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Registration number: 02461736

H. Smith Food Group plc

Annual Report and Financial Statements

for the Period from 30 March 2024 to 28 March 2025

 

H. Smith Food Group plc

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 26

 

H. Smith Food Group plc

Company Information

Directors

C J Smith

D K Howe

D L Fallis

S D Smith

D G Smith

A D Smith

Company secretary

S M Gatter

Registered office

24 Easter Industrial Park
Ferry Lane South
Rainham
Essex
RM13 9BP

Auditors

Hazlewoods LLP Staverton Court
Staverton
Cheltenham
GL51 0UX

 

H. Smith Food Group plc

Strategic Report for the Period from 30 March 2024 to 28 March 2025

The directors present their strategic report for the period of 52 weeks from 30 March 2024 to 28 March 2025.

Principal activity

The principal activity of the company is wholesaler of meat and meat products.

Fair review of the business

The directors consider the financial performance of the business during the year and the financial position at the year-end to be excellent. The company’s net worth continues to grow, and for the first time in its history, has surpassed £10m. The directors are confident that the company will continue to flourish and be able to meet all its financial obligations.

Key performance indicators

The company's key financial and other performance indicators were as follows:

Unit

2025

2024

Turnover

£'000

103,002

104,095

Gross profit

£'000

11,380

9,404

Gross margin

%

11.0

9.0

Net profit

£'000

3,993

2,514

Dividends

£'000

2,836

1,720

Net assets

£'000

10,245

8,618

Principal risks and uncertainties

The company's operations expose it to a variety of financial risks that include the effects of changes in foreign currency exchange rates, credit risks, liquidity risk and interest rate risk.

The company has in place a risk management programme that seeks to limit the adverse effect on the financial performance of the company by monitoring levels of debt finance and the related finance costs. The company does not use derivative financial instruments to manage interest rate costs, and as such no hedge accounting is applied.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The company's finance department implements the policies set by the board of directors. The department have guidelines, agreed by the directors, to manage interest rate risk, credit risk and circumstances where it would be appropriate to use financial instruments to manage these.

Foreign currency risk

The company's principal foreign currency exposures arise from trade with overseas companies. Foreign currency risk arises from transactions when goods are bought and sold in currency other than Sterling. There is a risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rate. The company actively hedges against adverse currency fluctuations with the purchase of forward contracts. The company also maintains Euro and Dollar bank accounts for ease of trade.

Cash flow risk

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability such as future interest payments on a variable rate loans or changes in exchange rates.

Credit risk

Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

 

H. Smith Food Group plc

Strategic Report for the Period from 30 March 2024 to 28 March 2025

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company has interest bearing liabilities secured on fixed and floating rates. There is a risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rate.

All loans and borrowings are recognised initially at cost, which is the fair value of the consideration received, net of issue costs associated with the borrowing.

After initial recognition, interest-bearing loans and borrowings are measured at amortised cost using the effective interest rate method. Gains or losses are recognised in the profit and loss account when liabilities are derecognised or impaired, as well as through the amortisation process.

Future developments

The board of directors believe that the external factors impacting the UK food industry will continue to present challenges in 2025/2026. The board are ready to react to any changes in trading conditions in order to mitigate new risks and take advantage of opportunities that may arise.

Going concern

The directors expect that the company is currently in a position where it has sufficient resources available to it to enable the business to continue in operational existence for at least 12 months and as such have continued to adopt the going concern basis in preparing the financial statements.

Approved by the Board on 25 June 2025 and signed on its behalf by:


C J Smith
Director

 

H. Smith Food Group plc

Directors' Report for the Period from 30 March 2024 to 28 March 2025

The directors present their report and the financial statements for the period from 30 March 2024 to 28 March 2025.

Directors of the company

The directors who held office during the period were as follows:

C J Smith

D K Howe

D L Fallis

S D Smith

D G Smith

A D Smith (appointed 7 May 2024)

S172 Statement

The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Company has considered the long-term strategy of the business within the Strategic Report and consider that this strategy will continue to deliver long term success to the business and its stakeholders.

The Company is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about which suppliers are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint.

The Directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the company are considered to be the employees, suppliers and customers.

In ensuring that all our stakeholders are considered as part of every decision process we believe we act fairly between all members of the Company.

Streamlined Energy and Carbon Reporting

2025

2024

Total emissions (kgCO2e)

552,930

559,911

Productivity (tonne of product)

25,712

27,776

Emissions intensity

21.5

19.6

Natural gas (tCO2e)

16.32

6.53

Company-owned trucks (tCO2e)

403.47

373.52

Company-owned diesel cars (tCO2e)

6.72

8.99

Scope 1 Total (tCO2e)

426.51

389.04

Grid electricity (tCO2e)

119.25

154.86

Scope 2 Total (tCO2e)

119.25

154.86

Business travel in employee owned vehicles (tCO2e)

7.17

16.01

Scope 3 Total (tCO2e)

7.17

16.01

 

H. Smith Food Group plc

Directors' Report for the Period from 30 March 2024 to 28 March 2025

As can be seen from the above figures, overall greenhouse gas emissions compared with the previous year have reduced by 1%. The Group measures intensity using weight of product sales (in tonnes) as a measure of productivity, to allow the Group to measure their performance in reducing greenhouse gas emissions relative to their performance as a business. Carbon intensity increased 10% to 21.5 compared to the previous year.

The report data has been collated internally and CO2e have been calculated using average prices per kwh of energy and price per litre of fuel taken from supplier invoices. CO2e has been calculated using the UK Government GHG Conversion Factors for Company Reporting.

The Company takes very seriously the effect of carbon emissions on the planet and our carbon footprint. We have endeavoured in the past, and will continue in the future, to reduce our emissions wherever possible. For example, using roof space for the installation of solar panels allowing us to generate renewable electricity, and replacing old vehicles with electric and hybrid vehicles.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 25 June 2025 and signed on its behalf by:


C J Smith
Director

 

H. Smith Food Group plc

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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.

 

H. Smith Food Group plc

Independent Auditor's Report to the Members of H. Smith Food Group plc

Opinion

We have audited the financial statements of H. Smith Food Group plc (the 'company') for the period from 30 March 2024 to 28 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 28 March 2025 and of its profit for the period then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

H. Smith Food Group plc

Independent Auditor's Report to the Members of H. Smith Food Group plc

Opinion on other matter 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities 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.

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.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

H. Smith Food Group plc

Independent Auditor's Report to the Members of H. Smith Food Group plc

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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

Use of this 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.





Felicity Sang (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

25 June 2025

 

H. Smith Food Group plc

Profit and Loss Account for the Period from 30 March 2024 to 28 March 2025

Note

30 March 2024 to 28 March 2025
 £

1 April 2023 to 29 March 2024
 £

Turnover

3

103,002,316

104,094,508

Cost of sales

 

(91,622,500)

(94,690,855)

Gross profit

 

11,379,816

9,403,653

Administrative expenses

 

(5,429,753)

(5,292,210)

Other operating income

4

121,298

-

Operating profit

5

6,071,361

4,111,443

Interest receivable and similar income

113

180

Interest payable and similar charges

9

(699,315)

(716,974)

Profit before tax

 

5,372,159

3,394,649

Taxation

10

(1,379,154)

(880,958)

Profit for the financial period

 

3,993,005

2,513,691

The above results were derived from continuing operations.

 

H. Smith Food Group plc

(Registration number: 02461736)
Balance Sheet as at 28 March 2025

Note

28 March 2025
 £

29 March 2024
 £

Fixed assets

 

Tangible assets

11

4,100,902

4,306,074

Investments

12

20,001

20,001

 

4,120,903

4,326,075

Current assets

 

Stocks

13

8,553,252

9,022,729

Debtors

14

14,598,417

14,443,169

Cash at bank and in hand

17

2,072

-

 

23,153,741

23,465,898

Creditors: Amounts falling due within one year

15

(16,691,876)

(18,560,990)

Net current assets

 

6,461,865

4,904,908

Total assets less current liabilities

 

10,582,768

9,230,983

Creditors: Amounts falling due after more than one year

15

-

(245,000)

Provisions for liabilities

10

(337,799)

(368,159)

Net assets

 

10,244,969

8,617,824

Capital and reserves

 

Called up share capital

18

99,000

90,000

Share premium reserve

19

667,140

206,100

Capital redemption reserve

19

30,000

30,000

Retained earnings

19

9,448,829

8,291,724

Total equity

 

10,244,969

8,617,824

Approved and authorised by the Board on 25 June 2025 and signed on its behalf by:
 



 

............................................
C J Smith
Director

 

H. Smith Food Group plc

Statement of Changes in Equity for the Period from 30 March 2024 to 28 March 2025

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 April 2023

100,000

206,100

20,000

8,503,033

8,829,133

Profit for the period

-

-

-

2,513,691

2,513,691

Dividends

-

-

-

(1,720,000)

(1,720,000)

Purchase of own share capital

(10,000)

-

10,000

(1,005,000)

(1,005,000)

At 29 March 2024

90,000

206,100

30,000

8,291,724

8,617,824

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 30 March 2024

90,000

206,100

30,000

8,291,724

8,617,824

Profit for the period

-

-

-

3,993,005

3,993,005

Dividends

-

-

-

(2,835,900)

(2,835,900)

New share capital subscribed

9,000

461,040

-

-

470,040

At 28 March 2025

99,000

667,140

30,000

9,448,829

10,244,969

 

H. Smith Food Group plc

Statement of Cash Flows for the Period from 30 March 2024 to 28 March 2025

Note

30 March 2024
to 28 March
2025
£

1 April 2023 to
29 March
2024
£

Cash flows from operating activities

Profit for the period

 

3,993,005

2,513,691

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

294,411

197,437

Loss on disposal of tangible assets

-

10,612

Finance income

(113)

(180)

Finance costs

9

699,315

716,974

Income tax expense

10

1,379,154

880,958

 

6,365,772

4,319,492

Working capital adjustments

 

Decrease in stocks

469,477

1,714,293

Increase in trade debtors

14

(155,248)

(2,357,234)

(Decrease)/increase in trade creditors

15

(2,746,903)

118,653

Cash generated from operations

 

3,933,098

3,795,204

Income taxes paid

10

(1,173,587)

(808,687)

Net cash flow from operating activities

 

2,759,511

2,986,517

Cash flows from investing activities

 

Interest received

113

180

Acquisitions of tangible assets

(89,239)

(72,213)

Proceeds from sale of tangible assets

 

-

26,000

Net cash flows from investing activities

 

(89,126)

(46,033)

Cash flows from financing activities

 

Interest paid

9

(562,913)

(574,599)

Proceeds from issue of ordinary shares, net of issue costs

 

470,040

-

Payments for purchase of own shares

 

-

(1,005,000)

Repayment of bank borrowing

 

(385,000)

(140,000)

Proceeds from other borrowing draw downs

 

16,495

402,323

Payments to finance lease creditors

 

109,227

701,463

Dividends paid

(2,835,900)

(1,720,000)

(Decrease)/Increase in directors' loan account

 

527,120

(937,661)

Net cash flows from financing activities

 

(2,660,931)

(3,273,474)

Net increase/(decrease) in cash and cash equivalents

 

9,454

(332,990)

Cash and cash equivalents at 30 March

 

(7,382)

325,608

Cash and cash equivalents at 28 March

 

2,072

(7,382)

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
24 Easter Industrial Park
Ferry Lane South
Rainham
Essex
RM13 9BP

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

In assessing whether the going concern basis is appropriate, the directors take into account all available information about the future, which is at least, but not limited to, 12 months from the date of signing these financial statements.

As at the date of approval of these financial statements, the directors believe that the business will continue to operate successfully for the foreseeable future and be able to meet its liabilities as and when they fall due. The directors consider that there are no material uncertainties about the company's ability to continue as a going concern and so the financial statements have been prepared on the going concern basis.

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a large-sized group. Although the Companies Act 2006 requires large-sized groups to prepare group accounts, the company has not prepared them on the basis that the results and net assets of the subsidiary undertakings are not material to the group.

Critical accounting 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 amounts 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 on going bases. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

2

Accounting policies (continued)

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue on receipt of goods by the customer. For overseas customers, revenue is recognised upon delivery in accordance with the agreed international shipping terms.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2 - 15% straight line

Plant and Machinery

4 - 15% reducing balance

Fixtures and fittings

4 - 33% straight line

Motor Vehicles

25% reducing balance

Investments

Investments are stated at historical cost less provision for any diminution in value.

Dividends on securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Cost includes all direct costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

2

Accounting policies (continued)

Pensions

The company operates a defined contribution pension scheme for all employees. The assets of the scheme are held separately from those of the group. The annual contributions payable are charged to the profit and loss account.

Financial Instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
 

Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
 

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets:
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets:
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

3

Turnover

The analysis of the company's Turnover for the period from continuing operations is as follows:

30 March 2024
to 28 March
2025
£

1 April 2023 to
29 March
2024
£

Sale of goods

103,002,316

104,094,508

The analysis of the company's Turnover for the period by market is as follows:

30 March 2024
to 28 March
2025
£

1 April 2023 to
29 March
2024
£

UK

102,866,937

104,094,508

Europe

135,379

-

103,002,316

104,094,508

 

4

Other operating income

The analysis of the company's other operating income for the period is as follows:

30 March 2024 to 28 March 2025
£

1 April 2023 to 29 March 2024
£

Miscellaneous other operating income

121,298

-

Other income includes fees received for administrative and handling services provided to a third party.

 

5

Operating profit

Arrived at after charging:

30 March 2024
to 28 March
2025
£

1 April 2023 to
29 March
2024
£

Operating lease expense - plant and machinery

103,600

100,064

Loss on disposal of property, plant and equipment

-

10,612

Depreciation expense

294,411

197,437

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

30 March 2024
to 28 March
2025
£

1 April 2023 to
29 March
2024
£

Wages and salaries

2,680,355

2,646,201

Social security costs

334,110

332,141

Pension costs, defined contribution scheme

73,881

83,851

3,088,346

3,062,193

The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:

30 March 2024 to 28 March 2025
 No.

1 April 2023 to 29 March 2024
 No.

Directors

6

5

Administration and support

17

19

Distribution

15

15

38

39

 

7

Directors' remuneration

The directors' remuneration for the period was as follows:

30 March 2024
to 28 March
2025
£

1 April 2023 to
29 March
2024
£

Remuneration

1,518,790

1,303,011

Contributions paid to money purchase schemes

52,625

62,549

1,571,415

1,365,560

During the period the number of directors who were receiving benefits and share incentives was as follows:

30 March 2024 to 28 March 2025
 No.

1 April 2023 to 29 March 2024
 No.

Accruing benefits under money purchase pension scheme

5

6

In respect of the highest paid director:

30 March 2024
to 28 March
2025
£

1 April 2023 to
29 March
2024
£

Remuneration

321,185

378,629

Company contributions to money purchase pension schemes

4,921

13,321

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

8

Auditors' remuneration

30 March 2024 to 28 March 2025
£

1 April 2023 to 29 March 2024
£

Audit of the financial statements

17,400

19,600

Other fees to auditors

Taxation compliance services

3,000

5,480

All other non-audit services

2,400

-

5,400

5,480


 

 

9

Interest payable and similar expenses

30 March 2024
to 28 March
2025
£

1 Apri 2023 to
29 March 2024
£

Interest on bank borrowings

22,061

34,497

Finance charges

452,644

457,222

Interest on other loans

224,610

225,255

699,315

716,974

 

10

Taxation

Tax charged/(credited) in the profit and loss account

30 March 2024
to 28 March
2025
£

1 April 2023 to
29 March 2024
£

Current taxation

UK corporation tax

1,409,562

893,765

UK corporation tax adjustment to prior periods

(48)

-

1,409,514

893,765

Deferred taxation

Arising from origination and reversal of timing differences

(29,819)

(12,807)

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

(541)

-

Total deferred taxation

(30,360)

(12,807)

Tax expense in the income statement

1,379,154

880,958

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

10

Taxation (continued)

The tax on profit before tax for the period is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

30 March 2024
to 28 March
2025
£

1 April 2023 to
29 March 2024
£

Profit before tax

5,372,159

3,394,649

Corporation tax at standard rate

1,343,040

848,662

Effect of expense not deductible in determining taxable profit (tax loss)

21,603

18,972

Deferred tax credit from unrecognised temporary difference from a prior period

(541)

-

Decrease in UK and foreign current tax from adjustments for prior periods

(48)

-

Tax increase from effect of capital allowances and depreciation

15,100

13,324

Total tax charge

1,379,154

880,958

Deferred tax assets and liabilities

2025

Liability
£

Difference between accumulated depreciation and capital allowances

337,799

2024

Liability
£

Difference between accumulated depreciation and capital allowances

368,159

 

11

Tangible assets

Freehold land and buildings
£

Plant and machinery
 £

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 30 March 2024

3,318,933

1,621,531

405,246

526,833

5,872,543

Additions

3,214

26,859

53,016

6,150

89,239

At 28 March 2025

3,322,147

1,648,390

458,262

532,983

5,961,782

Depreciation

At 30 March 2024

549,670

645,382

218,935

152,482

1,566,469

Charge for the period

85,010

96,932

50,658

61,811

294,411

At 28 March 2025

634,680

742,314

269,593

214,293

1,860,880

Carrying amount

At 28 March 2025

2,687,467

906,076

188,669

318,690

4,100,902

At 29 March 2024

2,769,263

976,149

186,311

374,351

4,306,074

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

12

Investments held as fixed assets

28 March 2025
 £

29 March 2024
 £

Shares in group undertakings

1

1

Unlisted investments

20,000

20,000

20,001

20,001

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2025

2024

Subsidiary undertakings

H. Smith (Meat & Poultry) Limited
24 Easter Industrial Park, Ferry Lane South, Rainham, Essex, RM13 9BP

England and Wales

Ordinary

100%

100%

The above subsidiary company was dormant throughout the period.

Associates

H. Smith (Smithfield) Limited
Unit 4 Segro Park, Reef Street, Dagenham, Essex, United Kingdom, RM9 6GQ

England and Wales

Ordinary

33%

33%

The principal activity of H. Smith (Smithfield) Limited is wholesaler of meat and meat products.

 

13

Stocks

28 March 2025
£

29 March 2024
£

Goods for resale

8,553,252

9,022,729

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

14

Debtors

28 March
2025
£

29 March
2024
£

Trade debtors

10,848,038

11,371,122

Payments on account

3,537,439

2,878,494

Other debtors

87,973

72,388

Prepayments and accrued income

124,967

121,165

14,598,417

14,443,169

Trade debtors, as detailed above, are subject to invoice discounting arrangements at the year end.

 

15

Creditors

Note

28 March
2025
£

29 March
2024
£

Due within one year

 

Loans and borrowings

16

11,485,481

10,843,619

Trade creditors

 

3,980,497

6,804,394

Amounts owed to group undertakings

 

1

1

Social security and other taxes

 

71,445

157,498

Other creditors

 

13,935

18,359

Accrued expenses

 

369,726

202,255

Corporation tax liability

 

770,791

534,864

 

16,691,876

18,560,990

Due after one year

 

Loans and borrowings

16

-

245,000

 

16

Loans and borrowings

Current loans and borrowings

28 March
2025
£

29 March
2024
£

Bank borrowings

976,651

1,100,156

Bank overdrafts

-

7,382

Invoice financing creditor

7,129,848

7,020,621

Directors' current accounts

3,378,982

2,715,460

11,485,481

10,843,619

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

16

Loans and borrowings (continued)

Non-current loans and borrowings

28 March
2025
£

29 March
2024
£

Bank borrowings

-

245,000

The total bank loans of £976,651 (2024 - £1,345,156) are secured by a legal charge over the freehold property. The NatWest loan was fully repaid during the year, with a closing balance of £Nil (2024: £385,000). The interest rate on the loan was 2.25% over base rate. The remaining balance of £976,651 (2024 - £960,156) is a trade finance loan which equivalent to $1,258,805 (2024 - $1,223,700), which also bears interest at 2.25% above the base rate.

The invoice financing creditor is secured by a mortgage debenture charge over all of the assets of the company.

 

17

Cash and cash equivalents

28 March
2025
£

29 March
2024
£

Cash at bank

2,072

-

Bank overdrafts

-

(7,382)

Cash and cash equivalents in statement of cash flows

2,072

(7,382)

 

18

Share capital

Allotted, called up and fully paid shares

 

28 March 2025

29 March 2024

 

No.

£

No.

£

Ordinary shares of £1 each

99,000

99,000

90,000

90,000

         

During the year, the company issued 9,000 ordinary shares of £1 each for £470,040 consideration.

 

19

Reserves

Reserves of the group and company represent the following:

Share capital
This represents the nominal value of the issued equity share capital.

Share premium
This represents premium value of the issued equity share capital.

Capital redemption reserve
This is a non-distributable reserve which represents the amount of the company's issued share capital is diminished accordingly by the nominal value as a result of share repurchased.

Profit and loss account
Cumulative profit and loss net of distributions to the owners.

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

20

Pension and other schemes

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £73,881 (2024 - £83,851).

Contributions totalling £nil (2024 - £nil) were payable to the scheme at the end of the period and are included in creditors.

 

21

Obligations under operating leases

The total of future minimum lease payments is as follows:

28 March
2025
£

29 March
2024
£

Not later than one year

93,533

96,028

Later than one year and not later than five years

20,195

51,793

113,728

147,821

The amount of non-cancellable operating lease payments recognised as an expense during the period was £103,600 (2024 - £100,064).

 

22

Analysis of changes in net debt

At 30 March 2024
£

Financing cash flows
£

At 28 March 2025
£

Cash and cash equivalents

Overdrafts

(7,382)

9,454

2,072

Borrowings

Long term borrowings

(245,000)

245,000

-

Short term borrowings

(10,843,619)

(641,862)

(11,485,481)

(11,088,619)

(396,862)

(11,485,481)

 

(11,096,001)

(387,408)

(11,483,409)

 

H. Smith Food Group plc

Notes to the Financial Statements for the Period from 30 March 2024 to 28 March 2025

 

23

Related party transactions

During the period the company made the following related party transactions:

H. Smith (Smithfield) Limited
(A company which H. Smith Food Group plc has an interest in the share capital)
The company made sales of £21,760 (2024 - £20,179) and purchases of £44,208 (2024 - £1,091). At the balance sheet date the amount due from H. Smith (Smithfield) Limited was £nil (2024 - £nil).

 

Included in loans and borrowings are amounts due to the company directors. The year end positions are shown below:

Balance

Balance

2025

2024

£

£

Directors' current accounts

3,378,982

2,715,460

These loans are repayable on demand with interest being charged at 5.5% per annum (2024: 5.5%) and amounting to £108,647 (2024 - £113,901).

 

24

Parent and ultimate parent undertaking

The ultimate controlling party is C J Smith by virtue of his majority shareholding.