REGISTERED NUMBER: 02919146 (England and Wales)

HOUGHTON HAMS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

to

4

Report of the Independent Auditors

5

to

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

to

14

Notes to the Financial Statements

15

to

26

DIRECTORS:

N C W Wagstaff

Mrs J M Wagstaff

P Wagstaff

SECRETARY:

Mrs J M Wagstaff

REGISTERED OFFICE:

58-60 Tenter Road

Moulton Park Industrial Estate

Northampton

Northamptonshire

NN3 6AX

REGISTERED NUMBER:

02919146 (England and Wales)

INDEPENDENT AUDITORS:

Phipps Henson McAllister

Chartered Accountants

and Statutory Auditors

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

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

REVIEW OF BUSINESS

We aim to present a balances and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

We feel the overall results are encouraging, as the turnover has increased by 5.77%. The company's balance sheet has increased by £1,799,103 reflecting profitability for the year exceeding dividends paid. The directors are confident of achieving continued profitability and growth.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal financial risks faced by the company and their objectives and policies in relation to those risks are as follows;-

Cash flow risk

The company closely monitor and manage cash flow. Cash flow forecasts are prepared with the objective of alerting the directors to potential future risks. It is the company's policy to ensure that forecast funding requirements can be met from available facilities.

Credit risk

Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the company if it is unable to recover sums due from customers. Setting maximum levels of credit tolerance for more significant customers and regularly reviewing these levels mitigate this.

KEY PERFORMANCE INDICATORS

We consider our key performance indicators are those that communicate the financial performance and strength of the company, these being turnover, profits and return on net assets.

The overall results continue to improve and remain encouraging.

Turnover has increased by 5.77% compared to the previous year.

Return on net assets for the year was 34.26% (2024: 34.66%) Return on net assets is calculated as profit on ordinary activities for the year before taxation as a percentage of net assets.

Operating profit for the year was £2,859,096 (2024: £2,270,428).

ON BEHALF OF THE BOARD:

N C W Wagstaff - Director

14 October 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of producers of cured cooked ham and pork meat products.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 332,650 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

N C W Wagstaff

Mrs J M Wagstaff

P Wagstaff

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.

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.

AUDITORS

The auditors, Phipps Henson McAllister, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N C W Wagstaff - Director

14 October 2025

Opinion

We have audited the financial statements of Houghton Hams Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of 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 31 March 2025 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws.

-

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and other papers.

-

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-

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;

-

challenging assumptions and judgments made by management in its significant accounting estimates;

-

identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

-

assessing the extent of compliance with the relevant laws and regulations.

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from an error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

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.

Stuart Armstrong FCCA (Senior Statutory Auditor)

for and on behalf of Phipps Henson McAllister

Chartered Accountants

and Statutory Auditors

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

14 October 2025

TURNOVER

4

22,210,630

20,999,273

Cost of sales

15,453,068

15,163,202

GROSS PROFIT

6,757,562

5,836,071

Administrative expenses

4,002,299

3,570,261

2,755,263

2,265,810

Other operating income

103,833

4,618

OPERATING PROFIT

6

2,859,096

2,270,428

Interest receivable and similar income

55,240

36,529

2,914,336

2,306,957

Interest payable and similar expenses

7

11,758

13,216

PROFIT BEFORE TAXATION

2,902,578

2,293,741

Tax on profit

8

715,163

461,424

PROFIT FOR THE FINANCIAL YEAR

2,187,415

1,832,317

FIXED ASSETS

Tangible assets

10

4,600,198

2,819,075

CURRENT ASSETS

Stocks

11

914,000

844,744

Debtors

12

3,102,727

2,780,805

Cash at bank and in hand

3,483,961

3,997,993

7,500,688

7,623,542

CREDITORS

Amounts falling due within one year

13

2,984,991

3,562,224

NET CURRENT ASSETS

4,515,697

4,061,318

TOTAL ASSETS LESS CURRENT LIABILITIES

9,115,895

6,880,393

CREDITORS

Amounts falling due after more than one year

14

(130,178

)

(93,185

)

PROVISIONS FOR LIABILITIES

18

(512,365

)

(168,621

)

NET ASSETS

8,473,352

6,618,587

CAPITAL AND RESERVES

Called up share capital

19

25,000

25,000

Revaluation reserve

20

174,543

174,543

Retained earnings

20

8,273,809

6,419,044

SHAREHOLDERS' FUNDS

8,473,352

6,618,587

The financial statements were approved by the Board of Directors and authorised for issue on 14 October 2025 and were signed on its behalf by:

N C W Wagstaff - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

25,000

5,255,627

174,543

5,455,170

Changes in equity

Dividends

-

(668,900

)

-

(668,900

)

Total comprehensive income

-

1,832,317

-

1,832,317

Balance at 31 March 2024

25,000

6,419,044

174,543

6,618,587

Changes in equity

Dividends

-

(332,650

)

-

(332,650

)

Total comprehensive income

-

2,187,415

-

2,187,415

Balance at 31 March 2025

25,000

8,273,809

174,543

8,473,352

Cash flows from operating activities

Cash generated from operations

1

2,902,198

2,877,212

Interest paid

(9,417

)

(13,216

)

Interest element of hire purchase payments paid

(2,341

)

-

Tax paid

(732,237

)

(172,078

)

Net cash from operating activities

2,158,203

2,691,918

Cash flows from investing activities

Purchase of tangible fixed assets

(1,953,705

)

(526,556

)

Interest received

55,240

36,529

Net cash from investing activities

(1,898,465

)

(490,027

)

Cash flows from financing activities

Loan repayments in year

(40,082

)

(48,878

)

Capital repayments in year

2,950

-

Amount introduced by directors

-

880,366

Amount withdrawn by directors

(411,255

)

-

Government grants

7,267

4,618

Transfer of property from directors

-

(900,000

)

Equity dividends paid

(332,650

)

(668,900

)

Net cash from financing activities

(773,770

)

(732,794

)

(Decrease)/increase in cash and cash equivalents

(514,032

)

1,469,097

Cash and cash equivalents at beginning of year

2

3,997,993

2,528,896

Cash and cash equivalents at end of year

2

3,483,961

3,997,993

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

2025

2024

£

£

Profit before taxation

2,902,578

2,293,741

Depreciation charges

249,941

319,415

Loss on disposal of fixed assets

-

382

Government grants

(7,267

)

(4,618

)

Finance costs

11,758

13,216

Finance income

(55,240

)

(36,529

)

3,101,770

2,585,607

Increase in stocks

(69,256

)

(104,435

)

Increase in trade and other debtors

(375,056

)

(414,215

)

Increase in trade and other creditors

244,740

810,255

Cash generated from operations

2,902,198

2,877,212

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 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

3,483,961

3,997,993

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

3,997,993

2,528,896

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1/4/24

Cash flow

changes

At 31/3/25

£

£

£

£

Net cash

Cash at bank

and in hand

3,997,993

(514,032

)

3,483,961

3,997,993

(514,032

)

3,483,961

Debt

Finance leases

-

(2,950

)

-

(80,309

)

Debts falling due

within 1 year

(37,968

)

23,192

-

(14,776

)

Debts falling due

after 1 year

(93,185

)

16,890

-

(76,295

)

(131,153

)

37,132

-

(171,380

)

Total

3,866,840

(476,900

)

-

3,312,581

1.	STATUTORY INFORMATION

Houghton Hams 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to leasehold property

-

straight line between 5 and 10 years

Plant and machinery

-

20% on cost

Fixtures and office equipment

-

20% on cost

Motor vehicles

-

25% on reducing balance

No depreciation is provided on the freehold land as this is not required under FRS102, the freehold building is not being depreciated as the estimated useful life exceeds 50 years and it is felt that the depreciation is immaterial and would not influence the decisions of a user of the accounts.

In accordance with FRS102 an annual impairment review is conducted on the freehold building to ensure the carrying value is less than or equal to the recoverable amount.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including duties and transport and handling directly attributable to bringing the inventory to its present location and condition.

At the end of each reporting period stocks are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Taxation

Taxation for the year 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 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.

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.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

To be able to prepare financial statements in accordance with FRS102, Houghton Hams Limited must make certain estimates and judgements that have an impact on the policies and the amounts reported in the annual accounts. The estimates and judgement are based on historical experiences and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgements are made. Actual experience may vary from these estimates.

The estimates and assumptions which have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below:

Inventory Provisions

Houghton Hams Limited writes down inventories to net realisable value based on an estimate of the realisability of inventories. Write downs on inventories are recorded where events or changes in circumstances indicate that the current carrying values may not realised. The write down will be recognised in the income statements in the year the change in estimate occurs.

Tangible Assets

Houghton Hams Limited determines the estimated useful lives, residual values and related depreciation charges for its property, plant and equipment with reference to the estimated periods that the company intends to derive future economic benefits from the use of these assets. Management will revise the depreciation charge where useful lives or residual values are materially different from those previously estimated. Actual economic lives may differ from estimated useful lives and actual residual values may differ from estimated residual values. Periodic review could result in a change in depreciable lives and residual values and therefore depreciation expenses in the future periods.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

Turnover of £22,210,629 (2024: £20,999,274) was all within United Kingdom.

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,509,947

2,401,246

Social security costs

235,253

223,491

Other pension costs

551,465

222,705

3,296,665

2,847,442

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

2025

2024

Administration

11

14

Production

79

76

Directors

3

3

93

93

2025

2024

£

£

Directors' remuneration

63,284

34,366

Directors' pension contributions to money purchase schemes

179,000

180,000

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:

2025

2024

£

£

Hire of plant and machinery

34,657

37,091

Rent

131,532

138,184

Depreciation - owned assets

245,647

319,413

Depreciation - assets on hire purchase contracts

4,294

-

Loss on disposal of fixed assets

-

382

Auditors' remuneration

12,879

12,504

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Mortgage interest

9,417

13,216

Hire purchase

2,341

-

11,758

13,216