REGISTERED NUMBER: 00433468 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Period

1 February 2025 to 30 January 2026

for

VALUE MEATS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Income Statement

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

Directors:

J L Fitzsimons

J Hamer

J Hamer

J Latham

Secretary:

J Hamer

Registered office:

69 Queen Street

Wigan

WN3 4HX

Registered number:

00433468 (England and Wales)

Auditors:

S&W Audit

Pall Mall

1 Pollen Square

59 King Street

Manchester

M2 4PD

The directors present their strategic report for the period 1 February 2025 to 30 January 2026.

Review of business

The company continued to be a non-trading entity for the year.

On behalf of the board:

J Latham - Director

22 June 2026

The directors present their report with the financial statements of the company for the period 1 February 2025 to 30 January 2026.

Principal activity

The principal activity of the company in the period under review was that of a holding company.

Dividends

The total distribution of dividends for the year ended 30 January 2026 will be £990,523. The directors do not recommend payment of a further dividend.

Directors

The directors shown below have held office during the whole of the period from 1 February 2025 to the date of this report.

J L Fitzsimons

J Hamer

J Hamer

J Latham

Statement of directors' responsibilities

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:

J Latham - Director

22 June 2026

Opinion

We have audited the financial statements of Value Meats Limited (the 'company') for the period ended 30 January 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 January 2026 and of its profit for the period then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 when the financial statements are authorised for issue.

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

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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 returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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 a Report of the Auditors 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.

We obtained a general understanding of the company's legal and regulatory framework through the enquiry of management concerning their understanding of relevant laws and regulations, the company's policies and procedures regarding compliance and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the company's industry and regulation.

We understand that the company complies with the framework through outsourcing accounts preparation, tax compliance to external experts and legal matters where required to external experts.

In the context of the audit, we considered those laws and regulations which determine the form and context of the financial statements, which are central to the company's ability to conduct its business and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements; and

- UK taxation law.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement including how fraud might occur.

The area identified in this discussion was:

- Manipulation of financial statement, via fraudulent journal entries.

This area was communicated to the other members of the engagement team not present at the discussion.

The procedures we carried out to gain evidence in the above areas included:

- Substantive work on material areas affecting profits; and

- Identifying and testing journals, in particular any journal entries posted with unusual account combinations.

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify and recognise irregularities.

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 occuring 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 Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

David Fort FCA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Pall Mall

1 Pollen Square

59 King Street

Manchester

M2 4PD

22 June 2026

Turnover

-

-

Operating profit

-

-

Income from shares in group undertakings

990,523

408,009

Profit before taxation

990,523

408,009

Tax on profit

5

-

-

Profit for the financial period

990,523

408,009

Fixed assets

Investments

7

307,900

307,900

Creditors

Amounts falling due within one year

8

85,767

85,767

Net current liabilities

(85,767

)

(85,767

)

Total assets less current liabilities

222,133

222,133

Capital and reserves

Called up share capital

9

500

500

Retained earnings

10

221,633

221,633

Shareholders' funds

222,133

222,133

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2026 and were signed on its behalf by:

J Latham - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 27 January 2024

500

221,633

222,133

Changes in equity

Dividends

-

(408,009

)

(408,009

)

Total comprehensive income

-

408,009

408,009

Balance at 31 January 2025

500

221,633

222,133

Changes in equity

Dividends

-

(990,523

)

(990,523

)

Total comprehensive income

-

990,523

990,523

Balance at 30 January 2026

500

221,633

222,133

1.	Statutory information

Value Meats Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

Reporting period

The company draws its balance sheet to the closest Friday to the accounting reference date of 30 January. The current accounting period is a long period of 364 days. The comparative amounts presented in the financial statements are not entirely comparable.

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis due to ongoing support from a fellow group entity.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Value Meats Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Frank King Group Limited, 69 Queen Street, Wigan, England, WN3 4HX.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less accumulated impairment. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit and loss.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial liabilities like amounts due to group undertakings and investments in ordinary shares.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4.	Employees and directors

There were no staff costs for the period ended 30 January 2026 nor for the period ended 31 January 2025.

The average number of employees during the period was as follows:

Period

Period

1/2/25

27/1/24

to

to

30/1/26

31/1/25

Senior management

4

4

Period

Period

1/2/25

27/1/24

to

to

30/1/26

31/1/25

£

£

Directors' remuneration

-

-

5.

Taxation

Analysis of the tax charge

No liability to UK corporation tax arose for the period ended 30 January 2026 nor for the period ended 31 January 2025.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period

Period

1/2/25

27/1/24

to

to

30/1/26

31/1/25

£

£

Profit before tax

990,523

408,009

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

247,631

102,002

Effects of:

Dividend income

(247,631

)

(102,002

)

Total tax charge

-

-

6.

Dividends

Period

Period

1/2/25

27/1/24

to

to

30/1/26

31/1/25

£

£

Final paid

990,523

408,009

7.	Fixed asset investments

Shares in

group

undertaking

£

Cost

At 1 February 2025

and 30 January 2026

307,900

Net book value

At 30 January 2026

307,900

At 31 January 2025

307,900

8.

Creditors: amounts falling due within one year

2026

2025

£

£

Amounts owed to group undertakings

85,767

85,767

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

250

A Ordinary Shares

£1

250

250

250

B Ordinary Shares

£1

250

250

500

500

10.

Reserves

Retained

earnings

£

At 1 February 2025

221,633

Profit for the period

990,523

Dividends

(990,523

)

At 30 January 2026

221,633

The retained earnings account includes all current and prior period retained profits and losses.

11.	Other financial commitments

HSBC Bank PLC hold an unlimited multilateral guarantee dated 23 January 2018 between Frank King (Wigan) Limited, Value Meats Limited, Frank King Holdings Limited and Frank King Group Limited. The company liability in respect of this guarantee is £3,797,930 (2025: £3,318,284).

12.	Ultimate controlling party

The parent company is Frank King Holdings Limited. The directors consider the ultimate parent company to be Frank King Group Limited, which is the only group undertaking that prepared group accounts including the financial statements of the company.

The company is ultimately controlled by the directors of Frank King Group Limited.