Registered number
SC248591
Simon Howie Butchers Limited
Report and Financial Statements
31 January 2025

Simon Howie Butchers Limited
Report and accounts
Contents
Page
Company information | 1
Directors' report | 2
Strategic report | 4
Independent auditor's report | 5
Income statement | 8
Statement of financial position | 9
Statement of changes in equity | 10
Statement of cash flows | 11
Notes to the financial statements | 12

Simon Howie Butchers Limited
Company Information
Directors
S M Howie
G Conacher
M McCafferty
S Lynn
C G Howison
J D Tree
K A W Wernsen-Towler
Secretary
B A Lamond
Auditors
Gillespie Inverarity & Co Limited
33 Leslie Street
Blairgowrie
Perthshire
PH10 6AW
Bankers
The Royal Bank of Scotland
12 Dunkeld Road
Perth
PH1 5RB
Solicitors
Thorntons WS
Whitehall House
33 Yeaman Shore
Dundee
DD1 4BJ
Registered office
Findony
Muckhart Road
Dunning
Perthshire
PH2 0RA
Registered number
SC248591

Simon Howie Butchers Limited
Registered number: | SC248591
Directors' Report
The directors present their report and financial statements for the period ended 31 January 2025.
Principal activities
The company's principal activity during the period continued to be the sale of meat and vegetarian products throughout the UK.
The company is a 75% subsidiary of Findony Limited.
Future developments
The directors intend to keep implementing the same policies that have kept consistent profitability in the business.
Dividends
Dividends totalling £3,200,000 were paid during the year. The directors do not recommend the payment of a dividend at this time.
Directors
The following persons served as directors during the period:
| S M Howie
| G Conacher
| M McCafferty
| S Lynn
| C G Howison
| J D Tree
| K A W Wernsen-Towler
Directors' responsibilities

The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 estimates that are reasonable and prudent;
● | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
● | 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.

Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
● | so far as he is aware, there is no relevant audit information of which the company's auditor is 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 auditor is aware of that information.

This report was approved by the board on 23 October 2025 and signed on its behalf.
S M Howie
Director

Simon Howie Butchers Limited
Strategic Report
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The directors review is consistent with the size and non-complex nature of the business, and is written in the context of the risks and uncertainties faced.
2024 was a very good year for the business, not withstanding the usual challenges of rising raw material costs, coupled with labour rate increases. The figures are slightly flattered by the 13 month year, but we are happy with the results generally.
The core activity remains the supply of meat and vegetarian products to the UK's largest supermarkets, but much more of our focus is on matching our sales in the rest of the UK in line with our large Scottish business. Our dry cured bacon, black pudding and haggis lines continue to be the UK's best selling SKUs in their categories. We are pleased to see that a lot of our growth came from sales south of the Scottish border.
There was a 27% increase in turnover from the previous year, up £7,989,466, £4.4m of which relates to the extra month of trading in the extended year. Just as important was increasing gross profit to 41% to increase it by 31% (+£3,581,008) resulting in an increase in operating profit from £5,261,434 to £6,695,789 (+27%). EBITDA has increased from £6,246,439 (21%) to £8,298,177 (22%). After taxation, £5,047,057 has been added to the reserves. Return on capital employed was an anualised 36% (2023: 37%). This is calculated as profit after tax divided by net assets. These results reflect that the company is increasingly profitable and is investing in operational improvements to maintain margins. Turnover is envisaged to further increase in the year ended January 2026 with the marketing of new products.
The risks facing the company are those for the food industry generally, including rises in costs of raw materials, wages and fuel.
The directors consider that the financial position of the company at the year end is healthy, the balance sheet has strengthened and short term prospects remain positive.
This report was approved by the board on 23 October 2025 and signed on its behalf.
S M Howie
Director

Simon Howie Butchers Limited
Independent auditor's report
to the members of Simon Howie Butchers Limited
Opinion

We have audited the financial statements of Simon Howie Butchers Limited for the period ended 31 January 2025 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
● | give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its profit for the period then ended;
● | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
● | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis of 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
● | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
● | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
● | Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the report and financial statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors’ report for the financial period 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.
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 directors’ report.
We have nothing to report in respect of the following matters in relation to which 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; or

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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.
Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

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 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.
Alexander Gillespie MA ACA ATII
(Senior Statutory Auditor)
for and on behalf of | 33 Leslie Street
Gillespie Inverarity & Co Limited | Blairgowrie
Accountants and Statutory Auditors | Perthshire
28 October 2025 | PH10 6AW

Simon Howie Butchers Limited
Income Statement
for the period from 1 January 2024 to 31 January 2025
Notes |  | 2025 |  | 2023
£ | £
Turnover | 3 |  | 37,395,145 |  | 29,405,679
Cost of sales | (22,189,112) |  | (17,780,654)
Gross profit | 15,206,033 |  | 11,625,025
Administrative expenses | (8,789,738) |  | (6,508,163)
Other operating income | 279,494 |  | 144,572
Operating profit | 4 |  | 6,695,789 |  | 5,261,434
Profit on sale of fixed assets | 3,348 |  | 34,413
Interest receivable | 268,204 |  | 213,256
Interest payable | 8 |  | (48,611) |  | (4,029)
Profit on ordinary activities before taxation | 6,918,730 |  | 5,505,074
Tax on profit on ordinary activities | 9 |  | (1,871,673) |  | (1,388,464)
Profit for the period | 5,047,057 |  | 4,116,610

Simon Howie Butchers Limited
Statement of Financial Position
as at 31 January 2025
Notes |  |  | 2025 |  |  | 2023
£ | £
Fixed assets
Intangible assets | 10 |  |  | - |  |  | 16,860
Tangible assets | 11 |  |  | 8,020,643 |  |  | 5,075,423
|  |  |  | 8,020,643 |  |  | 5,092,283
Current assets
Stocks | 12 |  | 1,712,059 |  |  | 1,980,292
Debtors | 13 |  | 4,954,444 |  |  | 5,556,075
Cash at bank and in hand |  |  | 3,947,607 |  |  | 4,188,160
|  |  | 10,614,110 |  |  | 11,724,527
Creditors: amounts falling due within one year | 14 |  | (3,406,136) |  |  | (4,253,950)
Net current assets |  |  |  | 7,207,974 |  |  | 7,470,577
Total assets less current liabilities |  |  |  | 15,228,617 |  |  | 12,562,860
Creditors: amounts falling due after more than one year | 15 |  |  | (826,404) |  |  | (835,780)
Provisions for liabilities
Deferred taxation | 16 |  |  | (1,567,668) |  |  | (739,592)
Net assets |  |  |  | 12,834,545 |  |  | 10,987,488
Capital and reserves
Called up share capital | 17 |  |  | 240,000 |  |  | 240,000
Profit and loss account | 18 |  |  | 12,594,545 |  |  | 10,747,488
Total equity |  |  |  | 12,834,545 |  |  | 10,987,488
S M Howie
Director
Approved by the board on 23 October 2025

Simon Howie Butchers Limited
Statement of Changes in Equity
for the period from 1 January 2024 to 31 January 2025
Share | Share | Other | Profit | Total
capital | premium | reserves | and loss
account
£ | £ | £ | £ | £
At 1 January 2023 | 240,000 |  | - |  | - |  | 9,230,878 |  | 9,470,878
Profit for the financial year | 4,116,610 |  | 4,116,610
Dividends | (2,600,000) |  | (2,600,000)
At 31 December 2023 | 240,000 |  | - |  | - |  | 10,747,488 |  | 10,987,488
At 1 January 2024 | 240,000 |  | - |  | - |  | 10,747,488 |  | 10,987,488
Profit for the period | 5,047,057 |  | 5,047,057
Dividends | (3,200,000) |  | (3,200,000)
At 31 January 2025 | 240,000 |  | - |  | - |  | 12,594,545 |  | 12,834,545

Simon Howie Butchers Limited
Statement of Cash Flows
for the period from 1 January 2024 to 31 January 2025
Notes |  | 2025 |  | 2023
£ | £
Operating activities
Profit for the period | 5,047,057 |  | 4,116,610
Adjustments for:
Profit on sale of fixed assets | (3,348) |  | (34,413)
Interest receivable | (268,204) |  | (213,256)
Interest payable | 48,611 |  | 4,029
Tax on profit on ordinary activities | 1,871,673 |  | 1,388,464
Depreciation | 1,585,528 |  | 934,425
Amortisation of goodwill | 16,860 |  | 50,580
Decrease/(increase) in stocks | 268,233 |  | (164,054)
Decrease/(increase) in debtors | 601,631 |  | (1,899,819)
(Decrease)/increase in creditors | (484,644) |  | 1,644,563
|  |  | 8,683,397 |  | 5,827,129
Interest received | 268,204 |  | 213,256
Interest paid |  |  | (48,611) |  | (4,029)
Corporation tax paid | (1,416,143) |  | (982,816)
Cash generated by operating activities | 7,486,847 |  | 5,053,540
Investing activities
Payments to acquire tangible fixed assets | (4,531,400) |  | (2,340,140)
Proceeds from sale of tangible fixed assets | 4,000 |  | 94,750
Cash used in investing activities | (4,527,400) |  | (2,245,390)
Financing activities
Equity dividends paid | (3,200,000) |  | (2,600,000)
Cash used in financing activities | (3,200,000) |  | (2,600,000)
Net cash (used)/generated
Cash generated by operating activities | 7,486,847 |  | 5,053,540
Cash used in investing activities | (4,527,400) |  | (2,245,390)
Cash used in financing activities | (3,200,000) |  | (2,600,000)
Net cash (used)/generated | (240,553) |  | 208,150
Cash and cash equivalents at 1 January | 4,188,160 |  | 3,980,010
Cash and cash equivalents at 31 January | 3,947,607 |  | 4,188,160
Cash and cash equivalents comprise:
Cash at bank | 3,947,607 |  | 4,188,160

Simon Howie Butchers Limited
Notes to the Accounts
for the period from 1 January 2024 to 31 January 2025
1 | Summary of significant accounting policies
| Basis of preparation
| The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
| Turnover
| Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods, and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
| Research and development
| Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
| Intangible fixed assets
| Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
| Tangible fixed assets

| Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
| Heritable buildings | over 5 years
| Leasehold land and buildings | over the lease term
| Plant and machinery | 15% reducing balance
| Fixtures, fittings, tools and equipment | 25% reducing balance

| Investments
| Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
| 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.
| Other financial assets
| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
| 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, bank loans, loans from fellow group companies and preference shares 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. Amounts 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.
| Stocks
| Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
| Debtors
| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
| Cash at bank and in hand
| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
| 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.
| Creditors
| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
| 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.
| Taxation
| A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
| Provisions
| Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
| Leased assets
| A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
| Government grants
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
| A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
| Pensions
| Contributions to defined contribution plans are expensed in the period to which they relate.
2 | Critical accounting estimates and judgements
| 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.
3 | Analysis of turnover | 2025 |  | 2023
£ | £
| Sale of goods | 37,395,145 |  | 29,405,679
| By geographical market:
| UK | 37,395,145 |  | 29,405,679
4 | Operating profit | 2025 |  | 2023
£ | £
| This is stated after charging:
| Depreciation of owned fixed assets | 1,585,528 |  | 934,425
| Amortisation of goodwill | 16,860 |  | 50,580
| Auditors' remuneration for audit services | 9,800 |  | 11,380
| Key management personnel compensation (including directors' emoluments) |  | 437,345 |  | 329,644
| Carrying amount of stock sold | 17,547,015 |  | 14,034,575
5 | Government grants | 2025 |  | 2023
£ | £
| Building grant | - |  | -
| Equipment grant | 159,782 |  | 107,342
|  |  |  |  |  | 159,782 |  | 107,342
6 | Directors' emoluments | 2025 |  | 2023
£ | £
| Emoluments | 437,345 |  | 329,644
| Company contributions to defined contribution pension plans | 73,870 |  | 6,669
|  |  |  |  |  | 511,215 |  | 336,313
| Highest paid director:
| Emoluments | 90,383 |  | 83,149
| Company contributions to defined contribution pension plans | 56,431 |  | 1,321
|  |  |  |  |  | 146,814 |  | 84,470
| Number of directors to whom retirement benefits accrued: | 2025 |  | 2023
Number | Number
| Defined contribution plans | 6 |  | 6
7 | Staff costs | 2025 |  | 2023
£ | £
| Wages and salaries | 4,724,780 |  | 3,644,518
| Social security costs | 463,775 |  | 334,076
| Other pension costs | 151,590 |  | 67,053
|  |  |  |  |  | 5,340,145 |  | 4,045,647
| Average number of employees during the year | Number | Number
| Administration | 12 |  | 10
| Manufacturing | 122 |  | 108
|  |  |  |  |  | 134 |  | 118
8 | Interest payable | 2025 |  | 2023
£ | £
| Corporation tax interest |  |  |  |  | 48,611 |  | 4,029
9 | Taxation | 2025 |  | 2023
£ | £
| Analysis of charge in period
| Current tax:
| UK corporation tax on profits of the period | 1,043,597 |  | 1,166,143
| Adjustments in respect of previous periods | - |  | 162,605
|  |  |  |  |  | 1,043,597 |  | 1,328,748
| Deferred tax:
| Origination and reversal of timing differences | 828,076 |  | 59,716
| Tax on profit on ordinary activities | 1,871,673 |  | 1,388,464
| Factors affecting tax charge for period
| The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
|  |  |  |  |  | 2025 |  | 2023
£ | £
| Profit on ordinary activities before tax | 6,918,730 |  | 5,505,074
| Standard rate of corporation tax in the UK | 25.0% |  | 23.5%
£ | £
| Profit on ordinary activities multiplied by the standard rate of corporation tax |  | 1,729,683 |  | 1,293,692
| Effects of:
| Expenses not deductible for tax purposes | (14,134) |  | (34,368)
| Capital allowances for period in excess of depreciation | (671,952) |  | (93,181)
| Adjustments to tax charge in respect of previous periods | - |  | 162,605
| Current tax charge for period | 1,043,597 |  | 1,328,748
| Factors that may affect future tax charges
| There are no particular factors expected to affect future tax charges.
10 | Intangible fixed assets | £
| Goodwill:
| Cost
| At 1 January 2024 | 1,061,490
| At 31 January 2025 | 1,061,490
| Amortisation
| At 1 January 2024 | 1,044,630
| Provided during the period | 16,860
| At 31 January 2025 | 1,061,490
| Carrying amount
| At 31 January 2025 | -
| At 31 December 2023 | 16,860
| Goodwill purchased in 2005 has been written off in equal annual instalments over its estimated economic life of 20 years. Goodwill purchased in 2006 was written off over its economic life of 10 months.
11 | Tangible fixed assets
|  | Land and buildings |  | Plant and machinery |  | Fixtures, fittings, tools and equipment |  | Total
|  | At cost |  | At cost |  | At cost
£ | £ | £ | £
| Cost or valuation
| At 1 January 2024 | 2,656,138 |  | 11,683,840 |  | 84,264 |  | 14,424,242
| Additions | 205,936 |  | 4,286,972 |  | 38,492 |  | 4,531,400
| Disposals | - |  | (6,735) |  | (13,920) |  | (20,655)
| At 31 January 2025 | 2,862,074 |  | 15,964,077 |  | 108,836 |  | 18,934,987
| Depreciation
| At 1 January 2024 | 2,611,224 |  | 6,661,093 |  | 76,502 |  | 9,348,819
| Charge for the period | 60,273 |  | 1,512,739 |  | 12,516 |  | 1,585,528
| On disposals | - |  | (6,131) |  | (13,872) |  | (20,003)
| At 31 January 2025 | 2,671,497 |  | 8,167,701 |  | 75,146 |  | 10,914,344
| Carrying amount
| At 31 January 2025 | 190,577 |  | 7,796,376 |  | 33,690 |  | 8,020,643
| At 31 December 2023 | 44,914 |  | 5,022,747 |  | 7,762 |  | 5,075,423
12 | Stocks | 2025 |  | 2023
£ | £
| Raw materials and consumables | 1,712,059 |  | 1,980,292
13 | Debtors | 2025 |  | 2023
£ | £
| Trade debtors | 4,519,378 |  | 3,746,509
| Amounts owed by group undertakings and undertakings in which the company has a participating interest |  | 21,553 |  | 21,553
| Other debtors | 413,513 |  | 1,788,013
|  |  |  |  |  | 4,954,444 |  | 5,556,075
14 | Creditors: amounts falling due within one year | 2025 |  | 2023
£ | £
| Trade creditors | 2,381,771 |  | 2,787,816
| Amounts owed to group undertakings and undertakings in which the company has a participating interest |  | 3,243 |  | 3,243
| Corporation tax | 364,068 |  | 736,614
| Other taxes and social security costs | 103,092 |  | 99,016
| Other creditors | 4,859 |  | 9,334
| Accruals and deferred income | 549,103 |  | 617,927
|  |  |  |  |  | 3,406,136 |  | 4,253,950
15 | Creditors: amounts falling due after one year | 2025 |  | 2023
£ | £
| Accruals and deferred income | 826,404 |  | 835,780
16 | Deferred taxation | 2025 |  | 2023
£ | £
| Accelerated capital allowances | 1,567,668 |  | 739,592
|  |  |  |  |  | 2025 |  | 2023
£ | £
| At 1 January | 739,592 |  | 679,876
| Charged to the profit and loss account | 828,076 |  | 59,716
| At 31 January | 1,567,668 |  | 739,592
17 | Share capital | Nominal |  | 2025 |  | 2025 |  | 2023
value | Number | £ | £
| Allotted, called up and fully paid:
| "A" Ordinary shares | £1 each |  | 180,000 |  | 180,000 |  | 180,000
| "B" Ordinary shares | £1 each |  | 60,000 |  | 60,000 |  | 60,000
|  |  |  |  |  | 240,000 |  | 240,000
18 | Profit and loss account | 2025 |  | 2023
£ | £
| At 1 January | 10,747,488 |  | 9,230,878
| Profit for the period | 5,047,057 |  | 4,116,610
| Dividends | (3,200,000) |  | (2,600,000)
| At 31 January | 12,594,545 |  | 10,747,488
19 | Dividends | 2025 |  | 2023
£ | £
| Dividends on ordinary shares (note 18) | 3,200,000 |  | 2,600,000
20 | Transactions with directors
| A director, Mr Simon Howie, charged expenses totalling £89,389 (2023:£45,403) from his sole trade business. £6,000 (2023:£4,177) was payable to Mr Howie at the year end.
| The company charged Mr Howie's business £25,200 (2023:£25,200) for use of office facilities and £5,961 (2023:£Nil) for expenses incurred in the year. At the year end £9,673 (2023:£7,560) was receivable from Mr Howie.
| Included within other debtors is an amount of £29,107 (2023:£1,391,947) due from Great Interest Limited, a company controlled by Mr Howie.
| The director, Mr Gary Conacher, received dividends totalling £800,000 (2023:£650,000) during the year.
21 | Related party transactions
| Rossco Properties (Friarton) Limited and Simon Howie Farms are considered related parties on the basis of their close family control. Angus and Norman Howie are the director Simon Howie's brothers. The company's parent company, Findony Limited, is a partner in the firm of Simon Howie Butchers.
| During the period ended 31 January 2025 Simon Howie Butchers Limited had the following transactions with these entities:
|  |  |  | Rossco
|  | Simon |  | Properties |  | Angus & |  | Simon
|  | Howie |  | (Friarton) |  | Norman |  | Howie
|  | Farms |  | Limited |  | Howie |  | Butchers
|  | £ |  | £ |  | £ |  | £
| Sales: 2025 | - |  | - |  | - |  | 921,172
| Sales: 2023 | - |  | - |  | - |  | 954,496
| Purchases: 2025 | 120,630 |  | - |  | 29,400 |  | -
| Purchases: 2023 | 107,135 |  | - |  | 17,175 |  | -
| Expenses recharged to / (from)
| related parties: 2025 | 4,022 |  | (1,414) |  | - |  | 5,168
| Expenses recharged to / (from) |  |  |  |  |  |  |
| related parties: 2023 | (2,148) |  | - |  | - |  | 6,020
| The amounts owing to and from the entities are as follows:
| Debtors: 2025 | 1,070 |  | - |  | - |  | 139,028
| Debtors: 2023 | - |  | - |  | - |  | 178,216
| Creditors: 2025 | - |  | - |  | 2,200 |  | -
| Creditors: 2023 | 5,293 |  | - |  | - |  | -
| Included within Debtors is a balance of £21,553 (2023:£21,553) due from the consortium company Shore Energy (UK) Limited.
22 | Controlling party
| The parent undertaking of the group for which group accounts are drawn up and of which the company is a member is Findony Limited, registered in Scotland.
| Copies of the accounts of Findony Limited can be obtained from the Registrar, Companies House, 139 Fountainbridge, Edinburgh EH3 9FF.
23 | Presentation currency
| The financial statements are presented in Sterling rounded to the nearest £.
24 | Legal form of entity and country of incorporation
| Simon Howie Butchers Limited is a private company limited by shares and incorporated in Scotland.
25 | Principal place of business
| The address of the company's principal place of business and registered office is:
| Findony
| Muckhart Road
| Dunning
| Perthshire
| PH2 0RA

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