financial statements are prepared is consistent with the financial statements;

- and the 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

E xcept for the possible effects of the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the group, the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director’s report.

Arising solely from the limitation on the scope of our work relating to inventory referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have been kept.

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:

- 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.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, 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 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 parent company or to cease operations, or has no realistic alternative but to do so.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
- 7 -
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.

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

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

- The nature of the industry and sector, control environment, business performance including the design of the policies and performance targets.

- The r esults of our enquiries of management.

- Any matters we identified having obtained and reviewed the entity’s documentation of their policies and procedures relating to compliance with regulations;

- Identifying, evaluating and complying with laws and regulations such as companies act 2006 and whether management were aware of any instances of non-compliance.

- Detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud.

- The e ntity's procedures to identify related party transactions.

- The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations and

- The matters discussed among the audit engagement team where fraud might occur in the financial statements and any potential indicators of fraud.

It is common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the entity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the entity’s ability to operate.

Audit response to risks identified

As a result of performing the above, our procedures to respond to risks identified included the following:

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

- Enquiring the management regarding related party disclosures and transactions outside the normal course of the business.

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

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments.

- Assessing whether the judgments made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
- 8 -

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

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The comparative figures are unaudited.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David White (Senior Statutory Auditor)
For and on behalf of Vision Consulting Accountants Limited, Statutory Auditor
Chartered Accountants
The Gherkin Building
28th Floor
30 St. Mary Axe
London
EC3A 8EP
30 July 2026
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
as restated
Notes
£
£
Turnover
3
24,081,928
20,539,225
Cost of sales
(20,630,509)
(17,121,446)
Gross profit
3,451,419
3,417,779
Distribution costs
(237,953)
(233,748)
Administrative expenses
(1,687,533)
(1,688,050)
Other operating income
-
0
3,250
Operating profit
4
1,525,933
1,499,231
Interest receivable and similar income
7
447
577
Interest payable and similar expenses
8
(231,351)
(196,369)
Fair value gains and losses on investment properties
13
616,000
308,000
Profit before taxation
1,911,029
1,611,439
Tax on profit
9
(260,494)
(93,204)
Profit for the financial year
26
1,650,535
1,518,235
Profit for the financial year is attributable to:
- Owner of the parent company
1,542,568
1,437,816
- Non-controlling interests
107,967
80,419
1,650,535
1,518,235
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
as restated
£
£
Profit for the year
1,650,535
1,518,235
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,650,535
1,518,235
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,542,568
1,437,816
- Non-controlling interests
107,967
80,419
1,650,535
1,518,235
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
103,905
129,882
Total intangible assets
103,905
129,882
Tangible assets
12
3,762,353
987,572
Investment property
13
-
0
2,166,000
3,866,258
3,283,454
Current assets
Stocks
16
330,000
275,650
Debtors
17
3,633,534
3,812,624
Cash at bank and in hand
406,524
134,599
4,370,058
4,222,873
Creditors: amounts falling due within one year
18
(3,196,712)
(4,496,564)
Net current assets/(liabilities)
1,173,346
(273,691)
Total assets less current liabilities
5,039,604
3,009,763
Creditors: amounts falling due after more than one year
19
(2,163,540)
(1,815,924)
Provisions for liabilities
Deferred tax liability
22
519,270
367,580
(519,270)
(367,580)
Net assets
2,356,794
826,259
Capital and reserves
Called up share capital
25
100
100
Profit and loss reserves
26
2,084,075
661,507
Equity attributable to owner of the parent company
2,084,175
661,607
Non-controlling interests
272,619
164,652
Total equity
2,356,794
826,259
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 12 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 30 July 2026
30 July 2026
Mr T L Sheikh
Director
Company registration number 05803234 (England and Wales)
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 13 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
103,905
129,882
Tangible assets
12
896,780
981,015
Investments
14
681,660
471,991
1,682,345
1,582,888
Current assets
Stocks
16
330,000
275,650
Debtors
17
3,347,388
3,800,864
Cash at bank and in hand
304,913
123,417
3,982,301
4,199,931
Creditors: amounts falling due within one year
18
(3,370,697)
(4,320,188)
Net current assets/(liabilities)
611,604
(120,257)
Total assets less current liabilities
2,293,949
1,462,631
Creditors: amounts falling due after more than one year
19
(112,187)
(701,459)
Provisions for liabilities
Deferred tax liability
22
176,126
178,191
(176,126)
(178,191)
Net assets
2,005,636
582,981
Capital and reserves
Called up share capital
25
100
100
Profit and loss reserves
26
2,005,536
582,881
Total equity
2,005,636
582,981
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 14 -

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,542,655 (2024 - £1,578,708 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 30 July 2026
30 July 2026
Mr T L Sheikh
Director
Company registration number 05803234 (England and Wales)
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023
100
(927,309)
(927,209)
84,233
(842,976)
Effect of correction of prior period errors
-
231,000
231,000
-
231,000
As restated
100
(696,309)
(696,209)
84,233
(611,976)
Year ended 31 March 2024:
Profit and total comprehensive income
-
1,437,816
1,437,816
80,419
1,518,235
Dividends
10
-
(80,000)
(80,000)
-
(80,000)
Balance at 31 March 2024
100
661,507
661,607
164,652
826,259
Year ended 31 March 2025:
Profit and total comprehensive income
-
1,542,568
1,542,568
107,967
1,650,535
Dividends
10
-
(120,000)
(120,000)
-
(120,000)
Balance at 31 March 2025
100
2,084,075
2,084,175
272,619
2,356,794
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 March 2024:
Balance at 1 April 2023
100
(915,827)
(915,727)
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
1,578,708
1,578,708
Dividends
10
-
(80,000)
(80,000)
Balance at 31 March 2024
100
582,881
582,981
Year ended 31 March 2025:
Profit and total comprehensive income
-
1,542,655
1,542,655
Dividends
10
-
(120,000)
(120,000)
Balance at 31 March 2025
100
2,005,536
2,005,636
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
789,116
1,058,627
Interest paid
(231,351)
(196,369)
Income taxes paid
-
0
(129,539)
Net cash inflow from operating activities
557,765
732,719
Investing activities
Purchase of tangible fixed assets
(62,465)
(342,117)
Purchase of investment property
(78,000)
-
Loans made to other entities
455
-
Repayment of loans
-
(455)
Interest received
447
577
Net cash used in investing activities
(139,563)
(341,995)
Financing activities
Proceeds from borrowings
-
10,578
Repayment of borrowings
(83,360)
-
Repayment of bank loans
158,266
(164,317)
Payment of finance leases obligations
(95,515)
(83,039)
Dividends paid to equity shareholders
(120,000)
(80,000)
Net cash used in financing activities
(140,609)
(316,778)
Net increase in cash and cash equivalents
277,593
73,946
Cash and cash equivalents at beginning of year
134,599
64,557
Effect of foreign exchange rates
(5,668)
(3,904)
Cash and cash equivalents at end of year
406,524
134,599
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
1
Accounting policies
Company information

Tariq Halal Meat Wholesale Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 259 Water Road, Wembley, Middlesex, HA0 1HX.

The group consists of Tariq Halal Meat Wholesale Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 19 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Tariq Halal Meat Wholesale Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he director has a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Meat and grocery products

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 20 -
Rental income

Rental income represents amounts receivable for rents net of VAT.

The income is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and when the significant risks and rewards have passed to the customer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold land and buildings
Straight line over the useful economic life
Leasehold land and buildings
Straight line over the useful economic life
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33.33% straight line
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 21 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 22 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

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

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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 and 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 23 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 24 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 25 -
1.18
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

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

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is 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.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 26 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful life of intangible assets

In determining the useful life of acquired goodwill, the director has applied the guidance given in FRS102. See note 11 for carrying value of intangible assets.

Useful life of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for carrying value of tangible assets.

Fair value of freehold land & buildings

Freehold land and buildings are based on fair value measurement. The valuation was performed by professional valuers, and their valuation was made on an open market basis at the year end by reference to market evidence of transaction prices for similar properties. See note 12 for valuation.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Meat and grocery items
24,029,428
20,412,558
Rental income
52,500
126,667
24,081,928
20,539,225
2025
2024
£
£
Other revenue
Interest income
447
577
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses
5,668
3,904
Fees payable to the group's auditor for the audit of the group's financial statements
23,750
-
Depreciation of tangible fixed assets
244,479
228,836
Amortisation of intangible assets
25,977
25,977
Operating lease charges
470,867
506,805
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management
4
4
3
3
Selling and distribution
64
55
64
55
Total
68
59
67
58

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,210,131
738,785
1,210,131
738,785
Social security costs
81,063
30,502
81,063
30,502
Pension costs
8,469
6,941
8,469
6,941
1,299,663
776,228
1,299,663
776,228
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
12,000
12,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
447
577
8
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
222,875
183,077
Interest on finance leases and hire purchase contracts
8,465
6,846
Other interest
11
6,446
Total finance costs
231,351
196,369
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 28 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
108,804
1,609
Deferred tax
Origination and reversal of timing differences
151,690
91,595
Total tax charge
260,494
93,204

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,911,029
1,611,439
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
477,757
402,860
Effects of:
Expenses that are not deductible in determining taxable profit
132,479
160,915
Income not taxable in determining taxable profit
(116,288)
-
0
Utilisation of tax losses not previously recognised
(178,427)
-
0
Unutilised tax losses carried forward
-
0
(473,125)
Permanent capital allowances in excess of depreciation
(52,962)
(13,650)
Deferred tax adjustments in respect of prior years
(2,065)
16,204
Taxation charge in the financial statements
260,494
93,204
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
120,000
80,000
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
259,767
Amortisation and impairment
At 1 April 2024
129,885
Amortisation charged for the year
25,977
At 31 March 2025
155,862
Carrying amount
At 31 March 2025
103,905
At 31 March 2024
129,882
Company
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
259,767
Amortisation and impairment
At 1 April 2024
129,885
Amortisation charged for the year
25,977
At 31 March 2025
155,862
Carrying amount
At 31 March 2025
103,905
At 31 March 2024
129,882
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
-
0
123,920
1,153,999
726,406
106,889
494,862
2,606,076
Additions
-
0
-
0
51,233
1,916
966
105,145
159,260
Transfer from investment property
2,860,000
-
0
-
0
-
0
-
0
-
0
2,860,000
At 31 March 2025
2,860,000
123,920
1,205,232
728,322
107,855
600,007
5,625,336
Depreciation and impairment
At 1 April 2024
-
0
48,246
710,363
359,241
104,627
396,027
1,618,504
Depreciation charged in the year
-
0
5,492
119,485
91,314
1,520
26,668
244,479
At 31 March 2025
-
0
53,738
829,848
450,555
106,147
422,695
1,862,983
Carrying amount
At 31 March 2025
2,860,000
70,182
375,384
277,767
1,708
177,312
3,762,353
At 31 March 2024
-
0
75,674
443,636
367,165
2,262
98,835
987,572
Freehold land and buildings comprises of a commercial property. The fair value of the commercial property has been determined by independent professional valuers.
The valuation was made on an open market value basis at the year end by reference to market evidence of transaction prices for similar properties.
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
Company
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 1 April 2024
123,920
1,153,999
692,975
106,889
494,862
2,572,645
Additions
-
0
51,233
1,916
966
105,145
159,260
At 31 March 2025
123,920
1,205,232
694,891
107,855
600,007
2,731,905
Depreciation and impairment
At 1 April 2024
48,246
710,363
332,367
104,627
396,027
1,591,630
Depreciation charged in the year
5,492
119,485
90,330
1,520
26,668
243,495
At 31 March 2025
53,738
829,848
422,697
106,147
422,695
1,835,125
Carrying amount
At 31 March 2025
70,182
375,384
272,194
1,708
177,312
896,780
At 31 March 2024
75,674
443,636
360,608
2,262
98,835
981,015
13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 April 2024 and 31 March 2025
2,166,000
-
Additions through external acquisition
78,000
-
Transfers to owner-occupied property
(2,860,000)
-
Net gains or losses through fair value adjustments
616,000
-
At 31 March 2025
-
-

Investment property comprises of commercial building. The fair value of the investment property has been determined by the professional valuers. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. During the year the group began utilising the property hence it has been transferred to Property, Plant & Equipment.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
681,660
471,991
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Fixed asset investments
(Continued)
- 32 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
471,991
Impairment
At 1 April 2024
-
(209,669)
At 31 March 2025
(209,669)
Carrying amount
At 31 March 2025
681,660
At 31 March 2024
471,991
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Altaf Investments Limited
555-557 Cranbrook Road, Ilford, Essex, United Kingdom, IG2 6HE
Property investment and managment
Ordinary
66.00
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
330,000
275,650
330,000
275,650
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,868,028
2,583,102
2,868,028
2,583,102
Other debtors
576,111
902,980
326,318
891,220
Prepayments and accrued income
189,395
326,542
153,042
326,542
3,633,534
3,812,624
3,347,388
3,800,864
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 33 -
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
55,573
207,440
9,143
197,440
Obligations under finance leases
21
51,496
87,699
51,496
87,699
Other borrowings
20
23,982
107,342
23,982
107,342
Trade creditors
1,789,415
2,008,089
1,753,144
1,987,635
Amounts owed to group undertakings
-
0
-
0
355,104
584,846
Corporation tax payable
122,595
13,791
108,804
-
0
Other taxation and social security
128,246
134,499
70,119
82,664
Deferred income
23
-
0
12,500
-
0
-
0
Other creditors
945,708
1,864,985
929,708
1,218,093
Accruals and deferred income
79,697
60,219
69,197
54,469
3,196,712
4,496,564
3,370,697
4,320,188
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
2,086,225
1,776,092
34,872
661,627
Obligations under finance leases
21
77,315
39,832
77,315
39,832
2,163,540
1,815,924
112,187
701,459
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
154,055
-
154,055
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
2,141,798
1,983,532
44,015
859,067
Other loans
23,982
107,342
23,982
107,342
2,165,780
2,090,874
67,997
966,409
Payable within one year
79,555
314,782
33,125
304,782
Payable after one year
2,086,225
1,776,092
34,872
661,627

The long-term loans are secured by fixed charges over the assets of the company.

TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 34 -
21
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
51,496
87,699
51,496
87,699
Non-current liabilities
77,315
39,832
77,315
39,832
128,811
127,531
128,811
127,531
Group
Company
2025
2024
2025
2024
Future minimum lease payments due:
£
£
£
£
Within one year
51,496
87,699
51,496
87,699
In two to five years
77,315
39,832
77,315
39,832
128,811
127,531
128,811
127,531

The hire purchase creditor is secured over specific assets of the company.

22
Deferred taxation

The following are the major deferred tax liabilities recognised by the group and company:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
177,520
178,191
Property revaluation
341,750
189,389
519,270
367,580
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
176,126
178,191
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
22
Deferred taxation
(Continued)
- 35 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
367,580
178,191
Charge/(credit) to profit or loss
151,690
(2,065)
Liability at 31 March 2025
519,270
176,126

The deferred tax liabilities are expected to reverse as the underlying timing differences unwind.

23
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
-
12,500
-
-
24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,469
6,941

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 36 -
26
Profit and loss reserves
Group
Company
2025
2024
2025
2024
as restated
as restated
£
£
£
£
At the beginning of the year
(29,636)
(927,309)
56,738
(915,827)
Prior year adjustment
691,143
231,000
526,143
-
As restated
661,507
(696,309)
582,881
(915,827)
Profit for the year
1,542,568
1,437,816
1,542,655
1,578,708
Dividends
(120,000)
(80,000)
(120,000)
(80,000)
At the end of the year
2,084,075
661,507
2,005,536
582,881
Group
Company
2025
2024
2025
2024
£
£
£
£
Non-distributable profits included above
At the beginning of the year
805,000
-
-
-
Non distributable profits in the year
462,000
805,000
-
-
At the end of the year
1,267,000
805,000
-
-
Distributable profits
817,075
(143,493)
2,005,536
582,881
27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2025
2024
£
£
Group
Other related parties
2,712,370
2,475,000
Company
Other related parties
2,712,370
2,475,000
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
27
Related party transactions
(Continued)
- 37 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Other related parties
670,666
557,887
Company
Entities over which the company has control, joint control or significant influence
355,104
584,846
Other related parties
661,666
549,887

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
346,590
714,746
Company
Other related parties
96,797
702,986

28
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Advances
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
-
455
-
(455)
-
455
-
(455)
-
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
28
Directors' transactions
(Continued)
- 38 -
Loans
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
-
608,892
653
(608,892)
653
608,892
653
(608,892)
653
29
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,650,535
1,518,235
Adjustments for:
Taxation charged
260,494
93,204
Finance costs
231,351
196,369
Investment income
(447)
(577)
Fair value gain on investment properties
(616,000)
(308,000)
Amortisation and impairment of intangible assets
25,977
25,977
Depreciation and impairment of tangible fixed assets
244,479
228,836
Foreign exchange gains on cash equivalents
5,668
3,904
Movements in working capital:
Increase in stocks
(54,350)
(15,650)
Decrease/(increase) in debtors
178,635
(1,487,318)
(Decrease)/increase in creditors
(1,124,726)
803,647
Decrease in deferred income
(12,500)
-
Cash generated from operations
789,116
1,058,627
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 39 -
30
Analysis of changes in net debt - group
1 April 2024
Cash flows
Acquisitions and disposals
New leases
Exchange rate movements
31 March 2025
£
£
£
£
£
£
Cash at bank and in hand
134,599
277,593
-
-
(5,668)
406,524
Borrowings excluding overdrafts
(2,090,874)
(973,615)
898,709
-
-
(2,165,780)
Payment of finance leases obligations
(127,531)
-
95,515
(96,795)
-
(128,811)
(2,083,806)
(696,022)
994,224
(96,795)
(5,668)
(1,888,067)
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 40 -
31
Prior period adjustment
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 31 Mar 2024
£
£
£
Fixed assets
Tangible assets
723,119
264,453
987,572
Investment properties
1,550,000
616,000
2,166,000
Current assets
Debtors due within one year
3,559,582
253,042
3,812,624
Creditors due within one year
Other creditors
(3,644,941)
(288,352)
(3,933,293)
Provisions for liabilities
Deferred tax
(213,580)
(154,000)
(367,580)
Net assets
135,116
691,143
826,259
Capital and reserves
Profit and loss reserves
50,783
691,143
741,926
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 31 March 2024
£
£
£
Turnover
20,286,183
253,042
20,539,225
Administrative expenses
(1,664,151)
(23,899)
(1,688,050)
Amounts written off investments
-
308,000
308,000
Taxation
(16,204)
(77,000)
(93,204)
Profit after taxation
1,058,092
460,143
1,518,235
Reconciliation of changes in equity - group
1 April
31 March
2023
2024
£
£
Adjustments to prior year
Effect of correction of errors
-
691,143
Equity as previously reported
(842,976)
135,116
Equity as adjusted
(842,976)
826,259
Analysis of the effect upon equity
Profit and loss reserves
-
691,143
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
31
Prior period adjustment
(Continued)
- 41 -
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Effect of correction of errors
460,143
Profit as previously reported
1,058,092
Profit as adjusted
1,518,235
Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 31 Mar 2024
£
£
£
Fixed assets
Tangible assets
716,562
264,453
981,015
Investments
174,991
297,000
471,991
Current assets
Debtors due within one year
3,547,822
253,042
3,800,864
Creditors due within one year
Other creditors
(3,556,691)
(288,352)
(3,845,043)
Net assets
56,838
526,143
582,981
Capital and reserves
Profit and loss reserves
56,738
526,143
582,881
Changes to the profit and loss account - company
As previously reported
Adjustment
As restated
Period ended 31 March 2024
£
£
£
Turnover
20,159,516
253,042
20,412,558
Administrative expenses
(1,644,479)
(23,899)
(1,668,378)
Amounts written off investments
-
297,000
297,000
Profit after taxation
1,052,565
526,143
1,578,708
TARIQ HALAL MEAT WHOLESALE LIMITED (CONSOLIDATION)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
31
Prior period adjustment
(Continued)
- 42 -
Reconciliation of changes in equity - company
1 April
31 March
2023
2024
£
£
Adjustments to prior year
Effect of correction of errors
-
526,143
Equity as previously reported
(915,727)
56,838
Equity as adjusted
(915,727)
582,981
Analysis of the effect upon equity
Profit and loss reserves
-
526,143
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Effect of correction of errors
526,143
Profit as previously reported
1,052,565
Profit as adjusted
1,578,708
Notes to reconciliation
Recognition of previously omitted sales

During the year, adjustments were made to the comparative figures to recognise sales and the related trade debtor balance which had not previously been recorded.

Recognition of tangible fixed assets and associated liabilities

In prior years, certain tangible fixed assets and the related liabilities had not been recorded. The comparative figures have therefore been restated to recognise the assets, associated liabilities and related expenses.

Valuation of investment property

In prior years, the investment property held by the subsidiary had not been recorded at fair value. The comparative figures have therefore been restated to recognise the fair value uplift and the related deferred tax liability.

Investment in subsidiary

The carrying value of the parent company’s investment in its subsidiary had previously been understated. The comparative figures have therefore been restated to reflect the corrected carrying value of the investment.

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