Company registration number 07015461 (England and Wales)
SERIOUS PIG LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
One Bell Lane
Lewes
East Sussex
BN7 1JU
SERIOUS PIG LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
SERIOUS PIG LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr W A Rice
Mr G Rice
Company number
07015461
Registered office
7 Bell Yard
London
WC2A 2JR
Accountants
TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
SERIOUS PIG LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,377
3,988
Tangible assets
4
14,088
529
19,465
4,517
Current assets
Stocks
449,925
156,952
Debtors
5
598,078
304,028
Cash at bank and in hand
11,874
11,262
1,059,877
472,242
Creditors: amounts falling due within one year
6
(884,963)
(519,955)
Net current assets/(liabilities)
174,914
(47,713)
Total assets less current liabilities
194,379
(43,196)
Creditors: amounts falling due after more than one year
7
(192,533)
(200,000)
Net assets/(liabilities)
1,846
(243,196)
Capital and reserves
Called up share capital
9
515
505
Share premium account
2,222,233
1,892,863
Profit and loss reserves
(2,220,902)
(2,136,564)
Total equity
1,846
(243,196)
SERIOUS PIG LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 3 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr G Rice
Director
Company registration number 07015461 (England and Wales)
SERIOUS PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information

Serious Pig Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Bell Yard, London, WC2A 2JR.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for selling pork products in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
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.

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:

Trademarks
Over trademark life
1.4
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.

SERIOUS PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation 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:

Plant and equipment
2 years straight line basis
Fixtures and fittings
2 years straight line basis
Computers
2 years straight line basis

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.

1.5
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.

1.6
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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

SERIOUS PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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.

1.9
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.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
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.

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 leases asset are consumed.

SERIOUS PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
8
3
Intangible fixed assets
Trademarks
£
Cost
At 1 January 2024
4,852
Additions
2,082
At 31 December 2024
6,934
Amortisation and impairment
At 1 January 2024
864
Amortisation charged for the year
693
At 31 December 2024
1,557
Carrying amount
At 31 December 2024
5,377
At 31 December 2023
3,988
SERIOUS PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
84,190
51,711
4,059
139,960
Additions
14,273
4,312
-
0
18,585
Disposals
(36,807)
(45,038)
-
0
(81,845)
At 31 December 2024
61,656
10,985
4,059
76,700
Depreciation and impairment
At 1 January 2024
84,190
51,302
3,939
139,431
Depreciation charged in the year
3,569
1,337
120
5,026
Eliminated in respect of disposals
(36,807)
(45,038)
-
0
(81,845)
At 31 December 2024
50,952
7,601
4,059
62,612
Carrying amount
At 31 December 2024
10,704
3,384
-
0
14,088
At 31 December 2023
-
0
409
120
529
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
417,726
173,259
Other debtors
180,352
130,769
598,078
304,028
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
703,186
370,133
Taxation and social security
9,703
7,470
Other creditors
172,074
142,352
884,963
519,955
SERIOUS PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
192,533
200,000

Within other creditors are loans from the directors, Mr W A Rice £160,000 (2023: £175,000) and Mr G Rice £25,000 (2023: £25,000). These accrue interest at market rate and are repayable on demand.

8
Finance lease and hire purchase obligations
2024
2023
Future minimum lease payments due under finance leases and hire purchase contracts:
£
£
Within one year
4,758
-
0
In two to five years
7,533
-
0
12,291
-
0

The company has acquired certain tangible fixed assets under hire purchase agreements. These assets are included within tangible fixed assets in the balance sheet at cost and are depreciated over their expected useful lives on a basis consistent with similar owned assets. The related liabilities are included in other creditors.

 

Interest charges are recognised in the profit and loss account over the term of the agreements.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.0015p each
30,367,023
30,367,023
456
456
Ordinary B shares of 0.0015p each
3,937,405
3,266,034
59
49
34,304,428
33,633,057
515
505

During the year, the company issued 671,371 Ordinary B shares of £0.000015 each at a premium of £0.490592 per share, raising total proceeds of £329,380.

 

The share issue was for cash consideration and was fully paid at the time of issue.

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