United Pig Co-operative Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2025

1	General information

The address of its registered office is:
First Floor Pipe House
Lupton Road
Wallingford
Oxfordshire
OX10 9BS

The principal activity of the company is that of a farmer controlled business, marketing livestock produced by its members and non-members.

The financial statements are presented in Pound Sterling (£), which is also the functional currency of the company.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The Directors have considered the impact on the Company's projections and after taking into account reasonably possible changes in forecasts have concluded that the Company has adequate resources to continue in operational existence for the foreseeable future. The Directors therefore continue to adopt the going concern basis in preparing the financial statements.

In reaching this conclusion the Directors have considered the following factors:
- The business does not hold stock as it only facilitates the sale and purchase of pigs between producers and processors, therefore it is protected somewhat from fluctuations in price;
- The business has credit insurance against defaults from customers; and
- The business has additional banking facilities in place that are not forecasted to be required however could be used if needed.

United Pig Co-operative Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 24 April 2026 was Lee Gardner FCA, who signed for and on behalf of Vale & West Accountancy Services Limited.

.........................................

Revenue recognition

Turnover represents commissions and levies charged net of member rebates, based on livestock movements, excluding value added tax.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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 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 taxable income.

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.

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 the Statement of Comprehensive Income.

Depreciation

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:

Motor vehicles - 25% straight line

United Pig Co-operative Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

Goodwill

Goodwill represents the amount paid less the net assets acquired, in connection with the acquisition of two separate businesses in 2010 and 2008.

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:

Goodwill - 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease

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.

United Pig Co-operative Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

2	Accounting policies (continued)

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.

United Pig Co-operative Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2024 - 13).

4

Taxation

	2025 £	2024 £
Corporation tax for the year	(24,670)	(24,670)
Tax refund for previous year	22,907	-
	(1,763)	(24,670)

United Pig Co-operative Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

5	Intangible assets

	Goodwill  £
Cost or valuation
At 1 January 2025	833,702
At 31 December 2025	833,702
Amortisation
At 1 January 2025	833,702
At 31 December 2025	833,702
Carrying amount
At 31 December 2025	-

6	Tangible assets

	Motor vehicles  £
Cost or valuation
At 1 January 2025	223,364
Additions	275,232
Disposals	(120,199)
At 31 December 2025	378,397
Depreciation
At 1 January 2025	155,853
Charge for the year	66,723
Eliminated on disposal	(63,956)
At 31 December 2025	158,620
Carrying amount
At 31 December 2025	219,777
At 31 December 2024	67,511

United Pig Co-operative Ltd.

Notes to the Financial Statements for the Year Ended 31 December 2025 (continued)

7

Debtors

Current	2025 £	2024 £
Trade debtors	20,926,232	13,995,293
Other debtors	103,371	138,163
Corporation tax receivable	22,907	-
	21,052,510	14,133,456

8

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	18,312,869	12,959,078
Taxation and social security	152,589	128,646
Accruals and deferred income	475,969	236,413
Corporation tax payable	24,670	-
	18,966,097	13,324,137

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary share class of £1 each	181	181	100	100