REGISTERED NUMBER: 02483212 (England and Wales)

CARIBBEAN TRADING LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2026

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

Mr J R Hickling

Mr O J Hickling

Mrs G C Russell-Lowe

SECRETARY:

Mr J R Hickling

REGISTERED OFFICE:

Highland House

Mayflower Close

Chandlers Ford

Eastleigh

Hampshire

SO53 4AR

REGISTERED NUMBER:

02483212 (England and Wales)

SENIOR STATUTORY AUDITOR:

Michaela Johns (FCCA)

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

The directors present their strategic report for the year ended 30 April 2026.

FAIR REVIEW OF THE BUSINESS AND KEY PERFORMANCE INDICATORS

Turnover increased to £25,002,922 (2025: £24,090,117). Gross profit decreased slightly by 1% from 10% in 2025 to 9% in 2026. This is a reflection of purchases increasing in line with sales over the year. The overall foreign exchange position for the year shows a loss of £172,512 (2025: loss of £136,908).

Administrative costs have remained under tight control and the company's exposure to bad debts was nil in both the current and previous year. The company remains in a strong profitable position with profit after tax being £1,064,807 (2025: £1,358,583).

Caribbean Trading Group Limited was incorporated in February 2024 and acquired the company's entire share capital on 15 March 2024. Caribbean Trading Group Limited continues to be the parent company.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is exposed to a moderate level of price risk, credit risk, liquidity risk and cash flow risk.

The company manages these risks by financing its operations through retained profits, supplemented by bank overdrafts where necessary to fund expansion and working capital requirements.

The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating interest rates, and match the repayment schedule of overdrafts with the future cash flows expected to arise from the company's trading activities.

The company manages its exposure to fluctuations in currency exchange rates by the use of forward exchange contracts to eliminate any uncertainty which would otherwise arise under these arrangements. The company does not utilise any other type of hedging instruments.

FUTURE DEVELOPMENTS

The directors intend to continue developing the customer and market base to spread the risk of reliance on any particular market or customer.

ON BEHALF OF THE BOARD:

Mr O J Hickling - Director

28 September 2026

The directors present their report with the financial statements of the company for the year ended 30 April 2026.

PRINCIPAL ACTIVITY

The principal activity of the company continued to be that of the import and export of food.

DIVIDENDS

Dividends totalling £146,634 were paid during the year ended 30 April 2026 (2025: £98,060).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 May 2025 to the date of this report.

Mr J R Hickling

Mr O J Hickling

Mrs G C Russell-Lowe

CHARITABLE DONATIONS

During the year, the company made charitable donations totalling £2,640 (2025: £4,355) to organisations supporting injured veterans, children with complex disabilities and their families, and medical research for sick and disabled children.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

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. It has done so in respect of matters considered to be of strategic importance.

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.

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.

ON BEHALF OF THE BOARD:

Mr O J Hickling - Director

28 September 2026

Opinion

We have audited the financial statements of Caribbean Trading Limited (the 'company') for the year ended 30 April 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 30 April 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 set out on page three, 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:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the

industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK

Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with

management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or

whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit

procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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.

Michaela Johns (FCCA) (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

28 September 2026

TURNOVER

3

25,002,922

24,090,117

Cost of sales

(22,694,801

)

(21,640,714

)

GROSS PROFIT

2,308,121

2,449,403

Administrative expenses

(973,702

)

(759,945

)

OPERATING PROFIT

5

1,334,419

1,689,458

Interest receivable and similar income

6

109,961

152,243

1,444,380

1,841,701

Interest payable and similar expenses

7

(14,923

)

(20,596

)

PROFIT BEFORE TAXATION

1,429,457

1,821,105

Tax on profit

8

(382,161

)

(462,522

)

PROFIT FOR THE FINANCIAL YEAR

1,047,296

1,358,583

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,047,296

1,358,583

FIXED ASSETS

Tangible assets

10

673,184

715,735

CURRENT ASSETS

Stocks

11

1,285,554

1,653,812

Debtors

12

6,325,212

5,374,734

Investments

13

1,721,385

1,652,487

Cash at bank

1,903,507

1,518,913

11,235,658

10,199,946

CREDITORS

Amounts falling due within one year

14

(2,677,893

)

(2,548,180

)

NET CURRENT ASSETS

8,557,765

7,651,766

TOTAL ASSETS LESS CURRENT LIABILITIES

9,230,949

8,367,501

CREDITORS

Amounts falling due after more than one year

15

(39,194

)

(68,761

)

PROVISIONS FOR LIABILITIES

18

(25,037

)

(32,684

)

NET ASSETS

9,166,718

8,266,056

CAPITAL AND RESERVES

Called up share capital

19

31,000

31,000

Capital redemption reserve

20

20,500

20,500

Retained earnings

20

9,115,218

8,214,556

SHAREHOLDERS' FUNDS

9,166,718

8,266,056

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

Mr O J Hickling - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 May 2024

31,000

6,954,033

20,500

7,005,533

Changes in equity

Dividends

-

(98,060

)

-

(98,060

)

Total comprehensive income

-

1,358,583

-

1,358,583

Balance at 30 April 2025

31,000

8,214,556

20,500

8,266,056

Changes in equity

Dividends

-

(146,634

)

-

(146,634

)

Total comprehensive income

-

1,047,296

-

1,047,296

Balance at 30 April 2026

31,000

9,115,218

20,500

9,166,718

1.	STATUTORY INFORMATION

Caribbean Trading 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards 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 amounts in these financial statements are rounded to the nearest £1.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption 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.

Turnover

Turnover represents amounts receivable for the sale of both food and dry goods, net of VAT and trade discounts.

Income is recognised at the point goods are delivered to the customer.

Tangible fixed assets

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

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

Freehold property

- 2% Straight line

Fixtures and fittings

- 20% Straight line

Motor vehicles

- 15% Straight line

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 credited or charged to profit or loss.

Stocks

Stocks are valued at the lower of cost and selling price less costs to sell, after making due allowance for obsolete and slow moving items.

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.

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.

Leasing commitments

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 leases asset are consumed.

Hire purchase

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Financial assets

The company 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 assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2026

2025

£

£

Rest of the world

25,002,922

24,090,117

25,002,922

24,090,117

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

1,061,644

906,334

Social security costs

133,012

109,426

Other pension costs

70,804

11,670

1,265,460

1,027,430

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

2026

2025

Sales

4

4

Directors

3

3

Administration

4

3

11

10

The total remuneration paid to directors in the year totalled £193,957 (2025: £199,885).

The company's contributions to the director's defined contribution pension scheme in the year totalled £61,430 (2025: £1,430).

The highest paid director received remuneration of £134,783 (2025: £155,367).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £30,630 (2025: £630).

During the year retirement benefits were accruing to 2 directors (2025: 2) in respect of defined contribution pension schemes.

5.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Depreciation - owned assets

31,550

25,887

Depreciation - assets on hire purchase contracts

11,001

10,641

Auditors' remuneration

26,250

22,334

Auditors' remuneration for non audit work

15,501

11,680

Foreign exchange differences

62,763

58,101

Foreign exchange differences (cost of sales)

94,826

58,211

Operating lease charges

10,390

9,508

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

2026

2025

£

£

Deposit account interest

109,961

152,243

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Fair value (gains) / losses

on foreign exchange

contracts

14,923

20,596

14,923

20,596

8.

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

389,808

453,182

Deferred tax

(7,647

)

9,340

Tax on profit

382,161

462,522

Reconciliation of total tax charge included in profit and loss

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

2026

2025

£

£

Profit before tax

1,429,457

1,821,105

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

357,364

455,276

Effects of:

Expenses not deductible for tax purposes

33,807

2,357

Deferred tax movement

(7,290

)

9,340

Group relief

(1,800

)

(4,451

)

Tax payable under S455 CTA 2010

80

-

Total tax charge

382,161

462,522

9.

DIVIDENDS

The following dividends were paid in the year:

Share class

2026

2025

£

£

Ordinary

146,634

95,080

Ordinary A

-

-

Ordinary B

-

2,260

Ordinary C

-

-

Total

140,334

98,060

10.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 May 2025

and 30 April 2026

652,370

27,065

172,327

851,762

DEPRECIATION

At 1 May 2025

65,133

19,195

51,699

136,027

Charge for year

13,047

4,042

25,462

42,551

At 30 April 2026

78,180

23,237

77,161

178,578

NET BOOK VALUE

At 30 April 2026

574,190

3,828

95,166

673,184

At 30 April 2025

587,237

7,870

120,628

715,735

The net book value of assets held on hire purchase agreements included within the above is £44,004 (2025: £55,005). The depreciation charge for the year relating to these assets amounted to £11,001 (2025: £10,641).

11.

STOCKS

2026

2025

£

£

Stocks

1,285,554

1,653,812

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

2,457,720

2,783,101

Amounts owed by group undertakings

3,633,236

2,350,698

Directors' current accounts

225

-

VAT

206,776

213,716

Prepayments

27,255

27,219

6,325,212

5,374,734

13.	CURRENT ASSET INVESTMENTS

2026

2025

£

£

Unlisted investments

1,721,385

1,652,487

Unlisted investments is made up of deposits in a 95 day notice account.