REGISTERED NUMBER: 16678210 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Period

1 February 2025 to 30 January 2026

for

FRANK KING GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

Directors:

J L Fitzsimons

J Hamer

J Latham

J Hamer

Registered office:

69 Queen Street

Wigan

United Kingdom

WN3 4HX

Registered number:

16678210 (England and Wales)

Auditors:

S&W Audit

Pall Mall

1 Pollen Square

59 King Street

Manchester

M2 4PD

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

Principal activity

Frank King Group Ltd was incorporated on 28 August 2025 and acquired a 100% stake in Frank King Holdings Limited. This was done to facilitate the purchase of shares from one of the shareholders. Frank King Group is now the ultimate parent company of the group, this is its principal activity.

The group's principal activity during the period continued to be the manufacturing and wholesale of cooked meats.

The application of merger accounting has been applied, in accordance with FRS 102 Section 19. The legal requirements for merger accounting have been overridden for the purpose of giving a true and fair view. The financial statements are presented for period to 30 January 2026, with 12 months of comparatives.

The application of merger accounting, for consolidation, results in the assets and liabilities being transferred from the previous parent entity of the group to Frank King Group Limited at their previous carrying value. No fair value adjustment has therefore been made.

Review of business

The group delivered a strong performance during the year, with sales revenue increasing by 5.7% year on year to £23.5m (2025: £22.3m). Net current assets increased year on year. Total equity decreased during the year as a result of the purchase of shares from one of the shareholders, financed by a bank loan drawn down by the company.

Principal risks and uncertainties

The directors regularly review the business risks and uncertainties facing the group and take appropriate action when necessary. The following issues are the principal risks and uncertainties faced by the group.

Health and safety

The group is in a highly regulated industry where the maintenance of hygiene and health and safety standards is absolutely crucial. The group recognises its obligations and the risk to its reputation of any incident affecting either its customers or employees. The directors are mindful of their responsibilities and comply with all relevant legislation.

Credit risk

To be commercial the group must allow its customer to trade with credit terms and hence the group is exposed to the associated risks. The group mitigates these risks by carrying out credit checks on new customers and obtaining credit insurance against all debtor balances. Bad debts are very rare and, in most circumstances, would be covered by insurance, so exposure to credit risk is considered to be low.

Liquidity risk

The liquidity risk of the group is considered to be low because the group has a healthy balance sheet position and strong cash flow generated from operations, which will continue to support the group operations.

Foreign currency risk

The group is exposed to foreign currency risks due to trading carried out both within Europe and internationally. The group mitigates the exposure to these risks through the purchase of foreign currency forward contracts.

Interest rate risk

The group has loans which funded the extension of the factory and share purchase. As such, the operations of the group are exposed to the effects of the changes in interest rate on debt. Wherever possible, the group enters into fixed interest rate agreements to reduce the exposure to changes in interest rates. However, should interest rates increase, the group is well placed to absorb any changes in rates as cash flow remains strong.

Environmental risks

The group operates in a highly competitive industry which is subject to various environmental risks. Continual investment in the group's factory and plans for further expansion help the group achieve its BRC AA rating.

Price risk

World events mean the group continues to experience pressure from raw ingredients and energy costs which is partially mitigated by buying in international markets and the policy of not entering into long term sales contracts.

Labour availability risk

The group continues to invest in the employees. It has a stable workforce with relatively low staff turnover. Promotion from within the group is encouraged. The group is also geographically positioned with very good public transport links and within a town that has had historically a high concentration of food manufacturers. As such it can draw from a very good local pool of employees and consider the risk of labour availability to be low.

Key performance indicators

2026

2025

£

£

Turnover

23,551,259

22,286,116

Gross profit

5,902,474

6,248,123

Operating profit

1,583,925

1,838,757

Profit after taxation

1,231,204

1,407,511

Total assets less current liabilities

7,830,552

7,592,974

Total equity

4,356,230

5,487,048

Future developments

On the back of a solid performance, with a focus on in-house efficiencies, investment in staff and production facilities the group aims to see continuous improvement in profitability.

On behalf of the board:

J Latham - Director

22 June 2026

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

Dividends

Ordinary dividends were paid amounts to £812,022. 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 Latham

J Hamer

Disclosure in the strategic report

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

-

Financial risk management and objective policies

-

Future developments

Statement of directors' responsibilities

The directors are responsible for preparing the Group 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 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 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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 Frank King Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 January 2026 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 January 2026 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 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 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 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

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 group's legal and regulatory framework through the enquiry of management concerning their understanding of relevant laws and regulations, the group'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 group's industry and regulation,

We understand that the group complies with the framework through outsourcing accounts preparation and 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;

- UK taxation law; and

- Environmental, health and safety and trade standards.

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 areas identified in this discussion were:

- Manipulation of financial statement, via fraudulent journal entries;

- Revenue recognition prior to the performance obligation being completed; and

- The results of the impairment review of the freehold properties.

These area were 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:

- Assessing and challenging management key accounting estimates by evaluating the significant assumptions and the choice of data used, this includes the review of the value of the properties;

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

- Focusing on revenue recognition, in particular sampling sales around the year end to check correctly recognised in accordance with delivery dates and occurrence of sales via clearance of trade debtors and after date cash; and

- Identifying and testing journal entries, 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 recongise 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

4

23,551,259

22,286,116

Cost of sales

(17,648,785

)

(16,037,993

)

Gross profit

5,902,474

6,248,123

Distribution costs

(698,168

)

(659,407

)

Administrative expenses

(3,624,715

)

(3,750,650

)

1,579,591

1,838,066

Other operating income

4,334

691

Operating profit

6

1,583,925

1,838,757

Income from other participating interests

226,703

250,826

Interest receivable and similar income

5,507

18,664

1,816,135

2,108,247

Interest payable and similar expenses

7

(171,109

)

(171,899

)

Profit before taxation

1,645,026

1,936,348

Tax on profit

8

(413,822

)

(528,837

)

Profit for the financial period

1,231,204

1,407,511

Fixed assets

Intangible assets

12

58,579

87,869

Tangible assets

13

5,433,643

6,246,360

Investments

14

Interest in joint venture

729,939

603,236

Investment property

15

-

499,200

6,222,161

7,436,665

Current assets

Stocks

16

978,048

1,564,087

Debtors

17

2,076,225

2,106,655

Cash at bank and in hand

653,118

171,348

3,707,391

3,842,090

Creditors

Amounts falling due within one year

18

2,099,000

3,685,781

Net current assets

1,608,391

156,309

Total assets less current liabilities

7,830,552

7,592,974

Creditors

Amounts falling due after more than one year

19

3,163,066

1,768,091

Provisions for liabilities

24

311,256

337,835

Capital and reserves

Called up share capital

25

10

10

Merger reserve

26

1,675,240

1,675,240

Retained earnings

26

2,680,980

3,811,798

Shareholders' funds

4,356,230

5,487,048

7,830,552

7,592,974

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

Fixed assets

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

1,550,010

-

Investment property

15

-

-

1,550,010

-

Current assets

Cash at bank

408

-

Creditors

Amounts falling due within one year

18

280,497

-

Net current liabilities

(280,089

)

-

Total assets less current liabilities

1,269,921

-

Creditors

Amounts falling due after more than one year

19

1,183,503

-

Capital and reserves

Called up share capital

25

10

-

Retained earnings

26

86,408

-

Shareholders' funds

86,418

-

1,269,921

-

Company's profit for the financial year

183,059

-

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

Merger

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 27 January 2024

1,675,250

2,812,296

-

4,487,546

Changes in equity

Opening adjustment for new

parent company

(1,675,240

)

-

1,675,240

-

Dividends

-

(408,009

)

-

(408,009

)

Total comprehensive income

-

1,407,511

-

1,407,511

Balance at 31 January 2025

10

3,811,798

1,675,240

5,487,048

Changes in equity

Return of capital

-

(1,550,000

)

-

(1,550,000

)

Dividends

-

(812,022

)

-

(812,022

)

Total comprehensive income

-

1,231,204

-

1,231,204

Balance at 30 January 2026

10

2,680,980

1,675,240

4,356,230

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Balance at 31 January 2025

-

-

-

Changes in equity

Issue of share capital

10

-

10

Dividends

-

(96,651

)

(96,651

)

Total comprehensive income

-

183,059

183,059

Balance at 30 January 2026

10

86,408

86,418

Cash flows from operating activities

Cash generated from operations

1

2,261,557

1,885,497

Interest paid

(171,109

)

(171,404

)

Interest element of hire purchase or finance lease rental payments paid

-

(495

)

Tax paid

(536,939

)

(663,179

)

Net cash from operating activities

1,553,509

1,050,419

Cash flows from investing activities

Purchase of tangible fixed assets

(298,522

)

(2,447,143

)

Sale of tangible fixed assets

675,800

13,337

Sale of investment property

499,200

-

Interest received

5,507

18,664

Dividends received

100,000

100,000

Net cash from investing activities

981,985

(2,315,142

)

Cash flows from financing activities

New loans in year

2,091,000

1,296,000

Loan repayments in year

(1,782,702

)

(444,012

)

Return of capital

(1,550,000

)

-

Equity dividends paid

(812,022

)

(509,341

)

Net cash from financing activities

(2,053,724

)

342,647

Increase/(decrease) in cash and cash equivalents

481,770

(922,076

)

Cash and cash equivalents at beginning of period

2

171,348

1,093,424

Cash and cash equivalents at end of period

2

653,118

171,348

1.	Reconciliation of profit before taxation to cash generated from operations

Period

Period

1/2/25

27/1/24

to

to

30/1/26

31/1/25

as

restated

£

£

Profit before taxation

1,645,026

1,936,348

Depreciation charges

416,088

416,675

Loss/(profit) on disposal of fixed assets

48,643

(1,243

)

Finance costs

171,109

171,899

Finance income

(232,210

)

(269,490

)

2,048,656

2,254,189

Decrease/(increase) in stocks

586,039

(521,520

)

Decrease in trade and other debtors

30,420

108,811

(Decrease)/increase in trade and other creditors

(403,558

)

44,017

Cash generated from operations

2,261,557

1,885,497

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 January 2026

30/1/26

1/2/25

£

£

Cash and cash equivalents

653,118

171,348

Period ended 31 January 2025

31/1/25

27/1/24

as restated

£

£

Cash and cash equivalents

171,348

1,093,424

3.	Analysis of changes in net debt

At 1/2/25

Cash flow

At 30/1/26

£

£

£

Net cash

Cash at bank and in hand

171,348

481,770

653,118

171,348

481,770

653,118

Debt

Debts falling due within 1 year

(1,721,541

)

1,086,677

(634,864

)

Debts falling due after 1 year

(1,768,091

)

(1,394,975

)

(3,163,066

)

(3,489,632

)

(308,298

)

(3,797,930

)

Total

(3,318,284

)

173,472

(3,144,812

)

1.	Statutory information

Frank King Group 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 General 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 short 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.

Frank King Group Limited has been incorporated on 28 August 2025 due to a group re-organisation. The application of merger accounting has been applied, in accordance with FRS 102 Section 19. The legal requirements for merger accounting have been overridden for the purpose of giving a true and fair view. The financial statements are presented for period to 30 January 2026, with 12 months of comparatives.

The application of merger accounting, for consolidation, results in the assets and liabilities being transferred from the previous parent entity of the group to Frank King Group Limited at their previous carrying value. No fair value adjustment has therefore been made.

Basis of consolidation

The consolidated financial statements incorporate those of Frank King Group Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits.) Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

Equity accounting has been used on respect of a 50% joint venture holding over Barcino Meats Limited.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred

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.

The group's supply chain both national and international have remained operational throughout the current market conditions, and the company has no reason to doubt that this will not remain the same in the future.

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