Company registration number 03971587 (England and Wales)
GINGER PIG LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
GINGER PIG LIMITED
COMPANY INFORMATION
Directors
Mr T Wilson
Mr A Smith
Mr R Aqeel
Mr N S Armstrong
(Appointed 12 July 2024)
Company number
03971587
Registered office
Penrose House
67 Hightown Road
Banbury
Oxfordshire
OX16 9BE
Auditor
Whitley Stimpson Limited
Penrose House
67 Hightown Road
Banbury
Oxfordshire
OX16 9BE
GINGER PIG LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Statement of cash flows
10
Notes to the financial statements
11 - 27
GINGER PIG LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Business review

The directors present a review of the development and performance of our business during the year and its position at the year end.

The company’s principal activity during the year remained that of the retail of high-quality meat and meat products through our traditional butchers’ shops, together with the provision of butchery classes.

A significant milestone was the commencement of in-house bakery production at Bermondsey. This development has enhanced product quality, production efficiencies, and streamlined supply chains leading to fewer lost sales opportunities. Additional product lines are scheduled for integration into this facility in the next financial year, further reinforcing the company’s ability to react quickly to customer demand and further improve product diversification in keeping with the unique Ginger Pig brand.

Investment in retail optimisation continues, with two properties earmarked for refurbishment in 2025 and 2026 to enable the company to continue to deliver the high quality retail experience that its loyal customers have come to expect.

Financial performance

R evenue for the year increased to £14.9m in the year but was accompanied by a reduced operating profit which reflects strategic spending on operational improvements. The profit before tax of £44,142, though modest, aligns with this strategic spending and demonstrates an underlying resilience.

The c ompany maintains a balanced approach to its capital structure, evidenced by a sensible gearing level and this is expected to continue.

Principle risks and uncertainties

The business faces several risks, including:

- Market competition – The retail and wholesale food industry remains highly competitive. Strategic refurbishment and product differentiation mitigate this risk.

- Supply chain disruptions – Although in-house production has improved efficiencies, external factors such as ingredient availability and logistics disruptions remain potential threats.

- Economic conditions – Consumer spending may fluctuate, impacting sales. Focus on customer experience and brand loyalty initiatives are designed to counterbalance economic uncertainties.

Future outlook

The c ompany remains focused on operational efficiencies, cost management, and strategic market positioning. With continued investment in production capabilities, retail enhancements, and marketing strategies, Ginger Pig Limited is poised for sustained growth in the next financial year and beyond.

On behalf of the board

Mr T Wilson
Director
11 September 2025
GINGER PIG LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of the retail of high-quality meat and meat products through traditional butchers’ shops, together with the provision of butchery classes.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr T Wilson
Mr A Smith
Mr R Aqeel
Mr N S Armstrong
(Appointed 12 July 2024)
Mr P Evans
(Resigned 28 February 2025)
Auditor

In accordance with the company's articles, a resolution proposing that Whitley Stimpson Limited be reappointed as auditor of the company will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of an indication of likely future developments in the business.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Going concern

Ginger Pig Limited meets its day-to-day working capital requirements from cash generated through trade and from banking facilities provided by the company’s principal bankers. The company made a pre-tax profit for the financial year of £44,142 (2024 - £274,867), the company finished the year with net current liabilities of £92,927 (2024 - net current assets of £136,324). At the financial year-end the company had cash at bank and in hand of £622,493 (2024 - £980,677).

The directors have satisfied themselves that the company is a going concern by having prepared financial forecasts for the period to 31 March 2027. The company’s projections show that the company should produce positive EBITDA contributions in both of the years to March 2026 and March 2027 with positive cash flow across the forecast period. The projections have been produced on a steady state basis.

Based on their assessment of the points above the directors consider that the company will continue to be able to meet its liabilities as they fall due for the foreseeable future, a period not less than 12 months from the date of signing of the financial statements. The financial statements have therefore been prepared on a going concern basis.

GINGER PIG LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr T Wilson
Director
11 September 2025
GINGER PIG LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GINGER PIG LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GINGER PIG LIMITED
- 5 -
Opinion

We have audited the financial statements of Ginger Pig Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss for the year then ended;

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

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

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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

GINGER PIG LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GINGER PIG LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the risk of revenue recognition being materially misstated due to fraud. We considered the extent to which non-compliance might have a material effect on the financial statements, and considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and tax legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks related to revenue.

Audit procedures performed included:

- Discussion amongst the audit team regarding the susceptibility of the client to fraud;

- Consideration of the risk of fraud when documenting and reviewing internal controls and procedures;

- Enquiring of management how they assess the risk of fraud, and identify and respond to the risks of fraud;

- Enquiring of management whether they have any knowledge of actual or suspected frauds or non-compliance with laws and regulations;

- Review of how those charged with governance exercise oversight of management's process for identifying and responding to the risk of fraud;

- Substantive testing of revenue and debtors including specific testing to cover the risks associated with the recognition of revenue;

- Review of journals for unusual items;

- Review relevant tax correspondence;

GINGER PIG LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GINGER PIG LIMITED (CONTINUED)
- 7 -

- Recalculation of deferred income and substantive procedures;

- Review of VAT return entries and perform analytical procedures on VAT balances;

- Substantive testing on fixed assets including having sight of the assets to confirm existence;

- Verification of employees and rates of pay, and;

- Review of bank reconciliations for evidence of window dressing.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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 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.

11 September 2025
Michelle Lucas
Senior Statutory Auditor
For and on behalf of Whitley Stimpson Limited
Chartered Accountants
Statutory Auditor
Penrose House
67 Hightown Road
Banbury
Oxfordshire
OX16 9BE
GINGER PIG LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
14,897,024
14,014,625
Cost of sales
(11,193,354)
(10,385,402)
Gross profit
3,703,670
3,629,223
Administrative expenses
(3,588,355)
(3,306,997)
Other operating income
-
0
5,338
Operating profit
7
115,315
327,564
Interest receivable and similar income
8
15,595
7,671
Interest payable and similar expenses
9
(86,768)
(60,368)
Profit before taxation
44,142
274,867
Tax on profit
10
(51,444)
(86,815)
(Loss)/profit for the financial year
(7,302)
188,052
Retained earnings brought forward
33,222
(154,830)
Retained earnings carried forward
25,920
33,222

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GINGER PIG LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
17,500
17,500
Tangible assets
13
2,871,555
2,445,275
2,889,055
2,462,775
Current assets
Stocks
14
419,785
360,318
Debtors
15
629,280
816,088
Cash at bank and in hand
622,493
980,677
1,671,558
2,157,083
Creditors: amounts falling due within one year
16
(1,764,485)
(2,020,759)
Net current (liabilities)/assets
(92,927)
136,324
Total assets less current liabilities
2,796,128
2,599,099
Creditors: amounts falling due after more than one year
17
(876,132)
(819,745)
Provisions for liabilities
Provisions
20
216,500
120,000
Deferred tax liability
21
125,876
74,432
(342,376)
(194,432)
Net assets
1,577,620
1,584,922
Capital and reserves
Called up share capital
24
258,716
258,716
Share premium account
1,292,984
1,292,984
Profit and loss reserves
25,920
33,222
Total equity
1,577,620
1,584,922

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 11 September 2025 and are signed on its behalf by:
Mr T Wilson
Director
Company registration number 03971587 (England and Wales)
GINGER PIG LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
370,673
1,116,321
Interest paid
(86,768)
(60,368)
Net cash inflow from operating activities
283,905
1,055,953
Investing activities
Purchase of intangible assets
-
0
(17,500)
Proceeds from disposal of intangibles
-
0
(9,000)
Purchase of tangible fixed assets
(406,512)
(710,600)
Proceeds from disposal of tangible fixed assets
-
0
17,925
Repayment of loans
1,079
(1,079)
Interest received
15,595
7,671
Net cash used in investing activities
(389,838)
(712,583)
Financing activities
Repayment of bank loans
(20,322)
(20,692)
Payment of finance leases obligations
(231,929)
(192,128)
Net cash used in financing activities
(252,251)
(212,820)
Net (decrease)/increase in cash and cash equivalents
(358,184)
130,550
Cash and cash equivalents at beginning of year
980,677
850,127
Cash and cash equivalents at end of year
622,493
980,677
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information

Ginger Pig Limited is a private company limited by shares incorporated in England and Wales. The registered office is Penrose House, 67 Hightown Road, Banbury, Oxfordshire, OX16 9BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

1.2
Going concern

Ginger Pig Limited meets its day-to-day working capital requirements from cash generated through trade and from banking facilities provided by the company’s principal bankers. The company made a pre-tax profit for the financial year of £44,142 (2024 - £274,867), the company finished the year with net current liabilities of £92,927 (2024 - net current assets of £136,324). At the financial year-end the company had cash at bank and in hand of £622,493 (2024 - £980,677).true

The directors have satisfied themselves that the company is a going concern by having prepared financial forecasts for the period to 31 March 2027. The company’s projections show that the company should produce positive EBITDA contributions in both of the years to March 2026 and March 2027 with positive cash flow across the forecast period. The projections have been produced on a steady state basis.

Based on their assessment of the points above the directors consider that the company will continue to be able to meet its liabilities as they fall due for the foreseeable future, a period not less than 12 months from the date of signing of the financial statements. The financial statements have therefore been prepared on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of butchery classes are recognised when the courses are undertaken by the attendees. Where courses are paid for in advance of the course being undertaken, the receipt is shown as deferred income and then released to turnover when the course is attended.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Website costs
10% reducing balance
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the life of the lease
Plant and equipment
25% reducing balance
Fixtures and fittings
10% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, and deposits held at call with banks.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

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

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets' fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgement (apart from those involving estimates) ha s had the most significant effect on amounts recognised in the financial statements:

Going concern

As disclosed in note 1.2, the directors have considered the company’s ability to continue as a going concern for at least 12 months from the date of approval of these financial statements. In forming their judgement, the directors have taken into account the company’s current and forecast financial position, cash flow forecasts, available banking facilities, and any known or reasonably possible changes in trading performance.

This assessment involved consideration of both internal and external factors, including the current economic environment and its potential impact on the company’s customers and suppliers.

The directors have concluded that it remains appropriate to prepare the financial statements on a going concern basis. This judgement is considered to be a critical one due to the potential material impact on the financial statements if the assumption were to change.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Dilapidation provision

Provisions include £183,579 (2024 - £120,000) in costs in respect of its obligations to restore leased properties to their original condition.

The provision is based on an estimate for the future costs expected to be incurred for the restoration of each property, with this then discounted to present value using management's assessment of the company's cost of capital at the reporting date.

The provision is inherently subject to estimation uncertainty due to the timing of the cash outflows, the future cost of labour and materials, and the discount rate applied. Additional details in relation to the dilapidation provision can be found in note 20 to the financial statements.

GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Butchery and bakery sales
14,209,288
13,202,115
Butchery classes
686,118
794,237
Miscellaneous sales
1,618
18,273
14,897,024
14,014,625
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
14,897,024
14,014,625
2025
2024
£
£
Other revenue
Interest income
15,595
7,671
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
35,200
27,000
5
Employees

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

2025
2024
Number
Number
Administration and support
12
10
Sales, marketing and distribution
66
72
Directors
4
4
Total
82
86
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,415,471
2,982,688
Social security costs
351,884
272,253
Pension costs
63,896
57,019
3,831,251
3,311,960
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
189,788
244,523
Company pension contributions to defined contribution schemes
2,923
2,566
Compensation for loss of office
50,000
-
0
242,711
247,089
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
156,595
113,462
Company pension contributions to defined contribution schemes
1,194
1,321

During the year, the company has made further payments to third parties in relation to the services provided by directors. Further information in relation to these payments can be found in note 28.

7
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(9,148)
(1,351)
Depreciation of owned tangible fixed assets
246,022
195,610
Depreciation of tangible fixed assets held under finance leases
181,206
107,838
Loss/(profit) on disposal of tangible fixed assets
51,120
(6,755)
Impairment of intangible assets
-
0
153,000
Operating lease charges
742,244
612,316
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
15,595
7,671
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
15,595
7,671
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
25,147
24,262
Other finance costs:
Interest on finance leases and hire purchase contracts
61,621
36,106
86,768
60,368
10
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
51,444
86,815

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
44,142
274,867
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
11,036
68,717
Tax effect of expenses that are not deductible in determining taxable profit
18
1,085
Depreciation on assets not qualifying for tax allowances
40,390
20,474
Other permanent differences
-
0
(3,461)
Taxation charge for the year
51,444
86,815
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Intangible assets
12
-
0
153,000
Recognised in:
Administrative expenses
-
153,000
12
Intangible fixed assets
Goodwill
Website costs
Total
£
£
£
Cost
At 1 April 2024 and 31 March 2025
160,000
170,500
330,500
Amortisation and impairment
At 1 April 2024 and 31 March 2025
160,000
153,000
313,000
Carrying amount
At 31 March 2025
-
0
17,500
17,500
At 31 March 2024
-
0
17,500
17,500
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
13
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
1,598,422
1,360,298
2,328,454
331,688
5,618,862
Additions
419,091
189,847
295,690
-
0
904,628
Disposals
(69,549)
(1,116,095)
(154,578)
(50,778)
(1,391,000)
At 31 March 2025
1,947,964
434,050
2,469,566
280,910
5,132,490
Depreciation and impairment
At 1 April 2024
1,026,969
1,246,407
757,530
142,681
3,173,587
Depreciation charged in the year
175,126
37,175
167,676
47,251
427,228
Eliminated in respect of disposals
(69,494)
(1,093,599)
(126,009)
(50,778)
(1,339,880)
At 31 March 2025
1,132,601
189,983
799,197
139,154
2,260,935
Carrying amount
At 31 March 2025
815,363
244,067
1,670,369
141,756
2,871,555
At 31 March 2024
571,453
113,891
1,570,924
189,007
2,445,275

The carrying value of leasehold improvements comprises:

2025
2024
£
£
Long leasehold
807,423
571,453

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2025
2024
£
£
Plant and equipment
76,223
-
0
Fixtures and fittings
895,979
854,103
Motor vehicles
133,091
177,454
Improvements to leasehold
95,058
-
1,200,351
1,031,557
14
Stocks
2025
2024
£
£
Raw materials and consumables
419,785
360,318
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
184,531
157,252
Other debtors
137,079
247,180
Prepayments and accrued income
307,670
411,656
629,280
816,088
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
23,007
21,537
Obligations under finance leases
19
239,955
200,063
Trade creditors
867,244
1,336,244
Taxation and social security
87,069
66,597
Deferred income
22
222,635
117,252
Other creditors
576
17,239
Accruals
323,999
261,827
1,764,485
2,020,759
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
380,288
402,080
Obligations under finance leases
19
495,844
417,665
876,132
819,745
Amounts included above which fall due after five years are as follows:
Payable by instalments
274,394
303,448
18
Loans and overdrafts
2025
2024
£
£
Bank loans
403,295
423,617
Payable within one year
23,007
21,537
Payable after one year
380,288
402,080
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
18
Loans and overdrafts
(Continued)
- 23 -

A fixed and floating charge dated 11 January 2011 over all the present and future assets of the company is held by Lloyds Bank plc securing all bank loans and overdrafts.

Lloyds Bank Plc hold an all monies joint and several guarantee, dated 1 August 2016, from T D Wilson, a director of the company, and A Wilson, a shareholder of the company. This relates to a bank loan for a principal amount of £700,000 plus interest and other costs as detailed in the guarantee. As at 31 March 2025, the total loan outstanding is £403,295 (2024 - £423,617).

19
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
300,380
200,063
In two to five years
625,086
520,629
925,466
720,692
Less: future finance charges
(189,667)
(102,964)
735,799
617,728

Net obligations under finance leases and hire purchase contracts are secured on assets to which they relate.

20
Provisions for liabilities
2025
2024
£
£
Dilapidations
183,579
120,000
Onerous leases
32,921
-
216,500
120,000
Movements on provisions:
Dilapidations
Onerous leases
Total
£
£
£
At 1 April 2024
120,000
-
120,000
Additional provisions in the year
63,579
32,921
96,500
At 31 March 2025
183,579
32,921
216,500

The company has provided for future liabilities in relation to the fitted leasehold premises, operated in by the company where, at the end of the lease term, the company is required to restore the leased property to its original condition. The provision represents the present value of the estimated cost of these restoration works at the end of each lease in the context of the lease terms and conditions and historical experience of similar properties.

GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Provisions for liabilities
(Continued)
- 24 -

A further provision has been provided for in relation to onerous lease commitments. The provision represents the present value of the future lease payments for the remaining lease term as the property is no longer used in the company's operations and is not expected to be utilised in the future.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
493,350
500,818
Tax losses
(367,474)
(421,630)
Retirement benefit obligations
-
(4,756)
125,876
74,432
2025
Movements in the year:
£
Liability at 1 April 2024
74,432
Charge to profit or loss
51,444
Liability at 31 March 2025
125,876

The deferred tax liability has been provided to the extent that the directors consider it more likely than not, that the timing differences will reverse in the foreseeable future. This is based on a review of post balance sheet date trading, and forecasts for future trading.

The net deferred tax asset expected to reverse in 2026 is £190,633. This primarily relates to the utilisation of trading losses and the reversal of timing differences on acquired intangible and tangible assets and capital allowances through depreciation and amortisation.

22
Deferred income
2025
2024
£
£
Other deferred income
222,635
117,252
GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
63,896
57,019

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

24
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
250,000
250,000
250,000
250,000
Preferred ordinary shares of £1 each
8,716
8,716
8,716
8,716
258,716
258,716
258,716
258,716
25
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
662,341
557,414
Between two and five years
1,232,805
1,569,666
In over five years
475,799
148,253
2,370,945
2,275,333
26
Capital commitments

Subsequent to the reporting date but prior to approval of the financial statements, the c ompany has committed to a c. £370,000 capital refurbishment to substantially upgrade its A skew Road property in August 2025. This is part of its commitment to constantly seek a high standard of customer experience.

27
Events after the reporting date

On 23 August 2025, a general meeting of the shareholders took place and a proposal to adopt new articles of association was passed by special resolution. Pursuant to these articles, the c ompany issued and allotted on 3 September 2025 25,000 ordinary shares of £1 each with a share premium of £3.00 each and 1,021,600 redeemable convertible preference A shares of £1.00 each. Pursuant to a further special resolution passed at the meeting and pursuant to section 690 of the C ompanies Act 2006, the c ompany purchased the outstanding preferred ordinary shares for a total consideration of £871,600. This was upon receipt of the subscription monies above.

The net financial effect of the above was to increase cash resources by £250,000.

GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
28
Related party transactions

TD Wilson Farming is a partnership in which T D Wilson, a director of Ginger Pig Limited, has an interest. During October 2019, Ginger Pig Limited novated a loan owed by TD Wilson Farming of £509,341 with monthly interest at 5.556% over 18 years 1 month. As a result, Ginger Pig Limited assumed the liability for the bank loan in exchange for £670,000 to settle the overdraft facility. The excess is owed back to TD Wilson Farming. At the reporting date, TD Wilson Farming was owed £nil (20 24 - £7) by Ginger Pig Limited.

Early Oak Furniture is a business interest of T D Wilson. During the year, T D Wilson provided consultancy services totalling £150,000 (202 4 - £202,067) to Ginger Pig Limited. Early Oak Furniture invoice d Ginger Pig Limited on behalf of T D Wilson for the se consultancy services. At the reporting date, Early Oak Furniture was owed £nil (20 24 - £12) by Ginger Pig Limited.

Cloudmatters IT Solutions Limited is owned by M P Evans, the son of P Evans, a former director of Ginger Pig Limited. During the year, Cloudmatters IT Solutions Limited provided IT support totalling £73,999 (2024 - £67,675) to Ginger Pig Limited. At the reporting date, Cloudmatters IT Solutions Limited was owed £2,649 (20 24 - £nil) by Ginger Pig Limited.

Arm-Strong Consulting is a business interest of N Armstrong, a director of Ginger Pig Limited. During the year, N Armstrong provided consultancy services totalling £36,160 (2024 - £nil) to Ginger Pig Limited. Further consultancy fees of £12,000 (2024 - £nil) were accrued at the reporting date. Arm-Strong Consulting invoiced Ginger Pig Limited on behalf of N Armstrong for these consultancy services. At the reporting date, Arm-Strong Consulting was owed £12,373 (20 24 - £nil) by Ginger Pig Limited.

Lindsay Lewis Design Limited is owned by L Lewis, the partner of L Coughlan, a former director of Ginger Pig Limited. During the year, Lindsay Lewis Design Limited provided design services of £nil (2024 - £13,477) to Ginger Pig Limited. At the reporting date, Lindsay Lewis Design Limited was owed £nil (20 24 - £nil) by Ginger Pig Limited.

SOFF 452 Limited is a company which is owned by A Smith, a director of Ginger Pig Limited. During the year, SOFF 452 Limited provided consultancy services totalling £15,600 (2024 - £6,000) to Ginger Pig Limited. At the reporting date, SOFF 452 Limited was owed £nil (2024 - £nil) by Ginger Pig Limited.

29
Directors' transactions

At the reporting date, Ginger Pig Limited owed A Smith and R Aqeel £nil (2024 - £951) and £nil (2024 - £120) respectively. Both were directors of Ginger Pig Limited during the year.

30
Ultimate controlling party

The directors consider the company to not have a controlling party as no one entity owns the majority of the issued share capital.

GINGER PIG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
31
Cash generated from operations
2025
2024
£
£
(Loss)/profit for the year after tax
(7,302)
188,052
Adjustments for:
Taxation charged
51,444
86,815
Finance costs
86,768
60,368
Investment income
(15,595)
(7,671)
Loss/(gain) on disposal of tangible fixed assets
51,120
(6,755)
Amortisation and impairment of intangible assets
-
0
153,000
Depreciation and impairment of tangible fixed assets
427,228
303,448
(Decrease)/increase in provisions
(51,616)
120,000
Movements in working capital:
Increase in stocks
(59,467)
(44,391)
Decrease/(increase) in debtors
185,729
(215,028)
(Decrease)/increase in creditors
(403,019)
682,221
Increase/(decrease) in deferred income
105,383
(203,738)
Cash generated from operations
370,673
1,116,321

During the year ended 31 March 2025, the company acquired £350,000 (2024 - £285,743) of tangible fixed assets, with this financed through new finance lease obligations. This non-cash transaction has been removed from investing activities.

Also during the year, the company recognised a tangible fixed asset addition amounting to £134,465 (2024 - £nil) in relation to dilapidation costs expected to be incurred at the termination of its current lease agreements. This non-cash transaction has been removed from the movement of provisions and purchase of tangible fixed assets.

32
Analysis of changes in net debt
1 April 2024
Cash flows
New finance leases
31 March 2025
£
£
£
£
Cash at bank and in hand
980,677
(358,184)
-
622,493
Borrowings excluding overdrafts
(423,617)
20,322
-
(403,295)
Obligations under finance leases
(617,728)
231,929
(350,000)
(735,799)
(60,668)
(105,933)
(350,000)
(516,601)
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