The directors present the strategic report for the period ended 24 March 2025.

The principal activity of the company during the period under review was the wholesale distribution of groceries, manufacturing and processing of fresh foods and the retail sale of groceries through its network of company owned stores. It also provides management and ancillary services through its own technological and computer department.

Trading results

Turnover was £700m for the 52 weeks ended 23 March 2025, compared to £742m for the 53 weeks ended 24 March 2024. Operating profits for the period were £1.70m compared to £10.35m for the previous period. Profit for the period after taxation amounted to £12.05m compared with £10.53m for the previous period.

Financial position

At the Balance Sheet date, shareholders' funds showed an increase of 10.5%, compared to an increase of 10.1% in the previous period. The directors consider the state of the company's affairs to be satisfactory given the current macro economic and geopolitical climate, inflationary pressures and increased competition from multinational organisations within the retail sector.

Principal risks and uncertainties

We have set out below a number of risk factors that we believe could cause our actual future results to differ materially from expected results. However, other factors could adversely affect the results and so the factors set out below should not be considered to be a complete set of all potential risks and uncertainties.

Business conditions and the general economy

The profitability of our company could be adversely affected by a worsening of general economic conditions in the United Kingdom. Factors such as unemployment, interest rates and inflation could significantly affect the retail market. Whilst a short term worsening in economic conditions in the United Kingdom should not significantly adversely impact profitability, a sustained downturn over a number of years would be likely to lead to reduced profits in this area.

Liquidity and financing

Liquidity and financing risks relate to the company's ability to pay for goods and services required to trade on a day to day basis. The company has two main sources of financing facilities which are, from banks by way of borrowing facilities, and from suppliers by way of trade credit. A reduction in facilities or a failure to renew them as they expire could lead to a significant reduction in the trading ability of the company.

Interest rate risk

The company's exposure to market risk for changes in interest rates relates primarily to the company's bank borrowings. The company's policy is to manage interest cost using a mixture of fixed and variable rate debt. The company's exposure to interest rate fluctuations on its borrowings is managed by the use of commercial rates variously related to SONIA and the Bank of England base rate.

Credit risk

The company trades with only recognised, creditworthy third parties. It is the company's policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is mitigated.

Regulatory compliance risk

The company is subject to regulatory compliance risk which can arise from a failure to comply fully with the laws, regulations or codes applicable, for example health and safety, licensing, fire regulations, increasing requirements around packaging waste and power, for example SECR and ESOS. Non compliance can lead to fines, enforced suspension from sale of certain products or public reprimand.

The company competes with large multinationals, retail grocery outlets and e-commerce in an extremely competitive industry.

Failure of information systems

The company's business is dependent on the efficient and uninterrupted operation of our information technology and computer systems, which are vulnerable to damage or interruption from power loss, telecommunications failure, sabotage, vandalism or similar misconduct. There are in place contingency and recovery plans in order to mitigate the impact of such failures. The company has in place security measures to protect against potential cyber attacks.

Key Performance Indicators

Measure                2025            2024

Sales                    £700m £742m

Gross Profit                £117.22m £124.46m

Operating Profit                £1.2m     £10.4m

Energy Consumption            76.52m 81.35m

(Primary Energy Units)

Section 172 statement

Each director is required to act in the way he considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole, but having regard to a range of factors set out in Section 172(1)(a)-(f) in the Companies Act 2006.

• The long term consequences – all decisions are geared towards the maintenance of a relevant, forward thinking and market leading business, operating within a highly competitive market place. Such strategy informs capital expenditure plans, long term funding, operational efficiency, staff development and the provision of a first class interaction between all stakeholders and the company.

• The interests of all employees – the directors believe the company is a responsible employer and attempt to provide all tools and information required for each employee to use their knowledge and talents to fully engage in their role, to the best of their abilities, within a safe and welcoming environment.

• Fostering stakeholder business relationships – the directors behave responsibly towards all suppliers, customers and other stakeholders. Each party is allocated an appropriate level of personal attention from board members or company colleagues. Capital allocation is designed to equitably meet their requirements, therefore seeking to ensure they all benefit from the long term success of the company.

• Impact on the community and the environment – the directors look to positively impact upon the communities in which the company operates. Firstly, through the provision of convenient shopping locations, stocked with first class products and offering additional services. The company aims to help communities via partnering with community enterprises and through charitable acts at both local and national levels. Finally the company is conscious of its energy usage and its reduction is a strategic pillar of future operations.

• Maintaining a reputation for high standards of business conduct – the business was founded in 1863 and has been under the stewardship of the Hall family ever since. The company helped facilitate the introduction of the SPAR brand to the United Kingdom over sixty years ago. Throughout this time, the directors have held integrity and trust at the forefront of all decisions and endeavoured to build a culture which both is reflective of this and evident to all with whom the company interacts.

• Act fairly between members of the company – the three directors are the sole ultimate members therefore ensuring their decision making is naturally aligned to the long term interests of the members.

The directors look to the continued growth and development of the company. With these aims in mind the company continues to expand its production facilities and to increase the size and number of stores that it services.

On behalf of the board

The directors present their annual report and financial statements for the period ended 24 March 2025.

The principal activity of the company during the period under review was the wholesale distribution of groceries and the retail sale of groceries through its network of company owned stores in the convenience sector under the SPAR fascia. It also provides management and ancillary services through its own technological and computer department.

The results for the period are set out on page 10.

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

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

The company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.

It is the company's policy to give disabled persons full and fair consideration for all job vacancies for which they offer themselves as suitable applicants, having regard to their particular experience, aptitude and ability. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

The company's policy is to consult and discuss with employees, staff councils and at meetings, matters likely to affect employees' interests. Feedback from these forums is used by the company in its strategic and operational decision making.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the relevant and appropriate financial and economic factors affecting the company's performance.

Other stakeholder engagement

The company has referred to this matter within its Section 172 statement. This can be found within the strategic report.

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

In line with section 20A of The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, the directors have claimed exemption from disclosing the company's information in this area, as it will be contained within the relevant group disclosures, as reported in the group financial statements of the parent company, James Hall and Company (Holdings) Limited, for the same financial period.

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

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

In line with Companies Act 2006, s. 414AC(7) the directors have claimed exemption from disclosing climate-related financial disclosures within these financial statements, as they will be contained within the relevant group disclosures, as reported in the financial statements of the parent company, James Hall and Company (Holdings) Limited, for the same financial period.

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

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

• select suitable accounting policies and then apply them consistently;

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

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

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

We have audited the financial statements of James Hall and Company Limited (the 'company') for the period ended 24 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 24 March 2025 and of its profit for the period then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the strategic report and the directors' 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.

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.

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.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

• Enquiries with management about any known or suspected instances of non-compliance with laws and regulations and fraud, together with reviewing applicable registrations and compliance at retail store visits;

• Reviewing cash controls at retail store visits and tracing to underlying accounting records;

• Review of legal and professional expenditure to identify any evidence of ongoing litigation or non-compliance with laws and regulations;

• Auditing the risk of fraud in revenue, through the consideration of revenue accounting policies and subsequently reviewing the application of income cut off procedures around the balance sheet date and transaction testing to provide comfort that revenue stated within the financial statements has occurred. This covers standard wholesale and retail income streams along with income from suppliers;

• Challenging assumptions and judgements made by management in their significant accounting estimates; and

• Auditing the risk of management override of controls, including with regard to performance related remuneration, through testing journal entries and other adjustments for appropriateness.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

James Hall and Company Limited is a private company limited by shares incorporated in England and Wales. The principal trading address and registered office is Spar Distribution Centre, Bowland View, Preston, PR2 5QT.

Reporting period

The company's accounting reference date is 24 March. The financial statements for the current period cover the 52 weeks commencing 25 March 2024 to 23 March 2025. Those for the previous period cover the 53 weeks commencing 20 March 2023 to 24 March 2024. Therefore the two financial periods are not entirely comparable.

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

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

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

James Hall and Company Limited is a wholly owned subsidiary of James Hall and Company (Holdings) Limited and the results of James Hall and Company Limited are included in the consolidated financial statements of James Hall and Company (Holdings) Limited which are available from Companies House, Cardiff, CF14 3UZ.

Atruet the time of approving the financial statements, the directors have every expectation that the company has adequate resources to continue in operational existence for the foreseeable future after making reference to detailed financial projections.

The company is currently profitable, generating positive operating cash-flows, has a strong balance sheet and diversified income streams. The company enjoys a positive relationship with its banking partner and has ample facilities in place. As a consequence it is well placed to manage its business risks despite the continued uncertain economic outlook and particularly where this impacts consumer disposable income. Such factors include current retail inflation being higher than the headline benchmark and uncertainty over the path and timing of any further interest rate reductions.

Therefore, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of sales to external customers at amounts invoiced, exclusive of value added tax and discounts offered.

Turnover relating to goods is recognised when the risks and rewards of owning the goods has passed to the customer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Turnover is recognised on despatch for wholesale transactions and at point of sale for retail transactions. Turnover relating to services is recognised when the service has been provided.

The directors do not wish to disclose the turnover by business segment as they believe that this would be prejudicial to the business.

Supplier income

The group receives income from suppliers in the form of incentives, discounts and promotional support. Due to the complexities and uncertainties associated with the entitlement to such income, it is recognised within cost of sales during the period of receipt.

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

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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

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

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

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

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

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

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

Stocks are stated at the lower of average cost and estimated selling price less costs to sell.

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

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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, which include debtors and cash at 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.

Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss within interest receivable and similar income or interest payable and similar expenses as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

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

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

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

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

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

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, including creditors and loans from fellow group companies, 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.

All of the company's financial liabilities are basic financial instruments.

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

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.

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

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

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

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

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

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

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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

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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The useful economic life of tangible fixed assets is judged at the point of purchase and is then re-assessed at each reporting date. The useful economic life of each asset class is stated within note 1.5 to the financial statements.

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

At each balance sheet date, management undertake a review of the outstanding trade debtor balances and estimate the balance that should either be impaired or provided against.

This calculation is based on the financial position of the customers, the historical speed of payment and any ongoing discussions.

At the balance sheet date management review whether the carrying value of each fixed asset investment is impaired. Given the proximity of the balance sheet date to the company's investment in the associate, the directors do not believe any impairment is required as the associate's position within its industry, current and expected cash flow generation, barriers to competition and the durability of target customer bases are materially unchanged.

The directors use certain members of the company's property department to provide their learned opinion as to the potential valuation of the company's land and buildings at each balance sheet date, so they can consider if any impairment conditions exist. These individuals have significant experience and possess in depth knowledge of the relevant markets to such properties. The directors consider that this reduces the estimation uncertainty to an acceptable level.

The directors do not wish to disclose the turnover by business segment as they believe that this would be prejudicial to the business. Turnover is wholly derived from activities in the UK.

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

Their aggregate remuneration comprised:

Other gains and losses relate to amounts written off fixed asset investments, relating to costs of investment in Graham Eyes High Class Butchers Limited, acquired in March 2019 and in Alston Dairy Limited, acquired in December 2022.

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

The company has capital losses to carry forward of £4,817 (2024: £92,656) which can be set off against future capital gains.

The headline rate of corporation tax increased to 25% from 1 April 2023.

The disposals represent goodwill recognised historically on a tranche of retail store acquisitions. As the goodwill is fully amortised it has been presented as disposed of within the financial statements.

The carrying value of land and buildings comprises:

The carrying value of land is £8,605,547 (2024: £8,605,547).

Tangible fixed assets with a carrying value of £39,309,408 (2024: £40,079,916) are pledged as security for the company's banking facilities.

Details of the company's trading subsidiaries at 24 March 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

Details of the company's associates at 24 March 2025 are as follows:

During the period, the company provided a loan equivalent to £729,000 to this associate, to assist with its long-term growth. Accordingly it has been presented together with the initial investment, within Investments.

The company uses an interest rate swap facility to mitigate its exposure to interest fluctuations. At the start of the year the fair value of this facility was an asset totalling £1,743,828. At the balance sheet date the fair value of this facility was an asset totalling £1,207,223. Consequently a fair value debit movement of £536,605 is recognised in the statement of comprehensive income and is also found within note 8 to the financial statements.

The interest rate swap facility is not traded in active markets. The fair value has been derived using observable forward interest rates corresponding to the maturity of terms relating to the facility. Due to the lack of an active market for trading such facilities, the directors have been unable to independently confirm the fair value and so have used the fair value obtained from the financial institution that provides the facility.

Bank borrowings are secured by a charge over the assets of the company and via a cross company guarantee over the assets of certain fellow group companies.

The company has a number of banking facilities in place, the rates charged on the different facilities vary dependent on facility type, facility duration and the value of the facility. The interest rates are based upon SONIA and therefore vary dependent on the length of the loan period, interest rate instruments that are in place and the margin chargeable on the facility. In the financial period the overall rate charged equalled 3.704% and interest payable on the above bank borrowings for the period amounted to £440,761 (2024: £473,046).

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

At the time of approving the financial statements, the company has not finalised its capital expenditure programme for the next financial period and therefore an assessment as to the likely movement of timing differences cannot reasonably be made.

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

At the balance sheet date, the creditor in respect of pension contributions totalled £472,950 (2024: £424,068).

Each class of share is ranked equally.

The company has provided a guarantee in respect of the deficit on the defined benefit pension scheme of which the parent company, James Hall and Company (Holdings) Limited, is the principal employer. The estimated deficit at the balance sheet date, calculated in accordance with the provisions of FRS102, Section 28 'Employee Benefits', was £8,512,000 (2024: £12,385,000).

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

Amounts contracted for but not provided in the financial statements:

The company leases properties from other related parties. Such rents paid in the period totalled £420,000 (2024: £459,680). There were no outstanding amounts at the balance sheet date.

All transactions are carried out on a commercial basis and at arms length.

The company has taken advantage of the exemption permitted under FRS102, Section33 'Related Party Disclosures' paragraph 33.1A, from disclosing transactions with group companies, on the basis that it is a wholly owned subsidiary.

The immediate and ultimate parent company of James Hall and Company Limited is James Hall and Company (Holdings) Limited, a company registered in England and Wales.

After reviewing the component parts of one bank reconciliation, management noted that certain elements do not meet the definition of Cash under FRS102. Accordingly these short term items have been represented within more appropriate balance sheet categories and a prior period adjustment has been recognised, to ensure the 24 March 2024 balance sheet is wholly comparable.

The prior period adjustment does not affect the reported profit for the prior period, nor the net assets reported at the prior balance sheet date.