Final Results

Cake Box Holdings PLC

30 June 2026

 

30 June 2026

Cake Box Holdings plc

("Cake Box", the "Company" or the "Group")

Audited Full Year Results for the 52 weeks ended 29 March 2026

Strong growth in revenue and underlying EBITDA, supported by 37 new store openings and a maiden full year contribution from Ambala

Cake Box Holdings plc, the UK's largest retailer of fresh cream celebration cakes, announces its audited full year results for the 52 weeks ended 29 March 2026.

Financial Highlights

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025 (restated)	Change***
Group revenue	£59.69m	£42.78m	39.5%
Gross profit	£34.28m	£22.46m	52.6%
EBITDA*	£10.55m	£7.54m	39.9%
Underlying EBITDA**	£12.36m	£8.73m	41.6%
Profit before tax	£6.86m	£5.88m	16.5%
Underlying profit before tax**	£8.67m	£7.08m	22.6%
Underlying basic earnings per share****	15.97p	13.18p	21.1%
Final dividend recommended	7.20p	6.80p	5.9%
* EBITDA is calculated as operating profit before depreciation and amortisation ** Underlying EBITDA and pre-and post-tax profits are after adjusting for non-underlying items. The non-underlying items predominantly relate to the impairment of intangible assets in the financial period *** % change is based on amounts in the Consolidated Statement of Comprehensive Income **** Underlying basic EPS is earnings per share after adjusting for non‑underlying items

Group revenue increased 39.5% to £59.69m (2025: £42.78m)

·	Strong organic growth1 as Cake Box revenues increased 9.3% to £45.86m (2025: £41.94m), with 4.8% like-for-like2 ("LFL") sales growth (2025: 3.0%)
·	Maiden full-year revenue contribution from Ambala of £14.14m, with strong progress made on integration and operational efficiencies
·	System Sales3 up 27.7% to £111.27m (2025: £87.10m)
·	Total number of stores increased by 37 to 310 at 29 March 2026 (2025: 273): o  25 new Cake Box stores (2025: 26) taking to total to 276; and o  12 new Ambala stores, ahead of the Group's target of 10 openings, taking the total to 34
·	Full-year dividend increased for fifth consecutive year
·	Leverage below 1x Underlying EBITDA, in-line with management target

Significant growth across KPIs supporting LFL growth

·	Online sales increased by 19.7% year-on-year to £22.89m (2025: £19.1m)
·	Website orders grew by 15.9%, with 289k new online customers (2025: 250k)
·	Strong growth through delivery platforms Deliveroo, Just Eat and Uber Eats

Current Trading and Outlook for 2027

·	Trading in 2027 has started positively and ahead of 2026, supported by continued momentum in system sales performance
·	The Group is targeting continued store growth with a combined 35 new stores in the year
·	Whilst it remains a challenging consumer environment, the Group is well positioned for continued growth, benefitting from new store openings, increased efficiencies and contributions from Ambala, growing customer loyalty and increasing online sales

1 Organic growth includes new Cake Box stores opened during the period and excludes Ambala revenues.

2 Like-for-like: Stores trading for at least one full financial year prior to 29 March 2026 (excludes Ambala).

3 System sales are sales of finished products to the customers of the franchisees and corporate stores.

Sukh Chamdal, Chief Executive Officer, said: "We delivered a strong performance across the year, with healthy growth in revenue and underlying EBITDA and 37 new stores opened across the Group. This reflects the disciplined execution of our growth strategy, including store expansion, positive like-for-like sales in our core Cake Box business, and sustained momentum across our multi-channel offering. Customer engagement has been good throughout the year, supported by ongoing investment in digital capability and the strength of our franchise model.

"As we indicated in our April trading update, we continue to keep a close watch on the wider macro-economic environment and consumer sentiment which is difficult to predict. We have plans in place to mitigate any potential impact on the business, including managing our cost base and supply chain for efficiencies.

"Despite these challenges, we are well positioned to deliver further growth in the year ahead. Our healthy pipeline of new franchise locations, together with the effectiveness of our multi-channel sales strategy, gives us confidence in the fundamentals and resilience of our business to continue to grow."

For further information, please contact:

Cake Box Holdings plc Sukh Chamdal, CEO Michael Botha, CFO	c/o [phone]
Shore Capital Stephane Auton Patrick Castle George Payne Fiona Conroy - Corporate Broking	[phone]
Gracechurch Group Harry Chathli Alexis Gore Rebecca Scott	[phone] [e-mail]

Operational Review

It has been another year of excellent operational and strategic progress for the Group, with a pleasing performance across the core Cake Box business and the maiden full-year contribution from Ambala following its acquisition in March 2025.

Cake Box delivered growth across key metrics, with Group revenue increasing 39.5% to £59.69m (2025: £42.78m) and underlying EBITDA of £12.36m (2025: £8.73m). Excluding Ambala, Cake Box revenues increased 9.3% to £45.86m (2025: £41.94m), reflecting the strength and resilience of our franchise model.

Cake Box's established business model continues to perform strongly, supported by ongoing investment in its franchise network, digital capabilities, and product innovation. The Group remains focused on building a scalable and resilient business that delivers long-term value for customers, franchise partners, and shareholders.

Strengthening the Franchise Network

Franchise partners remain central to the Group's success, and the Company has continued to see significant demand for the Cake Box model across the UK. During the year, the Group expanded its estate with 37 new stores, including 25 Cake Box and 12 Ambala stores. The Group ended the year with a total of 310 stores (2025:273), with the new stores helping to strengthen the Company's national footprint.

As part of its expansion, the Group has introduced co-located stores offering both Cake Box and Ambala products. This approach allows the Company to leverage existing locations more effectively, broaden the customer appeal and drive incremental revenue opportunities.

The Group also opened in new towns and cities during the year such as Paisley and Exeter, strategically selecting attractive locations to support growth and increase brand reach. This disciplined approach to site selection, supported by specialist consultants, supports the Group's ambition to grow towards its current target of 400 Cake Box and 100 Ambala locations across the UK.

The expansion of the estate has been complemented by continued interest from both existing and prospective franchisees. An increasing number of franchisees are expanding their own number of stores, with 58 (2025: 54) franchisees now operating multiple locations.

This has contributed to the growth in Group system sales (sales from franchised and corporate stores) from £87.10m to £111.27m, and Cake Box like-for-like sales growth of 4.8%, supported by our enhanced digital platform, increased online penetration and the growth of third-party delivery platforms, including Uber Eats, Deliveroo and Just Eat.

Increased Innovation Across Product Range

Product innovation remains a key driver of customer engagement and revenue growth. During the year, the Group introduced a range of products to capture the latest trends that have resonated strongly with customers, including the expansion of the Dubai Chocolate range and the launch of the 'Bento Boxes' collection.

The Company also continued to develop seasonal and celebration-led ranges across key celebration occasions such as Mother's Day, Valentine's Day, Easter, Eid, and Diwali. This demonstrates the Group's ability to respond to evolving customer preferences and capture demand across diverse communities and peak trading periods.

Following the acquisition of Ambala, the Company has introduced collaborative product lines, leveraging the strengths of both brands. This has broadened its overall product offering, increased brand visibility, and enabled the Group to engage with a wider audience.

A Multi-Channel Approach Delivering Results

The Group has remained focused on strengthening its multi-channel strategic approach to support sustainable growth. Investment during the year has been directed towards enhancements to the Company's operational infrastructure and customer facing technology, including its website, e-commerce platform and CRM capabilities.

The digital platform continues to play an increasingly important role in customer engagement. Website orders grew by 15.9%, attracting 289k new online customers during the year, 15.8% more than 2025, driven primarily through digital marketing channels such as Google and Meta. This reflects the growing importance of digital within the Group's overall sales mix with online sales increasing by 19.7%, to £22.89m (2025: £19.12m).

The Group has also continued to build its 'Cake Box Club' loyalty programme, which reached 156k members by the end of 2026. This enables more personalised engagement with customers, supporting both repeat purchases and customer loyalty.

These initiatives, combined with the growth of third-party delivery platforms, have strengthened the Group's omni-channel offering and contributed to a more seamless customer experience. 

Integrating Ambala into the Cake Box Business

A key priority for the Group this year has been the integration of Ambala. 2026 represents the first full year of Ambala within the Group, and the Company made significant progress in establishing strong operational foundations for future growth.  For 2026, Ambala contributed revenue of £14.14m and underlying EBITDA of £1.85m.

The Company's focus has been on aligning core processes, enhancing distribution capabilities, strengthening organisation structures and improving the customer experience. This has included refreshed branding, updated packaging and enhancements to the in-store experience, alongside investment in digital channels through the launch of a renewed website.

The Group has also implemented a range of cost-saving and operational initiatives to improve efficiency across manufacturing and logistics, including supply chain optimisation, increased automation and greater utilisation of Ambala's production facilities. In addition, the Group has benefitted from economies of scale through improved procurement and supplier terms.

While this has been a year of investment and integration activity, the majority of the integration work is now complete. Ambala is now better positioned to benefit from operational efficiencies, synergies and improved profitability as these initiatives are embedded across the enlarged Group.

Financial review

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025 (restated)	Change***
	£m	£m
Group Revenue	59.69	42.78	39.5%
Gross Profit	34.28	22.46	52.6%
Operating expenses before non-underlying items	(24.14)	(15.10)	(59.9%)
Non-underlying items	(1.81)	(1.19)	(52.0%)
Operating profit	8.33	6.17	35.0%
Net finance cost	(1.47)	(0.29)	(418.3%)
Profit before tax	6.86	5.88	16.5%
Underlying profit before tax**	8.67	7.08	22.6%
Taxation	(1.64)	(1.78)	8.0%
Profit for the period	5.22	4.10	27.2%
Underlying profit for the period**	7.03	5.30	32.9%
Revaluation of freehold property	0.33	0.16
Deferred taxation on revaluation	(0.08)	(0.04)
Total comprehensive income for the year	5.47	4.22	29.6%
EBITDA*	10.55	7.54	39.9%
Underlying EBITDA**	12.36	8.73	41.6%
* EBITDA is calculated as operating profit before depreciation and amortisation
** Underlying EBITDA and pre-and post-tax profits are after adjusting for non-underlying items
*** % change is based on amounts in the Consolidated Statement of Comprehensive Income

Financial Highlights

The Group's primary measure of performance is Underlying EBITDA. In addition, the Group presents statutory profit before tax and profit for the period, together with the corresponding underlying measures, to assist users in understanding the Group's underlying trading performance.

·	Underlying EBITDA grew £3.63m to £12.36m, a 41.6% increase. Underlying EBITDA for the core Cake Box business grew £1.87m, an increase of 21.7%, benefiting from strong operational gearing, with sales increasing 9.3% and overheads well controlled, increasing 3.0% year on year. 2026 includes the maiden first full year contribution from the Ambala acquisition (completed 21 March 2025). The underlying EBITDA for Ambala was £1.85m for 2026, increasing from £0.09m in 2025.
·	Underlying profit before tax of £8.67m, an increase of 22.6%, includes net finance costs of £1.47m, an increase of £1.18m due to predominantly the interest charge on the new debt facilities entered into for the acquisition of Ambala.
·	Underlying effective tax rate reduced to 23.9% (2025: 30.2%) due to adjustments relating to prior years.
·	Non-underlying items were a net debit of £1.81m and included a £1.65m impairment of intangible assets, which related to prior expenditure on ERP and website development projects.
·	Statutory profit after tax was £5.22m, £1.12m increase on 2025. This 27.2% increase was driven by the performance of the core Cake Box business and the maiden contribution from Ambala in 2026.
·	Free cash flow before capital allocation items increased by £2.46m to £9.53m (2025: £7.07m), primarily due to higher underlying EBITDA, offset by an increase in the net finance costs as a result of the new debt facilities to finance the acquisition of Ambala in 2025.
·	Capital allocation items of £11.35m includes capital expenditure of £5.94m (2025: £3.07m) and dividend payments of £4.58m. The capital expenditure includes the expenditure of £2.57m on the new Bradford warehouse, due to be completed by the end of 2027.
·	Overall, net debt increased by £1.82m, due to the increase in capital expenditure, resulting in a leverage ratio of 0.88x, down from 1.03x in 2025, and below the Group's target of 1x.
·	The Directors have proposed a final dividend of 7.2p per share (up 5.9%) to be paid on 9 September 2026 to shareholders on the register as at 14 August 2026 following the approval at the AGM.

Group Franchise and Corporate Store Sales ('System Sales')

A key metric for measuring the revenue performance of the Group is system sales. This is the sales of finished products to the customers of the franchisees and corporate stores in the Group. These sales are either generated instore or online through the Group's e-commerce platform. Total system sales increased by 27.7% to £111.27m (2025: £87.10m). The increase was a result of a 12.4% increase in system sales for Cake Box and a maiden contribution of £14.33m (2025: £0.84m) system sales for Ambala. 

The increase in Cake Box system sales was generated from:

·	4.8% like-for-like growth in the mature store estate
·	additional sales from stores opened during 2025
·	sales from the 25 new stores opened during 2026 (2025: 26).

Reported Group Revenue

Group revenue consists of products and ingredients sold to franchisees, revenue invoiced for new store builds, recharges to franchisees and sales of Asian confectionary and savoury products through the Ambala corporately owned and franchised stores.

Reported Group revenue (including Ambala) for 2026 increased by 39.5% to £59.69m (2025: £42.78m). Group revenue from Cake Box increased by 9.3%, due to the increase in franchise store sales as well as the addition of 25 new franchise stores opening in the period. This was a very pleasing outcome, considering the continued challenging economic environment, with consumer confidence still under pressure from high interest rates, utility costs and inflation.

Ambala contributed £14.14m to Group revenue in its first full year following the acquisition.

Gross Profit

Gross profit as a percentage of Group revenue at 57.4%, was 4.9 percentage points above 2025. Cake Box gross profit margin was 53.2%, 0.5 percentage points above 2025. Ambala's gross profit was 69.9%, driven by corporate store margins. As the Ambala store estate grows through franchising, the Company expects that the gross profit margins will align more to the margins experienced in Cake Box.

In Cake Box, product margins, for food and non-food items sold to franchisees, marginally decreased to 52.6% (2025: 53.2%), as the Group absorbed certain input price increases through the financial period. Raw material costs remained stable during the year, as the Group continued to benefit from its strategy of having multiple suppliers for its main ingredients, enabling it to maintain competitive pricing.

This supplier strategy enabled the Group to minimise the increase in pricing to its franchisee partners, which in turn-maintained margins in franchised stores. Pricing increases to customers were carefully reviewed to ensure Cake Box remained competitive in the continued challenging economic climate throughout the year. The Group benefits through increased volumes from new customers drawn to the brand, which in turn increases the operational gearing of the depots.

Underlying EBITDA

Underlying EBITDA increased 41.6% to £12.36m (2025: £8.73m) as a result of the increased operational gearing of the Group during the period, as well as £1.85m maiden full year underlying EBITDA from Ambala.

Cake Box's underlying EBITDA increased 21.7% to £10.51m (2025: £8.64m). This was due to the increase in overheads of 3.0%, being well below the increase in revenues of 9.3% and gross profit of 10.3%.

Reported EBITDA was £10.55m compared to £7.54m for 2025. The difference between Reported and Underlying EBITDA is due to the non-underlying items reported in both periods. The Group incurred £1.81m of non-underlying charges in the financial period, the majority of which related to the impairment of intangible assets. The exceptional item of £1.19m in 2025 predominantly consisted of one-off costs relating to the acquisition of Ambala in March 2025.

		52 weeks ended 29 March 2026	52 weeks ended 30 March 2025 (restated)	Change
		£m	£m
Reported operating profit		8.33	6.17	35.0%
Depreciation & amortisation		2.22	1.37
Reported Group EBITDA		10.55	7.54	39.9%
Non-underlying items		1.81	1.19
Underlying Group EBITDA		12.36	8.73	41.6%
Underlying Group EBITDA attributable to:
Cake Box		10.51	8.64	21.7%
Ambala Foods Limited		1.85	0.09	1853.3%
Underlying Group EBITDA		12.36	8.73	41.6%

2026 was the maiden full year contribution from Ambala, acquired on 21 March 2025.

Non-underlying items

The non-underlying items of £1.81m for the period, relates to £0.16m (2025: £1.19m) of professional fees incurred during 2026 relating to the acquisition of Ambala, which completed on 21 March 2025 and £1.65m for the impairment of intangible assets in the financial period.

During the financial year and as a result of the acquisition of Ambala, the Group reviewed its useful life of certain intangible assets, most notably the ERP and Website intangible assets. The acquisition has changed the scale, structure and system requirements of the Group and therefore rendered the existing ERP development unsuitable for the enlarged Group. Furthermore, the Group conducted a full review of the suitability of its website, which included security, following the high-profile cyber issues experienced by very well-known high-street brands. The review also included the most relevant and suitable e-commerce technology available in the marketplace, compared to its e-commerce capabilities. Following this full and intensive review, the Group made the decision to transition to the Shopify e-commerce platform. This shift is designed to reduce reliance on bespoke development, lower total cost of ownership, and provide the business with greater control, agility, and speed in delivering ongoing improvements.

The non-underlying items of £1.19m for 2025 related to one-off professional fees, due diligence and other costs relating the acquisition of Ambala.

Balance sheet

The Group's net assets have grown from £26.72m to £27.99m. Non-current assets have increased from £44.75m to £47.43m, mainly due to the capex spend of £3.19m and assets under construction of £2.57m, offset by depreciation and amortisation charges of £2.22m in the financial year.

The non-current liabilities have decreased from £21.67m to £19.35m, as a result of £2.05m repayment of the Group's debt facilities, of which £2.0m relates to the £15.2m new term loan to partly finance the purchase of Ambala in 2025.

Cash balances of £2.45m are £3.88m lower than prior period (2025: £6.33m). The Group's net debt of £10.84m (2025: £9.02m) at 29 March 2026, was 0.88x (2025: 1.03x) of underlying EBITDA.

As the Group predominantly operates a franchise model, it has relatively low capital expenditure requirements and a flexible cost base.

The Board is confident that the Group's cash levels, and liquidity are sufficient for the operational requirements of the Group.

Property

At each year end, surveyors are instructed to value the Company's four freehold depots, Enfield, Bradford, Coventry and Welwyn Garden City, to ensure a consistent value base. The new valuation has resulted in a further uplift of £0.33m in the reported values of the four sites for the consolidated report and accounts.

Taxation

The effective rate of taxation was 23.9% (2025: 30.2%). The effective tax rate was lower than the statutory rate due to adjustments relating to prior periods, partially offset by expenses not allowable for tax purposes.

Earnings per share ('EPS')

Reported basic and diluted earnings per share were 15.9% and 14.4% above the prior financial period respectively, at 11.86p (2025: 10.23p) and 11.41p (2025: 9.97p). Reported profit after tax ('PAT') was 27.2% above the prior year.

Underlying basic and diluted earnings per share was 15.97p (2025: 13.18p) and 15.36p (2025: 12.85p) respectively. These were 21.1% and 19.6% ahead of the prior financial period respectively. This is after the adjustment for the non-underlying items of £1.81m in the current financial period, compared to non-underlying items of £1.19m, in the prior period.

The number of shares in issue as at 29 March 2026, was 44,000,000. This is 4,000,000 above the Company's IPO in June 2018, due to the share issue to partly fund the acquisition of Ambala in March 2025.

Dividend

As a result of the significant profit growth and cash generation reported for the 2026 financial period, the Board is pleased to recommend a final dividend of 7.2p per share (2025: 6.80p). The total dividend for the year will total 10.8p (2025: 10.20p), a 5.9% increase year on year, continuing the progressive dividend policy employed by the Board. The dividend cover is 1.48x (2025: 1.29x) based on underlying basic earnings per share.

If approved by the shareholders at the Company's AGM on 2 September 2026, the final dividend of 7.2p will be paid on 9 September 2026. The record date for shareholders on the register will be 14 August 2026, with an ex-dividend date of 13 August 2026.

Cash position

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025 (restated)
	£m	£m
EBITDA	10.55	7.54
Non-underlying items	1.81	1.19
Underlying EBITDA	12.36	8.73
Add back:
Working capital	(0.74)	0.19
Share-based charge	0.30	0.22
Net interest	(1.47)	(0.28)
Corporation tax	(0.92)	(1.79)
Free cash flow	9.53	7.07
Capex	(5.94)	(3.07)
Proceeds on sale of assets	0.04	0.02
Ambala freehold	-	(6.32)
Acquisition of subsidiary - Ambala	-	(15.94)
Acquisition costs	(0.16)	(0.74)
New share issue	-	7.20
Costs directly attributable to share issue	-	(0.47)
Dividends	(4.58)	(3.80)
Repayment of finance leases	(0.71)	(0.28)
Movement in net surplus cash	(1.82)	(16.33)
Opening net surplus cash	(9.02)	7.31
Closing net (debt)/ surplus cash	(10.84)	(9.02)

Underlying EBITDA of £12.36m was £3.63m above the prior financial period (2025: £8.73m). Free cash flow was impacted by an increase of £1.19m in net interest paid and an increase of £0.93m in working capital. Interest paid increased due to the new debt facilities for the acquisition of Ambala and working capital increased as a result of the timing of new store invoicing at the end of the financial year.

Free cash flow generated was £9.53m (2025: £7.07m), this was offset by £5.94m of capital expenditure (2025: £3.07m), which included £2.57m for the new Bradford warehouse, classified under assets-under- construction, and returns to shareholders through dividends of £4.58m (2025: £3.8m).

The Group had £2.45m of cash and cash equivalents at year end, a £3.88m decrease on the prior financial period (2025: £6.33m). The Group's net debt position was £10.84m (2025: £9.02m), a £1.82m increase on the prior financial period. This increase is predominantly due to the funding of the new Bradford warehouse out of existing cash balances.

Net cash position is calculated by taking the cash and cash equivalents less the outstanding mortgage debt relating to the Group's freehold properties and term loans from its corporate bankers.

Capital employed and balance sheet

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025 (restated)
	£m	£m
Goodwill	13.84	14.00
Intangible assets	1.65	2.41
Property, plant and equipment	24.65	20.64
Right-of-use-assets	5.78	5.97
Other financial assets	3.25	3.06
Lease liabilities	(6.13)	(6.15)
Provisions	(0.35)	(0.34)
Working capital	0.73	0.02
Net debt	(10.84)	(9.02)
Tax	(4.59)	(3.87)
Net assets	27.99	26.72

Property, plant and equipment increased by £4.01m, due to additions of £2.57m for assets under construction and £3.19m for further capex spend across the Group, offset by £1.34m of depreciation charged for the year. Right-of-use assets has decreased by £0.19m, as a result of £0.68m increase in Ambala store leases, offset by the amortisation charge of £0.87m for the year.

Loans to franchisees increased by £0.19m during the financial year, predominantly due to bridging loans granted to franchisees for new store openings at the end of the financial period. These bridging loans were repaid in the first quarter of the new financial period.

Provisions relate to the dilapidation provision in Ambala, for future dilapidation charges under the store lease agreements.

Working capital increased by £0.71m, due to a decrease of £0.06m in inventories, an increase of £3.10m in accounts receivable, offset by an increase of £2.33m in accounts payable. The increase in accounts receivable is due to the timing of opening of new stores and the invoicing for stores in build at the financial year end.

Outlook and current trading

Cake Box has entered the new financial year with positive momentum. Early trading in 2027 has been encouraging, with total system sales ahead of the prior year.

With a strengthened store estate, a growing digital platform and the integration of Ambala well progressed, the Group is well positioned to build on the progress made during 2026. The focus remains on expanding the Group's physical and digital footprint, strengthening customer engagement and unlocking further operational efficiencies.

The Company  is confident in the resilience of its business model, supported by investment in the Group's online offering, a growing store estate, and a strong pipeline of franchise opportunities. However, the Board remain mindful of an uncertain macroeconomic environment, including geopolitical developments and continue to monitor inflationary pressures and consumer sentiment.

The combination of Cake Box and Ambala provides an excellent opportunity for future growth. They bring together complementary brands, an expanded product range and increased operational scale, positioning the Group to capitalise on market opportunities while maintaining a clear focus on profitability, cash generation and long-term shareholder value.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE 52 WEEKS ENDED 29 MARCH 2026

Company Registration No. 08777765

	Note	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025 (restated)
		£	£
Revenue	3	59,690,169	42,780,626
Cost of sales	5	(25,415,500)	(20,323,680)
Gross profit		34,274,669	22,456,946
Administrative expenses before non-underlying items	4	(24,138,472)	(15,105,112)
Impairment of receivables - writeback	4	-	5,000
Non-underlying items	10	(1,807,709)	(1,189,462)
Total administrative expenses	4	(25,946,181)	(16,289,574)
Operating profit		8,328,488	6,167,372
Finance income	6	25,154	149,395
Finance expense	6	(1,498,010)	(433,567)
Profit before income tax		6,855,632	5,883,200
Income tax expense	11	(1,637,690)	(1,779,648)
Profit after income tax		5,217,942	4,103,552
Other comprehensive income for the year
Items that will not be subsequently reclassified to profit or loss:
Revaluation of freehold property	13	332,469	154,907
Deferred tax on revaluation of freehold property	12	(83,117)	(38,727)
Total other comprehensive income for the year		249,352	116,180
Total comprehensive income for the year		5,467,294	4,219,732
Attributable to:
Equity holders of the parent		5,467,294	4,219,732
Earnings per share
Basic - pence	35	11.86	10.23
Diluted - pence	35	11.41	9.97

The notes form an integral part of these financial statements.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 29 MARCH 2026

Company Registration No. 08777765

	Note	As at 29 March 2026	As at 30 March 2025 (restated)
		£	£
Assets
Non-current assets
Goodwill	14	13,842,933	13,999,682
Intangible assets	14	1,651,782	2,412,202
Property, plant and equipment	13	24,476,034	20,636,295
Right-of-use-assets	15	5,779,412	5,974,944
Other financial assets	19	1,683,321	1,721,900
		47,433,482	44,745,023
Current assets
Inventories	17	3,600,971	3,657,778
Trade and other receivables	18	8,842,431	5,415,395
Other financial assets	19	1,568,446	1,335,998
Cash and cash equivalents	33	2,450,143	6,325,774
Current assets excluding assets classified as held for sale		16,461,991	16,734,945
Assets classified as held for sale	16	174,581	-
Total current assets		16,636,572	16,734,945
Total Assets		64,070,054	61,479,968
Equity and liabilities
Equity
Issued share capital	20	440,000	440,000
Capital redemption reserve	21	40	40
Share premium account	21	6,691,995	6,691,995
Share option reserve	21	739,151	365,479
Revaluation reserve	21	3,982,570	3,733,218
Retained earnings	21	16,133,839	15,491,897
Equity attributable to the owners of the parent company		27,987,595	26,722,629
Current liabilities
Trade and other payables	25	11,716,323	9,052,595
Lease liabilities	15	746,915	688,363
Short-term borrowings	24	2,127,167	2,053,091
Current tax payable		1,795,735	953,949
Provisions	26	349,281	335,864
		16,735,421	13,083,862
Non-current liabilities
Lease liabilities	15	5,378,548	5,461,384
Borrowings	24	11,165,980	13,293,581
Deferred tax liabilities	12	2,802,510	2,918,512
		19,347,038	21,673,477
Total Equity and liabilities		64,070,054	61,479,968

The notes form an integral part of these financial statements.

The financial statements were approved and authorised for issue by the Board on 30 June 2026 and signed on its behalf by:

S R Chamdal                                                                                                                        

Director

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 52 WEEKS ENDED 29 MARCH 2026

	Note	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025 (restated)
		£	£
Cash flows from operating activities
Profit before income tax		6,855,632	5,883,200
Adjusted for:
Depreciation of property, plant, and equipment	4 & 13	1,317,154	939,499
Amortisation of intangible assets	4 & 14	27,169	136,621
Depreciation of right-of-use assets	4& 15	880,385	299,940
Impairment of intangible assets	10	1,651,334	176,935
Profit on disposal of property, plant, and equipment	5	(26,061)	(21,390)
Share based payment expense	7	295,392	215,381
Finance income	6	(25,154)	(149,395)
Finance costs	6	1,498,010	433,567
Decrease in inventories		56,807	296,596
(Increase) in trade and other receivables		(3,094,928)	(192,348)
(Increase) in other financial assets		(193,869)	(2,005,711)
Increase in trade and other payables		2,488,369	2,105,455
Increase in provisions		13,417	-
Cash generated from operations		11,743,657	8,118,350
Taxation paid		(916,742)	(1,791,721)
Net cash inflow from operating activities		10,826,915	6,326,629
Cash flows from investing activities
Acquisition of subsidiary net of cash acquired		-	(15,665,318)
Purchase of new subsidiary freehold	13	-	(6,319,860)
Purchases of property, plant and equipment	13	(2,267,604)	(1,004,971)
Additions in intangible assets	14	(915,328)	(1,008,303)
Purchase of assets under construction	13	(2,571,296)	(1,052,175)
Assets held for sale	16	(174,581)	-
Proceeds from sale of property, plant and equipment		37,781	25,031
Finance income	6	25,154	149,395
Net cash outflow from investing activities		(5,865,874)	(24,876,201)
Cash flows from financing activities
Proceeds from issues of shares and other equity securities		-	7,200,000
Costs directly attributable to share issue		-	(468,005)
Repayment of finance leases		(709,137)	(280,425)
Repayment of borrowings		(2,053,525)	(740,788)
New borrowings		-	14,943,866
Dividends paid	8	(4,576,000)	(3,800,000)
Finance cost	6	(1,498,010)	(433,567)
Net cash (outflow)/inflow from financing activities		(8,836,672)	16,421,081
Net decrease in cash and cash equivalents		(3,875,631)	(2,128,491)
Cash and cash equivalents at 30 March 2025		6,325,774	8,454,265
Cash and cash equivalents at 29 March 2026	33	2,450,143	6,325,774

The notes form an integral part of these financial statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE 52 WEEKS ENDED 29 MARCH 2026

	Attributable to the owners of the Parent Company
	Share capital	Capital redemption reserve	Share premium account	Share option reserve	Revaluation reserve	Retained earnings (restated)	Total
	£	£	£	£	£	£	£
At 31 March 2024	400,000	40	-	95,266	3,617,038	15,188,345	19,300,689
Profit for the year	-	-	-	-	-	4,373,292	4,373,292
Revaluation of freehold property	-	-	-	-	154,907	-	154,907
Deferred tax on revaluation of freehold property	-	-	-	-	(38,727)	-	(38,727)
Total comprehensive income for the year	-	-	-	-	116,180	4,373,292	4,489,472
Prior year adjustment	-	-	-	-	-	(269,740)	(269,740)
Transactions with the owners in their capacity as owners
Share-based payments	-	-	-	215,381	-	-	215,381
Deferred tax on share-based payments	-	-	-	54,832	-	-	54,832
Shares issued during the financial period	40,000	-	7,160,000	-	-	-	7,200,000
Costs directly attributable to share issue	-	-	(468,005)	-	-	-	(468,005)
Dividends paid	-	-	-	-	-	(3,800,000)	(3,800,000)
At 30 March 2025 (restated)	440,000	40	6,691,995	365,479	3,733,218	15,491,897	26,722,629
Profit for the year	-	-	-	-	-	5,217,942	5,217,942
Revaluation of freehold property	-	-	-	-	332,469	-	332,469
Deferred tax on revaluation of freehold property	-	-	-	-	(83,117)	-	(83,117)
Total comprehensive income for the year	-	-	-	-	249,352	5,217,942	5,467,294
Transactions with the owners in their capacity as owners
Share-based payments	-	-	-	295,392	-	-	295,392
Deferred tax on share-based payments	-	-	-	78,280	-	-	78,280
Dividends paid	-	-	-	-	-	(4,576,000)	(4,576,000)
At 29 March 2026	440,000	40	6,691,995	739,151	3,982,570	16,133,839	27,987,595

The notes form an integral part of these financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE 52 WEEKS ENDED 29 MARCH 2026

1.   General information

Cake Box Holdings Plc is a listed company limited by shares, incorporated in England and Wales, with company number 08777765 and domiciled in the United Kingdom. Its registered office is 20 - 22 Jute Lane, Enfield, Middlesex, EN3 7PJ.

The financial statements cover Cake Box Holdings Plc ('Company') and the entities it controlled at the end of, or during, the financial year (referred to as the 'Group').

The Group is a specialist retailer of fresh cream cakes, Asian confectionary and savoury products and franchise operator.

2.   Material accounting policy information

2.1        Basis of preparation of financial statements                                        

The financial information set out in this statement does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. This set of financial results was approved by the Board on 29 June 2026. The financial information for the 52 weeks ended 29 March 2026 and the year ended 30 March 2025 have been extracted from the statutory accounts for each year. The auditor's report on the 2026 statutory accounts was (i) unqualified, (ii) did not include references to any matters to which the auditor drew attention by way emphasis without qualifying its reports and (iii) did not contain statements under section S498(2) or S498(3) of the Companies Act 2006.

While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards, this announcement does not itself contain sufficient information to comply with those standards. The Company expects to publish full financial statements that comply with International Financial Reporting Standards in August 2026.

The consolidated financial statements for the 52 weeks ended 29 March 2026 have been prepared in accordance with United Kingdom adopted International Financial Reporting Standards (UK adopted IFRS) and those parts of the Companies Act 2006 that are applicable to companies which apply UK adopted IFRS.

The consolidated financial statements have been prepared under the historical cost convention, other than freehold land and buildings which are measured at fair value.

The numbers presented in the financial statements have been rounded to the nearest pound (£) unless otherwise stated.

Prior-period restatement

In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, management has identified and corrected errors in the acquisition accounting for Ambala Foods Limited, together with an unadjusted error carried forward from the 2025 audit.

(a)  Nature of the prior-period errors:

·

Professional and legal fees of £269,740 that were directly attributable to the Ambala acquisition were previously capitalised within goodwill. These have now been recognised within administrative expenses in accordance with IFRS 3:53, which requires such costs to be expensed as incurred. This has resulted in a decrease in goodwill and a corresponding increase in administrative expenses. This was an uncorrected and immaterial error in the 2025 audit.

·

Section 458 CTA 2010 obligation under the Share Purchase Agreement ('SPA'): Under Clause 4.4 of the SPA, the Group is required to pay the former Ambala shareholders an amount equal to any corporation-tax refund received by Ambala relating to loans previously taxed under Section 455 CTA 2010. Ambala recognised a £506,280 corporation-tax receivable at completion; however, the corresponding obligation for Cake Box Holdings plc to pass this amount to the sellers was not recorded. This correction increases goodwill and recognises the related liability within accruals. This item is individually material and therefore the prior-year figures have been restated.

(b)  Amount of the corrections for the Statement of Financial Position for the prior financial period ending 30 March 2025

Financial-statement line item	Previously reported	Adjustment	Restated
	£	£	£
Goodwill	13,763,142	236,540	13,999,682
Trade and other payables	8,546,315	506,280	9,052,595
Administrative expenses	(16,019,834)	(269,740)	(16,289,574)
Retained earnings	15,761,637	(269,740)	15,491,897

(c)  Amount of the corrections for the Cash flow Statement for the prior financial period ending 30 March 2025

Cash Flow statement line item	Previously reported	Adjustment	Restated
	£	£	£
Profit before income tax	6,152,940	(269,740)	5,883,200
Acquisition of subsidiary	(15,935,058)	269,740	(15,665,318)

     Explanation of movements in cash flow:

·	Profit before income tax: Reflects the prior-year uncorrected error now corrected through profit or loss. Acquisition-related costs were previously capitalised in goodwill but have now been expensed.
·	Acquisition of subsidiary (net of cash acquired): Impact of the above adjustment, which was previously included within this line.

(d)  Earnings per share - IAS 33

The correction to administrative expenses reduces prior-year basic and diluted EPS by 0.67 pence, to 10.23 pence and 9.97 pence respectively.

(e)  Correction at the beginning of the earliest period presented

The cumulative effect of the corrections on equity at 31 March 2024 (the opening balance of the earliest comparative period presented) was £NIL, as the Ambala acquisition occurred after that date.

Goodwill and other intangible assets arising from business combinations

Goodwill arising on consolidation represents the excess of the fair value of the consideration given over the fair value of the identifiable net assets acquired. Goodwill is capitalised on the balance sheet and subject to an annual impairment test, or more frequently if there are indicators of impairment. Impairments to goodwill are charged to the income statement in the period in which they arise.

Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. The Group determines whether a particular set of activities and assets is a business by assessing whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.

The carrying amounts of the Group's non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. For goodwill, the recoverable amount is estimated each period end at the same time.

Acquisition costs that are directly attributable to the business combination are expensed in the income statement.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit"). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units, or ("CGU"). Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are disaggregated so that the level at which impairment is tested reflects the lowest.

An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Judgements

The preparation of financial statements under IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis and any revision to estimates or assumptions are recognised in the period in which they are revised and in future periods affected.

Expected Credit Loss Allowance

The Group exercises judgement in relation to the calculation of expected credit losses on trade receivables and franchisee loans. This includes ascertaining what constitutes a significant increase in credit risk, what is defined as loan default and how forward-looking information has been incorporated into the simplified approach for trade receivables. Please see note 30 for further details.

Key sources of estimation uncertainty

The following areas of estimation uncertainty which have had the most significant effect on amounts recognised in the financial statements:

Provisions

Provisions are recognised when there is a present legal or constructive obligation as a result of past events for which it is probable that an outflow of economic benefit will be required to settle the obligation and where the amount of the obligation can be reliably measured. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, considering the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows if the impact of discounting at a pre-tax rate is material.

The provisions provided for by the Group relate to dilapidation clauses within the lease agreements for the corporate Ambala stores. The lease agreements require that the premises are repaired, maintained and returned in good condition at the end of the lease.  Management used judgement in respect of potential costs and estimates to calculate the quantum of the potential costs. The estimated dilapidation expense has been discounted back over the remaining terms of the individual leases.

Freehold property

Freehold properties are held at valuation. When measuring the fair value of an asset or liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

·	Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
·	Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e.as prices) or indirectly (i.e. derived from prices).
·	Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The fair value of the freehold investment property, held in a subsidiary company, was determined by external, independent property valuers, having appropriate recognised professional qualifications and recent experience in the location and category of the property being valued. The independent valuers provide the fair value of the Group's investment property portfolio every 12 months.

Goodwill and other intangible assets arising from business combinations

On 21 March 2025 the Group acquired 100% of the voting equity instruments of Ambala Food Limited. Accounting for the acquisitions has required management to exercise judgement and make estimations in several areas as set out below. When the Group obtains control of a business, the business combination is accounted for using the acquisition method of accounting. By applying this method all assets acquired, and liabilities assumed are to be measured at fair value at acquisition date. The excess of the purchase consideration over the fair value of the identifiable assets, liabilities and contingent liabilities acquired (if any) is recognised as goodwill.

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. Goodwill is not amortised but is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group's cash-generating units (CGUs) that are expected to benefit from the combination.

Impairment is determined by comparing the recoverable amount of a CGU with the carrying amount, including goodwill. If the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the income statement and is not reversed in subsequent periods. If the fair values of the net assets and liabilities assumed are more than the purchase consideration, the excess is recognised as a bargain purchase gain immediately in profit or loss.

The same discounted cash flow model and key assumptions used to assess the recoverable amount of goodwill are also used to assess the recoverable amount of the Company's investment in subsidiaries for impairment. Accordingly, both the Group's goodwill and the Company's investment in subsidiaries are sensitive to changes in assumptions relating to forecast cash flows, EBITDA growth rates, terminal growth rates and discount rates. Changes in these assumptions could result in a material impairment charge and therefore these balances represent a key source of estimation uncertainty.

2.2        Functional and presentation currency

The currency of the primary economic environment in which the Parent and its subsidiaries operate (the functional currency) is Pound Sterling ("GBP or £") which is also the presentation currency.

2.3        Basis of consolidation

Subsidiaries

Subsidiaries are entities controlled by the Group. The Group 'controls' an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.

Changes in the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated.

A list of the significant investments in subsidiaries, including the name, country of incorporation and proportion of ownership interest is given in note 32 to the Company's separate financial statements.

2.4        Application of New and Revised IFRS's

The following new and amended IFRS standards and interpretations became effective for the Group's annual reporting period beginning 31 March 2025 and have been adopted in preparing these financial statements. None of these amendments had a material effect on the amounts recognised or disclosures made in these financial statements.
Standard / Amendment	Effective date	Description	Impact on Group
Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments	1 January 2026 (early adopted for periods beginning on or after 1 January 2025)	Clarifies the classification of financial assets with ESG-linked features and financial liabilities settled via electronic transfer. Introduces new disclosures for equity instruments designated at FVOCI.	No material impact. The Group's financial instruments are straightforward in nature and existing classifications are consistent with the clarified requirements.
Amendments to IAS 21 - Lack of Exchangeability	1 January 2025	Provides guidance on how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking.	No impact. The Group's operations and transactions are denominated in sterling. The Group has no exposure to currencies that may lack exchangeability.
Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1, IAS 8, IAS 36 and IAS 37 - Disclosures about Uncertainties in the Financial Statements	Published in November 2025 and is effective immediately with transitional reliefs.	Addresses potential inconsistences that may arise between the financial statements and the sustainability report, particularly climate-related uncertainties.	No material impact on the Group's financial statements.
Annual Improvements to IFRS Accounting Standards - Volume 11	1 January 2026 (where applicable to periods beginning 1 January 2025)	Minor clarifications and corrections to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7.	No material impact on the Group's financial statements.

The following new and amended standards and interpretations have been issued by the IASB but are not yet effective and have not been early adopted by the Group. The Directors have assessed the potential impact of each standard on the Group's financial statements where that assessment is practicable. Standards are effective for annual periods beginning on or after the dates shown below, subject to endorsement by the UK Endorsement Board (UKEB) where indicated.
Standard / Amendment	Effective date	Description	Expected impact on Group
IFRS 18 - Presentation and Disclosure in Financial Statements (replacing IAS 1)	1 January 2027	Introduces new requirements for the structure of the income statement, including defined subtotals (operating profit, profit before financing and income tax), and a management-defined performance measure (MPM) framework requiring enhanced disclosure of non-GAAP measures communicated to users outside the financial statements.	The Directors are assessing the impact. It is anticipated that adoption will require changes to the presentation of the income statement and additional disclosures in respect of any management performance measures referenced in public communications, but is not expected to affect the measurement of assets, liabilities, income or expenses.
Annual Improvements to IFRS Accounting Standards - Volume 11 (remaining amendments)	1 January 2026	Remaining minor clarifications and corrections not yet adopted, including amendments to IFRS 1 first-time adoption provisions.	No material impact expected.

2.5 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker ('CODM'). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive directors that make strategic decisions. Whilst the Group's trading has numerous components, following the acquisition of Ambala, the CODM is of the opinion that there are two operating segments. This is in line with internal reporting provided to the executive directors.

2.6        Going concern

The Directors pay careful attention to the cost base of the Group ensuring not only that it is kept at a level to satisfy the commercial requirements but also that it remains appropriate to the level of activity of the Group and the financial resources available to it.

The current cash balance was as at 29 March 2026 £2.45m (2025: £6.33m), and the Group continues to be cash generative.

Based on the current working capital forecast, there is no need to raise additional funds as the Group considers that it is in a position where the scenario of not meeting liabilities is remote. After making enquiries and considering the assumptions upon which the forecasts have been based, the directors have a reasonable expectation that the Group has adequate resources to

continue in operational existence for the period of at least twelve months from the date of approval of these financial statements. For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.   

2.7        Revenue recognition

The Group recognises revenue from the following major sources:

·	Sale of sponges, fresh cream and other foods and goods to franchisees
·	Franchise packages
·	Sales of Asian confectionary and savoury products

Sale of sponges and related ingredients to franchisees

For sales of goods to franchisees, revenue is recognised when control of the goods has transferred, being at the point at which the goods are dispatched and delivered, which occurs on the same day. Payment of the transaction price is due within 7 days after statements are forwarded to franchisees. The Group actively works with its franchisees to ensure credit terms are met and if terms are required to be extended a suitable debt recovery plan is agreed. 

Franchise packages

            The franchise packages consist of revenues which relate to pre- and post-opening costs mainly for store fit-out; and initial set up costs for pre-opening support, and franchisee and staff training.

The pre- and post-opening costs are required to get the new franchisee trading and are therefore recognised at a point in time which is at the end of the period in which trading commences.

Each package is tailored to a specific franchisee's needs and elements can be added or removed as appropriate which will affect the price. The performance obligation of the Group is met, when the store is handed over to the franchisee and he/she accepts it and commences trading. The franchisee is then obligated to settle the invoices raised by the Group for the costs incurred by the Group in getting the store in a position where it can start trading. Included in the franchise packages, is a franchise fee, the amount of which will depend on whether it is a new or existing franchisee opening the new store.

Holding deposits received from franchisees for new stores are not treated as revenue when received. The deposits are held under 'Other Payables' in the Group's financial statements. If the new store is completed and the franchisee accepts it and commences trading, the deposit is allocated against the costs associated with the new store and recognised as revenue at this point. If the new store does not proceed, the deposit is refunded to the franchisee.

Sales of Asian confectionary and savoury products

​For sales of Asian confectionary and savoury products, revenue is recognised in the Point-Of-Sale software in stores, when payment (cash or credit/debit card) is received from the customer. Online sales are recognised when payment is received via credit and debit cards from customers. For wholesale sales to stockists, sales are recognised when invoiced to third parties.

2.8       Current and deferred taxation

            Current tax liabilities

Current tax for the current and prior periods is, to the extent unpaid, recognised as a liability. If the amount already paid in respect of the current and prior periods exceeds the amount due for those periods, the excess is recognised as an asset, limited to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised.

A provision is recognised for those matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable.

No material uncertain tax positions exist as at 29 March 2026. This assessment relies on estimates and assumptions and may involve a series of complex judgements about future events. To the extent that the final tax outcome of these matters is different from the amounts recorded, such differences will impact income tax expense in the period in which such determination is made.

Current taxes are calculated using tax rates and laws that are enacted or substantively enacted at the reporting date.

Deferred Tax

Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and their corresponding tax bases (known as temporary differences). Deferred tax liabilities are recognised for all temporary differences that are expected to increase taxable profit in the future. Deferred tax assets are recognised for all temporary differences that are expected to reduce taxable profit in the future, and any unused tax losses or unused tax credits, limited to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised.

The net carrying amount of deferred tax assets is reviewed at each reporting date and is adjusted to reflect the current assessment of future taxable profits. Deferred tax is calculated at the tax rates that are expected to apply to the taxable profit (tax loss) of the periods in which the Group expects the deferred tax asset to be realised or the deferred tax liability to be settled.

Deferred taxes are calculated using tax rates and laws that are enacted or substantively enacted at the reporting date that are expected to apply as or when the temporary differences reverses.

A deferred tax asset is recognised in respect of share-based payments to the extent that the tax deduction is probable, and it relates to services already received.

The asset is measured based on the expected future tax deduction under the applicable tax rules (e.g. intrinsic value of share options at exercise), even if the expense is recognised in equity for accounting purposes. Any excess between the tax deduction and accounting expense is recognised in equity.

In a business combination, deferred tax is recognised on identifiable assets acquired and liabilities assumed, where there is a difference between the fair value and tax base at acquisition. For example, deferred tax liabilities have been recognised on acquired intangible assets where the fair value uplift exceeds their tax base. These liabilities are recognised as part of the business combination accounting and increase the net identifiable liabilities, which in turn increases the amount of goodwill recognised.

Deferred tax is not recognised on:

·	the initial recognition of goodwill, because goodwill is a residual and not an identifiable temporary difference
·	temporary differences arising on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit nor taxable profit

Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities, and they relate to income taxes levied by the same taxation authority on the same taxable entity.

Tax Expense

Income tax expense represents the sum of the tax currently payable and deferred tax movement for the current period. The tax currently payable is based on taxable profit for the year.

Income taxes are recognised in profit or loss unless they relate to items recognised in other comprehensive income or equity, in which case the income tax is recognised in other comprehensive income or equity respectively.

2.9        Property, Plant and Equipment - held at cost

Property, plant and equipment, other than freehold properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged to allocate the cost of assets less their residual value over their estimated useful lives, using the straight‑line method.

Depreciation is provided on the following annual basis:

Freehold buildings	-	Over 40 to 50 years
Freehold property improvements	-	Over 4 to 30 years
Plant & machinery	-	Over 4 to 15 years
Motor vehicles	-	4 years
Fixtures & fittings	-	Over 4 to 12 years
Assets under construction	-	Not depreciated

Assets under the course of construction are carried at cost less any recognised impairment loss. Depreciation of these assets commences when the assets become available for use.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit or loss.

2.10      Property, plant and equipment - held at valuation

Individual freehold properties are carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at each Consolidated Statement of Financial Position date.

Fair values are determined by an independent valuer and updated by the Directors from market-based evidence.

Revaluation gains are recognised in Other Comprehensive Income. Revaluation losses are

recognised in the profit and loss, unless the losses relate to previously recognised gains, in which case it will be recognised in Other Comprehensive Income. Any excess losses are recognised in the profit or loss.

2.11      Inventories

Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

2.12      Financial instruments

Recognition of Financial Instruments

Financial assets and financial liabilities are recognised when the Group becomes party to the contractual provisions of the instrument.

Trade and other receivables

Trade and other receivables without a significant financing component are initially measured at transaction price which approximates fair value at the transaction date. All sales are made on the basis of normal credit terms, and the receivables do not bear interest. Where credit is extended beyond normal credit terms, receivables are measured at amortised cost using the effective interest method. All trade receivables are subsequently measured at amortised cost.  At the end of each reporting period, the carrying amounts of trade and other receivables are reviewed. Impairment allowance for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such allowances are recorded in a separate allowance account with the loss being recognised in the statement of profit or loss. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.

Other financial assets

            Included in other financial assets are loans to franchisees. These loans are interest free, however include an arrangement fee, at the discretion of the Group, which is spread over the term of the loan. These loans have been discounted to fair value using a market rate. The impact of this discounting has been recognised in finance costs. At the end of each reporting period, the carrying amounts of other financial assets are reviewed on an individual balance basis and appropriate impairments are made if losses are anticipated. If a previously impaired

balance is subsequently received, the impairment is reversed through the profit and loss. See notes 29 and 30 for further details.

Trade and other payables

Trade and other payables are initially measured at fair value and subsequently at amortised cost. Trade payables are obligations on the basis of normal credit terms and do not bear interest. Trade payables denominated in a foreign currency are translated into Sterling using the exchange rate at the reporting date. Foreign exchange gains or losses are included in other income or other expenses.

Bank loans and overdrafts

All borrowings are initially recorded at fair value, net of transaction costs. Borrowings are subsequently carried at amortised cost under the effective interest method (EIR). The EIR method amortises transaction costs and spreads interest expense over the relevant period, so that the interest expense in each period represents a constant rate on the carrying amount of the liability. Interest expense on the term loan is recognised in profit or loss within finance costs using the EIR. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

2.14      Finance costs and income

Finance costs are charged to the profit and loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Transaction costs are deducted from the amount of the borrowing at initial recognition and are part of the effective interest recognised in profit or loss.

Finance income is charged to the profit and loss on receipt or accrued if there is a signed agreement in place.

2.15      Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and deposits with maturities of three months or less from inception, 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 changes in value.

Cash in transit, such as deposits sent to the bank, but not yet cleared or settled at the reporting date, is included in cash and cash equivalents where the Group retains the risks and rewards of ownership.

            2.16 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.

2.17      Leases

The Group assesses whether a contract is, or contains, a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed.

 The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the Group's incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

·	fixed lease payments (including in-substance fixed payments), less any lease incentives receivable;
·	variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
·	the amount expected to be payable by the lessee under residual value guarantees;
·	the exercise price of purchase options if the lessee is reasonably certain to exercise the options; and
·	payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease

The lease liability is presented as a separate line in the Consolidated Statement of Financial Position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (at a constant rate) and by reducing the carrying amount to reflect the lease payments made.

The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

·	The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate;
·	The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using a revised discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).
·	A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.

The Group did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the right-of-use asset. Right-of-use assets currently in use are depreciated over 10 years, which is the term of the lease.

If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the 'Property, Plant and Equipment' policy.

2.18      Employee benefits

Short Term Employee Benefits

The cost of short-term employee benefits, (those payable within 12 months after the service is rendered, such as leave pay and sick leave, bonuses, and non-monetary benefits such as medical care), are recognised in the period in which the service is rendered and are not discounted.

Defined contribution pension plan

The Group operates a defined contribution plan for its staff. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Consolidated Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Termination benefits

The entity recognises the expense and corresponding liability for termination benefits when it is demonstrably committed to either of the following scenarios:

a.	The termination of the employment of an employee or group of staff before the normal retirement age, or
b.	The provision of termination benefits in relation to an offer made to encourage voluntary redundancy.

The value of such benefit is measured at the best estimate of the expenditure required to settle the obligation at the reporting date.

2.19      Provisions and contingencies

Provisions are recognised when the Group has an obligation at the reporting date as a result of a past event; it is probable that the Group will be required to transfer economic benefits in settlement; and the amount of the obligation can be estimated reliably.

Provisions are measured at the present value of the amount expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks to a specific obligation. The increase in the provision due to the passage of time is recognised as interest expense.

Provisions are not recognised for future operating losses.

Contingent liabilities are not recognised in the consolidated financial statements.  They are disclosed unless the possibility of an outflow of resources embodying economic benefit is remote.  Contingent assets are not recognised in the consolidated financial statements but are disclosed where an inflow of economic benefits is probable.

2.20      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.

2.21      Research and development

Research and development expenditure is charged to the Consolidated Statement of Comprehensive Income in the year in which it is incurred.

2.22      Fair value measurement

When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market.

Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

Assets and liabilities measured at fair value are classified into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the fair value measurement.

For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data.

2.23 Share-based payments

Where share options are awarded to staff, the fair value of the options (measured using the Black-Scholes model) at the date of grant is charged to the profit and loss over the vesting period. Non-market vesting conditions are considered by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also considers non-vesting conditions. These are either factors beyond the control of either party or factors which are within the control of one or another of the parties. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Lapsed share options are derecognised as soon as it is known that vesting conditions will not be met. Previous charges to the Statement of Comprehensive Income are credited back to this statement.

2.24 Non-underlying items

Non-underlying items relate to significant, in nature or amount, irregular income or costs, significant impairments of assets, together with fair value movements and other costs associated with acquisitions or disposals.

2.25 Impairment of non-financial assets

Non-financial assets

At each reporting date, the Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment.  If any such indication exists, then the asset's recoverable amount is estimated. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows or other assets of CGUs.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.  An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount.  Impairment losses are recognised in profit or loss.  They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other asset in the CGU on a pro rate basis. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

2.26 Intangible assets

Intangible Assets Policy

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred.

2.26.1.    Recognition and Initial Measurement:

a.   Goodwill

Goodwill is initially measured at cost, being the excess of the aggregate of the acquisition-date fair value of the consideration transferred over the net identifiable amounts of the assets acquired and the liabilities assumed in exchange for the business combination.      

b.   Externally acquired Brand and Intellectual Property

Brands and intellectual property (including trademarks, patents, copyrights, and proprietary technologies) acquired separately or through a business combination are recognised as intangible assets when they meet the recognition criteria: identifiability, control over the asset, and the existence of future economic benefits. The fair value is derived based on discounted cash flows from estimated recurring revenue streams. The carrying value is stated at fair value at acquisition less accumulated amortisation and impairment losses.

c. Website Costs

Expenditures related to developing or acquiring a website should be capitalised when they meet the following criteria:

-	It is probable that the future economic benefits associated with the website will flow to the organisation.
-	The costs of the website can be reliably measured.
-	Website costs should be amortised over their estimated useful life or expensed if they have a short useful life.

d. Software

    Software costs should be capitalised if they meet the following criteria:

-	The software is intended for internal use.
-	It is probable that the organisation will derive future economic benefits from the software.
-	The costs of the software can be reliably measured.
-	Capitalised software costs should be amortised over their estimated useful life or expensed if they have a short useful life.

e. Enterprise Resource Planning ('ERP') Systems

The costs related to acquiring, implementing, and customising an ERP system should be capitalised if they meet the following criteria:

-	The ERP system is intended for internal use.
-	It is probable that the organisation will derive future economic benefits from the ERP system.
-	The costs of the ERP system can be reliably measured.
-	Capitalised ERP system costs should be amortised over their estimated useful life or expensed if they have a short useful life.

2.26.2. Subsequent Expenditure

Subsequent expenditures related to intangible assets, such as enhancements, upgrades, or additions, should be evaluated to determine if they meet the criteria for capitalisation. If the subsequent expenditure enhances the future economic benefits or extends the useful life of the asset, it should be capitalised and added to the carrying amount of the asset. Otherwise, the expenditure should be expensed as incurred.

2.26.3. Amortisation

Intangible assets subject to amortisation are amortised over their estimated useful lives. The amortisation method is applied consistently and reflects the pattern in which the asset's economic benefits are consumed or utilised. The amortisation expense is recorded in the organisation's financial statements.

The estimated useful lives for current and comparative periods are as follows:

-	Brand	-	20 years
-	Intellectual Property	-	20 years
-	Website	-	4 years
-	Software	-	4 years
-	ERP	-	4 years

2.26.4. Monitoring and Impairment Testing

a. Regular Reviews:

Periodic reviews are conducted to assess the ongoing value and useful life of intangible

assets. Changes in market conditions, technology advancements, or other factors are considered during these reviews.

b. Impairment Testing:

If indicators of impairment exist, such as a significant decline in the asset's market value or changes in the asset's usefulness, an impairment test is performed. If an impairment is identified, the asset's carrying amount is reduced to its recoverable amount, and an impairment loss is recognised in the financial statements.

2.27 Assets classified as held for sale

Non-current assets are classified as held for sale when their carrying value will be recovered principally through a sale transaction rather than through continuing use. This classification is applied when the following criteria is met:

-       the asset is available for immediate sale

-       there is a commitment to sell the asset

-       an active programme to find a buyer has been initiated

-       the sale is highly probable

Once classified as held for sale the assets are not depreciated or amortised. The assets classified as held for sale are presented separately from other assets, below current assets in the Consolidated Statement of Financial Position.

2.28 Costs to fulfil a contract

Costs to fulfil a contract relates to the deferral of costs associated with new store build projects at the financial year end, which will be completed post the year end. Franchisees enter into a Build Contract for new stores, wherein the terms of the new store build project are set out.

2.29 Contract liabilities

The store build contract entered into between the Group and franchisees, sets out the payment obligations of the franchisee prior to the new store completion and handover ready to commence trading. Revenue recognised on new stores in build and not completed by the financial year end, is recognised as Contract liabilities. The revenue is recognised once the store build is complete, related performance obligations met and the store commences trading.

3. Segment reporting

Following the acquisition of Ambala Foods Limited, cash generating units reported to the CODM are separately identifiable and as such the Group considers there to be two reporting segments, Cake Box and Ambala. These are considered the Group's operating segments as the information provided to the Board, is based on these two business units. Revenue included in each segment includes all sales made to franchise stores and by corporate stores located in that segment. All sales occurred in the United Kingdom for both segments and financial periods. The Group was not reliant upon any major customer during 2026 or 2025.

Segment assets and liabilities

	At 29 March 2026			At 30 March 2025 (restated)
	Cake Box	Ambala	Total	Cake Box	Ambala	Total
	£	£	£	£	£	£
Segment assets
Segment current assets	11,510,970	5,125,602	16,636,572	13,143,397	3,591,548	16,734,945
Segment non-current assets	40,417,869	7,015,613	47,433,482	39,184,280	5,560,743	44,745,023
Total assets	51,928,839	12,141,215	64,070,054	52,327,677	9,152,291	61,479,968
Segment liabilities
Segment current liabilities	12,229,072	4,506,349	16,735,421	9,762,466	3,321,396	13,083,862
Segment non-current liabilities	14,780,336	4,566,702	19,347,038	17,553,718	4,119,759	21,673,477
Total liabilities	27,009,408	9,073,051	36,082,459	27,316,184	7,441,155	34,757,339

Segment performance

	52 weeks ended 29 March 2026				52 weeks ended 30 March 2025(restated)
	Cake Box	Ambala	Inter segment	Total	Cake Box	Ambala	Total
	£	£	£	£	£	£	£
Segment Revenue	45,856,114	14,144,004	(309,949)	59,690,169	41,939,913	840,713	42,780,626
Segment results
Underlying result*	9,195,535	940,662	-	10,136,197	7,268,975	87,859	7,356,834
Non-underlying items	(1,807,709)	-	-	(1,807,709)	(1,189,462)	-	(1,189,462)
Operating profit	7,387,826	940,662	-	8,328,488	6,079,513	87,859	6,167,372
Net finance costs	(1,171,978)	(300,878)	-	(1,472,856)	(284,172)	-	(284,172)
Profit before income tax	6,215,848	639,784	-	6,855,632	5,795,341	87,859	5,883,200
Income tax expense	(1,655,892)	18,202	-	(1,637,690)	(1,726,006)	(53,642)	(1,779,648)
Profit after income tax	4,559,956	657,986	-	5,217,942	4,069,335	34,217	4,103,552
Effective tax rate	26.6%	(2.8%)		23.9%	29.8%	61.1%	30.2%
Other segment information:
- Depreciation	1,308,715	888,824	-	2,197,539	1,232,520	6,919	1,239,439
- Amortisation	5,319	21,850	-	27,169	136,621	-	136,621
Total depreciation and amortisation	1,314,034	910,674	-	2,224,708	1,369,141	6,919	1,376,060
EBITDA	8,701,860	1,851,336	-	10,553,196	7,448,654	94,778	7,543,432
Underlying EBITDA*	10,509,569	1,851,336	-	12,360,905	8,638,116	94,778	8,732,894
Revenue disclosures
Sales of sponge	18,333,957	-	-	18,333,957	17,699,493	-	17,699,493
Sales of food	9,295,729	-	-	9,295,729	7,436,112	-	7,436,112
Sales of fresh cream	4,721,174	-	-	4,721,174	4,223,739	-	4,223,739
Sales of other goods	8,391,579	-	-	8,391,579	8,745,817	-	8,745,817
Franchise packages	5,113,675	-	-	5,113,675	3,834,752	-	3,834,752
Sales from Corporate Stores	-	12,570,761	-	12,570,761	-	785,157	785,157
Online sales direct to customers	-	450,334	-	450,334	-	31,760	31,760
Wholesale sales	-	1,122,909	(309,949)	812,960	-	23,796	23,796
Total segment revenue	45,856,114	14,144,004	(309,949)	59,690,169	41,939,913	840,713	42,780,626

*Underlying result and underlying EBITDA excludes the impact of non-underlying items

4.   Expenses by nature

The Administrative expenses have been arrived at after charging/(crediting):

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025 (restated)
	£	£
Wages and salaries	14,668,071	8,454,223
Travel and entertaining costs	764,731	635,387
Supplies costs	1,287,665	819,764
Professional costs	1,240,656	1,019,830
Depreciation of property, plant, and equipment	1,317,154	939,499
Amortisation of intangible assets	27,169	136,621
Depreciation of right-of-use assets	880,385	299,940
Rates and utilities costs	1,484,035	590,256
Property maintenance costs	854,435	317,398
Advertising costs	1,332,310	1,824,621
Bank and card charges*	197,687	30,251
Other costs	84,174	37,322
	24,138,472	15,105,112
Impairment of receivables - (writeback)	-	(5,000)
Non-underlying items (see note 10)	1,807,709	1,189,462
	25,946,181	16,289,574

*Split out from 'other costs' in the prior year

5.   Operating profit

The operating profit is stated after charging/(crediting):

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Depreciation of property, plant, and equipment	1,317,154	939,499
Amortisation of intangible assets	27,169	136,621
Depreciation of right-of-use assets	880,385	299,940
Inventory recognised as an expense	25,415,500	20,323,680
Profit on disposal of property, plant & equipment	(26,061)	(21,390)
Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements	178,000	200,000
Fees payable to the Group's auditor and its associates for the audit of the Group's prior year annual financial statements	75,000	-
Fees payable to the Group's auditor and its associates for the review of the Group's interim financial statements	13,000	13,000
Share based payment expense	295,392	215,381

6.   Net finance costs

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Finance expenses
Bank loan interest	1,034,662	110,170
Finance lease interest	378,400	84,575
Other interest paid	1,495	36,092
Finance cost of discounted other financial assets	83,453	202,730
	1,498,010	433,567
Finance income
Bank interest receivable	(2,327)	(148,802)
Other interest receivable	(22,827)	(593)
	(25,154)	(149,395)
Net finance costs	1,472,856	284,172

7.   Staff costs

Staff costs, including directors' remuneration, were as follows:

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Wages and salaries	12,324,998	7,253,015
Social security costs	1,712,768	750,003
Pension costs	186,535	98,970
Private health	148,378	136,854
	14,372,679	8,238,842
Share-based payment expense	295,392	215,381
	14,668,071	8,454,223

The average monthly number of staff, including directors, for the year was 377 (2025:185).

The breakdown by department is as follows:

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
Directors	7	7
Administration	58	47
Maintenance	24	19
Production & logistics	187	112
Corporate store staff	101	-
	377	185

8.   Dividends

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Interim dividend of 3.6p per ordinary share	1,584,000	-
Final dividend of 6.8p per ordinary share proposed and paid during the year relating to the previous year's results	2,992,000	-
Interim dividend of 3.4p per ordinary share	-	1,360,000
Final dividend of 6.1p per ordinary share proposed and paid during the year relating to the previous year's results	-	2,440,000
	4,576,000	3,800,000

9.   Directors' remuneration and key management personnel

The Directors' remuneration is disclosed within the Directors' Remuneration Report. The Executive Directors and Non-Executive directors are considered key management personnel. Employers NIC paid on Directors' remuneration in the year was £228,012 (2025: £165,384).

10.  Non-underlying items

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025 (restated)
	£	£
Impairment of ERP intangible asset	589,161	-
Impairment of omni-channel development	1,062,173	176,935
Impairment of intangible assets	1,651,334	176,935
Professional fees	156,375	1,012,527
	1,807,709	1,189,462

Impairment of ERP intangible asset

During 2022 the Group embarked on a programme to replace its current systems with a new ERP system, Microsoft Dynamics. The project plan was based around replacing the warehouse system in the first instance, followed by the financial systems.

Following the acquisition of Ambala, the Group performed an impairment indicator assessment in accordance with IAS 36 (Impairment of Assets), as the original ERP development plan was fundamentally altered. The warehouse system component, which represented a core element of the asset's intended use, was deemed not suitable and discontinued.

The acquisition of Ambala materially changed the scale, structure, and system requirements of the Group, rendering the existing ERP development unsuitable for the enlarged Group, and as such the ERP development was not completed or deployed and would not generate future cash flows, either independently or as part of a cash-generating unit. The recoverable amount of the asset has been assessed as the higher of value in use and fair value less costs of disposal. Both of these have been assessed as £NIL, and therefore the ERP costs in relation to the development of the warehouse system have been fully impaired.

Impairment of omni-channel development

During 2022 the Group embarked on a strategic initiative to modernise the technology deployed, moving towards a more flexible, headless architecture, where the Group would not be reliant on external developers. This dependency constrained the Group's ability to respond quickly to commercial opportunities and limited internal control over the various technologies employed. The migration included a bespoke new EPOS development integrated with the various e-commerce solutions.

Following the acquisition of Ambala, the Group undertook an intensive review of the most suitable and relevant e-commerce technology in the marketplace, which would work seamlessly across the Group's various brands and fulfilment methods.

The Group has made the decision to transition to Shopify, which reflects a strategic shift in response to changes in the e-commerce landscape, where SaaS platforms offer mature, secure and scalable solutions. The move is designed to reduce reliance on bespoke development and provide the Group with greater control, agility and speed in developing ongoing improvements. Development of the new Shopify website commenced during 2026 and is due to be completed by August 2026.

As a result, intangible software assets relating to the previous omni-channel developments have been identified as having no further economic value to the Group and have been fully impaired. These intangible software assets were all in the Cake Box CGU. The amount of the impairment is equal to the carrying value of the assets at the financial period end.

Professional fees

The Group incurred one-off professional fees and costs in connection with the acquisition of Ambala Foods Limited. These costs relate to advisory services provided in the year and are non-recurring in nature. Accordingly, they have been presented as a non-underlying item.

Prior year non-underlying item

As a result of the Group launching its new website during the period, a one-off impairment of the costs to develop the previous website had been accounted for.

The prior year non-underlying item relates to the impairment of costs to develop the previous Ambala website. Following the acquisition it was decided to have both Cake Box and Ambala on the same web-platform.

11.  Taxation

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Corporation tax
Current tax on profits for the year	1,895,999	1,615,776
Adjustments in respect of previous periods	(137,549)	14,466
Deferred tax
Arising from origination and reversal of temporary differences	(52,446)	259,814
Adjustments in respect of previous periods	(68,314)	(110,408)
Taxation on profit on ordinary activities	1,637,690	1,779,648

Factors affecting tax charge for the year

The effective tax rate for the financial period is 23.9% (2025: 30.2%), which is lower than the standard rate of corporation tax in the UK of 25.0% (2025: 25.0%). The differences are explained below:

	52 weeks ended 26 March 2026	52 weeks ended 30 March 2025 (restated)
	£	£
Profit on ordinary activities before tax	6,855,632	5,883,200
Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025: 25%)	1,713,908	1,470,800
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	204,242	457,886
Share options	(74,597)	(53,096)
Adjustments to tax in respect of prior periods	(205,863)	(95,942)
Total tax charge for the year	1,637,690	1,779,648

12.  Deferred taxation

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Balance brought forward	2,918,512	2,021,128
Charged to other comprehensive income:
Deferred tax on revalued freehold property	83,117	38,727
On acquisition of subsidiary
Accelerated capital allowances	-	516,665
Intangible asset	-	247,418
Charged directly to reserves:
Employee benefits (including share-based payments)	(78,280)	(54,832)
Charged to profit and loss:
Accelerated capital allowances	21,441	311,042
Share-based payments	(74,597)	(53,096)
Adjustments in respect of prior periods	(68,314)	(110,408)
Other short-term timing differences	631	1,868
Balance carried forward	2,802,510	2,918,512

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Deferred tax liabilities
Accelerated capital allowances	1,392,133	1,439,006
Acquisition of subsidiary	247,418	247,418
Other short-term timing differences	(6,487)	(7,118)
Share-based payments	(285,988)	(133,111)
Property valuations (including indexation)	1,455,434	1,372,317
	2,802,510	2,918,512

Movements in deferred tax in direct relation to freehold property revaluation are recognised immediately in the Consolidated Statement of Comprehensive Income, under other comprehensive income for the year.

13.  Property, plant, and equipment

	Assets under construction	Freehold Land and Building	Freehold improvements	Plant & machinery	Motor vehicles	Fixtures & fittings	Total
	£	£	£	£	£	£	£
Cost or valuation
At 1 April 2024	-	8,875,000	981,802	980,995	1,548,253	2,755,550	15,141,600
Additions	1,052,175	6,319,860	198,894	39,715	347,889	418,473	8,377,006
Acquisition of subsidiary	-	-	331,802	2,910,477	161,079	-	3,403,358
Disposals	-	-	-	-	(130,515)	-	(130,515)
Revaluations	-	154,907	-	-	-	-	154,907
At 30 March 2025	1,052,175	15,349,767	1,512,498	3,931,187	1,926,706	3,174,023	26,946,356
Depreciation
At 1 April 2024	-	-	289,241	872,841	919,117	1,580,208	3,661,407
Charge for the year	-	69,907	177,745	65,230	328,437	298,180	939,499
Acquisition of subsidiary	-	-	19,736	1,735,898	80,396	-	1,836,030
Disposals	-	-	-	-	(126,875)	-	(126,875)
At 30 March 2025	-	69,907	486,722	2,673,969	1,201,075	1,878,388	6,310,061
Net book value
At 30 March 2025	1,052,175	15,279,860	1,025,776	1,257,218	725,631	1,295,635	20,636,295

	Assets under construction	Freehold Land and Building	Freehold improvements	Plant & machinery	Motor vehicles	Fixtures & fittings	Total
	£	£	£	£	£	£	£
Cost or valuation
At 31 March 2025	1,052,175	15,349,767	1,512,498	3,931,187	1,926,706	3,174,023	26,946,356
Additions	2,571,296	-	622,862	960,503	488,219	196,020	4,838,900
Disposals	-	-	-	(45,096)	(25,895)	-	(70,991)
Revaluations	-	332,469	-	-	-	-	332,469
At 29 March 2026	3,623,471	15,682,236	2,135,360	4,846,594	2,389,030	3,370,043	32,046,734
Depreciation
At 31 March 2025	-	69,907	486,722	2,673,969	1,201,075	1,878,388	6,310,061
Charge for the year	-	122,329	186,516	312,607	387,702	308,000	1,317,154
Disposals	-	-	-	(37,524)	(18,991)	-	(56,515)
At 29 March 2026	-	192,236	673,238	2,949,052	1,569,786	2,186,388	7,570,700
Net book value
At 29 March 2026	3,623,471	15,490,000	1,462,122	1,897,542	819,244	1,183,655	24,476,034

The Freehold Land and Building column in the above note has been disclosed on a net basis as this gives a clearer understanding of the revaluation effect on the asset class in the year and for the future periods.

As at 29 March 2026, all freehold property was valued by independent 3rd party qualified valuers, in accordance with the RICS Valuation - Global Standards 2017 (the Red Book). During their valuation, the valuers have considered the various geographical areas the properties are located in and the market values of similar properties in the same areas. The Directors believe these valuations to be representative of the fair value as at 29 March 2026.

The fair value of freehold property is categorised as a level 3 recurring fair value measurement.   

The following table summarises the quantitative information about the significant unobservable inputs used in recurring level 3 fair value measurements:

	Fair value at 29 March 2026	Valuation technique	Sq ft	Rate per sq ft - average
	£			£
Property
Enfield	7,050,000	Vacant possession	39,121	180
Coventry	1,285,000	Vacant possession	13,000	99
Bradford	625,000	Vacant possession	9,358	67
Welwyn Garden City	6,530,000	Vacant possession	41,975	156
Total	15,490,000

If the Freehold properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Historic cost
As at 31 March 2025 and 01 April 2024	9,753,606	3,433,746
Additions	-	6,319,860
As at 29 March 2026 and 30 March 2025	9,753,606	9,753,606

14.  Intangible assets

	Goodwill (restated)	Brand	Website	Software	ERP system	Total(restated)
	£	£	£	£	£	£
Cost
At 1 April 2024	-	-	545,768	189,628	330,537	1,065,933
Additions	-	-	577,193	115,221	315,889	1,008,303
Acquisition of subsidiary	13,763,142	989,672	-	-	-	14,752,814
Prior year adjustment	236,540	-	-	-	-	236,540
Impairments	-	-	(327,561)	-	-	(327,561)
At 30 March 2025 (restated)	13,999,682	989,672	795,400	304,849	646,426	16,736,029
Amortisation
At 30 March 2024	-	-	216,163	68,302	53,685	338,150
Charge for the year	-	-	108,422	24,620	3,579	136,621
Impairments	-	-	(150,626)	-	-	(150,626)
At 30 March 2025 (restated)	-	-	173,959	92,922	57,264	324,145
At 30 March 2025(restated)	13,999,682	989,672	621,441	211,927	589,162	16,411,884

 

	Goodwill	Brand	Website	Software	ERP system	Total
	£	£	£	£	£	£
Cost
At 31 March 2025	13,999,682	989,672	795,400	304,849	646,426	16,736,029
Additions	-	-	436,048	19,013	460,267	915,328
Reclassified from property, plant and equipment	-	-	11,000	-	-	11,000
Measurement period adjustment	(156,749)	-	-	-	-	(156,749)
Impairments	-	-	(901,194)	(210,700)	(589,161)	(1,701,055)
At 29 March 2026	13,842,933	989,672	341,254	113,162	517,532	15,804,553
Amortisation
At 31 March 2025	-	-	173,959	92,922	57,264	324,145
Charge for the year	-	-	26,267	902	-	27,169
Reclassified from property, plant and equipment	-	-	8,244	-	-	8,244
Impairments	-	-	(34,349)	(15,371)	-	(49,720)
At 29 March 2026	-	-	174,121	78,453	57,264	309,838
At 29 March 2026	13,842,933	989,672	167,133	34,709	460,268	15,494,715

Measurement period adjustment

On the 21^st of March 2025, the Company acquired 100% of the share capital of Ambala Food Limited, a company whose principal activity is the production and sale of Asian confectionery and savoury brands. The Share Purchase Agreement included a holdback provision for £250,000, for which management at the prior year end estimated and booked a deferred consideration liability of £156,749. During the measurement period, the completion statement process confirmed that no further payment was payable in respect of the £250,000 holdback retained under the Share Purchase Agreement. Accordingly, the deferred consideration liability of £156,749 recognised at 30 March 2025 was reversed, with a corresponding reduction in goodwill. The adjustment relates to information obtained during the acquisition accounting measurement period and has therefore been accounted for in accordance with IFRS 3.

Impairment reviews

The Group is obliged to test goodwill and indefinite life intangibles annually for impairment, or more frequently if there are indications that goodwill and indefinite life intangibles might be impaired. In performing these impairment tests, management is required to compare the carrying value of the assets of a cash generating unit ('CGU'), including goodwill and indefinite life intangibles, with their estimated recoverable amount. The recoverable amounts of an asset being the higher of its fair value less costs to sell and value in use. Management considers the different nature of the Group's operations to determine the appropriate methods for assessing the recoverable amounts of the assets of a CGU. When testing goodwill for impairment, the goodwill is allocated to the CGU or group of CGUs that were expected to benefit from the synergies of the business combination from which it first arose.

The goodwill acquired in a business combination is allocated to cash-generating units, or ("CGU"). Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs, to which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.

The Group completed the acquisition of 100% of the shareholding in Ambala Foods Limited on 21 March 2025, resulting in the recognition of goodwill of £13,999,682 (restated).

The recoverable amount of the Ambala CGU has been determined on a value in use basis, being the approach that yields the higher recoverable amount and that is most consistent with the information available to management. A formal fair value less costs of disposal assessment has not been prepared given the absence of observable market transactions for comparable businesses at the reporting date. The Directors are satisfied that the value in use conclusion is conservative relative to any reasonable estimate of fair value.Goodwill arising on the acquisition of Ambala Foods Limited has been allocated to the Ambala Foods Limited CGU, which comprises the acquired trade and assets of Ambala Foods Limited, including its retail store network, wholesale operations, brand, recipes and related intangible assets.

The Directors have determined that Ambala Foods Limited constitutes a separate CGU because:

·	its revenue is generated from external customers through its own distinct sales channels and store network, independently of the wider Cake Box franchise operation;
·	its cost base is separately identifiable and managed, with its own supply chain, production facilities and retail staff; and
·	management monitors the financial performance of Ambala Foods Limited as a discrete business unit with its own profit and loss reporting.

The value in use calculation uses a discounted cash flow model based on financial projections approved by the Board of Directors. The projections reflect management's best estimate of the future cash flows of the Ambala Foods Limited CGU over a five-year explicit forecast period, with a terminal value applied at the end of year five to capture the value of cash flows beyond the explicit forecast horizon.

The key stages of the value in use model are:

·	preparation of detailed annual cash flow projections for years one to five, based on the Board-approved business plan and management's assessment of the expected performance of the acquired business;
·	application of a long-term growth rate to the year-five normalised cash flow to derive the terminal value; and
·	discounting of all projected cash flows and the terminal value to present value using a pre-tax discount rate reflecting the time value of money and the risks specific to the CGU.

The key assumptions on which the value in use calculation is based are set out in the table below. These assumptions have been determined by management by reference to historical performance of the acquired business prior to and following acquisition, external market data, and management's judgement as to the medium-term outlook for the South Asian food retail and wholesale market in the United Kingdom.

Key assumption	Inputs	Description
Explicit forecast period	5 years	Years ending March 2027 to March 2031
EBITDA growth rate - years 1 - 5	11.8% - 17.1%	Reflecting management's forecast of operating performance over the explicit forecast period, including the benefit of supply chain integration and operating leverage on the growing revenue base.
Long term revenue growth rate	0% - 3% per annum	Based on management's view of long-run nominal GDP growth in the UK, not exceeding the long-run average growth rate of the markets in which the CGU operates.
Pre-tax discount rate	10.0%	Derived from a weighted average cost of capital calculation specific to the Group.
Tax rate	25.0%	UK standard rate of corporation tax at the time of reporting.

Cash flows are projected on a pre-tax basis. Capital expenditure included in the projections reflects the maintenance and replacement investment required to sustain the CGU's asset base and operating capacity. No enhancement or growth capital expenditure has been included beyond that reflected in the revenue and margin projections. Working capital movements are projected in line with historical norms and the expected revenue profile.

The estimated recoverable amount of the Ambala Foods Limited CGU, determined on a value in use basis as described above, exceeded its carrying amount by approximately £9.3m. No impairment loss has been recognised in the current period.

The Directors have performed sensitivity analysis on the key assumptions underlying the value in use calculation to assess the robustness of the conclusion. The table below shows the change in each key assumption that, in isolation, would reduce the headroom to £NIL (i.e. cause the recoverable amount to equal the carrying amount of the CGU). All other assumptions are held constant in each scenario.

Key assumption	Change in key assumption
Long term revenue growth rate	Decrease from 3% to 0%, a 3-percentage point decrease
Pre-tax discount rate	Increase from 10.0% to 14.11%, a 4.11-percentage point increase
Terminal growth rate	Decrease from 2.0% to (3.5%), a 5-percentage point reduction

The Directors have also considered a combined downside scenario in which revenue growth rates are reduced by 3.0 percentage points across the entire forecast period and the pre-tax discount rate is increased by 1.0 percentage point simultaneously. Under this combined downside scenario the recoverable amount exceeds the carrying amount of the CGU, resulting in headroom of £1.2m. The Directors therefore consider that there is no reasonably possible change in key assumptions that would cause the carrying amount of the CGU to exceed its recoverable amount.

15.  Leases

The Consolidated Statement of Financial Position shows the following amounts in relation to leases:

Properties	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Cost
At 30 March 2025 and at 01 April 2024	6,999,739	2,999,405
Additions - acquisition of subsidiary	-	4,000,334
Additions	684,853	-
At 29 March 2026 and at 30 March 2025	7,684,592	6,999,739
Depreciation
At 30 March 2025 and at 01 April 2024	1,024,795	724,855
Charge for the year	880,385	299,940
At 29 March 2026 and at 30 March 2025	1,905,180	1,024,795
Net book value
At 29 March 2026 and at 30 March 2025	5,779,412	5,974,944

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Lease liabilities
Current	746,915	688,363
Non-Current	5,378,548	5,461,384
	6,125,463	6,149,747

The Group's obligations are secured by the lessor's title to the leased assets for such leases.

             Amounts recognised in the Consolidated Statement of Comprehensive Income are as follows:

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Depreciation expense of right-of-use assets	880,385	299,940
Interest expense on lease liabilities	378,400	84,575

            The total cash outflow for leases amount to £1,087,537 (2025: £365,000).

16.  Assets classified as held for sale

 The carrying amount of assets classified as held for sale at 29 March 2026 is £174,581 (2025: £NIL), with associated liabilities of £NIL (2025: £NIL).

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Franchise store assets	174,581	-

The assets classified as held for sale relate to a franchise store which was repossessed from a franchisee exiting the franchise system. As a result of ongoing discussions with potential franchisees regarding the purchase of the store, completion of a sale of the assets is considered to be highly probable. The assets are carried at the lower of cost and fair value less costs to sell, and no depreciation has been charged from the date of classification.

17.  Inventories

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Raw materials	637,224	1,152,318
Goods held for resale	2,963,747	2,505,460
	3,600,971	3,657,778

Inventories recognised as an expense are charged to cost of sales in the Consolidated Statement of Comprehensive Income. Inventories have been disclosed between raw materials for production purposes and goods held for resale.

18.  Trade and other receivables

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Trade receivables	4,988,233	2,572,825
Impairment allowance	(22,803)	(87,569)
Trade receivables net of impairment allowance	4,965,430	2,485,256
Other receivables	666,639	894,393
	5,632,069	3,379,649
Current tax receivable	506,280	506,280
Costs to fulfil a contract	661,945	-
Prepayments	2,042,137	1,529,466
	8,842,431	5,415,395

The Costs to fulfil a contract balance relates to the incomplete store build contracts at the end of the financial year. Work had commenced on the build of six new stores prior to the financial period end, and this balance relates to the costs incurred under the store build contracts as at 29 March 2026.

The fair value of those trade and other receivables classified as financial assets at amortised cost are disclosed in the financial instruments note (note 29).

The Group's exposure to credit and market risks, including impairments and allowances for credit losses, relating to trade and other receivables, is disclosed in the financial risk management and impairment of financial assets note (note 30).

Trade receivables are non-interest bearing, are generally on 14-day terms and are shown net of impairment allowance. Management's assessment is that a loss allowance of £22,803 (2025: £87,569) is required against some receivables from franchisees.

The age profile of the trade receivables is shown in note 30.

19.  Other financial assets

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Current	1,568,446	1,335,998
Non-current	1,683,321	1,721,900
	3,251,767	3,057,898

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Total loans to franchisees	3,251,767	3,057,898

Other financial assets consist of loans to franchisees. Loans are interest free and payable in equal monthly instalments. All non-current assets are due within five years of the statement of financial position date. The carrying amount of the loans are valued at fair value at market rates. See note 29 (Financial Instruments) and 30 (Financial Risk Management) for further information regarding the impairment of Other Financial Assets.

20.  Share capital

	52 weeks ended 29 March 2026		52 weeks ended 30 March 2025
	Number	£	Number	£
Ordinary shares of £0.01 each
At 31 March 2025 and 01 April 2024	44,000,000	440,000	40,000,000	400,000
Share issue during the period	-	-	4,000,000	40,000
At 29 March 2026 and 30 March 2025	44,000,000	440,000	44,000,000	440,000

During the previous financial period, the Company issued 4,000,000 new shares of £0.01p each, for a total consideration of £7,200,000, for the purpose of part funding the acquisition of Ambala Foods Limited. The excess of £7,160,000 above the par value of the shares issued, has been reflected in the share premium account.

All of the ordinary shares of £0.01 each carry voting rights, the right to participate in dividends, and entitle the shareholders to a pro-rata share of assets on a winding up.

21.  Reserves

The following describes the nature and purpose of each reserve within equity:

            Capital redemption reserve

Amounts transferred from share capital on redemption of issued shares. Balance as at 29 March 2026 £40 (2025: £40).

Share premium account

The share premium account arose during the previous financial period in connection with the acquisition of Ambala Foods Limited, a wholly owned subsidiary acquired partly through the issue of 4,000,000 new equity shares at £1.80 each. Costs of £468,005, directly attributable to the new equity issue have been offset against the share premium account. Balance as at 29 March 2026 £6,691,995 (2025: £6,691,995).

            Revaluation reserve

Gain/(losses) arising on the revaluation of the Group's properties (other than investment property). Balance as at 29 March 2026 £3,982,570 (2025: £3,733,218).

            Retained earnings

All other net gains and losses and transactions with owners (e.g. dividends, fair value movements of investment property) not recognised elsewhere. Balance as at 29 March 2026 £16,133,839 (2025: £15,491,897 (restated)).

Share option reserve

The share option reserve represents the movement in cost of equity-settled transactions in relation to the long-term incentive plans. See note 23 for more information. Balance as at 29 March 2026 £739,151 (2025: £365,479).

22.  Restatement of Prior Year Business Combination Accounting

On 21 March 2025, the Group completed the acquisition of Ambala Foods Limited, a leading retailer and wholesaler of South Asian mithai and celebration foods with an established store estate and wholesale operation across the United Kingdom. The acquisition was accounted for as a business combination under IFRS 3 Business Combinations, with Cake Box Group plc as the acquirer.

In accordance with IFRS 3, the Group was required to measure the identifiable assets acquired and liabilities assumed at their acquisition-date fair values. Where the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, IFRS 3 permits the acquirer to report provisional amounts for the items for which the accounting is incomplete. The acquirer may then adjust those provisional amounts during the measurement period to reflect new information obtained about facts and circumstances that existed as at the acquisition date.

The measurement period cannot exceed twelve months from the acquisition date. As Ambala Foods Limited was acquired on 21 March 2025, the measurement period expired on 21 March 2026, which fell within the reporting period ended 29 March 2026. The restatement described in this note reflects measurement period adjustments finalised prior to the expiry of that period.

The following items were identified requiring revision to the business combination accounting and prior period restatement.

·      Professional and legal fees

Professional and legal fees of £269,740 that were directly attributable to the Ambala acquisition were previously capitalised within goodwill. These have now been recognised within administrative expenses in accordance with IFRS 3:53, which requires such costs to be expensed as incurred. This has resulted in a decrease in goodwill and a corresponding increase in administrative expenses. The prior-period comparative information has been restated to correct the accounting treatment applied to acquisition-related costs.

·      Section 458 CTA 2010 obligation under the Share Purchase Agreement ('SPA'):

Under Clause 4.4 of the Share Purchase Agreement, the Group is required to remit to the former Ambala shareholders any corporation tax refund received by Ambala in respect of amounts previously taxed under section 455 CTA 2010.

At the acquisition date, Ambala recognised a corporation tax receivable of £506,280; however, the corresponding obligation to repay this amount to the sellers was not recognised within the business combination accounting. The comparative amounts have therefore been restated to recognise the related liability within accruals, with a corresponding increase in goodwill. As this adjustment is material to the comparative financial statements, the prior-year amounts have been restated.

The net impact of the restatement items was an increase to Goodwill of £236,540. The components of the net impact are summarised below:

Adjustment	IFRS reference	Impact on Goodwill	Impact on Profit and Loss	Impact on Liabilities
		£	£	£
Acquisition costs expensed	IAS 8/ IFRS 3	(269,740)	(269,740)	-
Directors loan - Section 458 obligation	IAS 8/ IFRS 3	506,280	-	506,280
Net prior year impact		236,540	(269,740)	506,280

23.  Share-based payments

The expense recognised for share-based payments in respect of employee services received during the financial period ended 29 March 2026 was £295,392 (2025: £215,381).

Long Term Incentive Plan ('LTIP')

All employees and full-time Executive Directors of the Group are eligible to participate in the LTIP at the discretion of the Remuneration Committee. Share awards may be granted subject to objective performance conditions and vest over a vesting period determined by the Remuneration Committee at the time of grant.

During the financial period ended 29 March 2026 the Remuneration Committee approved the grant of the following share options under the LTIP scheme. All grants are in the form of equity settled share options.

Enterprise Management Incentive Scheme ('EMI')

It was proposed and agreed by the Remuneration Committee to issue a total of 288,938 share options under the EMI scheme to various Senior Managers in the Group. These options are capable of vesting on the third anniversary of the grant of the options, based on the following performance criteria being met:

-     25% of the option vests if an aggregate under lying Earnings Per Share ("EPS") of 18.04p is achieved over the three financial years starting from the financial year in which the date of the grant occurs in.

-     An additional 0.1% of the option vests for every 0.0033p achieved above an aggregate underlying EPS of 18.04p, up to a maximum of 100% of the option held.

-     In full if an aggregate underlying EPS of 20.54p is achieved over the three financial years starting from the financial year in which the date of grant occurs in.

             The options may not be exercised later than on the tenth anniversary of the date of grant.

            Unapproved Share Option Scheme

It was proposed and agreed by the Remuneration Committee to issue a total of 411,194 share options under the Unapproved Share Option scheme to three Executive Directors. These options are capable of vesting on the third anniversary of the grant of the options, based on the following performance criteria being met:

-     25% of the option vests if an aggregate underlying Earnings Per Share ('EPS') of 18.04p is achieved over the three financial years starting from the financial year in which the date of the grant occurs in.

-     An additional 0.1% of the option vests for every 0.0033p achieved above an aggregate underlying EPS of 18.04p, up to a maximum of 100% of the option held.

-     In full if an aggregate underlying EPS of 20.54p is achieved over the three financial years starting from the financial year in which the date of grant occurs in.

               The options may not be exercised later than on the tenth anniversary of the date of grant.

	Exercise price	Outstanding at 30 March 2025	Granted during the period	Exercised during the period	Forfeited during the period	Outstanding at 29 March 2026	Weighted average remaining life	Exercisable at 29 March 2026
		Number	Number	Number	Number	Number	Years	Number
EMI Scheme
2024 LTIP - granted 20/11/2023	1p	242,653	-	-	-	242,653	7.6	-
2024 LTIP - granted 30/01/2024	162p	222,745	-	-	13,889	208,856	7.8	-
2025 LTIP - granted 30/07/2024	1p	61,086	-	-	-	61,086	8.3	-
2026 LTIP - granted 24/02/2026	190p	-	288,938	-	-	288,938	9.9
		526,484	288,938	-	13,889	801,533	8.6	-
Unapproved share option scheme
2024 LTIP - granted 20/11/2023	1p	199,876	-	-	-	199,876	7.6	-
2025 LTIP - granted 30/07/2024	1p	313,200	-	-	-	313,200	8.3	-
2026 LTIP - granted 09/03/2026	1p	-	411,194	-	-	411,194	10.0
		513,076	411,194	-	-	924,270	8.9	-
Total		1,039,560	700,132	-	13,889	1,725,803	8.8	-
Weighted average exercise price		35.5p	79.0p	-	162.0p	52.1p		-

The following table summarises the inputs used in the fair value model(Black-Scholes model) for grants made in the financial period ended 29 March 2026, together with the fair values calculated by those models:

	EMI Scheme	Unapproved share option scheme
Weighted average fair value - pence
Weighted average share price at grant - pence	190.0	190.0
Weighted average exercise price - pence	190.0	1.0
Number of periods to exercise - years	10.0	10.0
Dividend yield - %	5.83%	5.83%
Risk-free rates - %	4.31%	4.67%
Expected volatility - %	38.13%	38.05%

For options granted the volatility reflects the historical volatility based on share transactions since listing. Daily closing share prices from since 27 June 2018 to the grant dates were reviewed and the standard deviation of the percentage movements in share price calculated and utilised in determining the expected volatility.

The risk-free rate is the interest rate on a debt instrument that has zero risk, specifically default and reinvestment risk. The interest rate on zero-coupon government securities, such as Treasury bills, notes, and bonds in the UK, is treated as a proxy for the risk-free rate. The interest rate on a 10-year government bond on the date of grant has been used in the fair value calculations of the options.

24.  Borrowings

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Current borrowings
Bank loans	2,127,167	2,053,091
Non-current borrowings
Bank loans	11,165,980	13,293,581
Total borrowings	13,293,147	15,346,672

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Bank loans
At 31 March 2025 and 01 April 2024	15,346,672	1,143,594
Repayment of bank loans	(2,087,228)	(740,788)
	13,259,444	402,806
New bank loans	-	15,200,000
Amortisation of transaction costs	33,703	-
Transaction costs incurred on new borrowings	-	(256,134)
	33,703	14,943,866
At 29 March 2026 and 30 March 2025	13,293,147	15,346,672

At the start of the previous financial period, the Group had two existing term loans outstanding. As part of the terms for the new £15,200,000 term loan with the Group's Corporate bankers, one of the existing loans was repaid in full, without any penalties. The remaining loan has fixed charges over the property to which it relates and interest of 2.15% above Bank of England base rate is charged on the loan. The loan is repayable in monthly instalments with final payment due on May 2029.

The new term loan taken out to part fund the acquisition of Ambala Foods Limited, is split into two facilities:

-   Facility A  - £11,200,000 for payment towards the purchase price of the acquisition, acquisition costs and/or refinancing of certain indebtedness of the Group.

-   Facility B  - £4,000,000 for the acquisition of the freehold property and any costs relating to the acquisition of the freehold property.

Both Facility A and B loans are charged interest of 2.75% above SONIA. £256,134 of costs directly attributable to the new term loans, have been deducted from the loan proceeds on initial recognition and are amortised over the loan term using the EIR method. Facility A loan is repayable in equal quarterly payments over a period of seven years, and the Facility B loan is repayable in equal quarterly payments over a period of 10 years. The loans are secured by fixed and floating charges over the properties and assets of the Group (Total net assets of the Group as at 29 March 2026 is £64,070,054).

25.  Trade and other payables

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025(restated)
	£	£
Trade payables	6,148,234	4,927,614
Other payables	602,892	284,578
	6,751,126	5,212,192
Contract liabilities	1,150,093	-
Acquisition of subsidiary - corporation tax refundable	506,280	506,280
Other taxation and social security	986,547	1,151,717
Accruals	2,322,277	2,182,406
	11,716,323	9,052,595

Accruals include £1,284,456 of payroll accruals and £445,762 relating to costs for new stores in build at the financial period end. The remainder of the accruals relate to overheads, including the audit fee accrual.

The Contract liabilities relates to incomplete store build contracts at the financial year end. As per the shop build contract, the Group raises invoices as the store build progresses, with a final invoice agreed before the store commences trading. There were six stores in build as at 29 March 2026.

The fair value of the trade and other payables classified as financial instruments are disclosed in the financial instruments (note 29).

The Group's exposure to market and liquidity risks related to trade and other payables is disclosed in the financial risk management and impairment of financial assets note (note 30). The Group pays its trade payables on terms and as such trade payables are not yet due at the statement of financial position dates.

26.  Provisions

During the financial period ending 30 March 2025, the Group acquired 100% of the share capital of Ambala Foods Limited. Ambala Foods Limited made provision for dilapidations under the leases it has for its nineteen trading stores.

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
At 31 March 2025 and 01 April 2024	335,864	-
Additions	18,370	335,864
Adjustments to existing provisions	(35,947)	-
Unwinding of discount	30,994	-
At 29 March 2026 and 30 March 2025	349,281	335,864

27.  Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £186,536 (2025: £96,858). Contributions totalling £26,509 (2025: £53,557) were payable to the fund at the statement of financial position date and are included in other payables (see note 25).

28.  Related party transactions

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation. Related party transactions are considered to be at arms-length.        

Key management personnel are only the Executive and Non-Executive Directors and details of the amounts paid to them are included within note 9 and the Directors Remuneration Report.

Key management personnel had an interest in dividends as follows:

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Sukh Chamdal	1,067,921	965,477
Dr Jaswir Singh	68,002	59,478
Michael Botha	1,156	-
Martin Blair	3,236	1,900
Catherine Nunn (appointed 07 January 2025)	578	-
Malar Velaigam (appointed 07 January 2025)	578	-
Alison Green (resigned 31 December 2024)	-	570
	1,141,471	1,027,425

During the financial period the Group made sales to companies under the control of the Directors. All sales were made on an arms-length basis. These are detailed as follows with Director shareholding % shown in brackets:

	52 weeks ended 29 March 2026		52 weeks ended 30 March 2025
Mr. Sukh Chamdal	Sales	Balance	Sales	Balance
	£	£	£	£
Cake Box CT Limited (0%)*	251,631	(2,369)	248,381	38,816
Cake Box (Strood) Limited (0%)*	164,084	33,294	128,453	(1,217)
	415,715	30,925	376,834	37,599

*100% owned by Mr Chamdal's daughter

	52 weeks ended 29 March 2026		52 weeks ended 30 March 2025
Dr Jaswir Singh	Sales	Balance	Sales	Balance
	£	£	£	£
Luton Cake Box Limited (10%)	434,443	-	406,315	2,637
Peterborough Cake Box Limited (30%)	228,805	1,093	234,478	1,629
Cream Cake Limited (30%)	284,390	2,566	270,074	14,766
MK Cakes Limited (0%)**	271,853	2,099	222,711	3,251
Bedford Cake Box Limited (0%)**	267,318	(312)	236,353	(295)
Ilford Cakes Limited (50%)	194,525	(889)	181,147	8,048
Eggless Cake Company Limited (50%)	194,736	5,101	178,481	5,902
	1,876,070	9,658	1,729,559	35,938

                ** 100% owned by Dr Singh's son or wife

Further to the above, there are the following store holding deposits within the accounts relating to:

·      Sukh Chamdal's son            - £57,000

·      Dr Jaswir Singh's son          - £20,000

29.  Financial instruments

The Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies, and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.

The material accounting policies regarding financial instruments are disclosed in note 2.

There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous years unless otherwise stated in this note.

The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:

Financial assets

	Held at amortised cost
	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Cash and cash equivalents	2,450,143	6,325,774
Trade and other receivables	5,654,872	3,467,218
Impairment of trade receivables	(22,803)	(87,569)
	5,632,069	3,379,649
Other financial assets	3,251,767	3,057,898
	11,333,979	12,763,321

Financial liabilities

	Held at amortised cost
	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025(restated)
	£	£
Trade and other payables	6,751,126	5,212,192
Secured borrowings	13,293,147	15,346,672
	20,044,273	20,558,864

30.  Financial risk management

The Board has overall responsibility for the determination of the Group's risk management objectives and policies and, while retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function. The Board receives regular reports from the Chief Financial Officer through which it reviews the effectiveness of processes put in place and the appropriateness of the objectives and policies it sets.

The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:

Credit risk and impairment

Credit risk arises principally from the Group's trade and other receivables and its other financial assets (which includes loans to franchisees). It is the risk that the counter party fails to discharge its obligation in respect of the instrument. The maximum exposure to credit risk equals the carrying value of these items in the financial statements as the Group has the power to stop supplying the customer until payment is received in full.

Definition of default

            The loss allowance on all financial assets is measured by considering the probability of default.

Receivables are considered to be in default when the principal or any interest is more than 90 days past due, based on an assessment of past payment practices and the likelihood of such overdue amounts being recovered.

Determination of credit-impaired financial assets

The Group considers financial assets to be 'credit-impaired' when the following events, or combinations of several events, have occurred before the year-end:

•       significant financial difficulty of the counterparty arising from significant downturns in operating results and/or significant unavoidable cash requirements when the counterparty has insufficient finance from internal working capital resources, external funding and/or group support;

•         a breach of contract, including receipts being more than 240 days past due; and

•         it becoming probable that the counterparty will enter bankruptcy or liquidation.

Write-off policy

Receivables and other financial assets are written off by the Company when there is no reasonable expectation of recovery, such as when the counterparty is known to be going bankrupt, or into liquidation or administration.  Receivables will also be written off when the amount is more than 300 days past due and is not covered by security over the assets of the counterparty or a guarantee.

            Impairment of trade receivables  and other financial assets

The Group calculates lifetime expected credit losses for trade receivables and other financial assets using a portfolio approach. All items are grouped based on the credit terms offered and the type of product sold.  The probability of default is determined at the year-end based on the aging of the receivables and historical data about default rates on the same basis. That data is adjusted if the Group determines that historical data is not reflective of expected future conditions due to changes in the nature of its customers and how they are affected by external factors such as economic and market conditions.

The age profile of the trade receivables and expected credit loss is shown in the table below:

	Expected loss rate	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
		£	£
0 - 30 days	0.1%	2,465,239	1,837,690
30 - 60 days	0.2%	712,408	244,447
60 - 90 days	0.5%	151,005	99,128
More than 90 days	1.0%	1,659,581	391,560
		4,988,233	2,572,825
Impairment provision		(22,803)	(87,569)
		4,965,430	2,485,256

The Group applies the IFRS 9 simplified approach to measure credit losses using an expected credit loss provision for trade receivables.

The Group provides loans to franchisees as part of their financing for new store openings. The loans are interest free with an upfront arrangement fee included in the loan. The loans are unsecured however if loan repayment schedules are not adhered to, supply of product and ingredients are put on hold and franchisees are in breach of their franchise agreement. As a result, the Group has the option to resell the franchise to another interested party with the purchase price being used to first repay the loan and any outstanding trade receivables, with any excess going to the original franchisee. The loan periods are for periods of one or five years.

The Group uses three categories for loans which reflect their credit risk and how the loan loss provision is determined for each of those categories. A summary of the assumptions underpinning the Group's expected credit loss model is as follows:

Category	Group definition of category	Basis for recognition of expected credit loss provision
Performing	Loans whose credit risk is in line with original expectations.	12 month expected losses. Where the expected lifetime of an asset is less than 12 months, expected losses are measured at its expected lifetime (stage 1).
Underperforming	Loans for which a significant increase in credit risk has occurred compared to original expectations; a significant increase in credit risk is presumed if interest and/or principal repayments are 30 days past due (see above in more detail).	Lifetime expected losses (stage 2).
Non-performing (credit impaired)	Interest and/or principal repayments are 60 days past due, or it becomes probable a customer will enter bankruptcy.	Lifetime expected losses (stage 3).
Write-off	Interest and/or principal repayments are 120 days past due and there is no reasonable expectation of recovery.	Asset is written off.

Over the term of the loans, the group accounts for its credit risk by appropriately providing for expected credit losses on a timely basis. In calculating the expected credit loss rates, the Group considers historical loss rates and adjusts for forward-looking macroeconomic data. The Group provides for credit losses against loans to franchisees as follows:

Group internal credit rating as at 30 March 2025	Expected credit loss	Gross carrying amount (stage 1)	Gross carrying amount (stage 2)	Gross carrying amount (stage 3)
		£	£	£
High	0.1%	3,057,898	-	-
Medium	10.0%	-	-	-
Low	20.0%	-	-	-

Group internal credit rating as at 29 March 2026	Expected credit loss	Gross carrying amount (stage 1)	Gross carrying amount (stage 2)	Gross carrying amount (stage 3)
		£	£	£
High	0.1%	3,251,767	-	-
Medium	10.0%	-	-	-
Low	20.0%	-	-	-

	Performing	Under-performing	Non-performing	Total
As at 30 March 2025	£	£	£	£
Individual financial assets transferred to underperforming (lifetime expected credit losses)	-	-	-	-

	Performing	Under-performing	Non-performing	Total
As at 29 March 2026	£	£	£	£
Individual financial assets transferred to underperforming (lifetime expected credit losses)	-	-	-	-

No significant changes to estimation techniques or assumptions were made during the reporting period. The Group has assessed the default risk as very low on franchisee loans as these loans are made to franchisees rather than a traditional third party. No expected credit loss has been recognised for Stage 1 loans in line with management's assessment.

The loss allowance for loans to franchisees as at 30 March 2025 and 29 March 2026 reconciles to the opening loss allowance for that provision as follows:

Out of the total impairment provision of £22,803 (2025: £87,569), £22,803 (2025: £87,569) relates to specifically impaired trade receivable debt and £NIL (2025: £NIL) relates to franchisee loans.

Liquidity risk

The Group's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due.

The Board receives cash flow projections on a regular basis which are monitored regularly. The Board will not commit to material expenditure in respect of its ongoing development programme prior to being satisfied that sufficient funding is available to the Group to finance the planned programmes.

The following table sets out the contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities:

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025(restated)
	£	£
Borrowings - due within one year	2,903,005	3,161,675
Borrowings - due within one to two years	2,777,276	3,008,541
Borrowings - due after more than two years	10,844,075	13,910,829
	16,524,356	20,081,045
Lease liabilities - due within one year	1,095,702	1,031,034
Lease liabilities - due within one to two years	1,124,158	1,032,952
Lease liabilities - due within two - five years	2,620,588	2,945,153
Lease liabilities - due after more than five years	3,030,783	2,934,003
	7,871,231	7,943,142

Trade and other payables

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025(restated)
	£	£
0 - 30 days	8,974,103	7,084,561
30 - 60 days	1,532,455	1,375,914
60 - 90 days	968,163	11,411
90 to 120 days	241,602	580,709
	11,716,323	9,052,595

Interest rate risk

The Group is exposed to interest rate risk due to entities in the Group borrowing funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining good relationships with banks and other lending providers and by ensuring cash reserves are high enough to cover the debt. Where possible fixed terms of interest will be sought.

The Group analyses the interest rate exposure on a regular basis. A sensitivity analysis is performed by applying a simulation technique to the liabilities that represent major interest-bearing positions. Various scenarios are run taking into consideration refinancing, renewal of the existing positions, alternative financing and hedging. Based on the simulations performed, the impact on profit or loss and net assets of a 100 basis-point shift (2025:100 basis-point shift) would be a change of £127,358 (2025: £148,421).

Capital risk management

The Group considers its equity capital to comprise its ordinary share capital and retained profits. In managing its capital, the Group's primary objective is to provide return for its equity shareholders through capital growth and future dividend income. The Group's policy is to seek to maintain a gearing ratio that balances risks and returns at an acceptable level and also to maintain a sufficient funding base to enable the Group to meet its working capital and strategic investment needs. In making decisions to adjust its capital structure to achieve these aims, either through new share issues or the issue of debt, the Group considers not only its short-term position but also its long-term operational and strategic objectives.

Details of the Group's capital is disclosed in the Consolidated Statement of Changes in Equity.

There have been no other significant changes to the Group's management objectives, policies and procedures in the financial period nor has there been any change in what the Group considers to be capital.

Currency risk

The Group is not exposed to any significant currency risk. The Group manages any currency exposure by retaining a small holding in US Dollars and Euro's however, all other cash balances are held in Sterling. As the carrying value is a reasonable approximation of the fair value, the risk is not applicable.

31.  Events after the reporting period

Final dividend

Post year end the directors have recommended a final dividend of 7.2p per share (2025:6.8p per share).

32.  Subsidiary undertakings

Name	Country of incorporation	Class of shares	Holding	Principal activity
Eggfree Cake Box Limited	United Kingdom	Ordinary	100%	Franchisor of specialist cake stores
Chaz Limited	United Kingdom	Ordinary	100%	Property rental company
Ambala Foods Limited	United Kingdom	Ordinary	100%	Retail of Asian confectionary and savoury products

33.  Note supporting statement of cashflows

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025
	£	£
Cash at bank available on demand	2,438,883	6,314,614
Cash on hand	11,260	11,160
	2,450,143	6,325,774

There were no significant non-cash transactions from financing activities (2025: none).

Non-cash transactions from financing activities are shown in the reconciliation of liabilities from financing transactions below:

	Non-current lease liabilities	Current lease liabilities	Non-current borrowings	Current borrowings	Total
	£	£	£	£	£
As at 31 March 2024	2,149,413	280,425	997,050	146,544	3,573,432
Cash flows
Repayments	-	(365,000)	(594,244)	(256,714)	(1,215,958)
Additions during the period	4,000,334	-	14,943,866	-	18,944,200
Non-cash flows
Interest	-	84,575	-	110,170	194,745
Non-current liabilities becoming current during the year	(688,363)	688,363	(2,053,525)	2,053,525	-
As at 30 March 2025	5,461,384	688,363	13,293,147	2,053,525	21,496,419
Cash flows
Repayments	-	(1,087,537)	-	(3,088,187)	(4,175,724)
Additions during the period	637,492	47,361	-	-	684,853
Non-cash flows
Interest	-	378,400	-	1,034,662	1,413,062
Non-current liabilities becoming current during the period	(720,328)	720,328	(2,127,167)	2,127,167	-
As at 29 March 2026	5,378,548	746,915	11,165,980	2,127,167	19,418,610

34.  Ultimate controlling party

The Group considers there is no ultimate controlling party.

35.  Earnings per share

	52 weeks ended 29 March 2026	52 weeks ended 30 March 2025 (restated)
	£	£
Profit after tax attributable to the owners of Cake Box Holdings plc	5,217,942	4,103,552
Non-underlying items	1,807,709	1,189,462
Underlying profit after tax attributable to the owners of Cake Box Holdings plc	7,025,651	5,293,014
Number of ordinary shares in issue	Number	Number
Beginning of the period	44,000,000	40,000,000
Ordinary shares issued during the period	-	4,000,000
End of the period	44,000,000	44,000,000
Weighted average number shares
	Number	Number
Weighted average number of ordinary shares	44,000,000	40,109,890
Dilutive effect of share options	1,725,803	1,039,560
Diluted weighted average number of ordinary shares	45,725,803	41,149,450
Earnings per share
	Pence	Pence
Statutory earnings per share
Basic earnings per share	11.86	10.23
Diluted earnings per share	11.41	9.97
Underlying earnings per share
Basic earnings per share	15.97	13.18
Diluted earnings per share	15.36	12.85

 

END