REGISTERED NUMBER: 05570822 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st March 2026

for

Isaac Wholesale Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

A Aziz

F Aziz

Miss A Aziz

A Aziz

REGISTERED OFFICE:

Isaac Wholesale Limited

Ivatt Way

Peterborough

Cambridgeshire

PE3 7PH

REGISTERED NUMBER:

05570822 (England and Wales)

AUDITORS:

Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

BANKERS:

Lloyds Bank PLC

1 Legg Street, Chelmsford

Essex

CM1 1JS

The directors present their strategic report for the year ended 31st March 2026.

REVIEW OF BUSINESS

The key financial highlights are as follows:

31/03/2026

31/03/2025

31/03/2024

31/03/2023

£

£

£

£

Revenue

19,309,006

19,438,249

20,019,146

17,001,820

Revenue - Growth/(decline)

(0.66%)

(2.90%)

17.75%

23.97%

Profit/(loss) before tax

749,268

346,819

479,194

2,377,965

Profit before tax margin

3.9%

1.8%

2.4%

13.9%

The company's principal activity is the wholesale distribution of food and packaging products to the QSR (Quick Service Restaurant) market. Operating primarily as a delivery-first business, the company serves a diverse portfolio of QSR operators across multiple cuisines and formats.

The Company is structured to deliver scale, consistency, and service reliability - ensuring responsive support to the evolving demands of fast-paced food service operations.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's key financial instruments consist of bank balances, trade receivables, and trade payables. These instruments primarily serve to finance operations and manage liquidity.

Price Risk

As a wholesale distributor of foodstuffs and catering supplies, the company is exposed to price fluctuations due to competitive pressures. This risk is mitigated by maintaining adequate stock levels and ongoing market monitoring.

Foreign Exchange Risk

The company does not engage in purchasing products in foreign currencies, thereby avoiding exposure to foreign exchange risk.

Credit Risk

Customer accounts are regularly reviewed concerning outstanding balances and credit limits. Although some bad debts are experienced, the company believes it has effective systems in place to minimize this risk.

Liquidity Risk

Liquidity risk is managed by ensuring sufficient funds are available to meet payment obligations as they fall due. The company considers liquidity risk to be minimal.

Interest Rate and Cash Flow Risk

The company maintained a favourable cash balance throughout the year and does not consider interest rate or cash flow fluctuations to pose significant risks.

FUTURE DEVELOPMENTS AND STRATEGY

The Company aims to increase turnover whilst maintaining profit margins. The Company understands the need to implement strategic initiatives that drive sales and control costs.

ON BEHALF OF THE BOARD:

A Aziz - Director

14th September 2026

The directors present their report with the financial statements of the company for the year ended 31st March 2026.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale distribution and cash and carry of foodstuffs and packaging to catering establishments i.e. takeaways, restaurants, cafés, retail outlets and private customers.

DIVIDENDS

An interim dividend of £387500 per share was paid on 31st March 2026. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2026 will be £ 775,000 .

FUTURE DEVELOPMENTS

These details have been provided in the company's strategic report.

DIRECTORS

A Aziz has held office during the whole of the period from 1st April 2025 to the date of this report.

Other changes in directors holding office are as follows:

J C G Bale - resigned 30th April 2025

P J Broster - resigned 24th April 2025

F Aziz - appointed 30th April 2025

H Aziz - appointed 18th June 2025 - resigned 2nd September 2025

Miss A Aziz - appointed 18th June 2025

A Aziz - appointed 18th June 2025

Miss K J Green ceased to be a director after 31st March 2026 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The company's primary financial reporting comprises the monthly production of detailed management accounts. These accounts include a comprehensive profit and loss statement (P&L) and balance sheet, which provide the directors with an in-depth analysis of the company's financial performance and position. The information presented facilitates ongoing monitoring of the company's financial progress against both the current budget and the prior year's performance for the corresponding period.

The management accounts serve as a critical tool for the directors to assess the achievement of strategic objectives in relation to the company's long-term plans. The key performance indicators (KPIs) reported within the monthly management accounts include Revenue, Gross Profit, EBITDA, Stock Holdings, Debtors, Debtor Days, and Liquidity.

FINANCIAL RISK MANAGEMENT

These details are provided in the company's strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

A Aziz - Director

14th September 2026

Opinion

We have audited the financial statements of Isaac Wholesale Limited (the 'company') for the year ended 31st March 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31st March 2026 and of its 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 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 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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, 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 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 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the food sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK taxation legislation, and data protection, anti-bribery, employment, environmental, and health and safety legislation, along with industry specific regulations and requirements;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Paul Drant (Senior Statutory Auditor)

for and on behalf of Sadofskys

Statutory Auditors

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

15th September 2026

TURNOVER

19,309,006

19,438,249

Cost of sales

16,426,397

17,391,567

GROSS PROFIT

2,882,609

2,046,682

Distribution costs

450,726

389,953

Administrative expenses

1,748,669

1,400,243

2,199,395

1,790,196

683,214

256,486

Other operating income

101,726

134,676

OPERATING PROFIT

4

784,940

391,162

Interest receivable and similar income

2,061

2,092

787,001

393,254

Interest payable and similar expenses

5

37,733

46,435

PROFIT BEFORE TAXATION

749,268

346,819

Tax on profit

6

178,066

74,527

PROFIT FOR THE FINANCIAL YEAR

571,202

272,292

OTHER COMPREHENSIVE INCOME

Revaluation

100,000

201,427

Income tax relating to other comprehensive income

28,537

(50,357

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

128,537

151,070

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

699,739

423,362

FIXED ASSETS

Intangible assets

8

19,588

-

Tangible assets

9

3,952,007

3,905,955

3,971,595

3,905,955

CURRENT ASSETS

Stocks

10

1,379,633

1,293,204

Debtors

11

1,213,192

1,527,904

Cash at bank and in hand

113,775

102,348

2,706,600

2,923,456

CREDITORS

Amounts falling due within one year

12

1,919,180

1,891,467

NET CURRENT ASSETS

787,420

1,031,989

TOTAL ASSETS LESS CURRENT LIABILITIES

4,759,015

4,937,944

CREDITORS

Amounts falling due after more than one year

13

(449,651

)

(488,258

)

PROVISIONS FOR LIABILITIES

17

(737,416

)

(802,477

)

NET ASSETS

3,571,948

3,647,209

CAPITAL AND RESERVES

Called up share capital

18

2

2

Revaluation reserve

19

1,494,369

1,579,978

Capital redemption reserve

19

1

1

Retained earnings

19

2,077,576

2,067,228

SHAREHOLDERS' FUNDS

3,571,948

3,647,209

The financial statements were approved by the Board of Directors and authorised for issue on 14th September 2026 and were signed on its behalf by:

A Aziz - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1st April 2024

2

1,814,936

1,428,908

1

3,243,847

Changes in equity

Dividends

-

(20,000

)

-

-

(20,000

)

Total comprehensive income

-

272,292

151,070

-

423,362

Balance at 31st March 2025

2

2,067,228

1,579,978

1

3,647,209

Changes in equity

Dividends

-

(775,000

)

-

-

(775,000

)

Total comprehensive income

-

571,202

128,537

-

699,739

Reserves transfer

-

214,146

(214,146

)

-

-

Balance at 31st March 2026

2

2,077,576

1,494,369

1

3,571,948

1.	STATUTORY INFORMATION

Isaac Wholesale 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 2007, is being amortised evenly over its estimated useful life of thirteen 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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

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

Freehold property

-

2% on reducing balance

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% 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. Stock is rotated on a FIFO basis and consists of perishable and non perishable goods.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets held under finance lease or hire purchase contracts i.e (those contracts where substantially all the risks and rewards of ownership have passed to the company), are included in the appropriate category of tangible fixed assets and are depreciated over the shorter of the lease term and their estimated expected useful lives.

Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.

Pension costs and other post-retirement benefits

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

Supplier rebates

Supplier rebates are shown as other income within the accounts and are not material in value.

Financial instruments

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

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions on the instrument. Financial assets and liabilities are offset with the net amounts presented in the financial statements, where 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.

3.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

1,481,306

1,504,906

Social security costs

151,744

126,264

Other pension costs

5,207

7,435

1,638,257

1,638,605

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

2026

2025

Directors

5

2

Administration and Warehouse

26

20

Warehouse

11

20

Transport

11

19

53

61

2026

2025

£

£

Directors' remuneration

148,812

53,813

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

-

4.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Other operating leases

133,303

2,980

Depreciation - owned assets

154,348

215,316

Loss on disposal of fixed assets

78,570

28,361

Patents and licences amortisation

1,399

-

Auditors' remuneration

18,450

18,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Bank interest

1,208

1,805

Bank loan interest

31,554

41,784

Interest on corporation tax

-

357

Disallowed interest

3,422

-

Hire purchase interest

1,549

2,489

37,733

46,435

6.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

214,590

74,843

Deferred taxation

(36,524

)

(316

)

Tax on profit

178,066

74,527

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2026

2025

£

£

Profit before tax

749,268

346,819

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

187,317

86,705

Effects of:

Expenses not deductible for tax purposes

4,860

2,069

Depreciation in excess of capital allowances

-

12,720

Depreciation on non-qualifying assets

212

-

Movement in provisions

(10,057

)

-

Prior year adjustment

-

(26,967

)

Group relief

(4,266

)

-

Total tax charge

178,066

74,527

Tax effects relating to effects of other comprehensive income

2026

Gross

Tax

Net

£

£

£

Revaluation

100,000

28,537

128,537

2025

Gross

Tax

Net

£

£

£

Revaluation

201,427

(50,357

)

151,070

7.

DIVIDENDS

2026

2025

£

£

Interim

775,000

20,000

8.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1st April 2025

68,000

-

68,000

Additions

-

20,987

20,987

At 31st March 2026

68,000

20,987

88,987

AMORTISATION

At 1st April 2025

68,000

-

68,000

Amortisation for year

-

1,399

1,399

At 31st March 2026

68,000

1,399

69,399

NET BOOK VALUE

At 31st March 2026

-

19,588

19,588

At 31st March 2025

-

-

-