Company registration number 03971587 (England and Wales)
GINGER PIG LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GINGER PIG LIMITED
COMPANY INFORMATION
Directors
Mr T Wilson
Mr A Smith
Mr R Aqeel
(Appointed 30 October 2023)
Mr N S Armstrong
(Appointed 12 July 2024)
Company number
03971587
Registered office
The Pinnacle
160 Midsummer Boulevard
Milton Keynes
Buckinghamshire
MK9 1FF
Auditor
Whitley Stimpson Limited
Penrose House
67 Hightown Road
Banbury
Oxfordshire
OX16 9BE
GINGER PIG LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 26
GINGER PIG LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
The directors present the strategic report for the year ended 31 March 2024.
Business review
The directors present a review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of risks and uncertainties we face.
The company’s principal activity during the year remained that of the retail of high-quality meat and meat products through our traditional butchers’ shops, together with the provision of butchery classes.
We consider that our key financial performance indicators are those that best facilitate the understanding of our financial performance and overall strength of the company as a whole and these include turnover, gross profit and operating profit.
Turnover comprises sales of meat and meat products through our London based retail shops together with the wholesale supply to the restaurant trade, as well as provision and delivery of products via orders through our online website. During the year to 31 March 2024 we added a new site for a bakery facility to the central production facility and the eight shops under operation, with further ambitions to expand our operations by identifying new sites which fit with the Ginger Pig brand.
Turnover in the company increased from £13,074,850 in the year to 31 March 2023 to £14,014,625 in the year to 31 March 2024, as a result of reduced sales in both the wholesale and butchery class income streams, being more than offset by a 7.8% increase in shop takings and a 11.4% increase in online sales. Like-for-like sales within the retail operations saw an increase in turnover of 7.91% on an annualised basis, following on from a 0.07% reduction in the preceding period.
Our gross profit during the year was £3,629,223, compared to £2,995,977 for the year to 31 March 2023, which gives a gross profit percentage of 25.90% in the year, an increase from 22.91% in the previous year.
There was an operating profit for the year of £327,564 in the year ended 31 March 2024 compared to an operating profit of £75,534 in the prior period. This improvement is, in large part, due to improved margins offset by a reduction in COVID-19 support, principally in business rates.
The number of employees in the business fell slightly to an average total staff of 86 in the year to 31 March 2024 compared to 83 in the year to 31st March 2023.
Principal risks and uncertainties
As with any retail business, we face a number of risks and uncertainties on a daily basis but seek to actively manage those risks in order to achieve our strategic objectives and respond to opportunities which arise. The most significant risk that the business faces currently is the impact on margins caused by the ongoing input price inflation that we have seen over the last eighteen months. Future inflation uncertainty represents a significant risk to the business although steps have been taken recently to improve margins.
As a niche retailer of high-quality products within the food industry, we recognise the importance of managing the safety and integrity of our products through to the final customer, by maintaining our induction and training programme for our staff through all aspects of the supply chain.
The greatest form of flattery to any business is to be copied and this brings with it a number of risks to our business. Ginger Pig Limited will always strive to stay ahead of the market in identifying and accessing new elements of the butchery profession in terms of both retail and wholesale opportunities, to ensure that our company stays at the very top, delivering uncompromising high-quality products to our customers old and new.
Mr T Wilson
Director
20 March 2025
GINGER PIG LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of the retail of high-quality meat and meat products through traditional butchers’ shops, together with the provision of butchery classes.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr T Wilson
Ms L Coughlan
(Resigned 30 August 2023)
Mr A Smith
Mr P Evans
(Retired 28 February 2025)
Mr R Aqeel
(Appointed 30 October 2023)
Mr N S Armstrong
(Appointed 12 July 2024)
Auditor
In accordance with the company's articles, a resolution proposing that Whitley Stimpson Limited be reappointed as auditor of the company will be put at a General Meeting.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
Ginger Pig Limited meets its day-to-day working capital requirements from cash generated through trade and from banking facilities provided by the company’s principal bankers. The company made a pre-tax profit for the financial year of £274,867 (2023 - £23,794), the company finished the year with net current assets of £136,324 (2023 – £259,420). At the financial year-end the company had cash at bank and in hand of £980,677.
The directors have satisfied themselves that the company is a going concern having prepared financial forecasts for the period to 31 March 2026. The company’s projections show that the company should produce positive EBITDA contribution in both of the years to March 2025 and March 2026 with positive cash flow across the forecast period. The projections have been produced on a steady state basis.
Based on their assessment of the points above the directors consider that the company will continue to be able to meet its liabilities as they fall due for the foreseeable future, a period not less than 12 months from the date of signing of the financial statements. The financial statements have therefore been prepared on a going concern basis.
GINGER PIG LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr T Wilson
Director
20 March 2025
GINGER PIG LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
GINGER PIG LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GINGER PIG LIMITED
- 5 -
Opinion
We have audited the financial statements of Ginger Pig Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 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.
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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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 report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
GINGER PIG LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GINGER PIG LIMITED (CONTINUED)
- 6 -
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 and the directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, 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, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor'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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the risk of revenue recognition being materially misstated due to fraud. We considered the extent to which non-compliance might have a material effect on the financial statements, and considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks related to revenue.
Audit procedures performed included:
Discussion amongst the audit team regarding the susceptibility of the client to fraud;
Consideration of the risk of fraud when documenting and reviewing internal controls and procedures;
Enquiring of management how they assess the risk of fraud, and identify and respond to the risks of fraud;
Enquiring of management whether they have any knowledge of actual or suspected frauds or non-compliance with laws and regulations;
Review of how those charged with governance exercise oversight of management's process for identifying and responding to the risk of fraud;
Substantive testing of revenue and debtors;
Substantive testing of expenses and creditors;
Review of journals for unusual items;
Review relevant tax correspondence;
Recalculation of deferred income and substantive procedures;
Review of VAT return entries and perform analytical procedures on VAT balances;
Substantive testing on fixed assets including having sight of the assets to confirm existence;
Verification of employees;
Review of bank reconciliations for evidence of window dressing;
GINGER PIG LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GINGER PIG LIMITED (CONTINUED)
- 7 -
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
20 March 2025
Michelle Lucas
Senior Statutory Auditor
For and on behalf of Whitley Stimpson Limited
Chartered Accountants
Statutory Auditor
Penrose House
67 Hightown Road
Banbury
Oxfordshire
OX16 9BE
GINGER PIG LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
14,014,625
13,074,850
Cost of sales
(10,385,402)
(10,078,873)
Gross profit
3,629,223
2,995,977
Administrative expenses
(3,306,997)
(2,940,404)
Other operating income
5,338
19,961
Operating profit
7
327,564
75,534
Interest receivable and similar income
8
7,671
Interest payable and similar expenses
9
(60,368)
(51,740)
Profit before taxation
274,867
23,794
Tax on profit
10
(86,815)
37,077
Profit for the financial year
188,052
60,871
Retained earnings brought forward
(154,830)
(215,701)
Retained earnings carried forward
33,222
(154,830)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
GINGER PIG LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
17,500
144,000
Tangible assets
13
2,445,275
1,763,550
2,462,775
1,907,550
Current assets
Stocks
14
360,318
315,927
Debtors
15
816,088
612,364
Cash at bank and in hand
980,677
850,127
2,157,083
1,778,418
Creditors: amounts falling due within one year
16
(2,020,759)
(1,518,998)
Net current assets
136,324
259,420
Total assets less current liabilities
2,599,099
2,166,970
Creditors: amounts falling due after more than one year
17
(819,745)
(770,100)
Provisions for liabilities
Provisions
20
120,000
Deferred tax liability
21
74,432
(194,432)
-
Net assets
1,584,922
1,396,870
Capital and reserves
Called up share capital
24
258,716
258,716
Share premium account
1,292,984
1,292,984
Profit and loss reserves
33,222
(154,830)
Total equity
1,584,922
1,396,870
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 20 March 2025 and are signed on its behalf by:
Mr T Wilson
Director
Company registration number 03971587 (England and Wales)
GINGER PIG LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
28
1,116,321
(198,704)
Interest paid
(60,368)
(51,740)
Net cash inflow/(outflow) from operating activities
1,055,953
(250,444)
Investing activities
Purchase of intangible assets
(17,500)
(144,000)
Proceeds from disposal of intangibles
(9,000)
Purchase of tangible fixed assets
(996,343)
(538,914)
Proceeds from disposal of tangible fixed assets
17,925
52,750
Repayment of loans made to other entities
(1,079)
1,247
Interest received
7,671
Net cash used in investing activities
(998,326)
(628,917)
Financing activities
Repayment of borrowings
(13,918)
Repayment of bank loans
(20,692)
(19,453)
Payment of finance leases obligations
93,615
(104,894)
Net cash generated from/(used in) financing activities
72,923
(138,265)
Net increase/(decrease) in cash and cash equivalents
130,550
(1,017,626)
Cash and cash equivalents at beginning of year
850,127
1,867,753
Cash and cash equivalents at end of year
980,677
850,127
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information
Ginger Pig Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Pinnacle, 160 Midsummer Boulevard, Milton Keynes, Buckinghamshire, MK9 1FF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
Ginger Pig Limited meets its day-to-day working capital requirements from cash generated through trade and from banking facilities provided by the company’s principal bankers. The company made a pre-tax profit for the financial year of £274,867 (2023 - £23,794), the company finished the year with net current assets of £136,324 (2023 – £259,420). At the financial year-end the company had cash at bank and in hand of £980,677.true
The directors have satisfied themselves that the company is a going concern having prepared financial forecasts for the period to 31 March 2026. The company’s projections show that the company should produce positive EBITDA contribution in both of the years to March 2025 and March 2026 with positive cash flow across the forecast period. The projections have been produced on a steady state basis.
Based on their assessment of the points above the directors consider that the company will continue to be able to meet its liabilities as they fall due for the foreseeable future, a period not less than 12 months from the date of signing of the financial statements. The financial statements have therefore been prepared on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of butchery classes are recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website costs
10% reducing balance
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the life of the lease
Plant and equipment
25% reducing balance
Fixtures and fittings
10% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. 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 which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, and deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements 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 judgement (apart from those involving estimates) has had the most significant effect on amounts recognised in the financial statements:
Going concern
As disclosed in note 1.2, a key judgement applied in the preparation of the financial statements is the assumption that the company is a going concern.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Deferred income
Deferred income includes amounts recognised for outstanding gift cards that can be used for booking butchery classes in the future. As at 31 March 2024, the balance outstanding is £105,548.
The balance outstanding at the year end is estimated by reference to post year end information for gift cards issued and utilised by customers. This data is used to determine the trend of card use and to estimate the expected balance as at 31 March 2024.
There is inherent uncertainty given that the amount recognised at the year end is based on utilisation occurring in a future period. Changes in customer behaviour or trends in gift card utilisation could result in adjustments to the recognised liability. A corresponding impact would also then occur to the turnover for the year.
Gift card balances are valid for 12 months from the date of issue and therefore, the full balance outstanding as at 31 March 2024 is expected to be utilised.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sales of butchery goods
14,014,625
13,074,850
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Turnover and other revenue
(Continued)
- 17 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,014,625
13,074,850
2024
2023
£
£
Other significant revenue
Interest income
7,671
-
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
27,000
30,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration and support
10
12
Production
5
5
Sales, marketing and distribution
71
66
Total
86
83
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,982,688
2,702,838
Social security costs
272,253
281,554
Pension costs
57,019
55,936
3,311,960
3,040,328
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
244,523
198,557
Company pension contributions to defined contribution schemes
2,566
2,643
247,089
201,200
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
113,462
105,769
Company pension contributions to defined contribution schemes
1,321
1,321
7
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(1,351)
(1,261)
Depreciation of owned tangible fixed assets
205,545
202,519
Depreciation of tangible fixed assets held under finance leases
97,903
27,014
Profit on disposal of tangible fixed assets
(6,755)
(52,750)
Impairment of intangible assets
153,000
Operating lease charges
612,316
611,023
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
7,671
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
7,671
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
24,262
27,119
Other finance costs:
Interest on finance leases and hire purchase contracts
36,106
24,621
60,368
51,740
10
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
86,815
(37,077)
On the 1 April 2023 the rate of corporation tax in the UK was raised from 19% to 25%.
The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
274,867
23,794
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
68,717
4,521
Tax effect of expenses that are not deductible in determining taxable profit
1,085
159
Effect of change in corporation tax rate
(2,972)
Permanent capital allowances in excess of depreciation
(51,990)
Depreciation on assets not qualifying for tax allowances
20,474
13,205
Other permanent differences
(3,461)
Taxation charge/(credit) for the year
86,815
(37,077)
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
Notes
£
£
In respect of:
Intangible assets
12
153,000
Recognised in:
Administrative expenses
153,000
-
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
12
Intangible fixed assets
Goodwill
Website costs
Total
£
£
£
Cost
At 1 April 2023
160,000
144,000
304,000
Additions
17,500
17,500
Transfers
9,000
9,000
At 31 March 2024
160,000
170,500
330,500
Amortisation and impairment
At 1 April 2023
160,000
160,000
Impairment losses
153,000
153,000
At 31 March 2024
160,000
153,000
313,000
Carrying amount
At 31 March 2024
17,500
17,500
At 31 March 2023
144,000
144,000
More information on impairment movements in the year is given in note 11.
13
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,200,674
1,327,923
1,983,083
178,389
4,690,069
Additions
397,748
44,375
354,371
199,849
996,343
Disposals
(12,000)
(46,550)
(58,550)
Transfers
(9,000)
(9,000)
At 31 March 2024
1,598,422
1,360,298
2,328,454
331,688
5,618,862
Depreciation and impairment
At 1 April 2023
913,488
1,211,096
626,713
175,222
2,926,519
Depreciation charged in the year
113,481
48,101
130,817
11,049
303,448
Eliminated in respect of disposals
(12,790)
(43,590)
(56,380)
At 31 March 2024
1,026,969
1,246,407
757,530
142,681
3,173,587
Carrying amount
At 31 March 2024
571,453
113,891
1,570,924
189,007
2,445,275
At 31 March 2023
287,186
116,827
1,356,370
3,167
1,763,550
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
13
Tangible fixed assets
(Continued)
- 21 -
The carrying value of leasehold improvements comprises:
2024
2023
£
£
Long leasehold
571,454
287,186
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Fixtures and fittings
854,103
952,006
Motor vehicles
51,139
905,242
952,006
14
Stocks
2024
2023
£
£
Raw materials and consumables
360,318
315,927
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
157,252
188,899
Other debtors
247,180
104,238
Prepayments and accrued income
411,656
306,844
816,088
599,981
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 21)
12,383
Total debtors
816,088
612,364
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 22 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
18
21,537
20,692
Obligations under finance leases
19
200,063
177,630
Trade creditors
1,336,244
730,428
Taxation and social security
66,597
62,097
Deferred income
22
117,252
320,990
Other creditors
17,239
35,492
Accruals and deferred income
261,827
171,669
2,020,759
1,518,998
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
402,080
423,617
Obligations under finance leases
19
417,665
346,483
819,745
770,100
18
Loans and overdrafts
2024
2023
£
£
Bank loans
423,617
444,309
Payable within one year
21,537
20,692
Payable after one year
402,080
423,617
A fixed and floating charge dated 11 January 2011 over all the present and future assets of the company is held by Lloyds Bank plc securing all bank loans and overdrafts.
A fixed and floating charge of the same nature, dated 14 October 2002, is also held by HSBC Bank plc.
Lloyds Bank Plc hold an all monies joint and several guarantee, dated 1 August 2016, from T D Wilson, a director of the company, and A Wilson, wife of T D Wilson. This relates to a bank loan for a principal amount of £700,000 plus interest and other costs as detailed in the guarantee. As at 31 March 2024, the total loan outstanding is £423,617 (2023 - £444,309).
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
200,063
177,632
In two to five years
520,629
425,787
720,692
603,419
Less: future finance charges
(102,964)
(79,306)
617,728
524,113
Net obligations under finance leases and hire purchase contracts are secured on assets to which they relate.
20
Provisions for liabilities
2024
2023
£
£
Dilapidation
120,000
-
Movements on provisions:
Dilapidation
£
Additional provisions in the year
120,000
The company has provided for future liabilities in relation to the fitted leasehold premises, operated in by the company. It has been estimated that for the 12 premises, £10,000 per premise should be provided for, to cover future dilapidations.
21
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
500,818
-
-
(339,220)
Tax losses
(421,630)
-
-
351,954
Retirement benefit obligations
(4,756)
-
-
(351)
74,432
-
-
12,383
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
21
Deferred taxation
(Continued)
- 24 -
2024
Movements in the year:
£
Asset at 1 April 2023
(12,383)
Charge to profit or loss
86,815
Liability at 31 March 2024
74,432
The deferred tax liability has been provided to the extent that the directors consider it more likely than not, that the timing differences will reverse in the foreseeable future. This is based on a review of post balance sheet date trading, and forecasts for future trading.
22
Deferred income
2024
2023
£
£
Other deferred income
117,252
320,990
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
57,019
55,936
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
250,000
250,000
250,000
250,000
Preferred ordinary shares of £1 each
8,716
8,716
8,716
8,716
258,716
258,716
258,716
258,716
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 25 -
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
557,414
533,493
Between two and five years
1,569,666
1,727,181
In over five years
148,253
480,123
2,275,333
2,740,797
26
Related party transactions
During October 2019 Ginger Pig Limited novated a loan owed by TD Wilson Farming of £509,341 with monthly interest at 5.556% over 18 years 1 month. As a result Ginger Pig Limited assumed the liability for the bank loan in exchange for £670,000 to settle the overdraft facility. The excess is owed back to TD Wilson Farming. T D Wilson, a director of the company, is a partner of TD Wilson Farming, thereby making this partnership a related entity to Ginger Pig Limited. At the reporting date the amount due to TD Wilson Farming was £7 (2023 - £23,782).
During the year T D Wilson, a director of Ginger Pig Limited, provided consultancy services totalling £202,067 (2023 - £144,669). Early Oak Furniture, owned by T D Wilson, invoiced Ginger Pig Limited on behalf of T D Wilson for the consultancy services. At the reporting date the amount due to Early Oak Furniture in respect of the consultancy services was £12 (2023 - £nil).
During the year Cloudmatters IT Solutions Limited, provided IT support totalling £67,675 (2023 - £67,567) to Ginger Pig Limited. At the reporting date Ginger Pig Limited was owed £nil (2023 - £137). Cloudmatters IT Solutions Limited is owned by M P Evans, the son of director P Evans.
During the year Lindsay Lewis Design Limited, provided design services totalling £13,477 (2023 - £24,981) to Ginger Pig Limited. At the reporting date Lindsay Lewis Design Limited was owed £nil (2023 - £693). Lindsay Lewis Design Limited is owned by L Lewis, the partner of director L Coughlan.
During the year SOFF 452 Limited, provided consultancy services totalling £6,000 (2023 - £12,000) to Ginger Pig Limited. SOFF 452 Limited is owned by A Smith, a director of Ginger Pig Limited.
During the year an interest free loan of £nil (2023 - £26,148) was made to SOFF 452 Limited. At the reporting date the balance of the loan was £nil (2023 - £26,148).
At the reporting date P Evans was owed £nil (2023 - £1,201). L Coughlan and T D Wilson owed Ginger Pig Limited £nil (2023 - £nil). Ginger Pig Limited owed A Smith and R Aqeel £951 (2023 - £nil) and £120 (2023 - £nil), respectively. All were directors of Ginger Pig Limited during the year, however as at the reporting date L Coughlan and P Evans have since resigned.
27
Ultimate controlling party
The directors consider the company to not have a controlling party as no one entity owns the majority of the issued share capital.
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
28
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
188,052
60,871
Adjustments for:
Taxation charged/(credited)
86,815
(37,077)
Finance costs
60,368
51,740
Investment income
(7,671)
Gain on disposal of tangible fixed assets
(6,755)
(52,750)
Amortisation and impairment of intangible assets
153,000
Depreciation and impairment of tangible fixed assets
303,448
229,533
Increase in provisions
120,000
-
Movements in working capital:
Increase in stocks
(44,391)
(26,108)
Increase in debtors
(215,028)
(154,292)
Increase/(decrease) in creditors
682,221
(195,407)
Decrease in deferred income
(203,738)
(75,214)
Cash generated from/(absorbed by) operations
1,116,321
(198,704)
29
Analysis of changes in net debt
2024
£
Opening net funds/(debt)
Cash at bank and in hand
850,127
Borrowings excluding overdrafts
(444,309)
Obligations under finance leases
(524,113)
(118,295)
Changes in net debt arising from:
Cash flows of the entity
57,627
Closing net funds/(debt) as analysed below
(60,668)
Closing net funds/(debt)
Cash at bank and in hand
980,677
Borrowings excluding overdrafts
(423,617)
Obligations under finance leases
(617,728)
(60,668)
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