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REGISTERED NUMBER: 01406933 (England and Wales)















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: J L Fitzsimons
J Hamer
J Hamer
J Latham





Secretary: J Hamer





Registered office: 69 Queen Street
Wigan
WN3 4HX





Registered number: 01406933 (England and Wales)





Auditors: S & W Partners Audit Limited
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:





J Latham - Director


4 July 2025

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.

J L Fitzsimons
J Hamer
J Hamer
J Latham

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:





J Latham - Director


4 July 2025

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.




David Fort FCA (Senior Statutory Auditor)
for and on behalf of S & W Partners Audit Limited
Northern Assurance Buildings
9-21 Princess Street
Manchester
M2 4DN

10 July 2025

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 22,229,423 21,301,651

Cost of sales (16,037,993 ) (15,536,268 )
Gross profit 6,191,430 5,765,383

Distribution costs (659,407 ) (589,323 )
Administrative expenses (3,776,643 ) (3,374,018 )
1,755,380 1,802,042

Other operating income 691 4,421
Operating profit 6 1,756,071 1,806,463

Interest receivable and similar income 18,536 14,886
1,774,607 1,821,349

Interest payable and similar expenses 7 (95,914 ) (115,411 )
Profit before taxation 1,678,693 1,705,938

Tax on profit 8 (508,546 ) (431,088 )
Profit for the financial period 1,170,147 1,274,850

Other comprehensive income - -
Total comprehensive income for the
period

1,170,147

1,274,850

FRANK KING (WIGAN) LIMITED (REGISTERED NUMBER: 01406933)

Balance Sheet
31 January 2025

2025 2024
Notes £    £    £   
Fixed assets
Tangible assets 10 2,979,748 3,067,029

Current assets
Stocks 11 1,564,087 1,042,567
Debtors 12 3,630,974 2,988,864
Cash at bank and in hand 166,258 1,064,453
5,361,319 5,095,884
Creditors
Amounts falling due within one year 13 2,230,669 2,491,385
Net current assets 3,130,650 2,604,499
Total assets less current liabilities 6,110,398 5,671,528

Creditors
Amounts falling due after more than one
year

14

(927,033

)

(1,282,521

)

Provisions for liabilities 19 (337,835 ) (305,615 )
Net assets 4,845,530 4,083,392

Capital and reserves
Called up share capital 20 300,000 300,000
Retained earnings 21 4,545,530 3,783,392
Shareholders' funds 4,845,530 4,083,392

The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2025 and were signed on its behalf by:





J Latham - Director


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 300,000 3,042,266 3,342,266

Changes in equity
Dividends - (533,724 ) (533,724 )
Total comprehensive income - 1,274,850 1,274,850
Balance at 26 January 2024 300,000 3,783,392 4,083,392

Changes in equity
Dividends - (408,009 ) (408,009 )
Total comprehensive income - 1,170,147 1,170,147
Balance at 31 January 2025 300,000 4,545,530 4,845,530

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line
Leasehold buildings - straight line over the term of the lease
Plant and machinery - 20% straight line and 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% straight line

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
£    £   
Sale of goods 22,229,423 21,301,651
22,229,423 21,301,651

5. Employees and directors
Period Period
27/1/24 28/1/23
to to
31/1/25 26/1/24
£    £   
Wages and salaries 4,413,878 3,742,461
Social security costs 396,448 313,481
Other pension costs 121,151 100,796
4,931,477 4,156,738

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
154 132

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 75,522 80,975
Directors' pension contributions to money purchase schemes 21,316 18,509

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

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 34,668 19,351
Depreciation - owned assets 365,367 387,121
Depreciation - assets on hire purchase contracts - 19,506
(Profit)/loss on disposal of fixed assets (1,243 ) 200,984
Auditors' remuneration 12,000 14,300
Foreign exchange differences (4,201 ) 10,290

7. Interest payable and similar expenses
Period Period
27/1/24 28/1/23
to to
31/1/25 26/1/24
£    £   
Bank interest 93,516 112,451
Interest payable 1,903 -
Hire purchase 495 2,960
95,914 115,411

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 465,892 458,734
(Over)/under provision PY 10,434 -
Total current tax 476,326 458,734

Deferred tax 32,220 (27,646 )
Tax on profit 508,546 431,088

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 1,678,693 1,705,938
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 24.030%)

419,673

409,937

Effects of:
Expenses not deductible for tax purposes 32,969 22,944
Income not taxable for tax purposes (6,207 ) -
Depreciation in excess of capital allowances 19,457 -
Adjustments to tax charge in respect of previous periods 10,434 251
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 408,009 533,724

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 1,977,551 511,333 3,302,774
Additions 4,503 - 233,858
Disposals - - (34,143 )
At 31 January 2025 1,982,054 511,333 3,502,489
Depreciation
At 27 January 2024 366,638 47,789 2,419,406
Charge for period 34,480 4,398 256,722
Eliminated on disposal - - (22,049 )
At 31 January 2025 401,118 52,187 2,654,079
Net book value
At 31 January 2025 1,580,936 459,146 848,410
At 26 January 2024 1,610,913 463,544 883,368

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 27 January 2024 104,031 429,085 6,324,774
Additions 75 51,744 290,180
Disposals - (21,354 ) (55,497 )
At 31 January 2025 104,106 459,475 6,559,457
Depreciation
At 27 January 2024 45,514 378,398 3,257,745
Charge for period 14,648 55,119 365,367
Eliminated on disposal - (21,354 ) (43,403 )
At 31 January 2025 60,162 412,163 3,579,709
Net book value
At 31 January 2025 43,944 47,312 2,979,748
At 26 January 2024 58,517 50,687 3,067,029

The net carrying value of assets held under hire purchase contracts amounts to £NIL (2024: £58,517).

11. Stocks
2025 2024
£    £   
Stocks 1,564,087 1,042,567

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 1,869,447 1,997,921
Amounts owed by group undertakings 1,557,362 775,002
Other debtors 66,657 63,499
Prepayments and accrued income 137,508 152,442
3,630,974 2,988,864

13. Creditors: amounts falling due within one year
2025 2024
£    £   
Bank loans and overdrafts (see note 15) 348,999 336,124
Hire purchase contracts (see note 16) - 31,437
Trade creditors 1,276,555 1,162,836
Corporation tax 296,259 458,800
Social security and other taxes 95,571 70,415
Dividends payable - 101,332
Other creditors 61,511 58,687
Accruals and deferred income 135,401 255,382
Government grants 16,373 16,372
2,230,669 2,491,385

14. Creditors: amounts falling due after more than one year
2025 2024
£    £   
Bank loans (see note 15) 927,033 1,282,521

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 348,999 336,124

Amounts falling due between one and two years:
Bank loans - 1-2 years 256,669 348,999

Amounts falling due between two and five years:
Bank loans - 2-5 years 368,232 664,795

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 - 31,437

Non-cancellable operating leases
2025 2024
£    £   
Within one year 283,690 162,266
Between one and five years 723,696 211,925
In more than five years 458,031 318,600
1,465,417 692,791

17. Secured debts

The following secured debts are included within creditors:

2025 2024
£    £   
Bank loans 1,276,032 1,618,645

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 305,615
Charge to Statement of Comprehensive Income during period 32,220
Balance at 31 January 2025 337,835

20. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
300,000 Ordinary shares £1 300,000 300,000

21. Reserves
Retained
earnings
£   

At 27 January 2024 3,783,392
Profit for the period 1,170,147
Dividends (408,009 )
At 31 January 2025 4,545,530

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.