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Registered number: 07632944












H G WALTER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

 

H G WALTER LIMITED

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 4
Directors' report
 
5
Directors' responsibilities statement
 
6
Independent auditor's report
 
7 - 10
Profit and loss account
 
11
Balance sheet
 
12
Statement of changes in equity
 
13
Statement of cash flows
 
14
Notes to the financial statements
 
15 - 32


 

H G WALTER LIMITED
 
COMPANY INFORMATION


Directors
A Heanen 
C Heanen 
D Heanen 
L Heanen 
P Heanen 




Registered number
07632944



Registered office
Unit 737 Tudor Estate Abbey Road
Park Royal

London

United Kingdom

NW10 7UN




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

H G WALTER LIMITED
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The directors present the strategic report for the year ended 30 September 2024.
We are an independent family-run butcher committed to providing every professional chef and home cook with an exceptional product and service to create exceptional food. Established in 1972 by Peter Heanen, we have become one of the UK’s most respected butchers, supplying some of the country's best chefs and restaurants. We share the importance of eating quality meat, supporting supply chains, and sustainable farming while striving to be the best butcher in the UK.
The principal activity of the company continued to be the sale of meat and meat products.

Business review
 
The profit and loss account on page 11 of the financial statements provides a summary of the company's trading results for the year. The performance and results for the year are in line with the directors' expectations.
During the year the business enjoyed further growth with turnover increasing by 12.8% from £42.9m to £48.3m. This growth was driven by an increasing share of the wholesale market and a wider product range. The additional activity continues to provide a good return on the investment in the warehouse premises.
The wholesale sector of the business remains strong, having achieved increasing profits whilst operating within a turbulent market. The directors remain focused on continuing to strengthen this area of the business as well as further developing their online presence and achieving continued growth in both revenue and profits.
The company's balance sheet remains strong with net current assets of £6m (2023: £6.4m) and shareholders' funds of £9.8m (2023: £7.7m). Profitability has enabled the company to make significant investment in the warehousing operations to strengthen the logistics and opportunities for a wider customer base.
The directors continue to review the business and industry to minimise or mitigate the risks that are prevalent in a commercial environment. The company continues to develop its extensive product range. 

Principal risks and uncertainties
 
The principal risk to the company is that of supply chain disruption. This risk is further increased on the basis that the company operates within a highly competitive marketplace. The company mitigates this risk, in part, through a diverse supply chain base and does not rely on any one single supplier. There are, however, factors that are more difficult to mitigate and plan for, including political, weather and regulatory challenges.
Product safety and quality are also a key risk to the company. The directors are confident that the wholesale, e-commerce and retail premises are well placed to mitigate this risk as the company has stringent procedures in place to ensure the highest standards of food safety and quality. These procedures are regularly reviewed, and the company has a compliance led approach to any issues that would impact potential safety concerns.
The risk of commodity prices on the cost of goods sold is mitigated by careful stock management.
The financial instruments used by the company arise wholly and directly from its activities. The main financial instruments comprise debtors, cash at bank and trade creditors. The financial risks arising from these financial instruments are considered low. The mature financial stability of the business ensures the company maintains excellent terms with preferred suppliers and their credit partners.
Cash reserves have remained healthy over the year and the company continues to trade with the support of bank loans. Working capital will continue to be monitored on a regular basis by the directors.
The directors have not delegated the responsibility of monitoring financial risk management, and the company's finance department implements the policies set by the company's directors. The department has specific guidelines agreed by the directors to manage credit risk.
 
Page 2

 

H G WALTER LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Principal risks and uncertainties (continued)
Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before new accounts are accepted. Furthermore, credit limits are set in place and reviewed on a quarterly basis.
Liquidity and cash flow risk
The directors consider the company to have sufficient available funds for operations. The directors are presented with cashflow reporting on a monthly basis where future plans, opportunities and risk are discussed.
Price risk
Expenditure made by the company is authorised prior to it being made by management in order to ensure that goods and services are not obtained at a higher price than necessary.

Sustainability and ethical practices

Carbon Footprint Measurement: HG Walter has been working with external consultants on an annual carbon footprint measurement project, measuring scopes 1, 2, and 3 carbon emissions to establish a robust baseline for emissions reduction and mitigation.

Decarbonisation Initiatives: Partnering with Brunel University on their Park Royal Net Zero Food Systems project to guide the business through decarbonisation initiatives for the new site build.

Supply Chain Transparency: Adopting a whole-carcass usage model minimising food waste by utilising potential products in other areas of food production. For example, we produce our own burgers, sausages, bacon and other handmade products 

Support for Local Farmers: Prioritise sourcing native free-range breeds and products from British farmers to reduce food miles and support the local economy. 

Eco-Friendly Packaging: Use recyclable, reusable, or reduced packaging materials to minimise environmental impact. Work with experts in packaging development to find more sustainable solutions for single-use plastic. 

Sustainable Farming Partnerships: Collaborate with farms that practice biodiversity-friendly and, where possible, regenerative farming methods, ensuring the highest welfare standards. A priority is identifying ways in which HG Walter can support farmers in efforts to move further into a sustainable system. 

UK Farming Initiative Support: Supporting Pasture for Life, Slow Food UK, and Soil Association to promote positive farming change in the UK. 

Community Engagement: Partnering with local initiatives, food banks, and charities (namely The Felix Project, Refettorio Felix and St Andrews Church) that align with corporate social responsibility goals. 

Training and Apprenticeship Schemes: Provide comprehensive butchery training, professional development for office staff, and hands-on farm trips for all teams to enhance skills, understanding, and engagement with the supply chain.
 
Page 3

 

H G WALTER LIMITED

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Financial key performance indicators
 
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Other key performance indicators
 
The non-financial key performance indicators include ensuring that product and service quality are of the highest value whilst constantly striving to improve quality control measures. The company also identifies customer care services as being significant.
The directors are mindful of environmental issues and have sought to minimise the impact of the company's activities on the environment.
In addition, other non-financial key performance indicators include raising brand awareness and the company profile, measured by both customer and supplier loyalties and other attributes such as patents and trademarks. Key performance indicators are maintained across all parts of the business to ensure we are constantly monitoring and challenging our results.
Future developments
The company continues its commitment to supplying a range of products to a widening market of customers who require wholesale products at a competitive price. The company is continually enhancing its logistics network and production facilities, and forecasts further growth from supply to major retailers, as well as expanding its online presence. The traditional customer base of hospitality and retail remains at the heart of the business strategy and the company aims to continue delivering high quality service to all its customers.
During the year, the company secured a lease for a larger wholesale facility located in close proximity to our current site. Significant capital investment is underway to enhance the new premises, ensuring it supports the long-term growth of the business. The new facility will deliver substantial increases in capacity and operational efficiency, providing the foundation to elevate the business to the next stage of its development. The transition to the new site is scheduled for Q4 2025, at which point the existing wholesale premises will be vacated.
The company remains well-positioned to deliver long-term value for stakeholders by prioritising quality, innovation, and sustainable practices. Through strategic investments, operational excellence, and unwavering commitment to our customers, the directors are confident in sustaining growth and maintaining our reputation in the market.


This report was approved by the board and signed on its behalf.



P Heanen
Director

Date: 31 January 2025

Page 4

 

H G WALTER LIMITED

DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Results and dividends

The profit for the year, after taxation, amounted to £2,987,544 (2023 - £3,927,672).

Ordinary dividends were paid amounting to £981,093 (2023: £1,365,762). 

Directors

The directors who served during the year were:

A Heanen 
C Heanen 
D Heanen 
L Heanen 
P Heanen 

Matters covered in the Strategic Report

As permitted by s414c(11) of the Companies Act 2006, the directors have elected to disclose information, required to be in the directors' report by Schedule 7 of the 'Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008', in the strategic report.

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board and signed on its behalf.
 





P Heanen
Director

Date: 31 January 2025

Page 5

 

H G WALTER LIMITED
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

Page 6

 

H G WALTER LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF H G WALTER LIMITED
 FOR THE YEAR ENDED 30 SEPTEMBER 2024

Opinion


We have audited the financial statements of H G Walter Limited (the 'company') for the year ended 30 September 2024, which comprise the profit and loss account, the balance sheet, the statement of changes in equity, the statement of cash flows and the notes to the financial statements, including significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Other information


The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 7

 

H G WALTER LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF H G WALTER LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the directors' responsibilities statement set out on page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 8

 

H G WALTER LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF H G WALTER LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Auditor's responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, and food safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested a sample of journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HM Revenue and Customs.



 
Page 9

 

H G WALTER LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF H G WALTER LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Auditor's responsibilities for the audit of the financial statements (continued)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.


Use of our report
 

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





Darsh Shah (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
3 February 2025
Page 10

 

H G WALTER LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
48,328,733
42,859,765

Cost of sales
  
(30,557,142)
(26,602,827)

Gross profit
  
17,771,591
16,256,938

Administrative expenses
  
(13,732,920)
(11,113,054)

Operating profit
 5 
4,038,671
5,143,884

Interest receivable and similar income
 8 
205,857
-

Interest payable and similar expenses
 9 
(93,301)
(37,961)

Profit before taxation
  
4,151,227
5,105,923

Tax on profit
 10 
(1,163,683)
(1,178,251)

Profit for the financial year
  
2,987,544
3,927,672

There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.

Page 11


 
REGISTERED NUMBER:07632944
H G WALTER LIMITED

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
5,248,186
2,439,780

Current assets
  

Stocks
 13 
815,092
773,213

Debtors: amounts falling due after more than one year
 14 
1,054,033
-

Debtors: amounts falling due within one year
 14 
5,748,452
4,515,462

Cash at bank and in hand
 15 
4,389,761
6,065,875

  
12,007,338
11,354,550

Creditors: amounts falling due within one year
 16 
(6,008,016)
(4,986,635)

Net current assets
  
 
 
5,999,322
 
 
6,367,915

Total assets less current liabilities
  
11,247,508
8,807,695

Creditors: amounts falling due after more than one year
 17 
(502,990)
(679,520)

Provisions for liabilities
  

Deferred tax
 20 
(252,166)
(382,647)

Other provisions
 21 
(740,373)
-

  
 
 
(992,539)
 
 
(382,647)

Net assets
  
9,751,979
7,745,528


Capital and reserves
  

Called up share capital 
 22 
1
1

Profit and loss account
  
9,751,978
7,745,527

Total equity
  
9,751,979
7,745,528


The financial statements were approved and authorised for issue by the board and were signed on its behalf by:




P Heanen
Director

Date: 31 January 2025

The notes on pages 15 to 32 form part of these financial statements.

Page 12

 

H G WALTER LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2022
1
5,183,617
5,183,618


Comprehensive income for the year

Profit for the financial year
-
3,927,672
3,927,672

Dividends
-
(1,365,762)
(1,365,762)



At 1 October 2023
1
7,745,527
7,745,528


Comprehensive income for the year

Profit for the financial year
-
2,987,544
2,987,544

Dividends
-
(981,093)
(981,093)


At 30 September 2024
1
9,751,978
9,751,979


Page 13

 

H G WALTER LIMITED

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,987,544
3,927,672

Adjustments for:

Depreciation of tangible assets
1,324,544
401,696

Interest paid
93,301
37,961

Interest received
(205,857)
-

Taxation charge
1,163,683
1,178,251

Increase in stocks
(41,879)
(156,844)

Increase in debtors
(2,287,023)
(293,646)

Increase in creditors
1,598,851
199,392

Increase in provisions
740,373
-

Corporation tax paid
(1,871,634)
(707,776)

Net cash generated from operating activities

3,501,903
4,586,706


Cash flows from investing activities

Purchase of tangible fixed assets
(4,132,950)
(578,772)

Interest received
205,857
-

Net cash used in investing activities

(3,927,093)
(578,772)

Cash flows from financing activities

Repayment of loans
(176,530)
(4,159)

Dividends paid
(981,093)
(1,365,762)

Interest paid
(93,301)
(37,961)

Net cash used in financing activities
(1,250,924)
(1,407,882)

Net (decrease)/increase in cash and cash equivalents
(1,676,114)
2,600,052

Cash and cash equivalents at beginning of year
6,065,875
3,465,823

Cash and cash equivalents at the end of year
4,389,761
6,065,875


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,389,761
6,065,875


The notes on pages 15 to 32 form part of these financial statements.

Page 14

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

H G Walter Limited is a family-owned and run, independent butcher renowned for supplying some of London’s finest restaurants. The company operates from a warehouse, and retail shop in the UK. The company exclusively serves customers within the country.
The company is a private company limited by shares incorporated in England and Wales. The address of its registered office and principal place of business is Unit 737 Tudor Estate, Abbey Road, Park Royal London, NW10 7UN. 
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 15

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

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

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

Page 16

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model 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.

Page 17

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Leasehold improvements
-
over the lease term
Plant and machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
33%
straight line
-

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 profit or loss.

There has been a change in estimate for leasehold improvements from over 14 years to over the lease terms in the current year.

 
2.11

Stocks

Stocks 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. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 18

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.13

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 
Financial assets
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, and bank loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
I
mpairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
 
Page 19

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

2.14 Financial instruments (continued)
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.14

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.16

Share capital

Ordinary shares are classified as equity.

 
2.17

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.

Page 20

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Key accounting estimates and assumptions
Determining residual values and useful economic lives of tangible fixed assets
The company depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance, as well as expectations about future use, and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including product life cycles and maintenance programmes.
Judgement is applied by management when determining the residual values for tangible and intangible fixed assets. When determining the residual value, management aim to assess the amount that the company would currently obtain for the disposal of the assets, if it were already of the condition expected at the end of its useful economic life.
Dilapidations
A provision has been made for potential dilapidation claims. These claims generally arise from obligations to restore leased premises to their original condition at the end of a lease term. Estimating the amount of any dilapidation liability requires judgment regarding both the extent of the dilapidations and the cost of the required repairs. The directors have made their assessment of the potential liability based on available information, including:
 
The lease terms and any specific requirements outlined in lease agreements;
Professional advice received regarding expected remedial works and associated costs;
Current market rates for the type of restoration or repair services that may be required; and
Historical data on dilapidation claims in similar premises, where relevant.

There is an inevitable degree of judgment involved in that each property is unique and actual outcomes may therefore differ from those estimates due to changes in the scope of remedial work required or variations in market costs for construction and repair services. These estimates are reviewed periodically and adjusted as new information becomes available.
 

Page 21

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Wholesale
42,256,057
37,201,108

Retail
1,798,473
1,582,002

Online
4,274,203
4,076,655

48,328,733
42,859,765


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
1,324,544
401,695

Exchange differences
-
15,942

Other operating lease rentals
1,005,342
707,639

Audit fees payable to the company's auditor
31,500
18,000

Page 22

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Employees

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


2024
2023
£
£

Wages and salaries
7,576,984
6,633,993

Social security costs
815,090
713,951

Cost of defined contribution scheme
123,551
106,290

8,515,625
7,454,234


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Management
8
8



Administration
26
24



Production
131
119



Retail
12
10

177
161


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,135,549
1,000,637

Company contributions to defined contribution pension schemes
5,283
5,283

1,140,832
1,005,920


During the year retirement benefits were accruing to 5 directors (2023 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £298,072 (2023 - £262,544).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).

Page 23

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Interest receivable

2024
2023
£
£


Bank interest receivable
205,857
-


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
53,834
37,961

Other interest payable
39,467
-


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,388,120
1,180,405

Adjustments in respect of previous periods
(93,956)
-


Total current tax
1,294,164
1,180,405

Deferred tax


Origination and reversal of timing differences
(130,481)
(2,154)


Taxation on profit on ordinary activities
1,163,683
1,178,251
Page 24

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,151,227
5,105,923


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
1,037,807
1,123,303

Effects of:


Expenses not deductible for tax purposes
69,012
31,351

Capital allowances for year in excess of depreciation
288,070
15,937

Adjustments to tax charge in respect of prior periods
(93,956)
9,814

Other timing differences leading to an increase (decrease) in taxation
(137,250)
(2,154)

Total tax charge for the year
1,163,683
1,178,251


11.


Dividends

2024
2023
£
£


Dividends paid
981,093
1,365,762

Page 25

 

 
H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


12.


Tangible fixed assets






Leasehold improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Assets under construction
Total

£
£
£
£
£
£
£



Cost


At 1 October 2023
1,985,998
1,427,530
213,424
815,698
156,713
-
4,599,363


Additions
740,373
74,994
3,699
-
-
3,313,884
4,132,950



At 30 September 2024

2,726,371
1,502,524
217,123
815,698
156,713
3,313,884
8,732,313



Depreciation


At 1 October 2023
851,142
717,288
92,810
410,733
87,610
-
2,159,583


Charge for the year 
1,101,457
117,785
24,128
60,745
20,429
-
1,324,544



At 30 September 2024

1,952,599
835,073
116,938
471,478
108,039
-
3,484,127



Net book value



At 30 September 2024
773,772
667,451
100,185
344,220
48,674
3,313,884
5,248,186



At 30 September 2023
1,134,856
710,242
120,614
404,965
69,103
-
2,439,780

No depreciation is charged on assets in the course of construction.
Additions to assets in the course of construction comprises £3,313,884 (2023: £Nil) for leasehold improvements.

Page 26
 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Stocks

2024
2023
£
£

Meat and other related products
815,092
773,213


There is no significant difference between the replacement cost of the stock and its carrying amount.


14.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
1,054,033
-


2024
2023
£
£

Due within one year

Trade debtors
4,935,677
3,999,232

Other debtors
586,843
281,787

Prepayments and accrued income
225,932
234,443

5,748,452
4,515,462



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,389,761
6,065,875


Page 27

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
112,007
88,012

Trade creditors
4,401,427
3,257,860

Corporation tax
593,121
1,170,591

Other taxation and social security
209,204
185,497

Obligations under finance lease and hire purchase contracts
-
9,388

Other creditors
152,866
112,879

Accruals and deferred income
539,391
162,408

6,008,016
4,986,635



17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
502,990
580,622

Net obligations under finance leases and hire purchase contracts
-
98,898

502,990
679,520


Page 28

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
112,007
88,012


Amounts falling due 2-5 years

Bank loans
502,990
580,622


614,997
668,634


The bank loans are secured by guarantees pledged by the directors totalling £1,400,000 in favour of the company's bankers. In addition this is supported by a legal charge over the leasehold premises at 51 and 51A Palliser Road, London, a property owned by a director.
A further legal charge is also held over another property owned personally by a director. 
The interest on bank loans are charged at 2.95% above the prevailing base rate, and a floating rate basis under which the interest rate will never be less than the margin of 2.95%. The bank loans are repayable by way of equal monthly instalments by 2031.
The arrangement under finance leases were secured by their related assets.
Following the year-end, the company entered into a trade financing agreement with its bankers. The bank holds a fixed and floating charge over the assets of the company.


19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
9,388

Between 1-5 years
-
98,898

-
108,286

Page 29

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Deferred taxation




2024


£






At beginning of year
(382,647)


Charged to profit or loss
130,481



At end of year
(252,166)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(254,814)
(382,647)

Short term timing differences
2,648
-

(252,166)
(382,647)


21.


Provisions




Dilapidation

£





At 1 October 2023
-


Charged to profit or loss
740,373



At 30 September 2024
740,373


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £0.01 each
1
1


The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.

Page 30

 

H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
23.


Analysis of net debt




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

6,065,875

(1,676,114)

4,389,761

Debt due after 1 year

(580,622)

77,632

(502,990)

Debt due within 1 year

(88,012)

(23,995)

(112,007)

Finance leases

(108,286)

108,286

-


5,288,955
(1,514,191)
3,774,764


24.


Capital commitments


At 30 September 2024 the company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
5,634,760
-

As at 30 September 2024 the company has contracted to leasehold improvements amounting to £5,634,760 (2023: £Nil).
Following the year-end, the company contracted an additional £3,090,437 in respect of leasehold improvements.


25.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £123,551 (2023: £106,290). Contributions totalling £25,740 (2023: £22,140) were payable to the fund at the balance sheet date and are included in creditors.

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H G WALTER LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

26.


Commitments under operating leases

At 30 September 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
1,121,232
578,371

Later than 1 year and not later than 5 years
6,264,186
2,781,780

Later than 5 years
11,078,966
504,900

18,464,384
3,865,051


27.Directors' personal guarantees

The directors have pledged guarantees for bank loans totalling £1,400,000. In addition, this is supported by a legal charge over the leasehold premises at 51 and 51A Palliser Road, London, a property owned by a director.
A further legal charge is also held over another property owned personally by a director.


28.


Related party transactions

Transactions with related parties are as follows:
Rent paid in respect of properties owned by the directors amounted to £54,000 (2023: £54,000).
Total remuneration in respect of key management personnel for the year was £1,321,973 (2023: £1,140,134).
Included within other debtors is an amount of £22,629 (2023: £Nil) due from a director. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.


29.


Controlling party

The ultimate controlling party is the Heanen family.
 
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