ACCOUNTS - Final Accounts

Operating (loss)/profit

The operating (loss)/profit is stated after charging:

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.

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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.

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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.

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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.

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.

	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

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)

(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

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.

Page 33

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.

Page 34