Pelicans Manufacturing Co. Ltd 31/03/2026 iXBRL

Company registration number: 01604582

Pelicans Manufacturing Co. Ltd

Financial statements

31 March 2026

Pelicans Manufacturing Co. Ltd

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Pelicans Manufacturing Co. Ltd

Directors and other information


Directors	S. A. Merchant
	P. Kabra
	A. M. Thanawala	(Appointed 2 October 2025)


Secretary	S. A. Merchant


Company number	01604582


Registered office	Qualitas House
	100 Elmgrove Road
	Harrow
	HA1 2RW


Auditor	SRV Delson
	Maruti House
	1st Floor
	369 Station Road
	Harrow
	HA1 2AW


Accountants	SRV Delson
	Maruti House
	1st Floor
	369 Station Road
	Harrow
	HA1 2AW

Pelicans Manufacturing Co. Ltd

Strategic report

Period ended 31 March 2026

The directors present the strategic report for the period ended 31 March 2026

Principal activities

The company's principal activity is the design, manufacturing and sale of business promotional gifts.

Review of the business

The directors are satisfied with the results for the year.

Principal risks and uncertainties

The principal risks and uncertainties facing Pelicans Manufacturing Co. Ltd are liquidity risk, credit risk, interest rate and foreign currency risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidity risk: Liquidity risk arises in relation to managing the company's working capital requirements. The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the businesses.

Credit risk: Credit risk arises where customers fail to make timely payments or default on amounts that they owe.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on a regular basis and provision is made for doubtful debts where necessary.

Interest rate risk: The company is exposed to interest rate risk on bank overdrafts and loans. The company manages the mix of fixed and variable rate debts so as to reduce its exposure to changes in interest rates.

Foreign currency risk: The company’s principle foreign currency exposures arise from trading with overseas companies. Company policy permits, but does not demand, that these exposures be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Future developments

The directors anticipate the business environment will remain challenging and competitive. They believe that the company is in a sound financial position.

Research and development

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

Treasury operations and financial instruments

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

This report was approved by the board of directors on 24 September 2026 and signed on behalf of the board by:

A. M. Thanawala

Director

Pelicans Manufacturing Co. Ltd

Directors report

Period ended 31 March 2026

The directors present their report and the financial statements of the company for the period ended 31 March 2026.

Directors

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


S. A. Merchant
P. Kabra
A. M. Thanawala				(Appointed 2 October 2025)

Dividends

The directors do not recommend the payment of a dividend.

Disclosure of information in the strategic report.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the 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; and

- make judgments and accounting estimates that are reasonable and prudent.

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

Auditor

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

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 24 September 2026 and signed on behalf of the board by:

A. M. Thanawala

Director

Pelicans Manufacturing Co. Ltd

Independent auditor's report to the members of

Pelicans Manufacturing Co. Ltd

Period ended 31 March 2026

Opinion

We have audited the financial statements of Pelicans Manufacturing Co. Ltd (the 'company') for the period ended 31 March 2026 which comprise the statement of comprehensive income, statement of financial position, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2026 and of its profit for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

- the strategic report and the directors' report has 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 directors' report. 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:The objectives of our audit, in respect to detecting irregularities including fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Enquiry of management and those charged with governance around actual and potential litigation and claims; Performing audit work over the risk of management override of controls. including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

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

Sailesh Rameshchandra Vaghjee (Senior Statutory Auditor)

For and on behalf of

SRV Delson

Chartered Certified Accountants and Statutory Auditors

Maruti House

1st Floor

369 Station Road

Harrow

HA1 2AW

24 September 2026

Pelicans Manufacturing Co. Ltd

Statement of comprehensive income

Period ended 31 March 2026

		Period	Year
		ended	ended
		31/03/26	31/05/25
	Note	£	£


Turnover	4	7,846,544	10,886,998
Cost of sales		( 6,879,301)	( 9,346,920)
		_______	_______
Gross profit		967,243	1,540,078

Administrative expenses		( 1,036,992)	( 1,602,869)
Other operating income	5	170,801	101,218
		_______	_______
Operating profit	6	101,052	38,427

Other interest receivable and similar income	10	22,876	23,346
Interest payable and similar expenses	11	( 46,866)	( 37,966)
		_______	_______
Profit before taxation		77,062	23,807

Tax on profit	12	( 26,197)	455
		_______	_______
Profit for the financial period		50,865	24,262
		_______	_______
Notional interest		4,930	4,711
		_______	_______
Total comprehensive income for the period		55,795	28,973
		_______	_______

All the activities of the company are from continuing operations.

Pelicans Manufacturing Co. Ltd

Statement of financial position

31 March 2026

		31/03/26		31/05/25
	Note	£	£	£	£

Fixed assets
Tangible assets	13	318,000		335,614
		_______		_______
			318,000		335,614

Current assets
Stocks	14	243,178		300,548
Debtors	15	5,016,280		4,914,550
Cash at bank and in hand		169,924		172,720
		_______		_______
		5,429,382		5,387,818
Creditors: amounts falling due
within one year	16	( 4,833,688)		( 4,875,281)
		_______		_______
Net current assets			595,694		512,537
			_______		_______
Total assets less current liabilities			913,694		848,151

Creditors: amounts falling due
after more than one year	17		( 7,528)		-

Provisions for liabilities	18		( 2,220)		-

			_______		_______
Net assets			903,946		848,151
			_______		_______

Capital and reserves
Called up share capital	22		117,000		117,000
Capital redemption reserve	23		100,000		100,000
Profit and loss account	23		686,946		631,151
			_______		_______
Shareholders funds			903,946		848,151
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 24 September 2026 , and are signed on behalf of the board by:

A. M. Thanawala

Director

Company registration number: 01604582

Pelicans Manufacturing Co. Ltd

Statement of changes in equity

Period ended 31 March 2026

	Called up share capital	Capital redemption reserve	Profit and loss account	Total
	£	£	£	£


At 1 June 2024	117,000	100,000	602,178	819,178

Profit for the period			24,262	24,262
Other comprehensive income for the period:
Notional interest	-	-	4,711	4,711
	_______	_______	_______	_______
Total comprehensive income for the period	-	-	28,973	28,973

	_______	_______	_______	_______
At 31 May 2025 and 1 June 2025	117,000	100,000	631,151	848,151

Profit for the period			50,865	50,865
Other comprehensive income for the period:
Notional interest	-	-	4,930	4,930
	_______	_______	_______	_______
Total comprehensive income for the period	-	-	55,795	55,795

	_______	_______	_______	_______
At 31 March 2026	117,000	100,000	686,946	903,946
	_______	_______	_______	_______

Pelicans Manufacturing Co. Ltd

Notes to the financial statements

Period ended 31 March 2026

1. General information

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

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

This 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: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 33 'Related Party Disclosures': Compensation for key management personnel.The financial statements of the company are consolidated in the financial statements of Pelicans Limited. and these consolidated financial statements are available from its registered office, Qualitas House, 100 Elmgrove Road, Harrow, HA1 2RW.

Going concern

At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources in operation existence for the foreseable future.On this basis the financial statements have been prepared by using the going concern basis of accounting because there are no material uncertainties related to events and conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

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

Taxation

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

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

Foreign currencies

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

Tangible assets

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

Depreciation

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


Leasehold land and building	-	10 years straight line basis
Plant and machinery	-	12.5 %	reducing balance
Fittings fixtures and equipment	-	20 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

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

Hire purchase and finance leases

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

Provisions

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

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

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

4. Turnover

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

	Period	Year
	ended	ended
	31/03/26	31/05/25
	£	£
United Kingdom	1,615,982	6,882,933
Europe	6,230,562	4,004,065
	_______	_______
	7,846,544	10,886,998
	_______	_______

5. Other operating income

	Period	Year
	ended	ended
	31/03/26	31/05/25
	£	£
Rental income	110,801	101,218
Management charges receivable	60,000	-
	_______	_______
	170,801	101,218
	_______	_______

6. Operating profit

Operating profit is stated after charging/(crediting):

	Period	Year
	ended	ended
	31/03/26	31/05/25
	£	£
Depreciation of tangible assets	45,034	61,400
(Gain)/loss on disposal of tangible assets	( 4,795)	( 16,620)
Impairment of trade debtors	-	5,532
Foreign exchange differences	41,091	97,288
Fees payable for the audit of the financial statements	20,000	22,500
	_______	_______

7. Staff costs

The average number of persons employed by the company during the period, including the directors, amounted to:

	Period	Year
	ended	ended
	31/03/26	31/05/25
Production staff	10	10
Administrative staff	7	7
Selling and distribution	1	1
	_______	_______
	18	18
	_______	_______

The aggregate payroll costs incurred during the period were:

	Period	Year
	ended	ended
	31/03/26	31/05/25
	£	£
Wages and salaries	566,457	1,042,721
Other pension costs	69,033	27,675
	_______	_______
	635,490	1,070,396
	_______	_______

8. Employee numbers

The average number of persons employed by the company during the period amounted to 18 (2025: 18 ).

9. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	Period	Year
	ended	ended
	31/03/26	31/05/25
	£	£
Remuneration	69,368	210,300
Company contributions to pension schemes in respect of qualifying services	56,100	3,258
	_______	_______
	125,468	213,558
	_______	_______

10. Other interest receivable and similar income

	Period	Year
	ended	ended
	31/03/26	31/05/25
	£	£
Other interest receivable and similar income	22,876	23,346
	_______	_______

11. Interest payable and similar expenses

		Period	Year
		ended	ended
		31/03/26	31/05/25
		£	£
Bank loans and overdrafts		230	13,991
Other loans made to the company:
	Finance leases and hire purchase contracts	-	1,069
Other interest payable and similar expenses		46,636	22,906
		_______	_______
		46,866	37,966
		_______	_______

12. Tax on profit

Major components of tax expense/income

	Period	Year
	ended	ended
	31/03/26	31/05/25
	£	£
Current tax:
UK current tax expense	23,977	8,807
	_______	_______

Deferred tax:
Origination and reversal of timing differences	2,220	( 9,262)
	_______	_______
Tax on profit	26,197	(455)
	_______	_______

Reconciliation of tax expense/income

The tax assessed on the profit for the period is higher than (2025: lower than) the standard rate of corporation tax in the UK of 25.00 % (2025: 23.21%).

	Period	Year
	ended	ended
	31/03/26	31/05/25
	£	£
Profit before taxation	77,062	23,807
	_______	_______

Profit multiplied by rate of tax	19,266	5,526
Effect of capital allowances and depreciation	4,711	3,282
Deferred tax movement	2,220	( 9,262)
	_______	_______
Tax on profit	26,197	(454)
	_______	_______

13. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 June 2025	266,657	598,692	35,803	127,523	1,028,675
Additions	-	-	2,575	37,585	40,160
Disposals	-	-	-	( 27,878)	( 27,878)
	_______	_______	_______	_______	_______
At 31 March 2026	266,657	598,692	38,378	137,230	1,040,957
	_______	_______	_______	_______	_______
Depreciation
At 1 June 2025	69,485	536,915	16,856	69,805	693,061
Charge for the year	22,221	7,643	3,473	11,697	45,034
Disposals	-	-	-	( 15,138)	( 15,138)
	_______	_______	_______	_______	_______
At 31 March 2026	91,706	544,558	20,329	66,364	722,957
	_______	_______	_______	_______	_______
Carrying amount
At 31 March 2026	174,951	54,134	18,049	70,866	318,000
	_______	_______	_______	_______	_______
At 31 May 2025	197,172	61,777	18,947	57,718	335,614
	_______	_______	_______	_______	_______

14. Stocks

	31/03/26	31/05/25
	£	£
Finished goods and goods for resale	243,178	300,548
	_______	_______

15. Debtors

	31/03/26	31/05/25
	£	£
Trade debtors	4,009,999	3,397,224
Prepayments and accrued income	146,470	126,014
Other debtors	859,811	1,391,312
	_______	_______
	5,016,280	4,914,550
	_______	_______

The debtors above include the following amounts falling due after more than one year:

	31/03/26	31/05/25
	£	£
Other debtors	110,953	106,023
	_______	_______

16. Creditors: amounts falling due within one year

	31/03/26	31/05/25
	£	£
Trade creditors	4,273,113	3,772,989
Amounts owed to group undertakings	43,374	426,908
Accruals and deferred income	77,920	121,052
Corporation tax	103,281	472,403
Social security and other taxes	58,052	65,984
Obligations under finance leases	15,057	-
Other creditors	262,891	15,945
	_______	_______
	4,833,688	4,875,281
	_______	_______

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

	31/03/26	31/05/25
	£	£
Obligations under finance leases	7,528	-
	_______	_______

18. Provisions

	Deferred tax (note 19)	Total
	£	£
At 1 June 2025	-	-
Additions	2,220	2,220
	_______	_______
At 31 March 2026	2,220	2,220
	_______	_______

19. Deferred tax

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

	31/03/26	31/05/25
	£	£
Included in provisions (note 18)	2,220	-
	_______	_______

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

	31/03/26	31/05/25
	£	£
Accelerated capital allowances	2,220	-
	_______	_______

20. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 69,033 (2025: £ 27,675 ).

21. Financial instruments

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

22. Called up share capital

Issued, called up and fully paid

	31/03/26		31/05/25
	No	£	No	£
Ordinary shares of £1 each shares of £ 1.00 each	117,000	117,000	117,000	117,000
	_______	_______	_______	_______

Called up share capital represents the nominal value of shares that have been issued.

23. Reserves

The profit & loss reserves include all current and prior years retained profit and losses

24. Directors advances, credits and guarantees

Other debtors include an amount of £ 32,133 (31 March 2025 - £591,495) due from directors of the company. Interest has been charged on the outstanding balance.

25. Related party transactions

The amounts owed to the directors in note 24.

26. Controlling party

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