Registration number:
for the Year Ended
Lubna Holdings Limited
Contents
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account and Statement of Retained Earnings |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Lubna Holdings Limited
Strategic Report for the Year Ended 30 April 2026
The directors present their strategic report for the year ended 30 April 2026.
Principal activity
The principal activity of the company is that of a property holding company and the principal activity of the group is the wholesale of food and provisions.
Fair review of the business
The company is a long-established business and has consistently endeavoured to develop its expanding product portfolio to strengthen its market position in an exceedingly competitive environment. It has continued to develop its customer and supplier relationships over many years.
During the year, the company continued to operate in a competitive and challenging trading environment.
Turnover for the year was £27.8 million, compared with £27.6 million for the year ended 30 April 2025, a modest increase of 0.78%. Overall, turnover remained broadly consistent with the previous year.
The gross profit margin remained broadly stable at 11.13%, compared with 11.87% in the previous year.
Profitability below gross profit came under greater pressure during the year. The operating profit margin decreased to 1.51%, compared with 3.01% in 2025. The directors consider these movements reflect continuing pressure on operating costs and the competitive nature of the wholesale food market. The company continued to monitor working capital, stock levels, trade receivables and cash flow closely in order to support day-to-day operations, and maintained appropriate liquidity.
During the year, the company made a substantial investment in plant and machinery £296,203, reflecting the directors’ commitment to the long-term development of the business.
Despite the challenging economic environment, the company has established customer and supplier relationships and continues to focus on providing a reliable supply of products to its customers.
Principal risks and uncertainties
The company operates in a market that remains subject to economic uncertainty, inflationary pressures, changes in taxation and regulations, international conflicts and potential disruption to the global supply chain. These factors may affect the availability and cost of products, transportation costs and other operating expenses.
The company seeks to mitigate these risks by maintaining established relationships with its key suppliers, monitoring purchasing costs and market conditions, and maintaining a competitive approach to pricing.
The directors regularly monitor selling prices, product margins, purchasing costs and operating expenses in order to protect the company’s profitability and competitive position.
The reduction in the operating profit margin during the year highlights the importance of maintaining effective control over operating expenditure. The directors continue to review costs and operational efficiency to mitigate the impact of cost pressures on profitability.
Approved and authorised by the
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Lubna Holdings Limited
Directors' Report for the Year Ended 30 April 2026
The directors present their report and the for the year ended 30 April 2026.
Directors of the group
The directors who held office during the year were as follows:
Information included in the Strategic Report
All items required under Sch. 7 of Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors’ report are set out in the strategic report in accordance with s.414C(11) CA 2006.
Objectives and policies
Our principal objective is to maximise shareholder returns by ensuring reasonable dividend pay outs on an annual basis and increasing the group's net asset position.
In order to facilitate such an environment, we present to our customers, competitively priced products of the highest quality which in the present climate will enable us to increase our turnover and also achieve expected margins. Simultaneously by keeping a control on our overheads and other expenses our long-term aim can be achieved thereby enabling the group to reduce its overall borrowings.
We keep monitoring key performance indicators to help us achieve our objectives, but we do not feel it appropriate to present this here so as to not prejudice our competitive position.
The directors believe that further performance indicators are not necessary or appropriate for an understanding of the development, performance, or position of the group, and that the indicators identified are used by the board to monitor performance.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Lubna Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Lubna Holdings Limited
Independent Auditor's Report to the Members of Lubna Holdings Limited
Opinion
We have audited the financial statements of Lubna Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2026, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, 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 group's and parent company's affairs as at 30 April 2026 and 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 auditor 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Lubna Holdings Limited
Independent Auditor's Report to the Members of Lubna Holdings Limited
Matters on which we are required to report by exception
In the light of our 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 and 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 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 3], 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 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.
In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.
Following this assessment we considered the opportunities and incentives that may exist within the group for fraud and identified the greatest potential for fraud in evaluating the closing stock valuation, cash reconciliations and tangible fixed assets.
We also obtained an understanding of the legal and regulatory frameworks that the group operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the group operates, to enable us to identify the key laws and regulations applicable to the group. 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 group, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We then performed audit procedures after consideration of the above risks which included the following:
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obtaining a detailed understanding of the methodology adopted by management and the key assumptions underpinning the valuation of stock; |
Lubna Holdings Limited
Independent Auditor's Report to the Members of Lubna Holdings Limited
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a review of i) the procedures in place surrounding cash income, and ii) the till sales reconciliation to monies banked; |
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evaluating the existence and valuation of the fixed assets, and evaluating the appropriateness and consistency of the depreciation policies applied; |
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enquiring of management concerning actual and potential litigation and claims; |
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reviewing correspondence with HMRC and the group's legal advisors; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
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reading minutes of meetings of those charged with governance; and; |
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in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.
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 auditor's report.
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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Statutory Auditors & Chartered Accountants
Lubna Holdings Limited
Consolidated Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 April 2026
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Note |
2026 |
2025 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
|
|
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Operating profit |
|
|
|
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Other interest receivable and similar income |
|
|
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Interest payable and similar charges |
( |
( |
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|
(114,960) |
(95,490) |
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Profit before tax |
|
|
|
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Taxation |
( |
( |
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Profit for the financial year |
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|
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Profit/(loss) attributable to: |
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Owners of the company |
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|
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Retained earnings brought forward |
4,826,461 |
4,271,845 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
5,323,135 |
5,431,077 |
Lubna Holdings Limited
(Registration number: 13043600)
Consolidated Balance Sheet as at 30 April 2026
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Note |
2026 |
2025 |
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|
£ |
£ |
£ |
£ |
||
|
Fixed assets |
|||||
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Intangible assets |
- |
- |
|||
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Tangible assets |
|
|
|||
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Other financial assets |
15,000 |
15,000 |
|||
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|
|
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Current assets |
|||||
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Stocks |
|
|
|||
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Debtors |
|
|
|||
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Cash at bank and in hand |
|
|
|||
|
|
|
||||
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Creditors: Amounts falling due within one year |
( |
( |
|||
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Net current assets |
|
|
|||
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Total assets less current liabilities |
|
|
|||
|
Creditors: Amounts falling due after more than one year |
( |
( |
|||
|
Provisions for liabilities |
( |
( |
|||
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Net assets |
|
|
|||
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Capital and reserves |
|||||
|
Called up share capital |
|
10,000 |
|||
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Profit and loss account |
|
4,826,461 |
|||
|
Equity attributable to owners of the company |
|
4,836,461 |
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Total equity |
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4,836,461 |
|||
Approved and authorised by the
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Lubna Holdings Limited
(Registration number: 13043600)
Balance Sheet as at 30 April 2026
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Note |
2026 |
2025 |
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|
£ |
£ |
£ |
£ |
||
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Fixed assets |
|||||
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Intangible assets |
- |
- |
|||
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Tangible assets |
|
|
|||
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Investments |
|
|
|||
|
|
|
||||
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Current assets |
|||||
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Debtors |
- |
|
|||
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Cash at bank and in hand |
|
|
|||
|
|
|
||||
|
Creditors: Amounts falling due within one year |
( |
( |
|||
|
Net current liabilities |
( |
( |
|||
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Total assets less current liabilities |
|
|
|||
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Provisions for liabilities |
( |
( |
|||
|
Net assets |
|
|
|||
|
Capital and reserves |
|||||
|
Called up share capital |
|
10,000 |
|||
|
Profit and loss account |
|
1,488,116 |
|||
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Total equity |
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1,498,116 |
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The exemption under section 408 of the Companies Act has been taken therefore a Company Profit and Loss Account is not included. The company made a profit after tax for the financial year of £264,074 (2025 - profit of £104,217).
Approved and authorised by the
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Lubna Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2026
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Note |
2026 |
2025 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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|
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Profit on disposal of tangible assets |
( |
- |
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Finance income |
( |
( |
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Finance costs |
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|
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Corporation tax expense |
|
|
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|
|
|
||
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Working capital adjustments |
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Decrease/(increase) in stocks |
|
( |
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Increase in trade debtors |
( |
( |
|
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Increase in trade creditors |
|
|
|
|
Decrease in deferred income, including government grants |
( |
( |
|
|
Cash generated from operations |
|
( |
|
|
Corporation tax paid |
( |
( |
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
- |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
|
|
|
Repayments / proceeds from other borrowing draw downs |
( |
|
|
|
Payments to finance lease creditors |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
|
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 May |
|
680,309 |
|
|
Cash and cash equivalents at 30 April |
530,875 |
854,961 |
|
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were 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.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The group's functional and presentation currency is pound sterling.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2026.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Key sources of estimation uncertainty
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount is £3,825,797 (2025 -£3,527,101).
Stock provision
The group makes an estimate of the recoverability of the cost of stock. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. The carrying amount is £4,574,784 (2025 -£5,093,287).
Impairment of debtors
The group makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The carrying amount is £1,327,852 (2025 -£1,183,230).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer, (b) the amount of revenue can be reliably measured, (c) the group retains no continuing involvement or control over the goods, (d) it is probable that future economic benefits will flow to the entity, and (e) specific criteria have been met for each of the group's activities.
Government grants
Grants are measured at the fair value of the asset received or receivable.
Grants relating to assets have been recognised in income on a systematic basis over the expected useful life of the asset.
Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity
recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving
immediate financial support to the entity with no future related costs shall be recognised in income in the period in
which it becomes receivable.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Land and buildings |
2% straight line basis |
|
Plant and machinery |
5% and 10% straight line basis |
|
Motor vehicles |
12.5% straight line basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
Separately acquired trademarks and licences are shown at historical.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Trademarks |
20% straight line basis |
|
Goodwill |
Over 10 years or written off immediately if the value is below a nominal amount |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Provisions
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Financial instruments
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2026 |
2025 |
|
|
Sale of goods |
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2026 |
2025 |
|
|
UK |
|
|
|
Rest of world |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2026 |
2025 |
|
|
Depreciation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
- |
|
Government grants |
machinery funding.
During the year the group has recognised government grants of £Nil (2024 - £12,000) in relation to motor vehicle funding.
The amount of grants recognised in the financial statements was £
|
Interest payable and similar expenses |
|
2026 |
2025 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
- |
|
|
Interest expense on other finance liabilities |
( |
|
|
|
|
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2026 |
2025 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2026 |
2025 |
|
|
Manufacturing |
|
|
|
Administration and support |
|
|
|
Sales |
|
|
|
Distribution |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
307,676 |
301,293 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2026 |
2025 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2026 |
2025 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditors' remuneration |
|
2026 |
2025 |
|
|
Audit of these financial statements |
21,750 |
18,550 |
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2026 |
2025 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
( |
|
93,900 |
189,236 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2025 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2026 |
2025 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Effect from corporation tax and deferred tax recognised at different rates |
( |
( |
|
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods |
|
( |
|
Total tax charge |
|
|
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Deferred tax
Group
Deferred tax assets and liabilities
|
2026 |
Liability |
|
Accelerated capital allowances |
( |
|
Other provisions |
|
|
( |
|
2025 |
Liability |
|
Accelerated capital allowances |
( |
|
Other provisions |
|
|
( |
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £
Company
Deferred tax assets and liabilities
|
2026 |
Liability |
|
Accelerated capital allowances |
( |
|
( |
|
2025 |
Liability |
|
Accelerated capital allowances |
( |
|
( |
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Intangible assets |
Group
|
Trademarks, patents and licenses |
Total |
|
|
Cost or valuation |
||
|
At 1 May 2025 |
|
|
|
At 30 April 2026 |
|
|
|
Amortisation |
||
|
At 1 May 2025 |
|
|
|
At 30 April 2026 |
|
|
|
Carrying amount |
||
|
At 30 April 2026 |
- |
- |
|
At 30 April 2025 |
- |
- |
|
Tangible assets |
Group
|
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 May 2025 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 30 April 2026 |
|
|
|
|
|
Depreciation |
||||
|
At 1 May 2025 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 30 April 2026 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 April 2026 |
|
|
|
|
|
At 30 April 2025 |
|
|
|
|
Included within the net book value of land and buildings above is £2,305,068 (2025 - £2,208,060) in respect of freehold land and buildings and £396,517 (2025 - £334,788) in respect of short leasehold land and buildings.
Included within the cost of land and building is land to the value of £693,281 (2025 - £693,281), which is not depreciated.
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Restriction on title and pledged as security
Company
|
Land and buildings |
|
|
Cost or valuation |
|
|
At 1 May 2025 |
|
|
Additions |
|
|
At 30 April 2026 |
|
|
Depreciation |
|
|
At 1 May 2025 |
|
|
Charge for the year |
|
|
At 30 April 2026 |
|
|
Carrying amount |
|
|
At 30 April 2026 |
|
|
At 30 April 2025 |
|
Included within the net book value of land and buildings above is £2,305,068 (2025 - £2,208,060) in respect of freehold land and buildings.
Included within the net book value of land and building is £2,208,060 (2024 - £2,240,607) of investment properties rented to another group entity and accounted for using the historical cost model.
Included within the cost of land and building is land to the value of £693,281 (2024 - £693,281), which is not depreciated.
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2026 |
2025 |
|||
|
Subsidiary undertakings |
||||
|
|
164 Garnett Street, Bradford, West Yorkshire, BD3 9HA |
|
|
|
Company
|
2026 |
2025 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 May 2025 |
|
|
Carrying amount |
|
|
At 30 April 2026 |
|
|
At 30 April 2025 |
|
|
Other financial assets |
Group
|
Non-puttable ordinary shares |
|
|
Non-current financial assets |
|
|
Cost or valuation |
|
|
At 1 May 2025 |
15,000 |
|
At 30 April 2026 |
15,000 |
|
Carrying amount |
|
|
At 30 April 2026 |
|
|
At 30 April 2025 |
|
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Stocks |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Goods for resale |
|
|
- |
- |
Group
The carrying amount of stocks pledged as security for liabilities amounted to £
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2026 |
2025 |
2026 |
2025 |
|
Trade debtors |
|
|
- |
|
|
|
Other debtors |
|
|
- |
|
|
|
Prepayments |
|
|
- |
- |
|
|
Corporation tax asset |
|
- |
- |
- |
|
|
|
|
- |
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
|
|
|
|
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2026 |
2025 |
2026 |
2025 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
- |
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other creditors |
|
|
- |
- |
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
- |
30,301 |
28,571 |
28,301 |
|
|
Deferred income |
|
|
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Deferred income |
|
|
- |
- |
|
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2026 |
2025 |
2026 |
2025 |
|
|
Bank borrowings |
|
|
- |
- |
|
Other borrowings |
|
|
|
|
|
|
|
|
|
|
Group
Bank borrowings
|
The bank borrowings and overdrafts are secured by an unlimited debenture, a fixed and floating charge over the assets of the group, and are repayable on both demand and over a fixed term. |
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2026 |
2025 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Provisions for liabilities |
Group
|
Deferred tax |
|
|
At 1 May 2025 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 April 2026 |
|
|
|
|
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Company
|
Deferred tax |
|
|
At 1 May 2025 |
|
|
At 30 April 2026 |
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2026 |
2025 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
10,000 |
|
10,000 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Reserves |
Group and company
Share capital
Represents the nominal value of issued shares.
Profit and loss account
Includes all current and prior periods distributable profits and losses.
|
Commitments |
Group
Capital commitments
The total amount contracted for but not provided in the financial statements was £
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Company
Capital commitments
The total amount contracted for but not provided in the financial statements was £
|
Contingent liabilities |
Company
The company provided a composite unlimited multilateral guarantee against bank loans and overdrafts of £1,981,629 in respect of a subsidiary undertaking. The guarantee is secured by a fixed charge over all present freehold and leasehold property and a first charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future.
|
Related party transactions |
Group
Summary of transactions with entities with joint control or significant interest
Summary of transactions with other related parties
Income and receivables from related parties
|
2026 |
Entities with control, joint control or significant influence |
|
Sale of goods |
|
|
|
|
|
2025 |
Entities with control, joint control or significant influence |
|
Sale of goods |
|
|
|
|
Lubna Holdings Limited
Notes to the Financial Statements for the Year Ended 30 April 2026
Expenditure with and payables to related parties
|
2026 |
Entities with control, joint control or significant influence |
Key management |
Other related parties |
|
Purchase of goods |
|
- |
- |
|
Amounts payable to related party |
- |
|
|
|
|
|||
|
2025 |
Entities with control, joint control or significant influence |
Key management |
Other related parties |
|
Purchase of goods |
|
- |
- |
|
Amounts payable to related party |
- |
|
|
|
|
|||
|
Ultimate controlling party |
The ultimate controlling parties are