REGISTERED NUMBER: 01446632 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 OCTOBER 2025

FOR

PAN UNITED LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

P Mehta

Ms B Kamdar

SECRETARY:

P Mehta

REGISTERED OFFICE:

156 High Street

Dorking

RH4 1BQ

REGISTERED NUMBER:

01446632 (England and Wales)

AUDITORS:

Ashfords Partnership LLP

114-116 Goodmayes Road

Ilford

Esex

IG3 9UZ

The directors present their strategic report of the company and the group for the year ended 28 October 2025.

REVIEW OF BUSINESS

The director is pleased with the company's performance for the year. Sales have outperformed expectations and are representative of the company's position within the market.

The company's turnover has increased by 1.51% in the last year. Turnover in value can fluctuate depending on changes in the market prices.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risk to the company's principal activity remains a reduction in demand by customers for fruit and vegetables.

FINANCIAL KEY PERFORMANCE INDICATORS

The two key performance indicators are turnover and gross profit margin. Sales have increased by 1.51 % during the year (2024:11.46% increase). Gross profit margin is 8.65% (2024: 9.56%).

CHARITABLE ACTIVITIES

The company, with the support of the shareholders feel that the company has a duty to give back to humanity surplus profits that are not required for distribution of dividends or reinvestment in the business. The board has agreed that a major percentage of surplus profits are given away for to UK Registered Charities.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's principal financial instruments comprise bank balances, trade debtors. The main purpose of these

instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company, there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments is detailed below.

In respect of bank balances, liquidity risk is managed by maintaining a balance sufficient to meet the funds required for the company's operations.

Trade debtors are managed in respect of credit and cash flow risk by ensuring that amounts due are collected within the company's credit terms. Credit risk is also managed by credit insurance.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to satisfy any amounts due.

ON BEHALF OF THE BOARD:

Ms B Kamdar - Director

23 October 2026

The directors present their report with the financial statements of the company and the group for the year ended 28 October 2025.

DIVIDENDS

During the year company declared dividends amounting to £250,000.

FUTURE DEVELOPMENTS

Pan United Limited is committed to continuing to deliver high quality produce to its customers and continually evaluates its supplier base to ensure that this is achieved.

DIRECTORS

The directors who have held office during the period from 29 October 2024 to the date of this report are as follows:

N Kamdar - resigned 30 April 2025

P Mehta - appointed 30 April 2025

Ms B Kamdar - appointed 1 May 2025

The Board noted that, in light of the company's intention to distribute the majority of its surplus profits to charity asmentioned in the next paragraph, Bansari has agreed to act as a director and Chief Executive Officer without remuneration. She has no entitlement to salary, directors’ fees or other remuneration in respect of those services unless and until otherwise agreed with the Company.

CHARITABLE DONATIONS

The Directors, with support of the shareholders, feel that the Company has a duty to give back to humanity surplus

profits that are not required for distribution of dividends or reinvestment in the business. It has been agreed that a major percentage of surplus profits are given away for charitable purposes on an ongoing basis every year to UK registered charities.

During the Financial Year ending 28th October 2025, total charitable donations of £1,541,200 were made UK registered charities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

Ms B Kamdar - Director

23 October 2026

Opinion

We have audited the financial statements of Pan United Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 October 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 28 October 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

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 consultancy services 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, taxation legislation and data protection, anti-bribery, employment, and health and safety legislation; 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 are reasonable.

- 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.

Mr Ashok Mukundlal Shah (Senior Statutory Auditor)

for and on behalf of Ashfords Partnership LLP

114-116 Goodmayes Road

Ilford

Esex

IG3 9UZ

23 October 2026

TURNOVER

44,333,845

43,670,659

Cost of sales

40,500,306

39,497,657

GROSS PROFIT

3,833,539

4,173,002

Administrative expenses

3,323,060

1,788,306

510,479

2,384,696

Other operating income

2,100

3,869

Gain/loss on revaluation of investments

59,025

-

OPERATING PROFIT

4

571,604

2,388,565

Interest receivable and similar income

211,417

286,431

783,021

2,674,996

Interest payable and similar expenses

5

68

1,211

PROFIT BEFORE TAXATION

782,953

2,673,785

Tax on profit

6

95,354

669,907

PROFIT FOR THE FINANCIAL YEAR

687,599

2,003,878

Profit attributable to:

Owners of the parent

687,599

2,003,878

PROFIT FOR THE YEAR

687,599

2,003,878

OTHER COMPREHENSIVE INCOME

Merger Reserve

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

687,599

2,003,878

Total comprehensive income attributable to:

Owners of the parent

687,599

2,003,878

FIXED ASSETS

Tangible assets

9

120,073

162,210

Investments

10

78,360

19,335

198,433

181,545

CURRENT ASSETS

Stocks

11

1,197,411

3,016,484

Debtors

12

5,953,270

5,394,346

Cash at bank and in hand

6,491,574

5,159,410

13,642,255

13,570,240

CREDITORS

Amounts falling due within one year

13

2,134,265

2,476,837

NET CURRENT ASSETS

11,507,990

11,093,403

TOTAL ASSETS LESS CURRENT LIABILITIES

11,706,423

11,274,948

PROVISIONS FOR LIABILITIES

14

29,993

36,117

NET ASSETS

11,676,430

11,238,831

CAPITAL AND RESERVES

Called up share capital

15

90,050

90,050

Other reserves

16

1,050,486

1,050,486

Retained earnings

16

10,535,894

10,098,295

SHAREHOLDERS' FUNDS

11,676,430

11,238,831

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2026 and were signed on its behalf by:

Ms B Kamdar - Director

FIXED ASSETS

Tangible assets

9

119,970

162,050

Investments

10

168,985

109,960

288,955

272,010

CURRENT ASSETS

Stocks

11

1,120,953

2,925,561

Debtors

12

5,617,160

5,458,199

Cash at bank and in hand

6,404,551

4,795,568

13,142,664

13,179,328

CREDITORS

Amounts falling due within one year

13

1,589,416

1,680,515

NET CURRENT ASSETS

11,553,248

11,498,813

TOTAL ASSETS LESS CURRENT LIABILITIES

11,842,203

11,770,823

PROVISIONS FOR LIABILITIES

14

29,993

36,117

NET ASSETS

11,812,210

11,734,706

CAPITAL AND RESERVES

Called up share capital

15

90,050

90,050

Other reserves

16

1,050,486

1,050,486

Retained earnings

16

10,671,674

10,594,170

SHAREHOLDERS' FUNDS

11,812,210

11,734,706

Company's profit for the financial year

327,504

2,003,028

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2026 and were signed on its behalf by:

Ms B Kamdar - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 29 October 2023

90,050

10,494,417

1,050,486

11,634,953

Changes in equity

Dividends

-

(2,400,000

)

-

(2,400,000

)

Total comprehensive income

-

2,003,878

-

2,003,878

Balance at 28 October 2024

90,050

10,098,295

1,050,486

11,238,831

Changes in equity

Dividends

-

(250,000

)

-

(250,000

)

Total comprehensive income

-

687,599

-

687,599

Balance at 28 October 2025

90,050

10,535,894

1,050,486

11,676,430

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 29 October 2023

90,050

10,991,142

1,050,486

12,131,678

Changes in equity

Dividends

-

(2,400,000

)

-

(2,400,000

)

Total comprehensive income

-

2,003,028

-

2,003,028

Balance at 28 October 2024

90,050

10,594,170

1,050,486

11,734,706

Changes in equity

Dividends

-

(250,000

)

-

(250,000

)

Total comprehensive income

-

327,504

-

327,504

Balance at 28 October 2025

90,050

10,671,674

1,050,486

11,812,210

Cash flows from operating activities

Cash generated from operations

1

1,562,586

1,253,928

Interest paid

(68

)

(1,211

)

Tax paid

(629,500

)

(435,882

)

Net cash from operating activities

933,018

816,835

Cash flows from investing activities

Purchase of tangible fixed assets

-

(92,742

)

Sale of tangible fixed assets

-

1,332

Interest received

211,417

286,431

Net cash from investing activities

211,417

195,021

Cash flows from financing activities

Amounts owed by group undertakings

437,729

(649,386

)

Equity dividends paid

(250,000

)

(2,400,000

)

Net cash from financing activities

187,729

(3,049,386

)

Increase/(decrease) in cash and cash equivalents

1,332,164

(2,037,530

)

Cash and cash equivalents at beginning of year

2

5,159,410

7,196,940

Cash and cash equivalents at end of year

2

6,491,574

5,159,410

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

28.10.25

28.10.24

£

£

Profit before taxation

782,953

2,673,785

Depreciation charges

42,137

25,583

Profit on disposal of fixed assets

-

(270

)

Gain on revaluation of fixed assets

(59,025

)

-

Finance costs

68

1,211

Finance income

(211,417

)

(286,431

)

554,716

2,413,878

Decrease/(increase) in stocks

1,819,073

(681,334

)

(Increase)/decrease in trade and other debtors

(996,653

)

1,913,655

Increase/(decrease) in trade and other creditors

185,450

(2,392,271

)

Cash generated from operations

1,562,586

1,253,928

2.	CASH AND CASH EQUIVALENTS

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

Year ended 28 October 2025

28.10.25

29.10.24

£

£

Cash and cash equivalents

6,491,574

5,159,410

Year ended 28 October 2024

28.10.24

29.10.23

£

£

Cash and cash equivalents

5,159,410

7,196,940

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 29.10.24

Cash flow

At 28.10.25

£

£

£

Net cash

Cash at bank and in hand

5,159,410

1,332,164

6,491,574

5,159,410

1,332,164

6,491,574

Total

5,159,410

1,332,164

6,491,574

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Critical accounting judgements and key sources of estimation uncertainty

The preparation of financial statement in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

The key areas of judgement and estimation uncertainty in these financial statements are highlighted below.

Valuation of debtors

Debtors are reviewed periodically by management for evidence of impairment with reference to the financial position of the counterpart. Where indicator of impairment are identified and it is considered probable that the debt will not be recovered in full, a provision is recognised. As at year end trade debtors were presented net of a provision of £522,474 (2024: £579,496).

Valuation of stock

Stock is reviewed periodically by management for evidence of impairment with reference to the condition of the stock and the performance of the market as a whole. Where indicators of impairment are identified and it is considered probable the stock will be sold at a value below cost, or discarded, a provision is recognised to reduce the stock to net realisable value with reference to the anticipated sales price net of costs to sell. No impairment loss (2024: £148,175) was recognised in cost of sales against stock during the year.

Turnover

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

Tangible fixed assets

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

Long leasehold

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% 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.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

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.

Pension costs and other post-retirement benefits

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

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit and loss for the period.

Operating leases

Rentals paid under operating lease are charged to the Statement of income and Retained Earnings on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

28.10.25

28.10.24

£

£

Wages and salaries

713,811

526,785

Social security costs

85,011

75,759

Other pension costs

139,858

58,336

938,680

660,880

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

28.10.25

28.10.24

Administration

10

11

Management

1

1

11

12

28.10.25

28.10.24

£

£

Directors' remuneration

68,053

90,888

Directors' pension contributions to money purchase schemes

128,108

51,321

Compensation to director for loss of office

30,000

-

The new Director has agreed to serve without remuneration to maximise profits available for charities.

Accordingly, no directors’ remuneration is payable to her in respect of the period, contributing to the reduction in directors’ emoluments compared with the preceding year.