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Registration number: 12488639

Ralph Pearson Wholesale Butchers Limited
Annual Report and Financial Statements
for the Year Ended 31 March 2026

Ralph Pearson Wholesale Butchers Limited

Contents

Strategic Report | 1
Directors' Report | 2
Statement of Directors' Responsibilities | 3
Independent Auditor's Report | 4 to 7
Profit and Loss Account and Statement of Retained Earnings | 8
Balance Sheet | 9
Notes to the Financial Statements | 10 to 19

Ralph Pearson Wholesale Butchers Limited

Strategic Report for the Year Ended 31 March 2026

The directors present their strategic report for the year ended 31 March 2026.

Principal activity

The principal activity of the company is production and distribution of meat products.

Fair review of the business

During the financial year, the company experienced an increase in turnover, primarily driven by rising raw material costs. The business successfully passed on a portion of these cost increases to customers, resulting in an improved gross profit margin and enhanced overall profitability. This marks a positive development following the previous year’s decline in gross margin and profitability, which was largely due to the inability to adjust pricing in response to escalating raw material costs at that time.
Despite the uplift in turnover and profitability, the directors acknowledge that the trading environment remains challenging. Key pressures include persistently high meat prices, ongoing disruptions across supply chains, and elevated overhead costs stemming from inflationary macro-economic conditions. With careful management of pricing and overheads, the directors are optimistic on the future prospects of the business.

The company's key financial and other performance indicators during the year were as follows:

| Unit | 2026 | 2025
Turnover | £ | 62,062,959 | 52,997,439
Gross profit | £ | 1,787,629 | 754,220
Profit on ordinary activities before tax | £ | 1,364,840 | 283,350
Net current assets | £ | 5,566,557 | 4,713,167
Net assets | £ | 6,623,746 | 5,747,732

Principal risks and uncertainties

The directors consider the main principal risks and uncertainties to the business to be the increasing raw material costs and the impact on gross profit margin and profitability. A main contributing factor to this is cattle numbers being down impacting on supply chains, which in turn impacts the price of meat products adding pressure to profit margins.
Whilst the business is well known for sourcing quality meat products, the directors regularly monitor the price of meat and work with suppliers to ensure they are receiving competitive prices without compromising on the quality of the meat products.
The company has limited exposure to credit and interest rate risk due to the fact the company has no external borrowings outside working capital requirements.

Approved by the Board on 10 August 2026 and signed on its behalf by:

......................................... R J W Pearson Director | ......................................... J R N Pearson Director |

Ralph Pearson Wholesale Butchers Limited

Directors' Report for the Year Ended 31 March 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Directors of the company

The directors who held office during the year were as follows:

P N Pearson

R J W Pearson

J R N Pearson

Information included in the Strategic Report

All items required under Sch. 7 of Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors’ report are set out in the strategic report in accordance with s.414C(11) CA 2006.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 10 August 2026 and signed on its behalf by:

......................................... R J W Pearson Director | ......................................... J R N Pearson Director |

Ralph Pearson Wholesale Butchers Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Ralph Pearson Wholesale Butchers Limited

Independent Auditor's Report to the Members of Ralph Pearson Wholesale Butchers Limited

Opinion

We have audited the financial statements of Ralph Pearson Wholesale Butchers Limited (the 'company') for the year ended 31 March 2026, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, 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 31 March 2026 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Ralph Pearson Wholesale Butchers Limited

Independent Auditor's Report to the Members of Ralph Pearson Wholesale Butchers Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

• | adequate accounting records have not been kept, or 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 3], 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Ralph Pearson Wholesale Butchers Limited

Independent Auditor's Report to the Members of Ralph Pearson Wholesale Butchers Limited

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.
Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the misappropriation of transactions through management override and a lack of management segregation of duties.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including legislation such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

We then performed audit procedures after consideration of the above risks which included the following:

• | enquiring of management concerning actual and potential litigation and claims;
• | reviewing correspondence with HMRC and the company’s legal advisors;
• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• | reading minutes of meetings of those charged with governance; and;
• | in addressing the risk of fraud through management override and the lack of management segregation of duties over controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. Performing increased audit procedures when testing wages and expenses to verify the related suppliers and employees are paid as necessary.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Ralph Pearson Wholesale Butchers Limited

Independent Auditor's Report to the Members of Ralph Pearson Wholesale Butchers Limited

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.

......................................
Andrew Padgett BFP ACA FCCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited,
Statutory Auditor & Chartered Accountants
Bradford

10 August 2026

Ralph Pearson Wholesale Butchers Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 March 2026

| Note | 2026 £ | 2025 £
Turnover | 3 | 62,062,959 | 52,997,439
Cost of sales |  | (60,276,814) | (52,243,219)
Gross profit |  | 1,786,145 | 754,220
Distribution costs |  | (281,879) | (296,984)
Administrative expenses |  | (141,402) | (180,704)
Other operating income | 4 | 2,250 | 1,250
Operating profit | 5 | 1,365,114 | 277,782
Other interest receivable and similar income | 6 | - | 5,664
Interest payable and similar charges | 7 | (274) | (96)
Profit before tax |  | 1,364,840 | 283,350
Taxation | 11 | (347,826) | (90,657)
Profit for the financial year |  | 1,017,014 | 192,693
Retained earnings brought forward |  | 3,496,732 | 3,418,339
Dividends paid |  | (141,000) | (114,300)
Retained earnings carried forward |  | 4,372,746 | 3,496,732

Ralph Pearson Wholesale Butchers Limited

(Registration number: 12488639)
Balance Sheet as at 31 March 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |  |  |
Intangible assets | 12 |  | - |  | -
Tangible assets | 13 |  | 1,126,189 |  | 1,089,565
|  |  | 1,126,189 |  | 1,089,565
Current assets |  |  |  |  |
Stocks | 14 | 1,066,933 |  | 699,580 |
Debtors | 15 | 5,571,819 |  | 4,836,914 |
Cash at bank and in hand |  | 465,066 |  | 640,079 |
|  | 7,103,818 |  | 6,176,573 |
Creditors: Amounts falling due within one year | 16 | (1,537,261) |  | (1,463,406) |
Net current assets |  |  | 5,566,557 |  | 4,713,167
Total assets less current liabilities |  |  | 6,692,746 |  | 5,802,732
Provisions for liabilities | 18 |  | (69,000) |  | (55,000)
Net assets |  |  | 6,623,746 |  | 5,747,732
Capital and reserves |  |  |  |  |
Called up share capital |  | 2,251,000 |  | 2,251,000 |
Retained earnings | 21 | 4,372,746 |  | 3,496,732 |
Shareholders' funds |  |  | 6,623,746 |  | 5,747,732

Approved and authorised by the Board on 10 August 2026 and signed on its behalf by:

......................................... R J W Pearson Director | ......................................... J R N Pearson Director |

Ralph Pearson Wholesale Butchers Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1
Linton Street
Bradford
BD4 7EZ

These financial statements were authorised for issue by the Board on 10 August 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Section 33 Related Party disclosures from disclosing transactions and balances with fellow group undertakings that are wholly owned.
The company has taken advantage of the exemption to disclose certain aspects of financial instruments, transactions with key management personnel and the exemption to prepare Statement of Cash Flows in accordance with Financial Reporting Standard 102 Section 1.12.

Name of parent of group

These financial statements are consolidated in the financial statements of Ralph Pearson Wholesale Butchers (Holdings) Limited.

The financial statements of Ralph Pearson Wholesale Butchers (Holdings) Limited may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Ralph Pearson Wholesale Butchers Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature and estimation means that actual outcomes could differ from those estimates. The following judgements (apart from these involving estimates) had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount is £1,126,189 (2025 -£1,089,565).

Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade debtors, management considers factors which include the current credit rating of the debtor, the ageing profile of debtors and historical experience. The carrying amount is £5,469,625 (2025 -£4,737,513).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; and (d) it is probable that future economic benefit will flow to the entity.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or
substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold buildings | 2% straight line basis
Plant and machinery | 25% reducing balance basis
Motor vehicles | 25% reducing balance basis

Ralph Pearson Wholesale Butchers Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the company in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
If there is an indication that there has been a significant change in estimated useful life or residual value of an asset, the
amortisation of that asset is revised prospectively to reflect the new expectations.

Asset class | Amortisation method and rate
Goodwill | Amortised over 5 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The company values associated stock of biological assets (livestock) and its related agricultural produce at fair value.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Ralph Pearson Wholesale Butchers Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial assets
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 and any subsequent reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3 | Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2026 £ | 2025 £
Sale of goods | 62,062,959 | 52,997,439

4 | Other operating income

The analysis of the company's other operating income for the year is as follows:

| 2026 £ | 2025 £
Sub lease rental income | 2,250 | 1,250

Ralph Pearson Wholesale Butchers Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

5 | Operating profit

Arrived at after charging/(crediting)

| 2026 £ | 2025 £
Depreciation expense | 101,867 | 90,513
Amortisation expense | - | 64,552
Loss/(profit) on disposal of property, plant and equipment | 19,654 | (4,500)

6 | Other interest receivable and similar income

| 2026 £ | 2025 £
Other finance income | - | 5,664

7 | Interest payable and similar expenses

| 2026 £ | 2025 £
Interest expense on other finance liabilities | 274 | 96

8 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2026 £ | 2025 £
Wages and salaries | 1,064,900 | 1,162,793
Social security costs | 124,296 | 109,616
Pension costs, defined contribution scheme | 24,482 | 26,451
| 1,213,678 | 1,298,860

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2026 No. | 2025 No.
Production | 33 | 38

9 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2026 £ | 2025 £
Remuneration | 35,989 | 30,727

10 | Auditors' remuneration

| 2026 £ | 2025 £
Audit of the financial statements | 17,000 | 16,000

Ralph Pearson Wholesale Butchers Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

11 | Taxation

Tax charged/(credited) in the profit and loss account

| 2026 £ | 2025 £
Current taxation |  |
UK corporation tax | 334,000 | 98,000
UK corporation tax adjustment to prior periods | (174) | (343)
| 333,826 | 97,657
Deferred taxation |  |
Arising from origination and reversal of timing differences | 14,000 | (7,000)
Tax expense in the income statement | 347,826 | 90,657

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2025 - higher than the standard rate of corporation tax in the UK) of 25% (2025 - 25%).
The differences are reconciled below:

| 2026 £ | 2025 £
Profit before tax | 1,364,840 | 283,350
Corporation tax at standard rate | 341,210 | 70,838
Decrease in UK and foreign current tax from adjustment for prior periods | (174) | (343)
Effect of expense not deductible in determining taxable profit (tax loss) | 6,790 | 20,162
Total tax charge | 347,826 | 90,657

Deferred tax

2026 | Liability £
Accelerated capital allowances | 69,000
| 69,000

2025 | Liability £
Accelerated capital allowances | 55,000
| 55,000

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £(9,207) (2025 - £3,343), being the reversal of depreciation in excess of capital allowances.

Ralph Pearson Wholesale Butchers Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

12 | Intangible assets

| Goodwill £
Cost or valuation
At 1 April 2025 | 322,760
At 31 March 2026 | 322,760
Amortisation
At 1 April 2025 | 322,760
At 31 March 2026 | 322,760
Carrying amount
At 31 March 2026 | -
At 31 March 2025 | -

13 | Tangible assets

| Land and buildings £ | Plant & Machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 April 2025 | 924,044 | 260,711 | 505,914 | 1,690,669
Additions | - | 136,492 | 51,895 | 188,387
Disposals | - | (13,600) | (125,150) | (138,750)
At 31 March 2026 | 924,044 | 383,603 | 432,659 | 1,740,306
Depreciation
At 1 April 2025 | 62,405 | 162,541 | 376,158 | 601,104
Charge for the year | 12,481 | 52,308 | 37,078 | 101,867
Eliminated on disposal | - | (8,677) | (80,177) | (88,854)
At 31 March 2026 | 74,886 | 206,172 | 333,059 | 614,117
Carrying amount
At 31 March 2026 | 849,158 | 177,431 | 99,600 | 1,126,189
At 31 March 2025 | 861,639 | 98,170 | 129,756 | 1,089,565

Included within the net book value of land and buildings above is £849,158 (2025 - £861,639) in respect of freehold land and buildings.
Included within the net book value of land and buildings above is £300,000 (2024 - £300,000) in respect of land, which is not depreciated.

Ralph Pearson Wholesale Butchers Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

14 | Stocks

| 2026 £ | 2025 £
Raw materials and consumables | 489,064 | 322,074
Work in progress | 180,703 | 106,292
Finished goods and goods for resale | 397,166 | 271,214
| 1,066,933 | 699,580

15 | Debtors

| 2026 £ | 2025 £
Trade debtors | 5,469,625 | 4,737,513
Amounts owed by related parties | 4,090 | -
Other debtors | 84,437 | 85,431
Prepayments | 13,667 | 13,970
| 5,571,819 | 4,836,914

16 | Creditors

| Note | 2026 £ | 2025 £
Due within one year |  |  |
Loans and borrowings | 17 | 364,303 | 425,519
Trade creditors |  | 741,465 | 858,417
Amounts due to related parties |  | 10,209 | 10,209
Social security and other taxes |  | 23,076 | 23,045
Accruals |  | 63,934 | 48,216
Corporation tax liability |  | 334,274 | 98,000
|  | 1,537,261 | 1,463,406

17 | Loans and borrowings

Current loans and borrowings

| 2026 £ | 2025 £
Other borrowings | 364,303 | 425,519

18 | Provisions for liabilities

| Deferred tax £
At 1 April 2025 | 55,000
Increase (decrease) in existing provisions | 14,000
At 31 March 2026 | 69,000

Ralph Pearson Wholesale Butchers Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

19 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £24,482 (2025 - £26,451).
Contributions totalling £Nil (2025 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

20 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| No. | £ | No. | £
Ordinary A shares of £1 each | 420 | 420 | 420 | 420
Ordinary B shares of £1 each | 420 | 420 | 420 | 420
Ordinary C shares of £1 each | 160 | 160 | 160 | 160
Redeemable preference A shares of £1 each | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000
Redeemable preference B shares of £1 each | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000
Redeemable preference C shares of £1 each | 250,000 | 250,000 | 250,000 | 250,000
| 2,251,000 | 2,251,000 | 2,251,000 | 2,251,000

Rights, preferences and restrictions

Ordinary A shares have the following rights, preferences and restrictions: All Ordinary shares rank pari passu for income, capital and voting rights.
Ordinary B shares have the following rights, preferences and restrictions: All Ordinary shares rank pari passu for income, capital and voting rights.
Ordinary C shares have the following rights, preferences and restrictions: All Ordinary shares rank pari passu for income, capital and voting rights.
Redeemable preference A shares have the following rights, preferences and restrictions: All preference shares have no voting rights, payments of dividends are at the discretion of the issuer and upon winding up of the company the holders of the preference shares shall have the right to receive an amount equal to the nominal amount paid for each preference share, at the discretion of the issuer.
Redeemable preference B shares have the following rights, preferences and restrictions: All preference shares have no voting rights, payments of dividends are at the discretion of the issuer and upon winding up of the company the holders of the preference shares shall have the right to receive an amount equal to the nominal amount paid for each preference share, at the discretion of the issuer.
Redeemable preference C shares have the following rights, preferences and restrictions: All preference shares have no voting rights, payments of dividends are at the discretion of the issuer and upon winding up of the company the holders of the preference shares shall have the right to receive an amount equal to the nominal amount paid for each preference share, at the discretion of the issuer.

Ralph Pearson Wholesale Butchers Limited

Notes to the Financial Statements for the Year Ended 31 March 2026

21 | Reserves

Share capital

Represents the nominal value of issued shares.

Profit and loss account

Includes all current and prior periods retained profits and losses.

22 | Related party transactions

Summary of transactions with key management

Transactions with directors

2026 | At 1 April 2025 £ | Advances to director £ | Repayments by director £ | At 31 March 2026 £
Interest free loan, repayable on demand | (68) | 71,158 | (67,000) | 4,090

2025 | At 1 April 2024 £ | Advances to director £ | Repayments by director £ | At 31 March 2025 £
Interest free loan, repayable on demand | (1,548) | 31,780 | (30,300) | (68)

Other transactions with directors

At the year end £364,303 (2025 - £425,519) was owed to the directors. The amounts are interest free and repayable on demand.

Expenditure with and payables to related parties

2026 | Key management £
Leases | 1

2025 | Key management £
Leases | 1

23 | Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Ralph Pearson Wholesale Butchers (Holdings) Limited, incorporated in England and Wales.
The ultimate controlling party is J R N Pearson & R J W Pearson.