Hampshire Meats Ltd

Registered number

05089151

Hampshire Meats Ltd

Report and Consolidated Financial Statements

31 March 2025

Smithfield Accountants LLP

Chartered Accountants

Suite 1, Unit 2, Stansted Courtyard

Parsonage Road, Takeley, Essex, CM22 6PU

Hampshire Meats Ltd
Registered number:		05089151
Group Director's Report

The director presents his report and financial statements for the year ended 31 March 2025.

Principal activities
The company's principal activity during the year was that of a holding company providing services to its subsidiary Reeve and Company Limited. The subsidiary's principal activity is that of a wholesale butcher.

Review of the Business
The results are as per the profit and loss account. The parent company paid a dividend of £12,000 to the shareholders during the year (2024 - £18,000). The director is pleased with the results, and believes that the group will continue to trade profitbly. During the year the company purchased all shares of its minority shareholder Mr B Timms at market values. The company was therefore 100% owned by E K Gravers at the year end. Prior to the prior year end, the parent company purchased the entire share capital of subsidiary Reeve and Company Limitied, making it into a 100% subsidiary.

Directors
The following persons served as directors during the year:

	E K Graves

Events since the Balance Sheet date
At the date of the approval of the accounts, Mrs S Graves, the wife of director and majority shareholder E K Graves had acquired 25% of the share capital and been appointed as secretary of the company. At the date of the approval of the accounts, the group had fully repaid and discontinued its invoice discounting facility. This is expected to increase profitabiity and reduce dependance on lenders going forward.

Section 414C(11)
The group has chosen in accordance with s414C(11) Companies Act 2006 to set out in the group's strategic report information required by schedule 7 of the large and medium-sized companies and groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report. It has done so in respect of principal risks and uncertainties, review of the business and future developments.














Director's responsibilities

The director is responsible for preparing the report and 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 (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 parent company and its group and of the profit or loss of the parent company and its group 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 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 parent company and its group company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's transactions and disclose with reasonable accuracy at any time the financial position of the parent company and its group 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 group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.



Disclosure of information to auditors

The director confirms that:
●	so far as he is aware, there is no relevant audit information of which the group'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 group's auditor is aware of that information.


This report was approved by the board on 26 November 2025 and signed on its behalf.



E K Graves
Director

Hampshire Meats Ltd
Group Strategic Report

Strategic Management
The director regularly reviews the operations of the group with a view of reducing operational expenses. The group's long term finance arrangement through a bank loan and sufficient overdraft and factoring facilities continue to be suitable for the group's needs in covering day to day expenditure. These facilities give the group more flexibility than it previously had and at a lower cost, enabling it to increase profits further. In prior years, an additional partly-government secured loan was taken out to reduce the dependence on overdraft and factoring, which has reduced borrowing costs. The director keeps this under review, but is not looking to change this arrangement in the near future. While the director is pleased that the group remains profitable despite harsh a trading environment and economic downturn, he believes that the company will improve its profits to previous levels. Following the COVID-19 pandemic, sales have begun to recover, but margins are still negatively impacted by supply issues. The director believes these issues are now easing and profitability will return to previous levels in the coming years.

Business Environment
Principal risks and uncertainties: The director keeps the risk and uncertainties that effect the business under constant review. The principle areas are as follows: Market risk: The company supplies the wholesale sector, and in order to remain competitive, it is always keeping buying arrangements with suppliers under review, so as to obtain the best prices possible. Regulatory risk: The company is being required to maintain a HACCUP system so as to be able to trace, in and out all meat bought and sold. The company maintains this requirement, by arranging specialist consultants to advise and review operations. Financial and bad debt risk: The company is dependent on external finance, and has entered into financial agreements with its bankers to secure its financial requirements. In order to mitigate the risk of bad debts, the company also has effected bad debt insurance cover. The risk of bad debts is also controlled by limiting exposure to uninsurable debts. A level of bad debts is unavoidable, but management reduces exposure to this by controlling debts to higher risk customers. Price risk: The director regularly reviews suppliers and margins in relation to goin rates to ensure that favourable trading terms are obtained.




Hampshire Meats Ltd
Group Strategic Report

Liquidity and cashflow risk: The company has agreed an overdraft and factoring facility with the bank, and keeps a regular review on its outstanding debtors, to ensure that the company has adequate resources to pay its debts as they fall due.

Business Performance
The director is pleased that gross profits continue despite conditions and intends to return profits to previous levels. The decrease in gross profit is due to a reduction in margin of 0.6% to 6.4%, despite an increase in sales of 1.4%. This decrease is largely due to the continued supply availability causing price variance and it being difficult to pass costs onto customers. The director expects this change to reverse in the coming year as supply imporves. Expenditure has been largely controlled, with overheads being largely unchanged apart from pensions, which have decreased, and bank charges and bad debts, which have increased again. The director continues to believe that bad debts will not reoccur at the same scale in future as they did in prior years. At the date of this report the tenants of the market and the City of London had agreed a new deal, which is awaiting parliamentary approval and royal assent. The first part of the compensation of this deal has already been received and the remainder is to be received in tranches after royal assent. The director believes this will happen with little or no changes to the bill. The company is prepared to continue to trade out of the existing site and set up to trade from the new site, when it is ready. The director expects the company to continue to trade profitably regardless of the timings and details of the change. The parent company's profit after tax was £1,000. Debtor days has reduced by 11 days to 46 days. Creditor days has decreased by 7 days to 35 days.

Full Accounts
A full copy of the accounts can be obtained by entitled parties from 9/11 East Market Buildings, London Central Markets, London EC1A 9PQ.

Auditors' report
The auditors' report is unqualified as relates to both the financial statements and to whether the Director's Report and Strategic Report are consistent with the financial statements, as specified under s496 of the Companies Act 2006.

This report was approved by the board on 26 November 2025 and signed on its behalf.



E K Graves
Director

Hampshire Meats Ltd
Independent auditor's report
to the members of Hampshire Meats Ltd

Opinion

We have audited the consolidated financial statements of Hampshire Meats Ltd and its subsidiary for the year ended 31st March 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the consolidated 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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.
In our opinion the consolidated financial statements:
●	give a true and fair view of the state of the group's and the parent company's affairs as at 31st March 2024 and of its profit for the year 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.


Emphasis of matter
We would draw the user's attention to the fact that the company redeemed the full share capital of its minority shareholder at market value by the year end date. This has affected goodwill. See note 8. We would draw the users attention to an event subsequent to the Balance Sheet date and prior to the date of this report, in which the director's wife became the a shareholder and secrtary of the parent company. See note 20. There is no change to our audit opinion.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.













Other information
The other information comprises the information included in the report and consolidated financial statements, other than the consolidated financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the consolidated 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 consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated 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 consolidated 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 group strategic report and the group directors’ report for the financial year for which the consolidated financial statements are prepared is consistent with the consoldiated financial statements; and
●	the group strategic report and the group 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 group, and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the group 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 consolidated financial statements are not in agreement with the accounting records and returns; or
●	certain disclosures of directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the consolidated 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 consolidated 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 consolidated 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 consolidated financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

There is always a risk that fraud or irregularity would not be detected in an audit, but we believe that this would take a significant collusion that would be unlikely to go undetected by management or the audit team.

Detection of fraud is also affected by the effectiveness of the group's controls, and the nature, timing and extent of audit procedures performed. While these controls and procedures are deemed to be good, there remains a risk that non-compliance will not be detected.

The audit team identified that compliance with food standards, and company and tax law are applicable through knowledge of the industry, its knowledge of requirements on UK businesses and discussions with the director. Compliance with these is assessed during the audit by checking certifications, calculations and statutory filings. The audit team is always vigilant to look out for money laundering or other unexpected financial activity. For this reason, we believe that our procedures are suitable.

The audit team are well experienced and qualified in conducting this kind of audit engagement, and in recognising and reporting fraud, where appropriate. The engagement partner is satisfied that where instances of non-compliance are found in testing, these would be recognised and correctly dealt with.

As part of an audit in accordance with ISAs (UK), the auditor excercises professional judgement and maintains professional scepticism throughout the audit. A further description of our responsibilities for the audit of the consolidated 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.



S Poli MEng ACA
(Senior Statutory Auditor)		Suite 1, Unit 2
for and on behalf of		Stansted Courtyard
Smithfield Accountants LLP		Parsonage Road
Accountants and Statutory Auditors		Takeley
26 November 2025		Essex
		CM22 6PU

Hampshire Meats Ltd
Consolidated Income Statement
for the year ended 31 March 2025


Notes		2025	2024
		£000	£000

Turnover		27,821	27,441

Cost of sales		(26,030)	(25,456)

Gross profit		1,791	1,985

Administrative expenses		(3,670)	(1,942)

Operating (loss)/profit	3	(1,879)	43

Interest payable		(49)	(40)
Interest receivable		32	85
Proceeds on lease amendment		2,244	-

Profit on ordinary activities before tax		348	88

Tax		(96)	14

Profit on ordinary after tax		252	102

Dividend		(12)	(18)

Profit for the financial year		240	84


Profit Attributable to:

Hampshire Meats Ltd		240	84
Non-Controlling Interests		-	-
		240	84

Hampshire Meats Ltd
Consolidated Statement of comprehensive income
for the year ended 31 March 2025


Notes		2025	2024
		£000	£000

Profit for the financial year		240	84

Other comprehensive income
Gain on revaluation of land and buildings	9	-	-
Deferred taxation arising on the revaluation of land and buildings	15	-	-

Total comprehensive income for the year		240	84


Total Comprehensive Income Attributable to:

Hampshire Meats Ltd		240	84
Non-Controlling Interests		-	-
		240	84

Hampshire Meats Ltd
Consolidated Statement of Financial Position
as at 31 March 2025

Notes			2025		2024
			£000		£000
Fixed assets
Goodwill	8		3,531		3,068
Tangible assets	9		1,414		1,419
			4,945		4,487


Current assets
Stocks	10	80		199
Debtors	11	4,430		4,771
Cash at bank and in hand		1,348		1,692
		5,858		6,662

Creditors: amounts falling due within one year	12	(3,948)		(4,422)

Net Current Liabilities			1,910		2,240

			6,855		6,727

Creditors: amounts falling due after more than one year	13		(100)		(207)

Provisions for liabilities	15		(113)		(117)

Total Assets less Current Liabilities			6,642		6,403

Capital and reserves
Called up share capital	16		1		1
Retained earnings	18		5,891		5,652
Revaluation reserve	17		750		750
Non-controlling interests	18		-		-

Shareholders Funds	18		6,642		6,403




E K Graves
Director
Approved by the board on 26 November 2025

Hampshire Meats Ltd
Parent Company Statement of Financial Position
as at 31 March 2025

		2025			2024
£			£
Fixed assets
Investments		3,976,424			3,512,924

Current assets
Debtors	69,205			127,426

Creditors: amounts falling due within one year	(3,681)			(3,563)

Net current assets		65,524			123,863

Total assets less current liabilities		4,041,948			3,636,787

Creditors: amounts falling due after more than one year		(4,033,885)			(3,617,494)

Net assets		8,063			19,293

Capital and reserves
Called up share capital		1,000			1,000
Profit and loss account		7,063			18,293

Total equity		8,063			19,293




E K Graves
Director
Approved by the board on 26 November 2025

Hampshire Meats Ltd
Consolidated Statement of Changes in Equity
for the year ended 31 March 2025
Non
Share		Controlling		Other		Profit		Total
capital		Interest		reserves		and loss
account
	£000		£000		£000		£000		£000

At 1 April 2023	1		1,713		562		4,077		6,353

Profit for the financial year			-		-		102		102

Gain on revaluation of land and buildings									-
Deferred taxation arising on the revaluation of land and buildings									-
Other comprehensive income for the financial year	-		-		-		-		-
Total comprehensive income for the financial year	-		-		-		102		102

Dividends							(18)		(18)
Shares issued	-		-						-
Shares redeemed			(1,713)		188		1,491		(34)

At 31 March 2024	1		-		750		5,652		6,403
Correction of prior year errors			-				-		-
Effect of retrospective changes in accounting policies							-		-
At 31 March 2024 as restated	1		-		750		5,652		6,403



At 1 April 2024	1		-		750		5,652		6,403

Profit for the financial year					-		251		251

Gain on revaluation of land and buildings									-
Deferred taxation arising on the revaluation of land and buildings									-
Other comprehensive income for the financial year	-		-		-		-		-
Total comprehensive income for the financial year	-		-		-		251		251

Dividends							(12)		(12)
Shares issued	-		-						-
Shares redeemed	-		-		-		-		-

At 31 March 2025	1		-		750		5,891		6,642

Hampshire Meats Ltd
Parent Company Statement of Changes in Equity
for the year ended 31 March 2025

Share		Share		Other		Profit		Total
capital		premium		reserves		and loss
account
£		£		£		£		£

At 1 April 2023	1,000		-		-		264		1,264

#NAME?							36,029		36,029

Gain on revaluation of land and buildings					-				-
Deferred taxation arising on the revaluation of land and buildings					-				-
Other comprehensive income for the financial year	-		-		-		-		-
Total comprehensive income for the financial year	-		-		-		36,029		36,029

Dividends							(18,000)		(18,000)
Shares issued	-		-						-
Shares redeemed	-								-

At 31 March 2024	1,000		-		-		18,293		19,293
Correction of prior year errors							-		-
Effect of retrospective changes in accounting policies							-		-
At 31 March 2024 as restated	1,000		-		-		18,293		19,293



At 1 April 2024	1,000		-		-		18,293		19,293

#NAME?							770		770

Gain on revaluation of land and buildings					-				-
Deferred taxation arising on the revaluation of land and buildings					-				-
Other comprehensive income for the financial year	-		-		-		-		-
Total comprehensive income for the financial year	-		-		-		770		770

Dividends							(12,000)		(12,000)
Shares issued	-		-						-
Shares redeemed	-								-

At 31 March 2025	1,000		-		-		7,063		8,063

Hampshire Meats Ltd
Consolidated Statement of Cash Flows
for the year ended 31 March 2025

Notes		2025	2024
		£000	£000
Operating activities
Profit for the financial year		252	102

Adjustments for:
Proceeds on lease amendment		(2,244)	-
Interest receivable		(32)	(85)
Interest payable		49	40
Tax on profit on ordinary activities		96	(14)
Depreciation		10	9
Decrease/(increase) in stocks		119	(119)
Decrease in debtors		341	3,376
Decrease in creditors		(107)	(128)
		(1,516)	3,181

Interest received		32	-
Interest paid		(49)	(40)
Corporation tax paid		(28)	(195)

Cash (used in)/generated by operating activities		(1,561)	2,946

Investing activities
Payments to acquire tangible fixed assets		(5)	-
Proceeds on lease amendment		2,244	-

Cash generated by investing activities		2,239	-

Financing activities
Equity dividends paid		(12)	(18)
Payments to redeem shares		(883)	(2,250)
Repayment of loans		(127)	(127)

Cash used in financing activities		(1,022)	(2,395)

Net cash (used)/generated
Cash (used in)/generated by operating activities		(1,561)	2,946
Cash generated by investing activities		2,239	-
Cash used in financing activities		(1,022)	(2,395)

Net cash (used)/generated		(344)	551

Cash and cash equivalents at 1 April		1,692	1,141
Cash and cash equivalents at 31 March		1,348	1,692

Cash and cash equivalents comprise:
Cash at bank		1,348	1,692
Bank overdrafts	12	-	-
		1,348	1,692

Hampshire Meats Ltd
Notes to the Consolidated Accounts
for the year ended 31 March 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. The parent company's Profit and Loss Account has not been included In line with the exemption afforded by s408 of the Companies Act 2006.

	Basis of consolidation
	The consolidated accounts incorporate the accounts of the company and its subsidiary. (i) Subsidiary A subsidiary undertaking is an entity over which the Group has the Power to govern the financial and operating policies, generally accompanying a shareholding of more than one half of the voting rights. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair values of any asset or liability resulting from a contingent arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the non-controlling interest's proportionate share of the acquiree's net assets. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interests in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the income statement. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

	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:

	Plant and machinery			Straight line over 15 years
	Short Leasehold			See note 9
	Fixtures and Fittings			15% on Reducing Balance
	Computer Equipment			33% on Cost

	Motor vehicles			Straight line over 15 years
	Intangible fixed assets
	(i) Goodwill
	Goodwill represents the future economic benefits arising from the assets acquired in a business combination that are not individually identified and separately recognised. Such benefits include future synergies expected from the combination and intangible assets not meeting the criteria for separate recognition. Goodwill is carried at cost less accumulated impairment losses. Goodwill is not amortised and is tested annually for impairment by assessing the recoverable amount of each cash generating unit or groups of cash generating units to which the goodwill relates. The recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows ('value-in-use') or fair value less cost to sell if higher. The discount rate applied is based upon the Group's weighted average cost of capital with appropriate adjustments for the risks associated with the relevant cash generating unit or groups of cash generating units. When the recoverable amount of the goodwill is less than the carrying amount, an impairment loss is recognised immediately in the profit and loss account which cannot subsequently be reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and net of intercompany charges.

	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.

	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.

	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.






	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.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	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.

	Pensions
	The subsidiary company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.












2	Analysis of turnover					2025		2024
						£000		£000
	Group:
	Sale of goods					27,821		27,441
						27,821		27,441

	By geographical market:

	UK					27,821		27,441
						27,821		27,441

	Parent company:
	Sale of goods					-		-
						-		-

	By geographical market:

	UK					-		-
						-		-


3	Operating profit					2025		2024
						£000		£000
	This is stated after charging:

	Group:
	Depreciation of owned fixed assets					10		9
	Bank charges and interest					208		191
	Amortisation of goodwill					-		-
	Operating lease rentals - plant and machinery					19		12
	Operating lease rentals - land and buildings					142		140
	Director's emoluments					140		139
	Auditors' remuneration for audit services					20		19
	Auditors' remuneration for other services					-		-
	Carrying amount of stock sold					26,030		25,456

	Parent:
	Depreciation of owned fixed assets					-		-
	Bank charges and interest					-		-
	Amortisation of goodwill					-		-
	Operating lease rentals - plant and machinery					-		-
	Operating lease rentals - land and buildings					-		-
	Director's remuneration					-		-
	Auditors' remuneration for audit services					4		3
	Auditors' remuneration for other services					-		-
	Carrying amount of stock sold					-		-






4	Director's emoluments					2025		2024
						£000		£000

	Remuneration					80		79
	Company contributions to defined contribution pension plans					60		60
						140		139


	Highest paid director:
	Emoluments					80		79
	Company contributions to defined contribution pension plans					60		60
						140		139

	The director is remunerated from group subsidiary company Reeve and Company Ltd.


5	Staff costs					2025		2024
						£000		£000
	Group:
	Wages and salaries					818		834
	Social security costs					75		78
	Other pension costs					258		218
						1,151		1,130

	The average number of employees for the year					21		21

	Parent:
	Wages and salaries					-		-
	Social security costs					-		-
	Other pension costs					-		-
						-		-

	The average number of employees is 1 (2024 - 1). The employee is remunerated by subsidiary Reeve and Company Ltd, and does therefore not receive a salary from Hampshire Meats Ltd.


6	Interest payable					2025		2024
						£000		£000

	Group:
	Bank Interest Payable					31		15
	Loan Interest Payable					18		25
	Other Interest Payable					-		-
						49		40
	Parent Company:
	Bank Interest Payable					-		-
	Loan Interest Payable					-		-
	Other Interest Payable					-		-
						-		-


7	Taxation					2025		2024
						£000		£000
	Group:
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					87		24
	Adjustments in respect of previous periods					13		-
						100		24

	Deferred tax:
	Origination and reversal of timing differences					(4)		(2)
	Effect of increased tax rate on opening liability					-		-
						(4)		(2)


	Tax on profit on ordinary activities					96		22

	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		2024
						£000		£000
	Profit on ordinary activities before tax					348		88

	Standard rate of corporation tax in the UK					25%		25%

						£000		£000
	Profit on ordinary activities multiplied by the standard rate of corporation tax					87		22

	Effects of:
	Expenses not deductible for tax purposes					-		-
	Capital allowances for period in excess of depreciation					-		2
	Utilisation of tax losses					-		-
	Adjustments to tax charge in respect of previous periods					13		-

	Current tax charge for period					100		24














						2025		2024
						£000		£000
	Parent company:
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					-		-
	Adjustments in respect of previous periods					-		-
						-		-

	Deferred tax:
	Origination and reversal of timing differences					-		-
	Effect of increased tax rate on opening liability					-		-
						-		-


	Tax on profit on ordinary activities					-		-


	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		2024
£							£
	Profit on ordinary activities before tax					1		-

	Standard rate of corporation tax in the UK					19%		19%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					-		-

	Effects of:
	Utilisation of tax losses					-		-
	Adjustments to tax charge in respect of previous periods					-		-

	Current tax charge for period					-		-
















8	Intangible fixed assets							£000

	Group:
	Goodwill:

	Cost
	At 1 April 2024							3,068
	Additions							463
	Disposals							-
	At 31 March 2025							3,531

	Amortisation
	At 1 April 2024							-
	Provided during the year							-
	On disposals							-
	At 31 March 2025							-

	Carrying amount
	At 31 March 2025							3,531
	At 31 March 2024							3,068

	Goodwill is reviewed annually for impairment. This is necessary for a true and fair view. During the prior year, Hampshire Meats Ltd purchased all of the shares held by E K Graves at market value, bringing its shareholding from 75% to 100%. The subsidiary is incorporated in England & Wales under no. 02129739. The director, E. K. Graves, owns 100% of Hampshire Meats Ltd.

								£000
	Parent Company:
	Goodwill:

	Cost
	At 31 March 2025							-

	Amortisation
	At 31 March 2025							-

	Carrying amount
	At 31 March 2025							-
	At 31 March 2024							-







9	Tangible fixed assets
	Group:
		Short leasehold	Plant and machinery, fixtures and fittings, computer equipment			Motor vehicles		Total
		At valuation		At cost		At cost
		£000		£000		£000		£000
	Cost or valuation
	At 1 April 2023	1,350		418		-		1,768
	Additions	-		5		-		5
	Revaluation	-		-		-		-
	Disposals	-		-		-		-
	At 31 March 2024	1,350		423		-		1,773

	Depreciation
	At 1 April 2023	-		349		-		349
	Charge for the year	-		10		-		10
	On disposals	-		-		-		-
	At 31 March 2024	-		359		-		359

	Carrying amount
	At 31 March 2024	1,350		64		-		1,414
	At 31 March 2023	1,350		69		-		1,419

	Short Leasehold:					2025		2024
						£000		£000

	Historical cost					-		-
	Cumulative depreciation based on historical cost					-		-
	Valuation 2004					500		500
	Surplus on 2015 revaluation					450		450
	Surplus on 2017 revaluation					400		400

						1,350		1,350

	The leasehold on the market stall is revalued regularly by a qualified professional who is external to the company. The director believes that this is sufficient so as to show an up to date valuation of the stall in the financial statements. Depreciation is therefore not provided.

	The cost of the asset was £nil. The company had its trading stall revalued by Messrs Savills Chartered Surveyors on 30th April 2015, who gave it a value of £950,000. Following this, the company had its trading stall revalued by Messrs Savills Chartered Surveyors on 31st August 2017, who gave it a value of £1,350,000. The director believes this value has not changed materially since this date and therefore this value is used in the accounts.

	A capital gain that would be subject to corporation tax would arise on the lease if it were disposed of. The tax due would be £337,500 at current tax rates.

	The leasehold has been valued as a fully-equipped operational entity having regard to its trading potential.
	Parent company:
		Short leasehold	Plant and machinery, fixtures and fittings, computer equipment			Motor vehicles		Total
		At valuation		At cost		At cost
		£000		£000		£000		£000
	Cost or valuation
	At 1 April 2024	-		-		-		-
	At 31 March 2025	-		-		-		-

	Depreciation
	At 1 April 2024	-		-		-		-
	At 31 March 2025	-		-		-		-

	Carrying amount
	At 31 March 2025	-		-		-		-
	At 31 March 2024	-		-		-		-


10	Stocks					2025		2024
						£000		£000
	Group:
	Raw materials and consumables					80		199
						80		199

	Parent company:
	Raw materials and consumables					-		-
						-		-























11	Debtors					2025		2024
						£000		£000
	Group:
	Trade debtors					3,501		4,318
	Compensation receivable					-		-
	Other debtors					828		283
	Trade loan					50		170
	Director's current account					51		-
						4,430		4,771

	Amounts due after more than one year included in:
	Trade loan					50		237
						50		237

	An invoice discounting arrangement exists with Barclays Bank Plc. The Trade Debtors are shown as current assets, although the bankholds them as security for Invoice Discounting. The amounts owed by group undertakings is the intercompany balance with parent company Hampshire Meats Ltd. The amount is interest free and has a repayment date of one year and one day. The trade loan is interest free and a repayment schedule has been agreed. The full amount falls due to be repaid in less than 5 years. The effects of discounting have not been included as they are immaterial.

	Parent company:
	Other debtors					-		-
	Corporation tax					18		127
	Director's current account					51		525
						69		652

	Amounts due after more than one year included in:
	Other debtors					-		-
	Director's current account					51		525
						51		525

	In the prior year, the director's current account was fully paid off at 31st March 2024, see note 23. The loan was interest free. The effects of discounting have not been included as they are immaterial to the financial statements.












12	Creditors: amounts falling due within one year					2025		2024
						£000		£000
	Group:
	Bank loans					77		77
	Invoice dicounting account					989		707
	Trade creditors					2,495		2,944
	Corporation tax					87		7
	Other taxes and social security costs					24		26
	Other creditors					276		661

						3,948		4,422

	The Invoice Discounting and Bank Loans are secured on the Trade Debtors, by a charge on the assets of both group companies and by personal guarantees from the director totalling £400,000.

	Parent company:
	Corporation tax					-		-
	Other creditors					4		435
						4		435


13	Creditors: amounts falling due after one year					2025		2024
						£000		£000
	Group:
	Bank loans					82		207
	Other creditors					18		-
						100		207

	The Bank Loans are secured on Trade Debtors, by a charge on the assets of both group companies, and by a guarantee from the director for £400,000.

	Parent company:
	Other creditors					18		-
						18		-


14	Loans					2025		2024
						£000		£000
	Group:
	Analysis of maturity of debt:
	Within one year or on demand					77		77
	Between one and two years					82		154
	Between two and five years					-		53
	After five years					-		-
						159		284

	The Bank Loans are secured on Trade Debtors, by a charge on the assets of the parent company and its subidiary. Of the bank loans, there is a £159,000 loan which is 80% government secured.

						2025		2024
	Parent company:					£000		£000
	Analysis of maturity of debt:
	Within one year or on demand					-		-
	Between one and two years					-		-
	Between two and five years					-		-
	After five years					-		-
						-		-


15	Provisions for liabilities					2025		2024
	Deferred taxation					£000		£000

	Group:
	Revaluation of land and buildings					100		100
	Accelerated capital allowances					17		19
						117		119

						2025		2024
						£000		£000

	At 1 April					117		119
	Credited to the profit and loss account					(4)		(2)
	Charged to other comprehensive income					-

	At 31 March					113		117

	Parent company:
	Revaluation of land and buildings					-		-
	Accelerated capital allowances					-		-
						-		-


						2025		2024
						£000		£000

	At 1 April					-		-
	At 31 March					-		-














16	Share capital	Nominal		2025		2025		2024
value			Number			£000		£000
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		900		1		1
						1		1

	The ordinary shares were issued at par, and each share carries the right to vote and participate in the equity.

	Share capital of subsidiary	Nominal		2025		2025		2024
	Reeve and Company Ltd	value	Number			£000		£000
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		200		-		-


17	Other reserves					2025		2024

	Group:
	Revaluation reserve					£000		£000

	At 1 April					750		750
	Gain on revaluation of land and buildings					-		-
	Deferred taxation arising on the revaluation of land and buildings					-		-

	At 31 March					750		750

	Parent company:
	Revaluation reserve					£000		£000

	At 1 April					-		-
	At 31 March					-		-





















18	Reserves and non-controlling interest

Consolidation					Non-Controlling		Total
Interest
				£000		£000		£000
	Retained Earnings B/Fwd			5,652		-		5,652
	Revaluation Reserve B/Fwd			750		-		750
	Share Capital B/Fwd			1		-		1
	Share Premium B/Fwd			-		-		-
	Total B/Fwd			6,403		-		6,403

	Parent's Profit			1		-		1
	Subsidiary Profit			251		-		251
	Revaluation Reserve			-		-		-
	Dividend Paid			(12)		-		(12)
	Share reconstruction			-		-		-
	Adjustments			(1)		-		(1)

	Retained Earnings C/Fwd			5,891		-		5,891
	Revaluation Reserve C/Fwd			750		-		750
	Share Capital C/Fwd			1		-		1
	Share Premium C/Fwd			-		-		-
	Total C/Fwd			6,642		-		6,642

	The parent company's profit after tax was £1,000 (2024 - £37,000).


19	Dividends					2025		2024
						£000		£000

	Dividends on ordinary shares (note 18)					12		18
						12		18


20	Events after the reporting date

	At the date of the approval of the accounts, Mrs S Graves, the wife of director and majority shareholder E K Graves had acquired 25% of the share capital and been appointed as secretary of the company. At the date of the approval of the accounts, the group had fully repaid and discontinued its invoice discounting facility. This is expected to increase profitabiity and reduce dependance on lenders going forward.









21	Other financial commitments

	Total future minimum lease payments under non-cancellable operating leases:

		Land and buildings		Land and buildings	Other		Other
		2025		2024		2025		2024
		£000		£000		£000		£000
	Falling due:
	within one year	142		142		40		41
	within two to five years	426		568		46		46
	in over five years	284		426		-		-
		852		1,136		86		87


22	Contingent liabilities

	The company and its subsidiary company Reeve And Company Ltd have provided security to Barclays Bank PLC for each others' debts (see note 24).


23	Loans to directors
	Description	B/fwd	Paid		Repaid		C/fwd
		£000		£000		£000		£000
	E K Graves
	Loan 1	(431)		51		431		51


























24	Related party transactions

	Reeve and Company Ltd
	Subsidiary company
	During the period a charge of £11,000 (2024 - £10,000) was made to the subsidiary company, Reeve and Company Ltd for management services provided. A dividend of £12,000 (2024 - £18,000) was paid by the subsidiary to the parent. The intercompany balance at the year end was £4,016,000 (2024 - £3,187,000). At 31st March 2025, the capital and reserves of the subsidiary were 7,235,000 (2024 - £6,829,000) and the profit for the year was £406,000 (2024 - £65,000).

	The company has given a guarantee for the company to Barclays Bank PLC to secure the borrowing facilities of its subsidiary Reeve and Company Ltd.

	E K Graves
	Director and shareholder
	The company owed the director £431,000 at the prior year end. At the current year end the director owed the company £51,000. See note 23.

	S Graves, A Graves, J Graves and S Corbett
	Relatives of director
	During the year the subsidiary company made pension contributions to the relatives of the director totalling £240,000 (2024 - £140,000).

	B Timms					2025		2024
	Secretary and shareholder					£000		£000
	Loan from shareholder					-		-


25	Controlling party

	The parent company and its group are controlled by E K Graves, who has a controlling stake.


26	Presentation currency

	The financial statements are presented in Sterling.


27	Legal form of entity and country of incorporation

	Hampshire Meats Ltd is a private company limited by shares and incorporated in England.











28	Principal place of business

	The address of the company's principal place of business is:

	9/11 East Market Buildings
	London Central Markets
	London
	EC1A 9PQ

	The company's registered office is:

	Suite 1, Unit 2
	Stansted Courtyard
	Parsonage Road
	Takeley
	Essex
	CM22 6PU

29	Debentures

	The company has a debenture in favour of Barclays Bank PLC, which secures all funds due to the bank at any time.