William Warman & Guttridge Limited iXBRL

Company Registration Number: 00595070

William Warman & Guttridge Limited

Reports and Financial Statements

for the financial year ended 31 December 2025

William Warman & Guttridge Limited

DIRECTORS AND OTHER INFORMATION


Directors	Mr Mark Gillham
	Mrs Louise Gillham


Company Registration Number	00595070


Registered Office	12 East Market Buildings,
	Central Markets Smithfield,
	London
	EC1A 9PQ
	United Kingdom


Independent Auditors	Lincoln Brown & Co Limited
	Chartered Certified Accountants and Statutory Auditors
	Grenville House
	4 Grenville Avenue
	Herts
	EN10 7DH
	United Kingdom

William Warman & Guttridge Limited

STRATEGIC REPORT

for the financial year ended 31 December 2025

The directors present their strategic report on the company for the financial year ended 31 December 2025.

Review of the Company's Business

During the financial year, the company experienced a steady performance, with turnover of £51.8m increase of 13% compared to the prior year. Key contributors to growth included expanded client relationships and increased demand for meat products.

Gross margin was 7.68% reflecting changes in the supply chain costs.

The company is successfully navigating the the challenges of rising costs, through proactive supply chain management and diversification.

The board uses the following KPIs to measure performance

Turnover was £51.8 (2024 £45.8) up £6m this year reflecting changes in price and volume.

Gross profit margin was 7.68% (2024 9.85%) a decrease of 2.17%, net profit before tax is £2,845,707 (2024 £1,244,270) up £1.6m. These result have been driven by cost control and sourcing but it indicates an underlying profitability.

On behalf of the board

___________________________

Mr Mark Gillham

Director

___________________________

Mrs Louise Gillham

Director


12 May 2026

William Warman & Guttridge Limited

DIRECTORS' REPORT

for the financial year ended 31 December 2025

The directors present their report and the audited financial statements for the financial year ended 31 December 2025.

Principal Activity

The principal activity of the company during the year continued to be the trading of meat and meat-related products. The company sources quality meat from reputable suppliers both domestically and internationally and distributes to wholesale, retail, and foodservice clients across the UK.

Results and Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £2,136,909 (2024 - £940,045).

The directors have paid an interim dividend amounting to £288,000 and they do not recommend payment of a final dividend.

The dividends paid in the prior year 2024 was £288,000.

Directors

The directors who served during the financial year are as follows:

Mr Mark Gillham

Mrs Louise Gillham

There were no changes in directors between 31 December 2025 and the date of signing the financial statements.

In accordance with the Constitution, the directors retire by rotation and, being eligible, offer themselves for re-election.

Future Developments

The company aims to strengthen its market position through:

- Expansion of product lines, including value-added and pre-prepared meat products

- Digital investment in ordering and logistics systems

- Strategic partnerships with key retailers and foodservice providers

- Exploration of new export markets.

Management remains committed to maintaining financial discipline and resilience in a changing market environment.

Events After the End of the Reporting Period

There have been no significant events affecting the company since the financial year-end.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 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 of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

-select suitable accounting policies and apply them consistently;

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

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

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

Disclosure of Information to Auditor

Each persons who are directors at the date of approval of this report confirms that:

In so far as the directors are aware:

-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and

-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

The auditors, Lincoln Brown & Co Limited, (Chartered Certified Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

On behalf of the board

___________________________

Mr Mark Gillham

Director

___________________________

Mrs Louise Gillham

Director

12 May 2026

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of William Warman & Guttridge Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of William Warman & Guttridge Limited ('the company') for the financial year ended 31 December 2025 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the financial 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other Information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 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 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors for the financial statements

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 they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, 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 through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, and environmental legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal invoices;

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit;

- we assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- we considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Based on our understanding of the company and industry, and through discussion with the directors and other management, we identified that the principal risks were in relation to:

- management bias in relation to the risk of management override of controls and transactions;

- the risk of not identifying related party transactions and performance of transactions outside the normal course of business;

- revenue recognition and cut off;

- existence and valuation of the stock;

- management judgements applied to the recoverability of debtors;

In response to the risk of irregularities, including fraud and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- performing analytical procedures to identify any unusual or unexpected relationships and transactions;

- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;

- assessing whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; ? agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management, those charged with governance around actual and potential litigation and claims;

- for an appropriate sample of transactions, identifying the revenue recognition point for the provision of goods and testing for completeness and cut off by ensuring the transaction was properly recorded in the sales nominal ledger account;

- reviewing supporting documentation for inventory classified as work in progress, ensuring it is accurately accounted for.

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 contained in the appendix to this report, located at page , which is to be read as an integral part of our report.

Use of our report

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

__________________________________

Daniel Brown (Senior Statutory Auditor)

for and on behalf of

LINCOLN BROWN & CO LIMITED

Chartered Certified Accountants and Statutory Auditors

Grenville House

4 Grenville Avenue

Herts

EN10 7DH

United Kingdom

12 May 2026

William Warman & Guttridge Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

William Warman & Guttridge Limited

INCOME STATEMENT

for the financial year ended 31 December 2025

	2025	2024
Notes	£	£

Turnover	4	51,800,449	45,854,777

Cost of sales		(47,822,086)	(41,340,046)
		─────────	─────────
Gross profit		3,978,363	4,514,731

Administrative expenses		(3,499,786)	(3,338,255)
Other operating income		2,109,302	-
		─────────	─────────
Operating profit	5	2,587,879	1,176,476

Interest receivable and similar income	6	257,829	67,794
		─────────	─────────
Profit before taxation		2,845,708	1,244,270

Tax on profit	8	(708,799)	(304,225)
		─────────	─────────
Profit for the financial year		2,136,909	940,045
		─────────	─────────
Total comprehensive income		2,136,909	940,045
		═════════	═════════

William Warman & Guttridge Limited

Company Registration Number: 00595070

STATEMENT OF FINANCIAL POSITION

as at 31 December 2025

		2025	2024
	Notes	£	£

Non-Current Assets

Property, plant and equipment

109,654

180,409

Financial assets

2,700,000

1,000,000

─────────

Non-Current Assets

2,809,654

1,180,409

─────────

Current Assets

Stocks

488,650

444,690

Debtors

4,904,109

4,288,359

Cash and cash equivalents

3,229,405

3,525,079

─────────

8,622,164

8,258,128

─────────

Creditors: amounts falling due within one year

(5,345,416)

(5,183,355)

─────────

Net Current Assets

3,276,748

3,074,773

─────────

Total Assets less Current Liabilities

6,086,402

4,255,182

Provisions for liabilities

(27,413)

(45,102)

─────────

Net Assets

6,058,989

4,210,080

═════════

Capital and Reserves

Called up share capital

11,937

11,937

Retained earnings

6,047,052

4,198,143

─────────

Equity attributable to owners of the company

6,058,989

4,210,080

═════════

Approved by the Board and authorised for issue on 12 May 2026 and signed on its behalf by

________________________________

Mr Mark Gillham

Director

________________________________

Mrs Louise Gillham

Director

William Warman & Guttridge Limited

STATEMENT OF CHANGES IN EQUITY

as at 31 December 2025

	Called up	Retained		Total
	share	earnings
	capital
	£	£	£	£

At 1 January 2024	17,503	6,540,475	60	6,558,038
	─────────	─────────	─────────	─────────
Profit for the financial year	-	940,045	-	940,045
	─────────	─────────	─────────	─────────
Payment of dividends	-	(288,000)	-	(288,000)
Redemption of equity shares	(5,566)	(2,994,377)	-	(2,999,943)
Other movements in equity

attributable to owners	-	-	(60)	(60)
	─────────	─────────	─────────	─────────
At 31 December 2024	11,937	4,198,143	-	4,210,080
	─────────	─────────	─────────	─────────
Profit for the financial year	-	2,136,909	-	2,136,909
	─────────	─────────	─────────	─────────
Payment of dividends	-	(288,000)	-	(288,000)
	─────────	─────────	─────────	─────────
At 31 December 2025	11,937	6,047,052	-	6,058,989
	═════════	═════════	═════════	═════════

William Warman & Guttridge Limited

STATEMENT OF CASH FLOWS

for the financial year ended 31 December 2025

	2025	2024
Notes	£	£

Cash flows from operating activities

Profit for the financial year

2,136,909

940,045

Adjustments for:

Interest receivable and similar income

(257,829)

(67,794)

Tax on profit on ordinary activities

708,799

304,225

Depreciation

57,155

103,793

Profit/loss on disposal of property, plant and equipment

9,600

(2,704)

─────────

2,654,634

1,277,565

Movements in working capital:

Movement in stocks

(43,960)

73,404

Movement in debtors

(615,750)

(518,697)

Movement in creditors

(127,149)

843,971

─────────

Cash generated from operations

1,867,775

1,676,243

Tax paid

(437,278)

(367,305)

─────────

Net cash generated from operating activities

1,430,497

1,308,938

─────────

Cash flows from investing activities

Interest received

257,829

67,794

Payments to acquire property, plant and equipment

(106,371)

Payments to acquire investments

(1,700,000)

(1,000,000)

Receipts from sales of property, plant and equipment

4,000

2,704

─────────

Net cash used in investment activities

(1,438,171)

(1,035,873)

─────────

Cash flows from financing activities

Redemption of shares		-	(2,999,943)
Dividends paid		(288,000)	(288,000)
		─────────	─────────
Net cash used in financing activities		(288,000)	(3,287,943)
		─────────	─────────

Net decrease in cash and cash equivalents		(295,674)	(3,014,878)
Cash and cash equivalents at beginning of financial year		3,525,079	6,539,957
		─────────	─────────
Cash and cash equivalents at end of financial year	15	3,229,405	3,525,079
		═════════	═════════

William Warman & Guttridge Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2025

General Information

William Warman & Guttridge Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 00595070. The registered office of the company is 12 East Market Buildings,, Central Markets Smithfield,, London, EC1A 9PQ, United Kingdom. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 December 2025 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Goodwill

Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 0 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost, less accumulated depreciation and accumulated impairment losses. Cost comprises purchase price and other directly attributable costs. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery

20% Straight line

Fixtures, fittings and equipment

20% Straight line

Motor vehicles

20% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Leasing

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial assets

Financial assets held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the financial year in which it is receivable.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost is principally determined using the FIFO (first in first out) method.

Trade and other debtors

Trade Debtors do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. Estimated irrecoverable amounts are based on the ageing of the receivable balances and historical experience. Individual trade debtors are written off when management deems them not to be collectible.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade creditors are not interest bearing and are stated at their transaction price.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Financial Instruments

Financial assets and financial liabilities are recognised on the company's Balance Sheet when the company becomes a party to the contractual provisions of the instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand that is readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

Financial liabilities and equity instruments

Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. The accounting policies adopted for specific financial liabilities and equity instruments are set out below.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

The whole of the company's turnover is attributable to its market in United Kingdom and is derived from the principal activity of meat sales


5.	Operating profit	2025	2024
		£	£
	Operating profit is stated after charging/(crediting):
	Depreciation of property, plant and equipment	57,155	103,793
	Loss/(profit) on disposal of property, plant and equipment	9,600	(2,704)
	Operating lease rentals
	- Land and buildings	53,917	48,687
	Auditor's remuneration
	- audit services	15,650	14,400
		═════════	═════════


6.	Interest receivable and similar income	2025	2024
		£	£

	Bank interest	257,829	67,794
		═════════	═════════

Employees and remuneration

Number of employees

The average number of persons employed (including executive directors) during the financial year was as follows:

2025

2024

Number

Number

Administrative and management

Sales and distribution

─────────

═════════

The staff costs (inclusive of directors' salaries) comprise:

2025

2024

Wages and salaries

1,634,020

1,499,654

Social security costs

193,788

159,272

Pension costs

384,312

328,647

─────────

2,212,120

1,987,573

═════════

Tax on profit

2025

2024

(a) Analysis of charge in the financial year

Current tax:

Corporation tax at 25.00% (2024 - 25.00%)

726,488

310,022

Under/over provision in prior financial year

(6,442)

─────────

Total current tax

726,488

303,580

─────────

Deferred tax:

Origination and reversal of timing differences

(17,689)

645

─────────

Total deferred tax

(17,689)

645

═════════

Tax on profit (Note 8 (b))

708,799

304,225

═════════

(b) Factors affecting tax charge for the financial year

The tax assessed for the financial year differs from the standard rate of corporation tax in United Kingdom 25.00% (2024 - 25.00%). The differences are explained below:

2025

2024

Profit taxable at 25.00%

2,845,708

1,244,270

═════════

Profit before tax

multiplied by the standard rate of corporation tax

in United Kingdom at 25.00% (2024 - 25.00%)

711,427

311,068

Effects of:

Expenses not deductible for tax purposes

15,061

(7,488)

Deferred tax

(17,689)

645

─────────

Total tax charge for the financial year (Note 8 (a))

708,799

304,225

═════════


9.	Dividends	2025	2024
		£	£
	Dividends on equity shares:

	Ordinary - Interim paid	288,000	288,000
		═════════	═════════


10.	Intangible assets

		Goodwill	Total
		£	£
	Cost
	At 1 January 2025	800,000	800,000
		─────────	─────────

	At 31 December 2025	800,000	800,000
		─────────	─────────
	Amortisation

	At 31 December 2025	800,000	800,000
		─────────	─────────
	Net book value
	At 31 December 2025	-	-
		═════════	═════════


11.	Property, plant and equipment
		Plant and	Fixtures,	Motor	Total
		machinery	fittings and	vehicles
			equipment
		£	£	£	£
	Cost
	At 1 January 2025	300,894	9,160	276,110	586,164
	Disposals	-	-	(17,000)	(17,000)
		─────────	─────────	─────────	─────────
	At 31 December 2025	300,894	9,160	259,110	569,164
		─────────	─────────	─────────	─────────
	Depreciation
	At 1 January 2025	283,328	5,382	117,045	405,755
	Charge for the financial year	7,896	1,191	48,068	57,155
	On disposals	-	-	(3,400)	(3,400)
		─────────	─────────	─────────	─────────
	At 31 December 2025	291,224	6,573	161,713	459,510
		─────────	─────────	─────────	─────────
	Net book value
	At 31 December 2025	9,670	2,587	97,397	109,654
		═════════	═════════	═════════	═════════
	At 31 December 2024	17,566	3,778	159,065	180,409
		═════════	═════════	═════════	═════════


12.	Financial fixed assets
		Listed	Total
		investments

	Investments	£	£
	Cost
	At 1 January 2025	1,000,000	1,000,000
	Additions	1,700,000	1,700,000
		─────────	─────────
	At 31 December 2025	2,700,000	2,700,000
		─────────	─────────
	Net book value
	At 31 December 2025	2,700,000	2,700,000
		═════════	═════════
	At 31 December 2024	1,000,000	1,000,000
		═════════	═════════

13.

Stocks

2025

2024

Finished goods and goods for resale

488,650

444,690

═════════

The replacement cost of stock did not differ significantly from the figures shown.


14.	Debtors	2025	2024
		£	£

	Trade debtors	4,329,648	3,847,133
	Amounts owed by related parties	485,266	-
	Other debtors	43,051	399,495
	Taxation (Note 17)	20,406	29,866
	Prepayments and accrued income	25,738	11,865
		─────────	─────────
		4,904,109	4,288,359
		═════════	═════════


15.	Cash and cash equivalents	2025	2024
		£	£

	Cash and bank balances	1,770,560	3,294,041
	Cash equivalents	1,458,845	231,038
		─────────	─────────
		3,229,405	3,525,079
		═════════	═════════


16.	Creditors	2025	2024
	Amounts falling due within one year	£	£

	Trade creditors	4,469,785	4,597,152
	Taxation (Note 17)	460,513	160,315
	Directors' current accounts (Note 21)	109,301	149,763
	Other creditors	253,368	219,810
	Accruals	52,449	56,315
		─────────	─────────
		5,345,416	5,183,355
		═════════	═════════


17.	Taxation	2025	2024
		£	£

	Debtors:
	VAT	20,406	29,866
		═════════	═════════
	Creditors:
	Corporation tax	389,232	100,022
	PAYE / NI	71,281	60,293
		─────────	─────────
		460,513	160,315
		═════════	═════════

18.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Total

Total

allowances

2025

2024

At financial year start

45,102

45,102

44,457

Charged to profit and loss

(17,689)

(17,689)

645

─────────

At financial year end

27,413

45,102

═════════


19.	Share capital			2025	2024
				£	£
	Description	Number of shares	Value of units

	Allotted, called up and fully paid
	Ordinary	11,937	£1.00 each	11,937	11,937

				═════════	═════════

20.

Financial commitments

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

Land and Buildings

2025

2024

Due:

Within one year

273,346

274,073

Between one and five years

315,229

588,574

─────────

588,575

862,647

═════════


21.	Directors' remuneration and transactions	2025	2024
		£	£

	Remuneration	309,080	109,080
	Pension contributions	384,312	328,647
		─────────	─────────
		693,392	437,727
		═════════	═════════

	Highest Paid Director	£	£
	Amounts included above:
	Emoluments and other benefits	161,080	57,810
	Pension contributions	177,200	150,000
		─────────	─────────
		338,280	207,810
		═════════	═════════


The following amounts are repayable to the directors:
	2025	2024
	£	£

Mr Mark Gillham	109,301	149,763
	═════════	═════════

22.

Related party disclosures

Within other debtors is a balance due from a related party of £485,266 (2024 £356,444), the nature of the relationship is mutual.

Key management personnel remuneration is the same as directors' remuneration.