TW Ludgate & Son Ltd

Registered number

07158437

Annual Report of the Directors and

Audited Financial Statements for the Year Ended

31 January 2026

TW Ludgate & Son Ltd

Company Information

Directors

M J Ludgate

A B Ludgate

Auditors

Ridgefield Consulting Ltd

2 Hinksey Court

Church Way

Oxford

Oxfordshire

OX2 9SX

Registered office

2 Hinksey Court

Church Way

Oxford

Oxfordshire

OX2 9SX

Registered number

07158437

TW Ludgate & Son Ltd
Registered number:		07158437
Directors' Report

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

Principal activities
The company's principal activity during the year continued to be that of the wholesale of meat and meat products.

Dividends
The directors recommend a final dividend of £692,500 for the year.

Directors
The following persons served as directors during the year:

	M J Ludgate
	A B Ludgate

Directors' responsibilities

The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.



This report was approved by the board on 15 September 2026 and signed on its behalf.



M J Ludgate
Director

TW Ludgate & Son Ltd
Strategic Report

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

Review of business
The company has continued to grow with improved profitability. Turnover for the year has increased by 15.1% from £18,686,066 to £21,510,187. Gross profit margin is 12.8% (2025: 13.2%). Profit before tax increased by 36.9% to £1,692,515 (2025:£1,235,644). Distributable reserves are in a strong position totalling £4,930,446 (2025: £4,353,566), being an increase of 13.25%.
Principal risks and uncertainties
The company may not perform as expected either due to external factors such as competitive pressure. There is also general risk given the global economic situation, but the directors continue to manage this closely.


This report was approved by the board on 15 September 2026 and signed on its behalf.



M J Ludgate
Director

TW Ludgate & Son Ltd
Independent auditor's report
to the members of TW Ludgate & Son Ltd

Opinion

We have audited the financial statements of TW Ludgate & Son Ltd (the 'company') for the year ended 31 January 2026 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the 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 January 2026 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of 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 the 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.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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 specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:

• enquiring of management concerning actual and potential litigation and claims; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • in addressing the risk of fraud through management override of 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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

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.




Simon Thomas BA, BFP, FCCA, ACA
(Senior Statutory Auditor)		2 Hinksey Court
for and on behalf of		Church Way
Ridgefield Consulting Ltd		Oxford
Statutory Auditor		Oxfordshire
15 September 2026		OX2 9SX

TW Ludgate & Son Ltd
Income Statement
for the year ended 31 January 2026


Notes		2026		2025
£			£

Turnover	2	21,510,187		18,686,066

Cost of sales		(18,748,924)		(16,218,813)

Gross profit		2,761,263		2,467,253

Administrative expenses		(1,221,541)		(1,353,378)

Operating profit	3	1,539,722		1,113,875

Loss on sale of fixed assets		(3,827)		(7,020)
Interest receivable		120,865		128,789
Interest payable	5	(245)		-

Profit on ordinary activities before taxation		1,656,515		1,235,644

Tax on profit on ordinary activities	6	(423,135)		(311,165)

Profit for the financial year		1,233,380		924,479

TW Ludgate & Son Ltd
Statement of Financial Position
as at 31 January 2026

Notes			2026			2025
£				£
Fixed assets
Intangible assets	7		144,000			-
Tangible assets	8		506,858			529,110
			650,858			529,110

Current assets
Stocks	9	320,062			320,511
Debtors	10	1,435,274			1,242,791
Cash at bank and in hand		4,283,099			3,721,959
		6,038,435			5,285,261

Creditors: amounts falling due within one year	11	(1,715,430)			(1,376,611)

Net current assets			4,323,005			3,908,650

Total assets less current liabilities			4,973,863			4,437,760


Provisions for liabilities
Deferred taxation	12		(79,417)			(84,194)

Net assets			4,894,446			4,353,566

Capital and reserves
Called up share capital	13		10,000			10,000
Profit and loss account	14		4,884,446			4,343,566

Total equity			4,894,446			4,353,566




M J Ludgate
Director
Approved by the board on 15 September 2026

TW Ludgate & Son Ltd
Statement of Changes in Equity
for the year ended 31 January 2026

Share		Share		Other		Profit		Total
capital		premium		reserves		and loss
account
£		£		£		£		£

At 1 February 2024	10,000		-		-		4,111,587		4,121,587

Profit for the financial year							924,479		924,479

Dividends							(692,500)		(692,500)

At 31 January 2025	10,000		-		-		4,343,566		4,353,566



At 1 February 2025	10,000		-		-		4,343,566		4,353,566

Profit for the financial year							1,233,380		1,233,380

Dividends							(692,500)		(692,500)

At 31 January 2026	10,000		-		-		4,884,446		4,894,446

TW Ludgate & Son Ltd
Statement of Cash Flows
for the year ended 31 January 2026

Notes		2026		2025
£			£
Operating activities
Profit for the financial year		1,233,380		924,479

Adjustments for:
Loss on sale of fixed assets		3,827		7,020
Interest receivable		(120,865)		(128,789)
Interest payable		245		-
Tax on profit on ordinary activities		423,135		311,165
Depreciation		94,128		100,371
Amortisation of goodwill		36,000		-
Decrease/(increase) in stocks		449		(50,256)
Increase in debtors		(192,483)		(132,703)
Increase/(decrease) in creditors		157,466		(309,426)
		1,635,282		721,861

Interest received		120,865		128,789
Interest paid		(245)		-
Corporation tax paid		(280,509)		(288,169)

Cash generated by operating activities		1,475,393		562,481

Investing activities
Payments to acquire intangible fixed assets		(180,000)		-
Payments to acquire tangible fixed assets		(95,495)		(277,013)
Proceeds from sale of tangible fixed assets		19,792		3,332

Cash used in investing activities		(255,703)		(273,681)

Financing activities
Equity dividends paid		(692,500)		(692,500)

Cash used in financing activities		(692,500)		(692,500)

Net cash generated/(used)
Cash generated by operating activities		1,475,393		562,481
Cash used in investing activities		(255,703)		(273,681)
Cash used in financing activities		(692,500)		(692,500)

Net cash generated/(used)		527,190		(403,700)

Cash and cash equivalents at 1 February		3,709,715		4,113,415
Cash and cash equivalents at 31 January		4,236,905		3,709,715

Cash and cash equivalents comprise:
Cash at bank		4,283,099		3,721,959
Bank overdrafts	11	(46,194)		(12,244)
		4,236,905		3,709,715

TW Ludgate & Son Ltd
Notes to the Accounts
for the year ended 31 January 2026

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery			25% straight line
	Motor vehicles			25% straight line


	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Analysis of turnover					2026		2025
£							£

	Sale of goods					21,510,187		18,686,066

	By geographical market:

	UK					21,510,187		18,686,066


3	Operating profit					2026		2025
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					94,128		100,371
	Amortisation of goodwill					36,000		-
	Auditors' remuneration for audit services					11,400		11,000
	Carrying amount of stock sold					18,690,520		16,159,777


4	Staff costs					2026		2025
£							£

	Wages and salaries					597,001		488,850
	Social security costs					75,788		54,125
	Other pension costs					14,629		248,075
						687,418		791,050

	Staff costs (cont'd)

	Employees					Number	Number

	Average number of employees during the year					15		14


5	Interest payable					2026		2025
£							£

	Other interest					245		-


6	Taxation					2026		2025
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					427,911		280,508

	Deferred tax:
	Origination and reversal of timing differences					(4,776)		30,657


	Tax on profit on ordinary activities					423,135		311,165


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2026		2025
£							£
	Profit on ordinary activities before tax					1,656,515		1,235,644

	Standard rate of corporation tax in the UK					25%		25%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					414,129		308,911

	Effects of:
	Expenses not deductible for tax purposes					45,268		(16,816)
	Capital allowances for period in excess of depreciation					(31,486)		(11,587)

	Current tax charge for period					427,911		280,508


7	Intangible fixed assets							£
	Goodwill:

	Cost
	Additions							180,000
	At 31 January 2026							180,000

	Amortisation
	Provided during the year							36,000
	At 31 January 2026							36,000

	Carrying amount
	At 31 January 2026							144,000

	Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.


8	Tangible fixed assets
		Land and buildings		Plant and machinery		Fixtures, fittings, tools and equipment		Total
		At cost		At cost		At cost
£			£		£		£
	Cost or valuation
	At 1 February 2025	244,781		833,982		114,695		1,193,458
	Additions	-		95,495		-		95,495
	Disposals	-		(121,275)		-		(121,275)
	At 31 January 2026	244,781		808,202		114,695		1,167,678

	Depreciation
	At 1 February 2025	4,196		551,281		108,871		664,348
	Charge for the year	4,028		88,644		1,456		94,128
	On disposals	-		(97,656)		-		(97,656)
	At 31 January 2026	8,224		542,269		110,327		660,820

	Carrying amount
	At 31 January 2026	236,557		265,933		4,368		506,858
	At 31 January 2025	240,585		282,701		5,824		529,110



9	Stocks					2026		2025
£							£

	Raw materials and consumables					320,062		320,511


10	Debtors					2026		2025
£							£

	Trade debtors					1,355,167		1,148,039
	Other debtors					40,675		56,439
	Prepayments and accrued income					39,432		38,313
						1,435,274		1,242,791


11	Creditors: amounts falling due within one year					2026		2025
£							£

	Bank overdrafts					46,194		12,244
	Trade creditors					689,575		671,107
	Corporation tax					427,911		280,508
	Other creditors					534,619		397,125
	Accruals and deferred income					17,131		15,627
						1,715,430		1,376,611


12	Deferred taxation					2026		2025
£							£

	Accelerated capital allowances					79,417		84,194


						2026		2025
£							£

	At 1 February					84,194		53,536
	(Credited)/charged to the profit and loss account					(4,777)		30,658

	At 31 January					79,417		84,194



13	Share capital	Nominal		2026		2026		2025
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		10,000		10,000		10,000


14	Profit and loss account					2026		2025
£							£

	At 1 February					4,343,566		4,111,587
	Profit for the financial year					1,233,380		924,479
	Dividends					(692,500)		(692,500)

	At 31 January					4,884,446		4,343,566


15	Dividends					2026		2025
£							£

	Dividends on ordinary shares (note 14)					692,500		692,500


16	Other financial commitments

	Total future minimum lease payments under non-cancellable operating leases:

						Land and buildings		Land and buildings
						2026		2025
£							£
	Falling due:
	within one year					91,300		91,300
	within two to five years					440,000		440,000
						531,300		531,300


17	Related party transactions

	During the period, the company paid rent of £88,000 (2025: £95,333) to Mr M J Ludgate for the use of the premises. The company also purchased £4,128 of meat from a farm owned by Mr M J Ludgate, nothing was owed to the farm at the year end.


18	Controlling party

	During the current and previous financial year, the company was controlled by Mr M J Ludgate, the director who has a majority shareholding in the company.


19	Presentation currency

	The financial statements are presented in Sterling.

20	Legal form of entity and country of incorporation

	TW Ludgate & Son Ltd is a private company limited by shares and incorporated in England.

21	Principal place of business

	The address of the company's principal place of business is:

	Unit 3b Dormer Road
	Thame Industrial Estate
	Thame
	Oxon
	OX9 3UD