| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Directors and |
| Financial Statements |
| for the Period |
| 27 January 2024 to 31 January 2025 |
| for |
| FRANK KING (WIGAN) LIMITED |
| REGISTERED NUMBER: |
| Strategic Report, |
| Report of the Directors and |
| Financial Statements |
| for the Period |
| 27 January 2024 to 31 January 2025 |
| for |
| FRANK KING (WIGAN) LIMITED |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Contents of the Financial Statements |
| for the Period 27 January 2024 to 31 January 2025 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Statement of Comprehensive Income | 8 |
| Balance Sheet | 9 |
| Statement of Changes in Equity | 10 |
| Notes to the Financial Statements | 11 |
| FRANK KING (WIGAN) LIMITED |
| Company Information |
| for the Period 27 January 2024 to 31 January 2025 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Auditors: |
| Northern Assurance Buildings |
| 9-21 Princess Street |
| Manchester |
| M2 4DN |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Strategic Report |
| for the Period 27 January 2024 to 31 January 2025 |
| The directors present their strategic report for the period 27 January 2024 to 31 January 2025. |
| Principal activity |
| The company's principal activity during the period continued to be the manufacturing and wholesale of cooked meats. |
| Review of business |
| The company posted a very strong period of growth with sales revenue increasing by 4% year on year to £22.2m (2024: £21.3m). This is due to an increase in sales quantities and prices. The increase in sales prices has been driven by rising raw material and labour costs. The financial statements also show a substantial increase in net current assets. Total equity has grown by 19%. |
| The company continues to drive expansion of production with the purchase of land in this period. This will be developed facilitating further growth. |
| Principal risks and uncertainties |
| The directors regularly review the business risks and uncertainties facing the company and take appropriate action when necessary. The following issues are the principal risks and uncertainties faced by the company. |
| Health and safety |
| The company is in a highly regulated industry where the maintenance of hygiene and health and safety standards is absolutely crucial. The company recognises its obligations and the risk to its reputation of any incident affecting either its customers or employees. The directors are mindful of their responsibilities and comply with all relevant legislation. |
| Credit risk |
| To be commercial the company must allow its customers to trade with credit terms and hence the company is exposed to the associated risks. The company mitigates these risks by carrying out credit checks on new customers and obtaining credit insurance against all debtor balances. Bad debts are very rare and, in most circumstances, would be covered by insurance, so exposure to credit risk is considered to be low. |
| Liquidity risk |
| The liquidity risk of the company is considered to be low because the company has a healthy balance sheet position at the year end and strong cash flow generated from operations, which will continue to support the company operations. |
| Foreign currency risk |
| The company is exposed to foreign currency risks due to trading carried out both within Europe and internationally. The company mitigates exposures to these risks through the purchase of forward currency forward contracts. |
| Interest rate risk |
| The company has loans which funded the extension of the factory. As such, the operations of the company are exposed to the effects of the changes in interest rates on debt. Wherever possible the company enters into fixed rate interest agreements to reduce the exposure to changes in interest rates. However should interest rates increase, the company is well placed to absorb any change in rates as cash flow remains strong. |
| Environmental risks |
| The company operates in a highly competitive industry which is subject to various environmental risks. Continual investment in the company's factory and plans for further expansion help the company achieve its BRC AA rating. |
| Price risk |
| Inflation in the UK is still high. The company continues to experience pressure from raw ingredients and energy costs which is partially mitigated by buying in international markets and the policy of not entering into long term sales contracts. |
| Labour availability risk |
| The company continues to invest in the employees. Having a stable workforce with relatively low staff turnover. Promotion from within the company is encouraged. The company is also geographically positioned with very good transport links and within a town that has had historically a high concentration of food manufacturers. As such it can draw from a very good local pool of employees and consider the risk of labour availability to be low. |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Strategic Report |
| for the Period 27 January 2024 to 31 January 2025 |
| Key performance indicators |
| 2025 | 2024 |
| £ | £ |
| Turnover | 22,229,423 | 21,301,651 |
| Gross profit | 6,191,430 | 5,765,383 |
| Operating profit | 1,756,071 | 1,806,463 |
| Profit after taxation | 1,170,147 | 1,274,850 |
| Net current assets | 3,130,650 | 2,604,499 |
| Total equity | 4,845,530 | 4,083,392 |
| Future developments |
| On the back of an exceptional performance, with a focus on in-house efficiencies, investment in staff and additional production facilities the company aims to see continuous improvement in profitability. |
| On behalf of the board: |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Report of the Directors |
| for the Period 27 January 2024 to 31 January 2025 |
| The directors present their report with the financial statements of the company for the period 27 January 2024 to 31 January 2025. |
| Results |
| The results for the period are set out on the Statement of Comprehensive Income. |
| The profit for the period, after taxation, amounted to £1,170,147 (2024: £1,274,850). |
| Dividends |
| Dividends of £408,009 (2024: £533,724) were paid to Value Meats Limited, the company's intermediate parent. |
| Directors |
| The directors shown below have held office during the whole of the period from 27 January 2024 to the date of this report. |
| Disclosure in the 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. It has done so in respect of: |
| - | Financial risk management and objective policies |
| - | Future developments |
| Statement of directors' responsibilities |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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. |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Report of the Directors |
| for the Period 27 January 2024 to 31 January 2025 |
| Statement as to disclosure of information to auditors |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| On behalf of the board: |
| Report of the Independent Auditors to the Members of |
| Frank King (Wigan) Limited |
| Opinion |
| We have audited the financial statements of Frank King (Wigan) Limited (the 'company') for the period ended 31 January 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 31 January 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 Auditors' 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. |
| Other information |
| The other information comprises the information included in the report of the directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the report of the directors. 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 the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| 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. |
| Report of the Independent Auditors to the Members of |
| Frank King (Wigan) Limited |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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. |
| Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: |
| - Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; |
| - identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
| - understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
| - identifying and testing journal entries, through the use of audit data analytics and manual reviews, to test the journals with the largest risk scores; |
| - focussing on revenue recognition, in particular focussing on cut-off and occurrence; |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 a Report of the Auditors 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. |
| for and on behalf of |
| Northern Assurance Buildings |
| 9-21 Princess Street |
| Manchester |
| M2 4DN |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Statement of Comprehensive |
| Income |
| for the Period 27 January 2024 to 31 January 2025 |
| Period | Period |
| 27/1/24 | 28/1/23 |
| to | to |
| 31/1/25 | 26/1/24 |
| Notes | £ | £ |
| Turnover | 4 |
| Cost of sales | ( |
) | ( |
) |
| Gross profit |
| Distribution costs | ( |
) | ( |
) |
| Administrative expenses | ( |
) | ( |
) |
| 1,755,380 | 1,802,042 |
| Other operating income |
| Operating profit | 6 |
| Interest receivable and similar income |
| 1,774,607 | 1,821,349 |
| Interest payable and similar expenses | 7 | ( |
) | ( |
) |
| Profit before taxation |
| Tax on profit | 8 | ( |
) | ( |
) |
| Profit for the financial period |
| Other comprehensive income | - | - |
| Total comprehensive income for the period |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Balance Sheet |
| 31 January 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ |
| Fixed assets |
| Tangible assets | 10 |
| Current assets |
| Stocks | 11 |
| Debtors | 12 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 13 |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
| Provisions for liabilities | 19 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 20 |
| Retained earnings | 21 |
| Shareholders' funds |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Statement of Changes in Equity |
| for the Period 27 January 2024 to 31 January 2025 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 28 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 26 January 2024 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 January 2025 |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Notes to the Financial Statements |
| for the Period 27 January 2024 to 31 January 2025 |
| 1. | Statutory information |
| Frank King (Wigan) Limited is a |
| Reporting period |
| The company draws its balance sheet to the closest Friday to the accounting reference date of 31 January. The current accounting period is a long period of 371 days. The comparative amounts presented in the financial statements are not entirely comparable. |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows; |
| • | the requirement of paragraph 33.7. |
| Significant judgements and estimates |
| 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 directors consider there to be no key estimates in the preparation of the financial statements. |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the group'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. |
| The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
| Impairment assessment |
| As assessment has been conducted as to whether an impairment exists. The higher of the fair value less costs to sell and the value in use has been assessed against the carrying amounts of the assets. It was determined that there is no impairment in the current year due to the forecasts and assessments being greater than the carrying amount of the assets. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Notes to the Financial Statements - continued |
| for the Period 27 January 2024 to 31 January 2025 |
| 3. | Accounting policies - continued |
| Tangible fixed assets |
| Freehold property | - |
| Leasehold buildings | - |
| Plant and machinery | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. |
| Government grants |
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
| A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
| 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. |
| 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 in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Notes to the Financial Statements - continued |
| for the Period 27 January 2024 to 31 January 2025 |
| 3. | Accounting policies - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 4. | Turnover |
| The turnover and profit before taxation are attributable to the one principal activity of the company. |
| An analysis of turnover by class of business is given below: |
| Period | Period |
| 27/1/24 | 28/1/23 |
| to | to |
| 31/1/25 | 26/1/24 |
| £ | £ |
| 5. | Employees and directors |
| Period | Period |
| 27/1/24 | 28/1/23 |
| to | to |
| 31/1/25 | 26/1/24 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the period was as follows: |
| Period | Period |
| 27/1/24 | 28/1/23 |
| to | to |
| 31/1/25 | 26/1/24 |
| Production staff | 123 | 101 |
| Administrative staff | 27 | 27 |
| Senior management | 4 | 4 |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Notes to the Financial Statements - continued |
| for the Period 27 January 2024 to 31 January 2025 |
| 5. | Employees and directors - continued |
| Period | Period |
| 27/1/24 | 28/1/23 |
| to | to |
| 31/1/25 | 26/1/24 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 6. | Operating profit |
| The operating profit is stated after charging/(crediting): |
| Period | Period |
| 27/1/24 | 28/1/23 |
| to | to |
| 31/1/25 | 26/1/24 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| (Profit)/loss on disposal of fixed assets | ( |
) |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| 7. | Interest payable and similar expenses |
| Period | Period |
| 27/1/24 | 28/1/23 |
| to | to |
| 31/1/25 | 26/1/24 |
| £ | £ |
| Bank interest |
| Interest payable |
| Hire purchase |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Notes to the Financial Statements - continued |
| for the Period 27 January 2024 to 31 January 2025 |
| 8. | Taxation |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| Period | Period |
| 27/1/24 | 28/1/23 |
| to | to |
| 31/1/25 | 26/1/24 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| (Over)/under provision PY | 10,434 | - |
| Total current tax |
| Deferred tax | ( |
) |
| Tax on profit |
| UK corporation tax has been charged at 25% . |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| Period | Period |
| 27/1/24 | 28/1/23 |
| to | to |
| 31/1/25 | 26/1/24 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2024 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods |
| Effect of change in corporation tax rate | - | (1,085 | ) |
| Deferred tax | 32,220 | 4 |
| Super deduction | - | (963 | ) |
| Total tax charge | 508,546 | 431,088 |
| The tax charge has moved from a marginal rate applied in the prior year to 25% which is the rate enacted for the full period. |
| 9. | Dividends |
| Period | Period |
| 27/1/24 | 28/1/23 |
| to | to |
| 31/1/25 | 26/1/24 |
| £ | £ |
| Ordinary shares shares of £1 each |
| Interim |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Notes to the Financial Statements - continued |
| for the Period 27 January 2024 to 31 January 2025 |
| 10. | Tangible fixed assets |
| Freehold | Leasehold | Plant and |
| property | buildings | machinery |
| £ | £ | £ |
| Cost |
| At 27 January 2024 |
| Additions |
| Disposals | ( |
) |
| At 31 January 2025 |
| Depreciation |
| At 27 January 2024 |
| Charge for period |
| Eliminated on disposal | ( |
) |
| At 31 January 2025 |
| Net book value |
| At 31 January 2025 |
| At 26 January 2024 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| Cost |
| At 27 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 January 2025 |
| Depreciation |
| At 27 January 2024 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 January 2025 |
| Net book value |
| At 31 January 2025 |
| At 26 January 2024 |
| The net carrying value of assets held under hire purchase contracts amounts to £NIL (2024: £58,517). |
| 11. | Stocks |
| 2025 | 2024 |
| £ | £ |
| Stocks |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Notes to the Financial Statements - continued |
| for the Period 27 January 2024 to 31 January 2025 |
| 12. | Debtors: amounts falling due within one year |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Prepayments and accrued income |
| 13. | Creditors: amounts falling due within one year |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts (see note 15) |
| Hire purchase contracts (see note 16) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Dividends payable | - | 101,332 |
| Other creditors |
| Accruals and deferred income |
| Government grants |
| 14. | Creditors: amounts falling due after more than one year |
| 2025 | 2024 |
| £ | £ |
| Bank loans (see note 15) |
| 15. | Loans |
| An analysis of the maturity of loans is given below: |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 302,132 | 268,727 |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Notes to the Financial Statements - continued |
| for the Period 27 January 2024 to 31 January 2025 |
| 15. | Loans - continued |
| The company's loans are secured by fixed and floating charges over the company's assets. |
| The details of the loans due after 5 years are as follows. |
| The group has a base plus 2% variable loan repayable by August 2030, a 4.65% fixed rate loan repayable by January 2028, a variable base plus 2% by January 2038. |
| 16. | Leasing agreements |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Non-cancellable | operating leases |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 17. | Secured debts |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| Bank loans are secured by a Fixed and Floating charge over the company's assets. |
| 18. | Financial instruments |
| At the year end, the total carrying amount of outstanding foreign exchange forward contracts that the company has committed to is £300,854 (2024: £79,246). |
| No asset or liability has been recognised as the directors do not believe the impact to be material to the financial statements. |
| 19. | Provisions for liabilities |
| 2025 | 2024 |
| £ | £ |
| Deferred tax | 337,835 | 305,615 |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Notes to the Financial Statements - continued |
| for the Period 27 January 2024 to 31 January 2025 |
| 19. | Provisions for liabilities - continued |
| Deferred |
| tax |
| £ |
| Balance at 27 January 2024 |
| Charge to Statement of Comprehensive Income during period |
| Balance at 31 January 2025 |
| 20. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary shares | £1 | 300,000 | 300,000 |
| 21. | Reserves |
| Retained |
| earnings |
| £ |
| At 27 January 2024 |
| Profit for the period |
| Dividends | ( |
) |
| At 31 January 2025 |
| 22. | Pension commitments |
| The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £121,151 (2024: £100,796). Contributions totalling £3,720 (2024: £8,798) were payable to the fund at the reporting date. |
| 23. | Financial commitments, guarantees and contingent liabilities |
| HSBC Bank PLC hold an unlimited multilateral guarantee dated 23 January 2018 between Frank King (Wigan) Limited, Value Meats Limited and Frank King Holdings Limited. The company liability in respect of the guarantee is £2,213,600 (2024: £961,640). |
| There was an error in the prior year disclosure. The 2024 figure has been updated as required. There is no impact on any other areas of the financial statements. |
| HSBC Bank PLC also hold a guarantee dated 16 October 2019 in favour of HMRC for £140,000. |
| 24. | Related party disclosures |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933) |
| Notes to the Financial Statements - continued |
| for the Period 27 January 2024 to 31 January 2025 |
| 25. | Ultimate controlling party |
| The parent company is Value Meats Limited. The directors consider the ultimate parent company to be Frank King Holdings Limited, which is the only group undertaking that prepared group accounts including the financial statements of the company. |
| The company is ultimately controlled by the directors of Frank King Holdings Limited. |