Company registration number SC039434 (Scotland)
SCOTBEEF LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
SCOTBEEF LIMITED
COMPANY INFORMATION
Directors
J R Galloway
S C Dowling
A Kirkbright
Company number
SC039434
Registered office
Munnieston
Thornhill
Stirling
United Kingdom
FK8 3QG
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
SCOTBEEF LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Profit and loss account
10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 26
SCOTBEEF LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 1 -

The directors present the strategic report for the period ended 25 February 2024.

Principal activities

The principal activity of the company continued to be the production and sale of beef and lamb products.

Review of the business

Turnover was £19 1.5 million, down 53% on the prior year. As outlined in last year’s report, the loss of a major contract at the start of the financial year significantly reduced turnover,. The sudden nature of the contract loss resulted in severe disruption within the business and consequently major operational inefficiencies. After considering all options available to it the Board elected to sell the operating sites at Bridge of Allan and Queenslie. Glasgow, together with related fixed assets.

The main financial key performance indicators include operating profit, sales per employee and the level of working capital.

| 2024 £m | 2023 £m | Movement £m
Revenue | £19 1.5 m | £417.8m | (£220.3m)
Operating (loss) / profit | (£22.7m) | £3.8m | (£26.5m)
Gain on disposal of business | £21.2m | - | £21.2m
Revenue per employee | £0.4m | £0.4m | £nil
Working capital | £60.2 m | £50.1m | £9.8m

The group’s business activities and current position as well as information on its cash flows and net funds are set out within this annual report and the notes to the financial statements.

The directors regularly review non-financial indicators in particular reportable accidents per employee and environmental measures. The measures used vary by site and operation dependent on the particular activities involved. The company continues to develop its employees and adheres to appropriate legislation and policies.

The company’s business activities and current position as well as information on its cash flows and net funds are set out within this annual report and the notes to the financial statements.

Whilst the company’s working capital requirements can fluctuate over the course of a year, driven by seasonal factors, it manages its cash flow requirements closely. The directors monitor closely the company’s overall financing requirements on a daily basis.

SCOTBEEF LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 2 -
Principal risks and uncertainties

The principal risks and uncertainties affecting the business include the following:

- Competition from alternative protein supply: market conditions for proteins can vary due to competitive forces such as sudden changes in market prices and supply conditions which can be driven by political and economic circumstances outside of the company’s control. To mitigate these risks, to mitigate this the company has continued to maintain historically strong relationships with farmer producers and other meat processors as well as developing its own calf rearing schemes., Membership of the JW Galloway Group gives access to a wider network of producers and additional procurement resource.

- Employees: The Company recognises the importance of its staff and its ability to attract people with relevant ability and skills, to mitigate the Company has internal training and learning initiatives in place.The ongoing welfare of the employees is paramount in any strategic decision making process the business makes.

- Skilled labour shortages has placed additional pressure on the existing workforce and on industry pay rates, the Company is working closely with local training bodies and labour providers to ensure adequate labour provision during seasonally busy periods.

- Sales: the UK retail food sector remains very competitive and price sensitive. The company continues to work closely with its customers to develop value added products and cost efficiencies to mitigate macro-economic driven cost inflation.

- Animal disease: the company faces a number of external risks which are outside its day to day control. The key identified risk is animal disease. The Company has developed contingency plans should this occur.

Future Outlook

On 22 April 2025, the company sold its main trade and assets to Creative Foods Europe Limited (OSI Group). Following this, all significant processing and trading activities of the company have ceased subsequent to the period end. It is the intention of the directors continue to develop its agricultural interests and support Group export activity.

SCOTBEEF LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 3 -
Directors' Section 172(1) Statement and stakeholder engagement

The Board of Scotbeef Limited acknowledges its responsibility under section 172(1) of the Companies Act 2006 and set out the requirements of Section 172 below and key processes and considerations that demonstrate how the Directors discharge their duties and promote the success of the Company.

The Board meet periodically and has relevant information available to it to fully understand the performance of the Company in respect of various matters including Health and Safety, Technical, HR, Operations, Commercial and Financial. Decisions made by the Directors are supported by detailed papers which enables decisions to be made that best support the Company, its employees and the wider stakeholder group. The following factors are taken into account:

The interests of the Company’s employees

The Directors consider the interests of employees, particularly safety, health and wellbeing, in all major decisions. The Company has continued to develop employee involvement in its performance, employees’ representatives are involved in regular meetings regarding matters of concern to them and the company, whilst encouraging suggestions regarding workplace improvements. The Company also engages with management throughout the business, in respect of the strategic direction of the business, in order to ensure short term decisions are in line with longer term strategy. The ongoing welfare of the Company’s employees is paramount in any strategic business decision.

Sustainability

The Company are involved with Industry bodies who discuss with and encourage producers to embrace latest developments to continually improve product productivity and quality. We have increased our investment and grown the number of calf schemes in conjunction with business partners to promote the sustainability of the beef herd for the future.

Other business stakeholders

The Directors have identified the Company’s stakeholders and monitor communication and engagements with each group. Our Commercial team work closely with our customers and are focused on the importance of maintaining regular contact at all levels. In order to ensure we maintain the highest quality of product we work closely with suppliers to enhance and develop their processes and in return ensure prompt payment of all supplier invoices.. We also maintain regular communication with our bankers, as key stakeholders they are provided with financial performance data.

Impact of the Company’s operations on the environment.

Environmental responsibility is a key objective for the business, which it endeavors to improve through close collaboration with suppliers and customers. The Company looks to continually improve on the amount of landfill waste it produces by looking at new and innovative ways of recycling. The Company works closely with its utility providers to minimise its carbon footprint and is committed to working with industry bodies to ensure the balance of benefits from grassland fed beef cattle and their contribution to UK greenhouse emissions are accurately reported.

Maintenance of high standards of business conduct.

We supply household names within the retail and foodservice sectors, producing the highest quality products is critical to our success and is regularly assessed by our customer base and other retail bodies. Sourcing quality products from our suppliers, operating well invested factories and having skilled employees are key in this regard.

On behalf of the board

J R Galloway
Director
23 June 2026
SCOTBEEF LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 4 -

The directors present their annual report and financial statements for the period ended 25 February 2024.

Results and dividends

The results for the period are set out on page 10.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

J R Galloway
S C Dowling
A Kirkbright
D McMahon
(Appointed 17 February 2024 and resigned 27 December 2024)

Under the Articles of Association, none of the directors are required to retire by rotation.

Political donations

The company made charitable donations of £8,948 (2023 - £3,429) to organisations near the various company sites during the period.

The company made no political donations or incurred any political expenditure during the period.

Financial instruments

For the period under review, the company participated in a centralised treasury arrangement with other companies in the J.W. Galloway group. The funds are managed on a group wide basis within the company. No complex financial instruments are entered into.

Disabled persons

Bearing in mind the constraints of the working environment arising in this industry, it is the company’s policy to employ as many disabled persons as are capable of adequately fulfilling the requirements of any vacant jobs and to give preference to such persons when two or more candidates are otherwise of equal merit. In addition, the policy is that disabled persons shall be integrated with other employees as far as possible and whenever practical, there being no difference in their terms of employment, training, career development and promotion. When an employee becomes disabled, every effort is made to ensure continuity of employment.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Future developments

On 22 April 2025, the company sold its main trade and assets to Creative Foods Europe Limited (OSI Group). Following this, all significant processing and trading activities of the company have ceased subsequent to the period end. It is the intention of the directors continue to develop its agricultural interests and support Group export activity.

Energy and carbon report

The company has taken exemption from disclosure of this information on the basis that it is disclosed within the annual report of its parent company, JW Galloway Limited, which can be obtained publicly from its registered office.

SCOTBEEF LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 5 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
J R Galloway
Director
23 June 2026
SCOTBEEF LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 6 -

The directors are responsible for preparing the annual 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). 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- 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.

SCOTBEEF LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SCOTBEEF LIMITED
- 7 -
Opinion

We have audited the financial statements of Scotbeef Limited (the 'company') for the period ended 25 February 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 25 February 2024 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 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial period 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.

SCOTBEEF LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOTBEEF LIMITED
- 8 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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, 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 directors' r esponsibilities s tatement, 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 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.

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SCOTBEEF LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCOTBEEF LIMITED
- 9 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 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.

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.

Alan Brown
Senior Statutory Auditor
For and on behalf of Azets Audit Services
23 June 2026
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
SCOTBEEF LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 10 -
52 week period
52 week period
ended
ended
Continuing
Discontinued
25 February
Continuing
Discontinued
26 February
operations
operations
2024
operations
operations
2023
Notes
£000's
£000's
£000's
£000's
£000's
£000's
Turnover
3
59,877
131,573
191,450
101,838
315,996
417,834
Cost of sales
(57,996)
(142,055)
(200,051)
(92,628)
(303,209)
(395,837)
Gross (loss)/profit
1,881
(10,482)
(8,601)
9,210
12,787
21,997
Distribution costs
(3,417)
(2,662)
(6,079)
(2,993)
(9,122)
(12,115)
Administrative expenses
(3,260)
(4,930)
(8,190)
(1,482)
(4,762)
(6,244)
Other operating income
103
113
216
-
157
157
Operating (loss)/profit
4
(4,693)
(17,961)
(22,654)
4,735
(940)
3,795
Interest receivable and similar income
7
1,085
-
0
1,085
244
-
0
244
Profit/(loss) on disposal of operations
-
21,169
21,169
-
-
-
(Loss)/profit before taxation
(3,608)
3,208
(400)
4,979
(940)
4,039
Tax on (loss)/profit
8
800
(264)
536
(501)
-
0
(501)
Profit for the financial period
(2,808)
2,944
136
4,478
(940)
3,538
SCOTBEEF LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 11 -
52 week period
52 week period
ended
ended
25 February
26 February
2024
2023
£000's
£000's
Profit for the period
136
3,538
Other comprehensive income
-
-
Total comprehensive income for the period
136
3,538
SCOTBEEF LIMITED
BALANCE SHEET
AS AT
25 FEBRUARY 2024
25 February 2024
- 12 -
25 February 2024
26 February 2023
Notes
£000's
£000's
£000's
£000's
Fixed assets
Tangible assets
11
6,157
16,739
Investments
12
283
283
6,440
17,022
Current assets
Stocks
14
16,419
30,756
Debtors falling due after more than one year
15
17,000
-
0
Debtors falling due within one year
15
28,503
31,307
Cash at bank and in hand
22,062
29,150
83,984
91,213
Creditors: amounts falling due within one year
16
(23,833)
(41,113)
Net current assets
60,151
50,100
Total assets less current liabilities
66,591
67,122
Provisions for liabilities
Deferred tax liability
17
-
0
536
-
(536)
Government grants
18
-
0
(131)
Net assets
66,591
66,455
Capital and reserves
Called up share capital
20
-
0
-
0
Profit and loss reserves
66,591
66,455
Total equity
66,591
66,455
The financial statements were approved by the board of directors and authorised for issue on 23 June 2026 and are signed on its behalf by:
J R Galloway
Director
Company Registration No. SC039434
SCOTBEEF LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£000's
£000's
£000's
Balance at 28 February 2022
-
0
64,135
64,135
Period ended 26 February 2023:
Profit and total comprehensive income for the period
-
3,538
3,538
Dividends
10
-
(1,218)
(1,218)
Balance at 26 February 2023
-
0
66,455
66,455
Period ended 25 February 2024:
Profit and total comprehensive income for the period
-
136
136
Balance at 25 February 2024
-
0
66,591
66,591
SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 14 -
1
Accounting policies
Company information

Scotbeef Limited is a private company limited by shares incorporated in Scotland. The registered office is Munnieston, Thornhill, Stirling, United Kingdom, FK8 3QG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £000's.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of J. W. Galloway Limted. These consolidated financial statements are available from its registered office, Munnieston, Thornhill, Stirling, FK8 3QG.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The true company has gone through a period of reorganisation and rationalisation subsequent to the period end. In April 2025, the company sold its main trade and assets to Creative Foods Europe Limited (OSI Group). As such, all significant trading activities of the company have ceased subsequent to the period end.

This conclusion of this period of restructuring, will see the company focus on developing its agricultural interests and supporting with Group exporting.

The company has performed a going concern assessment which indicates that it will continue to have sufficient resources available to it to meet the obligations as they fall due for at least 12 months from the date of approval of these financial statements.

Accordingly, the financial statements have been prepared on a going concern basis.

SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and property
4% - 6%
Plant and equipment
6.25% - 33%
Motor vehicles
10% - 33%

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements and estimates

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

Stock valuation

The valuation of stock is subject to the following estimates and judgements:

- Stock is valued based on the company's internal valuation model. The model incudes various judgements exercised by management including yields, indirect costs absorption and the poportion of costs applied to different cuts of meat.

- Livestock is valued at cost incurred which includes an estimate of weight gain x price per kg.

- Provisions are estimated based on age, best before dates and identified slow or obsolete stock.

3
Turnover and other revenue
2024
2023
£000's
£000's
Turnover analysed by class of business
Sale of beef and lamb products
191,450
417,834
2024
2023
£000's
£000's
Turnover analysed by geographical market
United Kingdom
186,173
410,519
Other European countries
5,277
7,315
191,450
417,834
2024
2023
£000's
£000's
Other revenue
Interest income
1,085
244
Grants received
139
138
SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 20 -
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the period is stated after charging/(crediting):
£000's
£000's
Exchange losses/(gains)
26
(54)
Government grants
(139)
(138)
Fees payable to the company's auditor for the audit of the company's financial statements
100
61
Depreciation of owned tangible fixed assets
827
3,529
Operating lease charges
337
655
5
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Slaughter, manufacturing and processing of meat
482
912
Administrative
59
87
Total
541
999

Their aggregate remuneration comprised:

2024
2023
£000's
£000's
Wages and salaries
16,427
27,965
Social security costs
1,506
2,760
Pension costs
370
671
18,303
31,396
6
Directors' remuneration
2024
2023
£000's
£000's
Remuneration for qualifying services
713
506
Company pension contributions to defined contribution schemes
57
49
770
555
SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
6
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£000's
£000's
Remuneration for qualifying services
194
177
Company pension contributions to defined contribution schemes
20
20
7
Interest receivable and similar income
2024
2023
£000's
£000's
Interest income
Interest on bank deposits
1,085
244
8
Taxation
2024
2023
£000's
£000's
Current tax
UK corporation tax on profits for the current period
-
0
139
Adjustments in respect of prior periods
-
0
(446)
Total current tax
-
0
(307)
Deferred tax
Origination and reversal of timing differences
(1,536)
515
Adjustment in respect of prior periods
1,000
293
Total deferred tax
(536)
808
Total tax (credit)/charge
(536)
501

Of the total tax credit of £536,000, a charge of £264,000 relates to discontinued activities.

SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
8
Taxation
(Continued)
- 22 -

The actual (credit)/charge for the period can be reconciled to the expected (credit)/charge for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£000's
£000's
(Loss)/profit before taxation
(400)
4,039
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
(98)
767
Tax effect of expenses that are not deductible in determining taxable profit
82
-
0
Tax effect of income not taxable in determining taxable profit
(6,133)
-
0
Unutilised tax losses carried forward
4,726
-
0
Adjustments in respect of prior years
1,000
(153)
Other non-reversing timing differences
-
0
(231)
Origination and reversal of temporary timing differences
-
0
118
Remeasurement of deferred tax for changes in tax rates
(113)
-
0
Taxation (credit)/charge for the period
(536)
501
9
Discontinued operations

On 14 June 2023, the company entered into a sale agreement to sell the trade and assets relating to the company's Penston Road and Bridge of Allan sites to Anglo Beef Processors UK. A profit of £21.2m arose on the disposal, being the proceeds of sale, less the carrying amount of assets disposed and including any related costs of the sale.

Amounts due to the company at the balance sheet date in relation to the sale are included within Other debtors.

10
Dividends
2024
2023
£000's
£000's
Final paid
-
0
1,218
SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 23 -
11
Tangible fixed assets
Land and property
Plant and equipment
Motor vehicles
Total
£000's
£000's
£000's
£000's
Cost
At 27 February 2023
22,377
55,813
1,715
79,905
Additions
1,176
1,729
149
3,054
Disposals
(18,170)
(43,898)
(682)
(62,750)
At 25 February 2024
5,383
13,644
1,182
20,209
Depreciation and impairment
At 27 February 2023
19,360
42,792
1,014
63,166
Depreciation charged in the period
44
646
137
827
Eliminated in respect of disposals
(15,638)
(33,845)
(458)
(49,941)
At 25 February 2024
3,766
9,593
693
14,052
Carrying amount
At 25 February 2024
1,617
4,051
489
6,157
At 26 February 2023
3,017
13,021
701
16,739
12
Fixed asset investments
2024
2023
Notes
£000's
£000's
Investments in subsidiaries
13
283
283
13
Subsidiaries

Details of the company's subsidiaries at 25 February 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Bryson Meats Limited
1
Ordinary shares
100.00
-
Strathaven Abattoir Limited
1
Ordinary shares
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Munnieston, Thornhill, Stirling, Scotland, FK8 3QG
SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 24 -
14
Stocks
2024
2023
£000's
£000's
Raw materials and consumables
11,473
27,567
Livestock
4,946
3,189
16,419
30,756
15
Debtors
2024
2023
Amounts falling due within one year:
£000's
£000's
Trade debtors
5,703
22,381
Amounts owed by group undertakings
9,406
6,110
Other debtors
13,040
2,115
Prepayments and accrued income
354
701
28,503
31,307
2024
2023
Amounts falling due after more than one year:
£000's
£000's
Other debtors
17,000
-
0
Total debtors
45,503
31,307
16
Creditors: amounts falling due within one year
2024
2023
£000's
£000's
Trade creditors
10,066
30,839
Amounts owed to group undertakings
9,551
4,912
Corporation tax
64
187
Other taxation and social security
241
299
Other creditors
518
1,155
Accruals and deferred income
3,393
3,721
23,833
41,113
SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 25 -
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£000's
£000's
Accelerated capital allowances
1,263
536
Tax losses
(1,260)
-
Short term timing differences
(3)
-
-
536
2024
Movements in the period:
£000's
Liability at 27 February 2023
536
Credit to profit or loss
(536)
Liability at 25 February 2024
-

At the year end the company had an unrecognised deferred tax asset amounting to £4.7m (2023 - £nil) in respect of tax losses. No deferred tax asset has been recognised due to uncertainty as to when sufficient taxable profits will arise to offset those losses.

18
Government grants
2024
2023
£000's
£000's
Arising from government grants
-
131
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£000's
£000's
Charge to profit or loss in respect of defined contribution schemes
370
671

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000's
£000's
Ordinary shares of £1 each
100
100
-
-
SCOTBEEF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 25 FEBRUARY 2024
- 26 -
21
Financial commitments, guarantees and contingent liabilities

Within the scope of the bank borrowing arrangements, JW Galloway Limited, Scotbeef Limited, Scotbeef Inverurie Limited, and Vivers Scotlamb Limited have each guaranteed to the bank the others’ obligations. There was £nil outstanding on behalf of the other group companies at 25 February 2024 (2023 - £nil).

22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£000's
£000's
Within one year
279
11
Between two and five years
242
827
In over five years
-
0
4,133
521
4,971
23
Events after the reporting date

On 22 April 2025, the company sold its main trade and assets to Creative Foods Europe Limited (OSI Group) for proceeds amounting to £14.75m excluding costs of the transaction. Following this, all significant trading activities of the company have ceased subsequent to the period end.

24
Related party transactions

The company sold goods to group entities amounting to £9.8m and purchased goods amounting to £30.2m.

At the period end the company owed group companies £0.15m (2023 - was due £1.2m from group companies).

25
Ultimate controlling party

The company is a subsidiary of J.W. Galloway Limited. The ultimate controlling party is J.W. Galloway Limited which is incorporated in the United Kingdom and registered in Scotland. The address of JW Galloway Limited is: Munnieston Cottage, Thornhill, Stirling, Scotland, FK8 3QG.

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