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Registered number: 01002291 C. G. HACKING & SONS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
C. G. HACKING & SONS LIMITED COMPANY INFORMATION
Directors | G D Hacking
| N J Shaw
Company secretary | N J Shaw
Registered number | 01002291
Registered office | Calverts Buildings
| 50-52 Borough High Street
| London
| SE1 1XW
Independent auditors | Barnes Roffe Audit Limited
| Chartered Accountants & Statutory Auditor
| Level 41A
| Tower 42
| 25 Old Broad Street
| London
| EC2N 1HQ
Bankers | National Westminster Bank PLC
| 280 Bishopsgate
| London
| EC2M 4RB
C. G. HACKING & SONS LIMITED CONTENTS
| Page
Group strategic report | 1 - 3
Directors' report | 4 - 5
Independent auditors' report | 6 - 10
Consolidated statement of comprehensive income | 11
Consolidated balance sheet | 12
Company balance sheet | 13 - 15
Consolidated statement of changes in equity | 15
Company statement of changes in equity | 16
Consolidated statement of cash flows | 17
Notes to the financial statements | 18 - 34
C. G. HACKING & SONS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2024
Introduction
The directors present their strategic report for the year ended 30th June 2024. The principal activity of the Group during the year continued to be that of a produce merchant. The Group continued in its principal activity of produce merchant, importing edible nuts into the United Kingdom, as well as Western and Eastern Europe together with North and South Africa.
Business review
The Directors offer their consolidated Group Accounts after successfully working through administrative delays, and the well publicised shipping bottle necks and dramatically increasing freight rates that were a major factor in the Group’s financial year but none the less the business managed to negotiate these added complications positively. The affects of Brexit on all aspects of the Group’s European operations were an additional headwind, however, despite all the above demand for products and services of the business remain strong. Looking forward the directors are confident about the prospects of the business with turnover set to increase with key customers and with new clients coming on board. The directors monitor the performance of the company by reference to key performance indicators, including turnover, gross profit and marking, earnings before interest, tax, depreciation, and amortisation (“EBITDA”) and key areas influencing working capital. The group maintains ongoing dialogue with facility providers to ensure that a transparent and collaborative working relationship is maintained and hence the facilities continue to be made available. Like with all key stakeholder relationships, the directors and the management team are dedicated to maintaining such working relationships Turnover for the year ended 30 June 2024 amounted to £46,465,557, a decrease of £14,213,079 compared to £60,678,636 generated in the year ended 30 June 2023. The decrease in turnover has occured as a result of fluctuations in product pricing. Gross profit amounted to £1,299,712, in 2024, a decrease of £1,503,415 compared to £2,803,127 in 2023. The Group experienced an decrease in the gross profit margin from 4.6% in 2023 to 2.8% for the year ended 30 June 2024 as a result of lower turnover. The loss before tax of £1,453,801 in 2024 (2023: £924,277, profit) was in line with expectations. The directors continued to maintain a policy of cost control whilst simultaneously ensuring it focuses to promote the brand and products. The Group has net assets of £5,199,432 as of 30 June 2024, (2023: £6,433,635), net current assets of £2,899,899 (2023: £4,478,277), and a cash balance of £186,497 as of 30 June 2024, (2023: £4,890,465). Stock held at 30 June 2024 amounted to £6,664,995 compared to £4,280,399 at 30 June 2023. The increase due to the company strengthened its stock position through higher procurement volumes to support customer demand. The results for the year and financial position as at 30 June 2024 were as expected by the directors. The directors view the future positively, after considering the principal risks and uncertainties noted below, and see their priority for 2025 as being to maintain and further develop a strong position in its chosen markets via continued development and investment in products and service provided. Page 1
C. G. HACKING & SONS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Principal risks and uncertainties
The Group continues to monitor the key risks and uncertainties it faces relating to the competitive environment in which it operates and the prevailing economic and geo-political conditions. Risk management is embedded in the Group's internal control processes, and as part of the year end reporting procedures. The major risk categories, together with examples, are: • Strategic e.g. reputation, product obsolescence, cost competition. • Operational e.g. loss of key personnel. • Financial e.g. major contract management, inventory control, credit control, forward foreign exchange contracts. • Hazard, health and safety and product liability. These risks are identified and managed through regular dialogue with customers, other stakeholders and internal reporting procedures. Appropriate safeguards are put in place wherever possible. Russia - Ukraine - Middle Eastern conflict The Group does not expect the Russia - Ukraine - Middle Eastern conflict to have a substantial direct impact on the Group, however the conflict has contributed to ongoing volatility in global energy, logistics, and certain commodity prices, which has had an indirect impact on the Group’s cost base. The directors will continue to monitor and manage the cost base of the Group.
Financial key performance indicators
The Group's key financial objectives which the directors judge to be effective in measuring the delivery of their strategies and managing the business concentrate on turnover, gross profit, profit before taxation, net current assets and net assets, all of which are shown in the accompanying pages and have been discussed above. Credit risk The Group has implemented policies that require appropriate credit checks and impose credit limits on customers. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Directors' statement of compliance with duty to promote the success of the Group
In compliance with s172(1) of the Companies Act 2006, the Group strives to offer all our customers a high level of customers service and advice. The directors recognise the requirement to foster strong business relationships with our customers, our suppliers and our distributors, and when making our business decisions, short or long term, their interests are factored into our decision making process. By making business decisions in this way, the Group has successfully developed many long term relationships with both customers, suppliers and distributors. The Group will always strive to improve efficiency and methods of working by liaising with the team to achieve the highest level of client service possible. The Group endeavours to align its behaviour with the expectations of its shareholders, employees, suppliers and customers. Page 2
C. G. HACKING & SONS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 This report was approved by the board on 1 May 2026 and signed on its behalf.
G D Hacking Director
Page 3
C. G. HACKING & SONS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2024 The directors present their report and the financial statements for the year ended 30 June 2024.
Directors' responsibilities statement
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The loss for the year, after taxation, amounted to £1,139,907 (2023 - profit £924,277). During the year the directors declared a final dividend in respect of the year ended 30 June 2024 of £nil (2023: £nil).
Directors
The directors who served during the year were:
G D Hacking
N J Shaw
Page 4
C. G. HACKING & SONS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Greenhouse gas emissions, energy consumption and energy efficiency action
The Group's greenhouse gas emissions and energy consumption for the year are 14.0 tCO2e and 75,067 kWh. This consisted of gas combustion and electricity. Total gases combusted totalled 12.0 tCO2e and 65,665 kWh, total electricity totalled 1.9 tCO2e and 9,402 kWh. Greenhouse gas emissions and energy usage have been calculated in line with the UK Government’s ‘Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance, March 2019’. GHG emissions and conversion factors have been taken from the UK Government’s ‘GHG Conversion Factors for Company Reporting’ for the year 2024 (Version 1.0). The Group's GHG emissions (derived from reported energy usage) per £m of turnover was 0.3 (2023: 0.19).
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Auditors
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006. This report was approved by the board on 1 May 2026 and signed on its behalf.
G D Hacking Director
Page 5
C. G. HACKING & SONS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C. G. HACKING & SONS LIMITED
Opinion
We have audited the financial statements of C. G. Hacking & Sons Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 June 2024 and of the Group's loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 and review of the company’s accounting policy, 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. Page 6
C. G. HACKING & SONS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C. G. HACKING & SONS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company 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. Page 7
C. G. HACKING & SONS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C. G. HACKING & SONS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 4, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. Page 8
C. G. HACKING & SONS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C. G. HACKING & SONS LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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: 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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows: The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; -We identified the laws and regulations applicable to the company through discussions with directors and other anagement, and from our commercial knowledge and experience of the sector in which the company operates; -We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; -We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and -Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management. To address the risk of fraud in relation to revenue recognition, we: - Performed detailed substantive testing to address completeness and accuracy of sales; - Assessed the appropriateness and application of the accounting policy concerning income recognition; and - Performed detailed cut-off testing either side of the balance sheet date. To address the risk of fraud through management bias and override of controls, we: - Performed analytical procedures to identify any unusual or unexpected relationships; - Tested journal entries to identify unusual transactions; - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; - Investigated the rationale behind significant or unusual transactions. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Page 9
C. G. HACKING & SONS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C. G. HACKING & SONS LIMITED (CONTINUED) Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Other matters
The financial statements of C.G Hacking Ireland Limited, a subsidiary included in the group financial statements, were audited by component auditors whose report expressed a qualified opinion. The qualification arose because the component auditor was unable to obtain sufficent audit evidence over the existance of the stock balance. As Group auditor, we conducted additional audit proceedures in respect of the stock balance and obtained sufficent audit evidence to satisfy ourselves as to the existance, completeness and valuation of stock for the purposes of our opinion on the group financial statements. Our opinion on the group financial statements is not modified in respect of this matter.
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 Auditors' 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. Duncan Stannett (Senior statutory auditor) for and on behalf of Barnes Roffe Audit Limited Chartered Accountants Statutory Auditor Level 41A Tower 42 25 Old Broad Street London EC2N 1HQ Date: 5 May 2026 Page 10
C. G. HACKING & SONS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2024
| 2024 | 2023
Note | £ | £
Turnover | 3 | 46,465,557 | 60,678,636
Cost of sales |  | (45,165,845) | (57,875,509)
Gross profit |  | 1,299,712 | 2,803,127
Administrative expenses |  | (2,032,894) | (1,449,287)
Other operating income |  | (49) | 117,609
Operating (loss)/profit | 4 | (733,231) | 1,471,449
Interest payable and similar expenses | 7 | (720,570) | (547,172)
(Loss)/profit before taxation |  | (1,453,801) | 924,277
Tax on (loss)/profit | 8 | 313,894 | -
(Loss)/profit for the financial year |  | (1,139,907) | 924,277
(Loss)/profit for the year attributable to: |  |  |
Owners of the parent Company |  | (1,139,907) | 924,277
|  | (1,139,907) | 924,277
There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2024 (2023:£NIL).
The notes on pages 18 to 34 form part of these financial statements.
Page 11
C. G. HACKING & SONS LIMITED REGISTERED NUMBER: 01002291 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | 2,299,533 |  | 2,340,793
|  |  | 2,299,533 |  | 2,340,793
Current assets |  |  |  |  |
Stocks | 11 | 6,664,995 |  | 4,280,399 |
Debtors: amounts falling due within one year | 12 | 15,275,680 |  | 14,651,908 |
Cash at bank and in hand | 13 | 186,497 |  | 4,890,465 |
|  | 22,127,172 |  | 23,822,772 |
Creditors: amounts falling due within one year | 14 | (19,227,273) |  | (19,344,495) |
Net current assets |  |  | 2,899,899 |  | 4,478,277
Total assets less current liabilities |  |  | 5,199,432 |  | 6,819,070
Provisions for liabilities |  |  |  |  |
Deferred taxation | 16 | - |  | (385,435) |
|  |  | - |  | (385,435)
Net assets |  |  | 5,199,432 |  | 6,433,635
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 2,000,000 |  | 2,000,000
Revaluation reserve |  |  | 2,067,450 |  | 2,067,450
Other reserves |  |  | 43,263 |  | 137,559
Profit and loss account |  |  | 1,088,719 |  | 2,228,626
|  |  | 5,199,432 |  | 6,433,635
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2026.
G D Hacking
Director
The notes on pages 18 to 34 form part of these financial statements. Page 12
C. G. HACKING & SONS LIMITED REGISTERED NUMBER: 01002291 COMPANY BALANCE SHEET AS AT 30 JUNE 2024
|  |  |  | As restated
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | 2,299,533 |  | 2,340,793
Investments | 10 |  | 1 |  | 1
|  |  | 2,299,534 |  | 2,340,794
Current assets |  |  |  |  |
Stocks | 11 | 5,885,109 |  | 3,317,951 |
Debtors: amounts falling due within one year | 12 | 13,399,358 |  | 14,451,138 |
Cash at bank and in hand | 13 | 171,728 |  | 4,059,628 |
|  | 19,456,195 |  | 21,828,717 |
Creditors: amounts falling due within one year | 14 | (17,149,613) |  | (18,082,849) |
Net current assets |  |  | 2,306,582 |  | 3,745,868
Total assets less current liabilities |  |  | 4,606,116 |  | 6,086,662
Provisions for liabilities |  |  |  |  |
Deferred taxation | 16 | - |  | (385,435) |
|  |  | - |  | (385,435)
Net assets |  |  | 4,606,116 |  | 5,701,227
Capital and reserves |  |  |  |  |
Called up share capital | 17 |  | 2,000,000 |  | 2,000,000
Revaluation reserve |  |  | 2,067,450 |  | 2,067,450
Other reserves |  |  | 43,263 |  | 137,559
Profit and loss account brought forward |  | 1,496,218 |  | 1,605,942 |
Loss for the year |  | (1,000,815) |  | (109,724) |
Profit and loss account carried forward |  |  | 495,403 |  | 1,496,218
|  |  | 4,606,116 |  | 5,701,227
Page 13
C. G. HACKING & SONS LIMITED REGISTERED NUMBER: 01002291 COMPANY BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 May 2026.
G D Hacking
Director
The notes on pages 18 to 34 form part of these financial statements. Page 14
C. G. HACKING & SONS LIMITED REGISTERED NUMBER: 01002291 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024
| Called up share capital | Revaluation reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 July 2023 | 2,000,000 | 2,067,450 | 137,559 | 2,228,626 | 6,433,635
Loss for the year | - | - | - | (1,139,907) | (1,139,907)
Transfer to/from profit and loss account | - | - | (94,296) | - | (94,296)
At 30 June 2024 | 2,000,000 | 2,067,450 | 43,263 | 1,088,719 | 5,199,432
| The notes on pages 18 to 34 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2023
| Called up share capital | Revaluation reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 July 2022 | 2,000,000 | 2,067,450 | 387,207 | 1,304,349 | 5,759,006
Profit for the year | - | - | - | 924,277 | 924,277
Transfer to/from profit and loss account | - | - | (249,648) | - | (249,648)
At 30 June 2023 | 2,000,000 | 2,067,450 | 137,559 | 2,228,626 | 6,433,635
| The notes on pages 18 to 34 form part of these financial statements.
Page 15
C. G. HACKING & SONS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024
| Called up share capital | Revaluation reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 July 2023 | 2,000,000 | 2,067,450 | 137,559 | 1,496,218 | 5,701,227
Loss for the year | - | - | - | (1,000,815) | (1,000,815)
Transfer to/from profit and loss account | - | - | (94,296) | - | (94,296)
At 30 June 2024 | 2,000,000 | 2,067,450 | 43,263 | 495,403 | 4,606,116
| The notes on pages 18 to 34 form part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2023
| Called up share capital | Revaluation reserve | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 July 2022 | 2,000,000 | 2,067,450 | 387,207 | 1,605,942 | 6,060,599
Loss for the year | - | - | - | (109,724) | (109,724)
Transfer to/from profit and loss account | - | - | (249,648) | - | (249,648)
At 30 June 2023 | 2,000,000 | 2,067,450 | 137,559 | 1,496,218 | 5,701,227
| The notes on pages 18 to 34 form part of these financial statements.
Page 16
C. G. HACKING & SONS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
(Loss)/profit for the financial year | (1,139,907) | 924,277
Adjustments for: |  |
Depreciation of tangible fixed assets | 57,025 | 64,612
Interest paid | 720,570 | 547,172
Taxation charge | (313,894) | -
(Increase)/decrease in stocks | (2,384,596) | 1,441,157
(Increase)/decrease in debtors | (623,793) | 3,603,771
Increase/(decrease) in creditors | 3,632,354 | (7,381,951)
Net fair value losses recognised in P&L | 30,139 | -
Corporation tax (paid) | (8,846) | (130,868)
Foreign exchange | - | (2,325)
Net cash generated from operating activities | (30,948) | (934,155)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (15,765) | (484)
Foreign exchange | (94,296) | -
Net cash from investing activities | (110,061) | (484)
Cash flows from financing activities |  |
Interest paid | (720,570) | (547,172)
Net cash used in financing activities | (720,570) | (547,172)
Net (decrease) in cash and cash equivalents | (861,579) | (1,481,811)
Cash and cash equivalents at beginning of year | (5,652,640) | (4,170,829)
Cash and cash equivalents at the end of year | (6,514,219) | (5,652,640)
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 186,497 | 4,890,465
Bank overdrafts | (6,700,716) | (10,543,105)
| (6,514,219) | (5,652,640)
The notes on pages 18 to 34 form part of these financial statements.
Page 17
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
1. | General information
C. G. Hacking & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is at 50/52 Borough High Street, London, SE1 1XW. The principal activity of the Group continued to be of a prodcue merchant. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 18
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 2.Accounting policies (continued)
| 2.3 | Going concern
The Company Directors are confident in the Company's future and affirm that the financial statements have been prepared on a going concern basis. Financial Performance The Company's financial health is determined by its strong balance sheet: • For the year ended 30 June 2024, the Company delivered a adjusted net loss of £1.1M (2023: (£924k profit). • The net assets are £5.2m (2023: £6.4m), demonstrating a strong balance sheet despite the loss for the year. • Crucially, the Company expects to generate positive cash flow from operations during the 2025 and 2026 fiscal years as demonstrated by forecasts prepared, securing its working capital needs. • Since the balance sheet date, the Company has continued its trajectory of profitability and positive cash flow generation. The Directors are confident that the Company possesses sufficient funds to meet all liabilities as they fall due and to fund its operational working capital requirements. Continued Business Success and Strategic Planning Management remains confident in the Company’s future profitability and leadership within its market, with a strong focus on delivering existing and new products that meet the needs of its customers. The directors have prepared detailed budgets and cash flow forecasts for 2025 and 2026, testing them against the worst-case scenario, including potential downturns, to understand their impact on the business. These plans are designed to provide insight into key factors like revenue, trade debtors, working capital and adjusted EBITDA. The forecasts also incorporate strategic actions that management could take to maintain financial stability, such as optimising operational efficiency and reducing overhead costs to preserve cash. The directors continually monitor and assess the Company’s performance and financial position. Proactive Management of Company Financing Continuation as a going concern is dependent upon its ability to continue to achieve positive cash flow from operations. The forecast to April 2027 supports its operation and demonstrates the company operating within its current banking facilities. The company’s bankers have continued to support the company in the future on the basis that the facility is reduced over time. The company’s bankers, NatWest, have agreed to support the existing facility for the foreseeable future. The Company’s assets are secured under the loan agreement, and the Company expects to continue to realise its assets and meet its liabilities in the normal course of business. Financial Strength and Confidence in Ongoing Success Since the Balance Sheet date, the Company has maintained operating profitability. The directors are confident that the Company will have sufficient funds to meet its liabilities as they fall due and support ongoing working capital needs. Based on these positive financial indicators, the directors firmly believe that the Company is a going concern. Page 19
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. Page 20
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 2.Accounting policies (continued)
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 21
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 2.Accounting policies (continued)
| 2.8 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 22
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | pa straight line
|  |  |  | Fixtures and fittings | - | 20% | pa straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.12 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 23
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 2.Accounting policies (continued)
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.18 | Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
3. | Turnover
Turnover represents the amounts derived from the supply of goods which fall within the Group's ordinary activities, net of value added tax. The company supplied both UK and overseas markets. As permitted by the Companies Act 2006 a detailed analysis is not supplied because the directors consider that such a disclosure would be seriously prejudicial to the interests of the Group.
4. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Auditor's renumeration | 58,000 | 58,000
| Exchange differences | 484,282 | (58,258)
Page 24
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
5. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Wages and salaries | 654,052 | 549,876 | 654,052 | 549,876
| Social security costs | 68,230 | 83,510 | 68,230 | 83,510
| Cost of defined contribution scheme | 10,863 | 10,745 | 10,863 | 10,745
|  | 733,145 | 644,131 | 733,145 | 644,131
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Traders | 5 | 4 | 5 | 4
|  | Admin | 6 | 6 | 6 | 6
|  |  | 11 | 10 | 11 | 10
6. | Directors' remuneration
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Directors' emoluments | 215,564 | 193,561
| Group contributions to defined contribution pension schemes | 2,642 | 2,642
|  | 218,206 | 196,203
| During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £121,741 (2023 - £108,067).
Page 25
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
7. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank interest payable | 715,851 | 542,973
| Other interest payable | 4,719 | 4,199
|  | 720,570 | 547,172
8. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 99,469 | -
| Total current tax | 99,469 | -
| Deferred tax |  |
| Origination and reversal of timing differences | (413,363) | -
| Total deferred tax | (413,363) | -
| Tax on (loss)/profit | (313,894) | -
Page 26
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 8.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| (Loss)/profit on ordinary activities before tax | (1,453,801) | 924,277
| (Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%) | (363,451) | 231,069
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 184,717 | 17,446
| Capital allowances for year in excess of depreciation | 10,075 | 11,422
| Adjustments to tax charge in respect of prior periods | 99,469 | -
| Deferred tax | (413,363) | (259,937)
| Unrelieved tax losses carried forward | 158,753 | -
| Other differences leading to an increase (decrease) in the tax charge | 9,906 | -
| Total tax charge for the year | (313,894) | -
Page 27
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
9. | Tangible fixed assets
| Group
|  | Freehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 July 2023 | 2,452,000 | 228,560 | 2,680,560
| Additions | - | 15,765 | 15,765
| At 30 June 2024 | 2,452,000 | 244,325 | 2,696,325
| Depreciation |  |  |
| At 1 July 2023 | 113,087 | 226,680 | 339,767
| Charge for the year | 54,996 | 2,029 | 57,025
| At 30 June 2024 | 168,083 | 228,709 | 396,792
| Net book value |  |  |
| At 30 June 2024 | 2,283,917 | 15,616 | 2,299,533
| At 30 June 2023 | 2,338,913 | 1,880 | 2,340,793
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Freehold | 2,283,917 | 2,338,913
|  | 2,283,917 | 2,338,913
Page 28
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 9.Tangible fixed assets (continued)
| Company
|  | Freehold property | Fixtures and fittings | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 July 2023 | 2,452,000 | 228,560 | 2,680,560
| Additions | - | 15,765 | 15,765
| At 30 June 2024 | 2,452,000 | 244,325 | 2,696,325
| Depreciation |  |  |
| At 1 July 2023 | 113,087 | 226,680 | 339,767
| Charge for the year | 54,996 | 2,029 | 57,025
| At 30 June 2024 | 168,083 | 228,709 | 396,792
| Net book value |  |  |
| At 30 June 2024 | 2,283,917 | 15,616 | 2,299,533
| At 30 June 2023 | 2,338,913 | 1,880 | 2,340,793
| The net book value of land and buildings may be further analysed as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Freehold | 2,283,917 | 2,338,913
|  | 2,283,917 | 2,338,913
| The freehold land and buildings were valued at their open market value on 5 November 2021 by Field & Sons Commerical property consultants, and the open market value was estimated at £2,452,000. The amount of deferred tax relating to the revaluation is detailed in note 16.
Page 29
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
10. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 July 2023 | 1
| At 30 June 2024 | 1
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Class of shares | Holding
| C G Hacking (Ireland) Limited | Ordinary | 100%
| The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
| C G Hacking (Ireland) Limited | 1 | 1
11. | Stocks
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Finished goods and goods for resale | 6,664,995 | 4,280,399 | 5,885,109 | 3,317,951
|  | 6,664,995 | 4,280,399 | 5,885,109 | 3,317,951
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
Page 30
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
12. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Trade debtors | 11,095,664 | 11,597,720 | 9,763,343 | 8,723,757
| Amounts owed by group undertakings | - | - | 512,101 | 2,922,731
| Other debtors | 540,307 | 248,562 | 447,122 | 248,562
| Prepayments and accrued income | 3,608,173 | 2,771,879 | 2,645,256 | 2,522,341
| Deferred taxation | 27,928 | - | 27,928 | -
| Financial instruments | 3,608 | 33,747 | 3,608 | 33,747
|  | 15,275,680 | 14,651,908 | 13,399,358 | 14,451,138
13. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Cash at bank and in hand | 186,497 | 4,890,465 | 171,728 | 4,059,628
| Less: bank overdrafts | (6,700,716) | (10,543,105) | (6,700,716) | (10,543,105)
|  | (6,514,219) | (5,652,640) | (6,528,988) | (6,483,477)
14. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Bank overdrafts | 6,700,716 | 10,543,105 | 6,700,716 | 10,543,105
| Trade creditors | 7,062,391 | 4,841,614 | 6,723,621 | 4,562,027
| Corporation tax | 95,058 | 2,245 | - | -
| Other taxation and social security | 5,503 | 96,522 | 5,503 | 21,911
| Other creditors | 822,555 | 759,067 | 822,555 | 759,067
| Accruals and deferred income | 4,541,050 | 3,101,942 | 2,897,218 | 2,196,739
|  | 19,227,273 | 19,344,495 | 17,149,613 | 18,082,849
Page 31
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
15. | Financial instruments
The Group enters into forward foreign exchange contracts to manage the cashflow exposure of forward stock transactions denominated in foreign currencies. At 30 June 2024, the outstanding contracts all mature within 12 months of the year end. The Group is committed to buy €319,850 and $5,756,542 in return for a fixed sterling amount (2023 €122,640 and $1,988,595), $387,750 for a fixed South African Rand amount (2023: nil), £92,505 for a fixed dollar amount (2023: nil) and $8,977,549 for a fixed euro amount (2023 $3,918,848). The Group recognised a hedging loss of £43,263 (2023 £138,812) in the profit and loss account. The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable outputs. The key inputs in valuing the derivatives are the forward exchanges rates for GBP:USD and GBP:EUR. The fair value of the forward foerign currency contracts is a net asset of £30,192 (2023 asset £418,444).
16. | Deferred taxation
| Group
|  | 2024
|  | £
| At beginning of year | (385,435)
| Charged to profit or loss | 413,363
| At end of year | 27,928
Page 32
C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 16.Deferred taxation (continued)
| Company
|  | 2024
|  | £
| At beginning of year | (385,435)
| Charged to profit or loss | 413,363
| At end of year | 27,928
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Accelerated capital allowances | (349,046) | (385,435) | (349,046) | (385,435)
| Tax losses carried forward | 376,974 | - | 376,974 | -
|  | 27,928 | (385,435) | 27,928 | (385,435)
17. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 800,000 (2023 - 800,000) Ordinary A shares shares of £1.0 each | 800,000 | 800,000
|  | 800,000 (2023 - 800,000) Ordinary B shares shares of £1.0 each | 800,000 | 800,000
|  | 400,000 (2023 - 400,000) Ordinary C shares shares of £1.0 each | 400,000 | 400,000
|  |  | 2,000,000 | 2,000,000
18. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £10,863 (2023 - £10,745).
19. | Related party transaction
| At the balance sheet date, a total of £696,515 (2023 £38,688) was owed to G D Hacking in respect of undrawn dividends and expenses paid by the Director on behalf of the business.
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C. G. HACKING & SONS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
20. | Controlling party
The ultimate controlling party at the balance sheet date was G D Hacking.
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