REGISTERED NUMBER: 01998530 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

CHANNEL MEATS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

A M E Murphy

SECRETARY:

P Duplock

REGISTERED OFFICE:

31 Central Markets

West Market Building

Smithfield

London

EC1A 9PS

REGISTERED NUMBER:

01998530 (England and Wales)

AUDITORS:

Clemence Hoar Cummings

Chartered Accountants and Statutory Auditor

Riverside House

1-5 Como Street

Romford

Essex

RM7 7DN

The director presents his strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

Channel Meats Limited Is a wholesaler of high quality meat products to independent and chain butcher shops, hotels and other institutions. The company is based in Smithfield Meat Market in London, has been established for many years and is well known and highly regarded within their sector.The company's principal activity during the year continued to be the wholesaling of beef, chicken, pork and offal.

Turnover for the year decreased from £35.18 million to £33.9million. Profit before tax was £2.36m million, after accounting for dividends received of £0.93 million.

Operating profit increased from £1.36 million to £2.3 million, which was in line with expectations following current economic constraints in the market. This includes compensation due to the company of £1.05 million.

PRINCIPAL RISKS AND UNCERTAINTIES

Under UK Company Law (Section 414(C)(2)(b) - Companies Act, 2006) the company is required to give a description of the principal risks and uncertainties faced, as well as a listing of the key performance indicators used to monitor performance.

- The principal risks and uncertainties that the business faces include over capacity in the sector and pressure on margins by major customers.

- The key performance indicators focused on by management are Turnover, operating profit and profit before taxation. Achievement of these key performance indicators is driven by business specific key performance indicators.

DEVELOPMENT AND PERFORMANCE

The directors review the performance of the Company, assessing any significant events and other regulatory changes on the future financial performance and funding of the business. The directors monitor very closely the financial performance to ensure the business has sufficient resources to operate and deliver the strategic goals of the Company. The directors then make any relevant and appropriate decisions in a collaborative manner.

FINANCIAL KEY PERFORMANCE INDICATORS

The Financial Key Performance Indicators during the financial year were as follows:

2024

2023

£

£

Turnover

33,902,179

35,184,746

Operating profit

2,284,906

1,361,450

Profit before taxation

2,358,002

1,496,879

DISCLOSURE OF INFORMATION TO THE AUDITORS

Having made the requisite enquiries, 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 the directors have taken all steps they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

EMPLOYEES

The directors recognise the importance of the Company's employees in the future success of the Company and has introduced a number of initiatives to ensure that the Employees of the Company can give feedback and be kept abreast of business developments. All employees have been informed and involved of the various decisions that impacted any job roles.

FUTURE AND COMPENSATION

The company is due to receive funds from the original third compensation payment of £1.049 million, which was recognised as a debtor in the year-end accounts and subsequently received in April 2025.

Following the year-end, a new agreement was signed with the City of London, under which a further compensation payment of £1.53 million was received in February 2025. The remaining compensation amounts will become receivable once Royal Assent has been granted and Vacant Possession has been achieved. These amounts will be recognised in the financial statements at that point.

In light of a potential relocation from the current market site, the company is actively reviewing alternative properties to ensure continuity of operations.

Corporate Governance Statement

The company has not formally adopted a recognised corporate governance code during the financial year. This decision reflects the size and nature of the business, where the cost and complexity of full compliance with a formal code may not be proportionate to the benefits.

However, the company remains committed to maintaining high standards of governance and has implemented internal controls and procedures to ensure effective oversight, accountability, and risk management. These arrangements include regular board meetings, financial reporting reviews, and adherence to statutory obligations.

Should the company's scale or complexity increase in future periods, the adoption of a formal corporate governance framework will be reconsidered to ensure continued alignment with best practices.

Energy and Emissions Disclosure

The company has not provided disclosures relating to greenhouse gas emissions, energy consumption, or energy efficiency measures for the financial year. This is because the company does not meet the qualifying criteria for mandatory reporting under current legislation.

While formal reporting is not required, the company remains committed to operating responsibly and will continue to monitor its environmental impact as part of its broader governance and sustainability considerations.

ON BEHALF OF THE BOARD:

A M E Murphy - Director

30th September 2025

The director presents his report with the financial statements of the company for the year ended 31st December 2024.

DIVIDENDS

An interim dividend of 417.44 per share on the Ordinary A shares 1 shares was paid on 15th October 2024. The director recommends that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary B shares 1 shares. The director recommends that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31st December 2024 will be £ 3,131,250 .

DIRECTORS

A M E Murphy has held office during the whole of the period from 1st January 2024 to the date of this report.

Other changes in directors holding office are as follows:

D Browne ceased to be a director after 31st December 2024 but prior to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Clemence Hoar Cummings, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A M E Murphy - Director

30th September 2025

Opinion

We have audited the financial statements of Channel Meats Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31st December 2024 and of its profit 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 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have obtained a detailed understanding of the Company's internal control systems and we have used the knowledge gained to identify any areas of risk of mis-statement or fraud. To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions. Making enquiries to management as to where it could be considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.

We have then designed our audit tests in each area to identify whether in respect of the transactions we have selected for testing the relevant controls have operated as expected. We plan our work specifically to identify any areas where there is a susceptibility to mis-statement or fraud such as understatement of income and then design tests to mitigate this risk.

Our work includes a review of the income recognition process to confirm that sales are recorded correctly. Agreeing financial statement disclosure to underlying supporting documentation. Enquiring of management as to actual and potential liabilities. We have evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

We have concluded on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 Belbin BSc FCA DChA (Senior Statutory Auditor)

for and on behalf of Clemence Hoar Cummings

Chartered Accountants and Statutory Auditor

Riverside House

1-5 Como Street

Romford

Essex

RM7 7DN

30th September 2025

TURNOVER

33,902,179

35,184,746

Cost of sales

30,410,841

31,227,130

GROSS PROFIT

3,491,338

3,957,616

Distribution costs

1,595,339

1,617,121

Administrative expenses

660,305

979,045

2,255,644

2,596,166

1,235,694

1,361,450

Other operating income

1,049,212

-

OPERATING PROFIT

4

2,284,906

1,361,450

Income from shares in group undertakings

934,575

2,000,000

Interest receivable and similar income

157,357

135,429

1,091,932

2,135,429

3,376,838

3,496,879

Gain/loss on revaluation of investments

(1,018,836

)

(2,000,000

)

PROFIT BEFORE TAXATION

2,358,002

1,496,879

Tax on profit

5

617,533

358,349

PROFIT FOR THE FINANCIAL YEAR

1,740,469

1,138,530

PROFIT FOR THE YEAR

1,740,469

1,138,530

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,740,469

1,138,530

FIXED ASSETS

Tangible assets

7

35,113

12,338

Investments

8

3,815,164

4,834,000

3,850,277

4,846,338

CURRENT ASSETS

Stocks

9

260,191

198,224

Debtors

10

4,477,187

3,169,043

Cash at bank and in hand

3,868,768

5,591,575

8,606,146

8,958,842

CREDITORS

Amounts falling due within one year

11

2,443,151

2,407,506

NET CURRENT ASSETS

6,162,995

6,551,336

TOTAL ASSETS LESS CURRENT LIABILITIES

10,013,272

11,397,674

PROVISIONS FOR LIABILITIES

13

6,379

-

NET ASSETS

10,006,893

11,397,674

CAPITAL AND RESERVES

Called up share capital

14

30,000

30,000

Retained earnings

15

9,976,893

11,367,674

SHAREHOLDERS' FUNDS

10,006,893

11,397,674

The financial statements were approved by the director and authorised for issue on 30th September 2025 and were signed by:

A M E Murphy - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

30,000

10,751,019

10,781,019

Changes in equity

Total comprehensive income

-

1,138,530

1,138,530

Dividends

-

(521,875

)

(521,875

)

Balance at 31st December 2023

30,000

11,367,674

11,397,674

Changes in equity

Total comprehensive income

-

1,740,469

1,740,469

Dividends

-

(3,131,250

)

(3,131,250

)

Balance at 31st December 2024

30,000

9,976,893

10,006,893

Cash flows from operating activities

Cash generated from operations

1

738,143

7,095,254

Tax paid

(382,713

)

(1,706,452

)

Net cash from operating activities

355,430

5,388,802

Cash flows from investing activities

Purchase of tangible fixed assets

(46,818

)

-

Purchase of fixed asset investments

-

(6,834,000

)

Sale of tangible fixed assets

7,899

-

Interest received

157,357

135,429

Dividends received

934,575

2,000,000

Net cash from investing activities

1,053,013

(4,698,571

)

Cash flows from financing activities

Equity dividends paid

(3,131,250

)

(521,875

)

Net cash from financing activities

(3,131,250

)

(521,875

)

(Decrease)/increase in cash and cash equivalents

(1,722,807

)

168,356

Cash and cash equivalents at beginning of year

2

5,591,575

5,423,219

Cash and cash equivalents at end of year

2

3,868,768

5,591,575

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

2,358,002

1,496,879

Depreciation charges

12,231

7,906

Loss on disposal of fixed assets

3,913

-

Loss on revaluation of fixed assets

1,018,836

2,000,000

Finance income

(1,091,932

)

(2,135,429

)

2,301,050

1,369,356

(Increase)/decrease in stocks

(61,967

)

91,260

(Increase)/decrease in trade and other debtors

(1,309,961

)

6,174,458

Decrease in trade and other creditors

(190,979

)

(539,820

)

Cash generated from operations

738,143

7,095,254

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

3,868,768

5,591,575

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

5,591,575

5,423,219

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

5,591,575

(1,722,807

)

3,868,768

5,591,575

(1,722,807

)

3,868,768

Total

5,591,575

(1,722,807

)

3,868,768

1.	STATUTORY INFORMATION

Channel Meats 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

Straight line over 5 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

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.

Employee benefits

The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.

(i) Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

(ii) Annual bonus plans

The company recognises a provision and an expense for bonuses where the company has a legal or constructive obligation as a result of past events and a reliable estimate can be made.

(iii) Defined contribution pension plans

The Company operates a defined contribution plan. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate fund. Under defined contribution plans, the company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

For defined contribution plans, the company pays contributions to privately administered pension plans on a contractual or voluntary basis. The company has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

1,328,318

1,310,869

Social security costs

139,281

135,695

Other pension costs

70,362

103,874

1,537,961

1,550,438

The average number of employees during the year was as follows:

2024

2023

Administration

7

7

Selling

16

17

23

24

2024

2023

£

£

Directors' remuneration

80,000

80,000

4.	OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

2024

2023

£

£

Depreciation - owned assets

12,231

7,906

Loss on disposal of fixed assets

3,913

-

Auditors remuneration

23,196

29,237

5.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

609,337

359,249

Deferred taxation

8,196

(900

)

Tax on profit

617,533

358,349

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

2,358,002

1,496,879

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.521%)

589,501

352,081

Effects of:

Expenses not deductible for tax purposes

715

6,320

Capital allowances in excess of depreciation

(8,195

)

-

Depreciation in excess of capital allowances

-

848

leasehold

of short leasehold

Deferred tax movement

8,196

(900

)

Dividend income adjustment

(233,643

)

(470,420

)

Impairment of asset adjustment

254,709

470,420

Bad debt general provision

6,250

-

Total tax charge

617,533

358,349

6.

DIVIDENDS

2024

2023

£

£

Ordinary A shares shares of 1 each

Interim

3,131,250

521,875

7.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st January 2024

43,029

56,739

146,436

246,204

Additions

-

2,000

44,818

46,818

Disposals

-

-

(27,000

)

(27,000

)

At 31st December 2024

43,029

58,739

164,254

266,022

DEPRECIATION

At 1st January 2024

42,503

56,739

134,624

233,866

Charge for year

526

500

11,205

12,231

Eliminated on disposal

-

-

(15,188

)

(15,188

)

At 31st December 2024

43,029

57,239

130,641

230,909

NET BOOK VALUE

At 31st December 2024

-

1,500

33,613

35,113

At 31st December 2023

526

-

11,812

12,338

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST OR VALUATION

At 1st January 2024

4,834,000

Impairments

(1,018,836

)

At 31st December 2024

3,815,164

NET BOOK VALUE

At 31st December 2024

3,815,164

At 31st December 2023

4,834,000

Cost or valuation at 31st December 2024 is represented by:

Shares in

group

undertakings

£

Valuation in 2023

(2,000,000

)

Valuation in 2024

(1,018,836

)

Cost

6,834,000

3,815,164

The unlisted investments have been valued using net assets and goodwill of the company at the relevant companies year-end based on the percentage of the company owned by Channel Meats Limited. The impairment at 31 December 2024 reflects the payments of a dividend from Smithfield Beef Company Limited and Village Pork (Smithfield) Limited.