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Hill Biscuits Limited
Registered number: 00088544
Annual report and
financial statements
For the year ended 31 December 2025
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HILL BISCUITS LIMITED
COMPANY INFORMATION
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Chartered Accountants & Statutory Auditor
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HILL BISCUITS LIMITED
CONTENTS
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Independent Auditor's Report
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Statement of Comprehensive Income
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Statement of Financial Position
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Statement of Changes in Equity
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Notes to the Financial Statements
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HILL BISCUITS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report for the year ended 31 December 2025.
In the year ended 31 December 2025 the business has produced strong results despite commodity inflation and increasing market competition. In 2025 the business maintained EBITDA above 10% which underpins the future growth aspirations of the business, providing an excellent platform for the future. The directors are pleased to report that the business outlook continues to look strong with many opportunities for growth and continued efficiency improvements.
The year to 31 December 2025 represented a significant change for the business with further integration into the Cerealto Group and the Board of Directors regard that there are substantial future opportunities for Hill Biscuits to work with both Cerealto UK and with the wider international presence of Cerealto Group in order to continue to deliver excellent customer service, continued investment and improvements in operational efficiencies and to introduce new and exciting products to the market. The combination of Hill Biscuits and Cerealto UK into a single business is progressing as planned, and Hill Biscuits, as part of the enlarged UK business, has access to additional capacity and capabilities which enhance the product offering, production capability and scale of the business. The combined Cerealto UK business unit is striving to be the partner of choice for our combined customer base across a broad range of sweet biscuits, savoury crackers and rice cakes.
The revenue in the year ended 31 December 2025 was 9.6% lower than the comparative in 2024, driven by volume decline partially offset by increases in selling prices in order to recover cost inflation from both raw materials and labour. The volume decline is driven by various factors including movement of production of some products to other areas in the group, market movement, and increasing market competition. The business continues to work with a range of customers across discount retail, foodservice, wholesale and business to business in order to maintain a broad spread of business together with a balance between Hill brand and private label sales, with the Hill brand accounting for over 33% of total sales. The revenue decrease, combined with labour and commodity cost increases, resulted in a year on year decline in profitability, with the EBITDA % of sales reducing from 10.89% in 2024 to 10.41% in 2025.
In the year ended 31 December 2025 the business continued to deliver improvements, in operational efficiency and waste reduction initiatives, building on the excellent progress made in the previous years reflected in a headcount reduction of 6%. The operational improvements and the combined UK manufacturing operations of Cerealto UK and Hill Biscuits provide both operational resilience and enhanced capabilities, providing a platform for the business to continue to grow and develop its market share across the sweet biscuits, savoury crackers and rice cake categories.
In the current year, market conditions remain challenging and raw material costs remain high due to the impact of the Iran conflict. However, the outlook remains strong as the directors consider that the alignment of the business with key retailers and the growing food service sector will present further opportunities in the context of continuing inflation and the squeeze on living standards as consumers are likely to continue the shift seen in the market towards better value own label and challenger brand products. Being part of the Cerealto Group also provides the potential for further investment and efficiencies across the Group.
The Company has continued to develop its strategy of spreading sales over a number of key market areas in order to reduce risk and balance the business between Hill brand and private label by increasing the distribution of the Hill brand across retail, discount channels, wholesale, cash and carry and food service.
The Company continues to focus on delivering excellent customer service, manufacturing high quality everyday biscuits and ensuring that it retains a commercial balance between the importance of driving forward the growth in the Hill Biscuits brand and working in partnership with our valued private label customers.
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HILL BISCUITS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors consider that the business has continued to demonstrate incredible resilience and adaptability, and we are pleased to report that the business has continued to provide customers with excellent levels of service and product availability. The business has over 170 years of history which the directors regard as a remarkable achievement. The directors wish to once again extend their heartfelt thanks to the dedicated workforce who are the backbone of the business.
The business has continued to work closely with its key customers to build on the strength and longevity of our trading relationships to position the business for further growth into the future.
The Company continues to operate with the support of the Cerealto Group as required in order to provide the financial resources required to continue to implement the growth plans and to ensure that it is able to supply high quality everyday biscuits at competitive prices. The Company continues to see opportunities to pursue further UK and international sales growth of its current portfolio and to capitalise on new product development including through close collaboration with the wider Cerealto Group to address developing market trends, including new products, new pack formats and to further develop the Hill brand. The ability to be agile and to quickly implement new offerings once opportunities are identified is a key strength of the business, further driving its competitive edge.
The directors consider that the Company is well placed to take advantage of growth opportunities both in the UK and internationally. The directors remain confident that the business will continue to develop both its sales and profitability in the coming years with implementation of the strategic plans supported by the Cerealto Group.
Financial key performance indicators
The year ended 31 December 2025 was a year in which despite challenges resulting from continued commodity inflation, the business reported strong financial performance.
The results for the year ended 31 December 2025 also included a number of one-off and restructuring costs. Further details of the one-off costs incurred can be found in the notes to the accounts.
A selection of the Company's key performance indicators is detailed below:
* (pre exceptional, other group expenses and exchange gains/loss)
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HILL BISCUITS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Other key performance indicators
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The Company has a very strong and diverse customer base and carefully controls its potential credit risks. The use of business information, along with the support of credit insurance providers, significantly reduces the risk of bad debts.
The turnover movements by region were as follows.
Principal risks and uncertainties, other information and explanations
Business performance
The market in which the Company operates is fiercely competitive with a range of pricing and promotional strategies being adopted by competitors that may impact on the future business performance.
Mitigation
The Company continues to focus on operational efficiencies and strategic improvement initiatives in order to remain competitive. In addition, raw material market trends are constantly monitored to ensure that the finished goods, raw material inventories and forward cover remain appropriate. The Company works closely with its customers and suppliers to adapt to changes in the operating environment and the commodity markets.
Commodity price risks
Future commodity prices are always unpredictable, and any significant upward movements will inevitably have a short to medium term impact on the business. Raw materials remain volatile, impacted by the Iran conflict, which continues to result in price inflation presenting challenges to all food producers as the commodity price and wage cost increases have been broadly based. It is currently difficult to predict the likely levels and trends in commodity prices. Commodity price volatility has continued into 2026, albeit not to the same levels seen in the preceding years.
Mitigation
Commodity prices are closely monitored and the business seeks to put in place forward cover for its raw material requirements with key suppliers in order to reduce volatility. Changes in commodity prices may create pressure on margins given the competitive trading environment which makes securing price increases to recover commodity price inflation challenging. However, the Company endeavours to keep ahead of the trends and attempts to level out the fluctuations through careful forward planning, agreements with key raw material suppliers, targeted procurement initiatives and close monitoring of commodity prices.
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HILL BISCUITS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the Company
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In accordance with the requirements of Section 172 of the Companies Act 2006, the board of directors of Hill Biscuits Limited consider that both individually and collectively for the year ended 31 December 2025, they have acted in a way that they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to the matters set out in s172 (1)(a-f) as below:
a) The likely consequences of any decision in the long-term;
b) The interests of the Company’s employees;
c) The need to foster the Company’s business relationships with suppliers, customers and others;
d) The impact of the Company’s operations on the community and the environment;
e) The desirability of the Company maintaining a reputation for high standards of business conduct; and
f) The need to act fairly between members of the Company.
The directors make decisions by taking their legal duty into account and also the priorities and requirements of the stakeholders of the Company.
The likely consequences of any decision in the long-term
The directors have regard to the likely consequences of their decisions on the long-term objectives and sustainability of the Company, its stakeholders and the community whilst also preserving its values and culture.
Investment in skills, the recruitment of suitable employees and training is an area where initial costs are more than outweighed by long-term benefits. We strive to train our employees as they are our greatest investment.
We are a business built on our standards, long established brand and reputation and would not take a decision which would have a detrimental impact on these matters whether in the short term or the long-term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose, with a particular focus on ensuring the longevity of the Hill Biscuits brand.
The interests of the Company’s employees
Our employees represent our business so it is very important that they have the right skills, attitude and the drive to create ideas and set high standards. All employees are encouraged to be honest and regular communication is embedded in the way in which the business operates.
The board receives reports from the Executives each month which includes health and safety key performance indicators, quality and food safety performance indicators, and details of staffing by functional areas, and any areas within the business requiring the attention of the board are discussed as part of the monthly board meetings.
The directors make every effort in keeping regular contact with employees and to listen to the employees as part of their oversight of the business operations which gives the opportunity to hear and discuss ideas openly and experience first-hand where any improvements can be made.
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HILL BISCUITS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The need to foster the Company’s business relationships with suppliers, customers and others.
The business has a long established brand and a key element of ensuring that the business continues to adapt and thrive is the loyalty of our customers and the strong working relationships with our suppliers. We strive to form strong and lasting partnerships with our customers, suppliers and other stakeholders in order to continue to develop the business for the long-term.
The board recognises the importance of having the right culture. Our long-term success depends on achieving our strategic goals in the right way, so we look after the best interests of our employees, customers and other stakeholders.
The impact of the Company’s operations on the community and the environment.
We are proud to be part of the local and wider communities. It is our aim to create opportunities to recruit and develop local people and to understand the local issues that are important to the community. Hill Biscuits has been operating from the same location for over 130 years, celebrated 170 years of trading in 2025, and the majority of our employees reside in the local area around the Biscuit Works. We are committed to energy efficiency improvement and continue to take steps in a continuous improvement strategy.
The desirability of the Company maintaining a reputation for high standards of business conduct.
All new employees get an Employee Handbook which sets out the Company’s commitments and core values, along with the Company policies and procedures and all employees, contractors and visitors receive a site induction to ensure that everyone who attends site is appropriately briefed and understands the key safety and operating standards operated by the Company. Within the Employee Handbook all employees have access to our Operating Procedures and Codes of Conduct and to aid understanding of the requirement for them to comply with the Company’s high standards of business. Any issues of non-compliance with any of our policies are taken seriously and investigated.
The need to act fairly between members of the Company.
The Company aims to act with integrity and courtesy in all of its business relationships and will consider all members and stakeholders when making decisions for the overall good of the Company. The Company has various reporting and communication avenues for individuals to use to seek guidance and to report any wrongdoing.
This report was approved by the board on 9 September 2026 and signed on its behalf.
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HILL BISCUITS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
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The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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; 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 to 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.
The profit for the year, after taxation, amounted to £2,285,305 (2024: £2,956,673).
Ordinary dividends were paid amounting to £Nil (2024: £Nil).
The directors who served during the year were:
T Meadows (resigned 13 February 2026)
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B J Ward-Banner (resigned 3 October 2025)
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HILL BISCUITS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The information and results of the Company are included in the consolidated financial statements of Ginger Acquisition Company Limited. Whilst the Group has reported a profit of £0.189m (2024: profit of £0.703m) and has net liabilities of £9.396m (2024: £9.586m). Hill Biscuits Limited continues to be in a net asset position of £13.310m (2024: £11.025m). The consolidated results reflect non-cash goodwill amortisation of £0.515m (2024: £0.515m) and interest of £1.818m (2024: £1.658m).
These financial statements have been prepared on a going concern basis. The current economic conditions present risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.
The directors have confirmed that they believe that the Group will be operating on a going concern basis. The Group has access to finance to cover any additional funding requirements from any reasonably foreseeable scenarios.
Based on this assessment, the directors consider that the Group maintains an appropriate level of liquidity sufficient to meet the demands of the business. In addition, the Group's assets are assessed for recoverability on a regular basis, the directors consider that the Group is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
Research and development activities
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Research and development is undertaken by the Company in relation to efficiencies of the biscuit manufacturing process.
Engagement with employees
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At Hill Biscuits Limited we value all our staff and their contribution irrespective of age, sex, disability, race, colour, religion or ethnic origin. We believe in the fair treatment of all people at all times and the continued development of our employees.
Health and safety issues are continually reviewed and improved as necessary to ensure a comfortable and safe working environment for all our staff.
Works committee meetings with noted actions are held where staff representatives can discuss with directors any areas for concern and also be made aware of current and future Company developments.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Company continues and that the appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
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HILL BISCUITS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
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The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as this information can be found in the parent company financial statements, Ginger Acquisition Company Limited.
Matters covered in the Strategic Report
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Certain information is not shown in the Directors' Report because it is shown in the Strategic Report on pages 1 - 5 instead under s414C(11). The Strategic Report includes a business review, future developments and information on the Company's key performance indicators.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The auditor, Forvis Mazars LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 9 September 2026 and signed on its behalf.
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HILL BISCUITS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILL BISCUITS LIMITED
Opinion
We have audited the financial statements of Hill Biscuits Limited (the ‘Company’) for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2025 and of its profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the "Auditor’s responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from 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.
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HILL BISCUITS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILL BISCUITS LIMITED
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 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 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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.
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HILL BISCUITS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILL BISCUITS LIMITED
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 6, 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 intend either 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
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.
Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, and anti-money laundering regulation.
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
∙Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
∙Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
∙Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
∙Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.
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HILL BISCUITS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HILL BISCUITS LIMITED
We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, and the Companies Act 2006.
We evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions.
Our audit procedures in relation to fraud included but were not limited to:
∙Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
∙Gaining an understanding of the internal controls established to mitigate risks related to fraud;
∙Discussing amongst the engagement team the risks of fraud; and
∙Addressing the risks of fraud through management override of controls by performing journal entry testing.
There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of the audit 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.
John Daly (Senior Statutory Auditor)
for and on behalf of
Forvis Mazars LLP
Chartered Accountants and Statutory Auditor
The Aviary, 4th Floor
39 Booth Street
Manchester
M2 3HZ
9 September 2026
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HILL BISCUITS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Exceptional administrative expenses
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Interest payable and similar expenses
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Profit for the financial year
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There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of Comprehensive Income.
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There was no other comprehensive income for 2025 (2024: £Nil).
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The notes on pages 16 to 31 form part of these financial statements.
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HILL BISCUITS LIMITED
REGISTERED NUMBER: 00088544
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital Redemption Reserve
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The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 September 2026.
The notes on pages 16 to 31 form part of these financial statements.
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HILL BISCUITS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Capital redemption reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Shares issued during the year
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Transfer from revaluation reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Transfer from revaluation reserve
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The notes on pages 16 to 31 form part of these financial statements.
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- 15 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Hill Biscuits Limited ("the Company") is a private company, limited by shares, incorporated in England and Wales, with registered number 00088544. The registered office and principal place of business is Tudno Mill, Smith Street, Ashton-Under-Lyne, Lancashire, OL7 0DB.
The principal activity of the Company during the year was the manufacture and sale of biscuits.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Ginger Acquisition Company Limited as at 31 December 2025 and these financial statements may be obtained from Tudno Mill, Smith Street, Ashton-Under-Lyne, Lancashire, OL7 0DB.
- 16 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The information and results of the Company are included in the consolidated financial statements of Ginger Acquisition Company Limited. Whilst the Group has reported a profit of £0.189m (2024: profit of £0.703m) and has net liabilities of £9.396m (2024: £9.586m). Hill Biscuits Limited continues to be in a net asset position of £13.310m (2024: £11.025m). The consolidated results reflect non-cash goodwill amortisation of £0.515m (2024: £0.515m) and interest of £1.818m (2024: £1.658m).
These financial statements have been prepared on a going concern basis. The current economic conditions present risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.
The directors have confirmed that they believe that the Group will be operating on a going concern basis. The Group has access to finance to cover any additional funding requirements from any reasonably foreseeable scenarios.
Based on this assessment, the directors consider that the Group maintains an appropriate level of liquidity sufficient to meet the demands of the business. In addition, the Group's assets are assessed for recoverability on a regular basis, the directors consider that the Group is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
- 17 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP rounded to the nearest £1.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
- 18 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
- 19 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income 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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
- 20 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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2% straight line (on buildings only)
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Land is not depreciated.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
- 21 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
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 is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
- 22 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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Financial instruments (continued)
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If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
- 23 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Judgments in applying accounting policies and key sources of estimation uncertainty
|
In the application of the Company's accounting policies, the directors are required to make judgments, 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.
The directors believe that the critical accounting policies where judgments or estimates are necessarily applied is the useful expected lives of property, plant and equipment, stock provisions and bad debt provisions.
Analysis of turnover by country of destination:
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Redundancy costs and termination payments
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One-off essential Hygiene & Maintenance works
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- 24 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Defined contribution pension cost
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During the year, the Company obtained the following services from the Company's auditor and its associates:
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Fees payable to the Company's auditor for the audit of the Company's financial statements
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The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Management and administration
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- 25 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 2 directors (2024: 4) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £309,829 (2024: £309,850).
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The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £43,981 (2024: £46,650).
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Directors' emoluments include £168,479 (2024: £235,381) paid in lieu of redundancy. This amount includes £168,479 (2024: £141,400) attributable to the highest paid director.
The redundancy cost was classified as exceptional expense (note 5).
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Interest payable and similar expenses
|
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Loans from group undertakings
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- 26 -
|
|
HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Origination and reversal of timing differences
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Adjustments in respect of prior periods
|
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Factors affecting tax charge for the year
|
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The tax assessed for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of25% (2024:25%). The differences are explained below:
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Profit on ordinary activities before tax
|
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%)
|
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Expenses not deductible for tax purposes
|
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Adjustment to tax charge in respect of previous periods - deferred tax
|
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Total tax charge for the year
|
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Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
- 27 -
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|
HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
|
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The value of land included in Freehold property is £81,342 (2024: £81,342).
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Raw materials and consumables
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The value of stock provision charged to the Statement of Comprehensive Income is £101,930 (2024: £448,744).
The difference between purchase price or production cost of stocks and their replacement cost is not material.
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- 28 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Amounts owed by parent company
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Prepayments and accrued income
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Amounts owed by the parent company are unsecured, interest free and repayable on demand.
The value of bad debt provision charged to the Statement of Comprehensive Income is £6,360 (2024: £21,399).
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Cash and cash equivalents
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Invoice discounting facilities are secured over the trade debtors to which they relate, and amount to £107,521 (2024: £309,451).
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, repayable on demand, and incur interest at a rate of 8%.
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- 29 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Credited/(charged) to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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Allotted, called up and fully paid
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421,154 (2024: 421,154) Ordinary shares of £1.00 each
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Ordinary shares have attached to them full voting rights, dividend and capital distribution rights. They do not confer any rights of redemption.
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- 30 -
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HILL BISCUITS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Revaluation reserve
The revaluation reserve represents the historical, pre FRS 102, cumulative revaluation gains on land and buildings. This is maintained separately from the profit and loss account in order to ring-fence non-distributable reserves.
Capital redemption reserve
Capital redemption reserve is a non-distributable reserve and represents amounts in respect of own shares purchased by the Company.
Profit and loss account
This represents the cumulative profits and losses recognised by the Company.
The Company operates a defined contribution pension plan for all employees of the Company. Contributions made into this plan are paid by the Company at rates specified in the rules of the scheme. The total amount recognised in profit and loss during the year was £189,498 (2024: £245,987). Amounts owed at the reporting date amount to £47,658 (2024: £Nil)
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Related party transactions
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The Company has taken advantage of the exemption granted by section 33 of FRS 102 from disclosing related party transactions with wholly owned group companies.
|
At 31 December 2025 the Company's immediate parent company was Ginger Acquisition Company Limited, a company registered in England and Wales with registered number 10442691, by virtue of owning 100% of the share capital.
The accounts of the Company are included within the consolidated accounts of Ginger Acquisition Company Limited, which are publicly available from Tudno Mill, Smith Street, Ashton-Under-Lyne, Lancashire, OL7 0DB.
Ginger Acquisition Company Limited is the smallest group into which the Company is consolidated, the largest group into which the Company is consolidated is Cerealto Global SL, a Company registered in Spain. Copies can be obtained from Cerealto Global SL, Poligono Industrial C/ Tren Rapido, manzanas, A y B. 34200 Venta de Baños (Palencia).
The directors consider the ultimate controlling party to be Cerealto Global, S.L., a company registered in Spain.
- 31 -
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