TIDMCRAW
RNS Number : 4008D
Crawshaw Group PLC
29 April 2013
29(th) April 2013
Crawshaw Group PLC
Final Results
Crawshaw Group PLC ("the Company"), the meat focussed retailer,
today reports its audited results for the year ended 31 January,
2013
Results highlights for the year to 31(st) January 2013.
-- Sales for the year GBP18.8m (2012: GBP18.9m)
-- Full year like for like sales up 3% (2012: -4%)
-- EBITDA up 15% at GBP0.7m (2012: GBP0.6m)
-- Profit before tax GBP0.3m (2012: GBPnil)
-- Net debt reduced to GBPnil (2012: GBP0.2m)
-- Earnings per share have risen by a factor of 12 to 0.309p (2012: 0.026p)
For further information, please
contact:
Crawshaw Group PLC
Lynda Sherratt 01709 369 602
WH Ireland Limited (Nominated
Adviser)
Daniel Bate 0161 832 2174
Chairmans' Statement
Sales and gross margin
As mentioned in our interim statement issued on 2 October 2012,
the measures taken to improve our performance in the face of a very
tough retail climate have been working and I'm pleased to be able
to report a continued improvement in trading.
Sales for the year were GBP18.8m, slightly down from the
previous year (GBP18.9m). The reduction in total sales is due to
the planned scale back of our less profitable sales channels.
Like for like sales were up 3% (2012: -4%), and gross margin
further strengthened to 43.7% (2012: 43.3%). Average spend per
retail customer is up 9% versus the previous year as a result of
the management of price points and multi buy offers, partially
offset by a 5% reduction in customer numbers driven by the VAT
changes on the full cooked product offer.
Costs
Total overheads were 1.1% lower at GBP8.0m (2012: GBP8.1m). This
reduction was driven, in the main, by wage efficiency improvements;
however, on going overhead cost control and rent renegotiations
have offset increases in marketing related expenditures.
Profit
EBITDA for the year was GBP0.7m (2012: GBP0.6m). The increase in
profits can be attributed to the improvements in like for like
sales and gross margin plus the reduction in overheads. Operating
profit for the year was GBP0.3m (2012: GBP0.1m excluding asset
impairment). Profit before tax was GBP0.3m (2012: GBPnil).
As mentioned in our interim statement, the Government added VAT
to certain, previously exempt, cooked products from 1st October
2012. Our view was that such an increase would seriously impact
sales and so we decided to invest in additional equipment, staff
and training to implement the processes required to sell certain
lines "on the cool" and therefore VAT free. Our cooked chicken and
joints are therefore now sold on the cool, although certain take
away lines are still kept hot and have therefore now attracted VAT
at 20%.
Our hot sales have indeed been adversely affected, particularly
initially as our staff and customers adopted the new process, but
are not down nearly as much as the recent figures from the British
Poultry council suggest, showing sales in the UK of rotisserie
chickens down 18% in the 23 weeks since the VAT change. We are
therefore pleased we adopted this approach. Nonetheless it was a
disruptive, expensive and challenging development that we could
have done without, and our performance would have been better
without the change.
Dividend
The Board is delighted to propose its maiden dividend of 0.2
pence per share. Shareholder approval will be sought at the Annual
General Meeting, to be held on 24th June 2013, to pay the final
dividend on 31st July, 2013 to shareholders on the register on 28th
June, 2013. The ex-dividend date will be 26th June, 2013.
Cash
After working capital movements and taxation the cash generated
from operating activities was slightly higher than last year at
GBP0.42m (2012 GBP0.39m). Cash of GBP0.17m net, has been utilised
on capital projects (premises/vehicles/IT) and cash balances at the
end of January 2013 were GBP0.85m (2012: GBP0.60m).
As at 31st January 2013, net debt had reduced further to GBPnil,
(2012: GBP0.2m). Post year end we agreed to reduce our mortgage
from GBP840k to GBP540k and extend the facilities for a further 3
years.
Food Safety
Recent months have seen the meat industry adversely affected by
the horse meat scandal. I am pleased to say that Crawshaw Butchers
was not implicated. As an independent retail butcher we provide
unrivalled knowledge of meat, with over 60 years' experience and
source only from accredited suppliers. Our food safety management
systems have been in place for a number of years and we
continuously review and update them to ensure our procedures are in
line with the highest standards. In addition, during the year, we
have undertaken a relationship with the Environmental Health
department at Wakefield Council who now work with us as Primary
Authority to further verify the robustness of our procedures.
Outlook
The retail climate remains challenging; however I am encouraged
by the continued improvements in trading over the first 12 weeks of
the current year. Like for like sales are ahead and we are
particularly pleased with the further increases in gross margin and
improvements in cost we are achieving.
Richard Rose
Chairman
29th April 2013
Directors' report
The directors present their business review and audited
financial statements for the year ended 31 January 2013.
Principal Activity
The principal activity of the Group is the operation of a chain
of meat focused retail food stores. The Group has two distribution
centres in Grimsby and Rotherham, plus 20 retail locations across
Yorkshire, Lincolnshire, Nottinghamshire and Derbyshire.
Business Review
Despite the on going pressure on consumer spend and the
introduction of VAT on hot food from October 1st, 2012/13 has been
a better year with improvements in retail sales, gross margin and
cost control. As a result, Crawshaw Butchers Limited (CBL), the
Company's sole trading subsidiary, traded profitably such that the
Group reported an operating profit of GBP251,818 (2012: GBP135,676
pre exceptionals) on turnover of GBP18,778,427 (2012:
GBP18,889,491). A consolidated income statement is set out on page
11.
A full review of the year, together with an indication of the
outlook for the business is contained in the Chairman's statement
on page 2.
Post Balance Sheet Event
The outstanding loan balance shown in note 20 to the accounts
relates to a mortgage against freehold property which falls due for
renewal shortly after these results. The Board has agreed to repay
GBP300,000 in June, 2013 and renew the mortgage at the lower sum of
GBP540,000, repayable over a 3 year term.
Proposed dividend
The directors propose a final dividend of 0.2 pence per share
(2012: nil pence) .
Key performance indicators, risks and strategic
developments.
KPI 2013 2012 Notes
------------------------- ---------- ---------- -------------------------
Gross profit 43.7% 43.3% Gross profit/revenue
------------------------- ---------- ---------- -------------------------
Current assets : Current
Current ratio 0.61 0.70 Liabilities
------------------------- ---------- ---------- -------------------------
Turnover/average number GBP80,941 GBP79,368 Sales per employee
employees
------------------------- ---------- ---------- -------------------------
The principal risks and uncertainties affecting the Group
include the following:
-- Raw material availability and prices: the Group monitors raw
material sources on a global basis and negotiates forward purchase
contracts where appropriate with key suppliers. However, the
volatility of international currency markets and their impact on
spot raw material prices is an ongoing issue.
-- Environmental risks: the Group places considerable emphasis
upon environmental compliance in its business and not only seeks to
ensure ongoing compliance with relevant legislation but also
strives to ensure that environmental best practice is incorporated
into its key processes.
-- Major disruption/disaster: business continuity planning is reviewed regularly.
-- Food Safety: compliance with legislation is continually
assessed and monitored at every location.
-- The effect of legislation or other regulatory activities: the
group monitors forthcoming and current legislation regularly.
Key areas of strategic development and performance of the
business include:
-- Sales and marketing: new store locations are regularly
reviewed for suitability for growth/replacement of our existing
estate; key supplier and customer relationships are monitored on a
regular basis; new products are researched, tested and trialled
frequently.
-- Competition: it is important that the business continues to
deliver a value proposition to our customers. Key price points from
competitors are monitored regularly.
-- Food Safety: our food safety management systems are
continually reviewed and updated to ensure our procedures are in
line with the highest standards.
Substantial Shareholdings
At 28th February 2013, the directors had been notified of the
following interests in the company's issued ordinary share
capital:
Shareholder Number of
Ordinary
Shares %
-------------------------------- ---------- ------
Richard Rose 7,670,135 13.27
-------------------------------- ---------- ------
Colin Crawshaw 6,265,711 10.84
-------------------------------- ---------- ------
Schroder Investment Management 5,422,607 9.38
-------------------------------- ---------- ------
Isis Equity Partners 5,256,254 9.09
-------------------------------- ---------- ------
Henderson Global Investors 5,097,633 8.82
-------------------------------- ---------- ------
Unicorn Asset Management 4,895,523 8.47
-------------------------------- ---------- ------
John Kelly 4,546,762 7.86
-------------------------------- ---------- ------
Kevin Boyd 3,316,311 5.74
-------------------------------- ---------- ------
Directors and their interests
The interests of the directors in the ordinary shares of the
Company are shown below:
31 January,
2013 31 January, 2012
Number of 5p Number of 5p Ordinary
Ordinary Shares Shares
--------------------- ----------------- -----------------------
Richard S Rose 7,670,135 7,670,135
--------------------- ----------------- -----------------------
Colin B Crawshaw 6,265,711 6,265,711
--------------------- ----------------- -----------------------
Kevin P Boyd 3,316,311 3,316,311
--------------------- ----------------- -----------------------
Lynda Sherratt 1,270,000 20,000
--------------------- ----------------- -----------------------
Mark Naughton-Rumbo - -
--------------------- ----------------- -----------------------
The interests of the Directors in options to acquire shares are
shown below:
31 January, 2013 31 January, 2012
Number of 5p Ordinary Number of 5p Ordinary
Shares Shares
--------------------- ----------------------- -----------------------
Richard S Rose - -
--------------------- ----------------------- -----------------------
Colin B Crawshaw - -
--------------------- ----------------------- -----------------------
Kevin P Boyd 235,294 235,294
--------------------- ----------------------- -----------------------
Lynda Sherratt 117,647 117,647
--------------------- ----------------------- -----------------------
Mark Naughton-Rumbo - -
--------------------- ----------------------- -----------------------
Financial Instruments
The Company's financial risk management objectives can be found
in notes 21 and 22 to the financial statements
Creditor payment policy
The Group agrees payment with its trade creditors and other
suppliers on an individual contract basis at the time the goods and
services are ordered rather than following a standard code. The
policy is to abide by the agreed terms once satisfied that the
goods or services have been provided in accordance with the
contract terms and conditions. The Group's average creditor payment
period at 31 January 2013 was 49 days (2012: 53 days).
Employee involvement
The Group places considerable value on the involvement of its
employees and has continued to keep them informed on matters
affecting them as employees and on the various financial and
economic factors affecting the performance of the Group.
Going concern
After making enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future. For this reason,
they continue to adopt the going concern basis in preparing the
financial statements.
Political and charitable contributions
The Group made no political or charitable donations or incurred
any political expenditure during the current or preceding year.
Disclosure of information to auditors
The directors who held office at the date of approval of this
directors' report confirm that, so far as they are each aware,
there is no relevant audit information of which the Group's
auditors are unaware; and each director has taken all the steps
that he/she ought to have taken as a director to make
himself/herself aware of any relevant audit information and to
establish that the Group's auditors are aware of that
information.
Auditor
In accordance with Section 489 of the Companies Act 2006, a
resolution for the re-appointment of KPMG Audit Plc as auditor of
the company is to be proposed at the forthcoming Annual General
Meeting.
Nominated Advisor and Broker
WH Ireland Limited continues as our nominated adviser and sole
broker.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
---------------------------------------------------------------------------------
FOR THE YEAR ENDED 31 JANUARY 2013
---------------------------------------------------------------------------------
Year ended Year ended
------------------------------------------ ------- ------------- -------------
31 Jan 2013 31 Jan 2012
------------------------------------------ ------- ------------- -------------
Note GBP GBP
------------------------------------------ ------- ------------- -------------
Revenue 18,778,427 18,889,491
------------------------------------------ ------- ------------- -------------
Cost of sales (10,576,493) (10,715,341)
------------------------------------------ ------- ------------- -------------
Gross profit 8,201,934 8,174,150
------------------------------------------ ------- ------------- -------------
Other operating income 3 20,790 21,269
------------------------------------------ ------- ------------- -------------
Administrative expenses-recurring (7,970,906) (8,059,743)
------------------------------------------ ------- ------------- -------------
Administrative expenses-impairment
of Fixed Assets 2 - (130,738)
------------------------------------------ ------- ------------- -------------
Operating profit 251,818 4,938
========================================== ======= ============= =============
Analysed as:
------------------------------------------ ------- ------------- -------------
EBITDA 652,544 563,720
------------------------------------------ ------- ------------- -------------
Impairment,depreciation and amortisation 2 (400,726) (558,782)
------------------------------------------ ------- ------------- -------------
Operating profit 251,818 4,938
========================================== ======= ============= =============
Finance income 7 2,419 4,730
------------------------------------------ ------- ------------- -------------
Finance expenses 7 (17,723) (22,139)
------------------------------------------ ------- ------------- -------------
Net finance expense (15,304) (17,409)
------------------------------------------ ------- ------------- -------------
Share of (loss)/ profit of equity
accounted investees (net of tax) 14,350 14,845
------------------------------------------ ------- ------------- -------------
Profit before income tax 250,864 2,374
------------------------------------------ ------- ------------- -------------
Income tax (expense)/credit 8 (72,388) 12,423
------------------------------------------ ------- ------------- -------------
Total recognised income for the period 178,476 14,797
------------------------------------------ ------- ------------- -------------
Attributable to:
------------------------------------------ ------- ------------- -------------
Equity holders of the Company 178,476 14,797
------------------------------------------ ------- ------------- -------------
Basic profit per ordinary share 0.309p 0.026p
------------------------------------------ ------- ------------- -------------
Diluted profit per ordinary share 0.309p 0.026p
------------------------------------------ ------- ------------- -------------
The Company is taking advantage of the exemption in section 408 of
the Companies Act 2006
not to present its individual income statement.
Balance Sheets
At 31 January 2013
--------------------
Group Group Company Company
----------------------- ------ ------------ ------------ ------------ ------------
Note 2013 2012 2013 2012
----------------------- ------ ------------ ------------ ------------ ------------
ASSETS GBP GBP GBP GBP
----------------------- ------ ------------ ------------ ------------ ------------
Non Current Assets
----------------------- ------ ------------ ------------ ------------ ------------
Property, plant
and equipment 10 4,280,137 4,471,820 - -
----------------------- ------ ------------ ------------ ------------ ------------
Intangible assets
- goodwill and
related Acquisition
intangibles 11 7,521,364 7,556,044 - -
----------------------- ------ ------------ ------------ ------------ ------------
Investment in equity
accounted investees 12 94,350 94,845 - -
----------------------- ------ ------------ ------------ ------------ ------------
Investments in
Subsidiaries 13 11,700,000 11,700,000
----------------------- ------ ------------ ------------ ------------ ------------
Total Non Current
Assets 11,895,851 12,122,709 11,700,000 11,700,000
----------------------- ------ ------------ ------------ ------------ ------------
Current Assets
----------------------- ------ ------------ ------------ ------------ ------------
Inventories 15 507,420 510,508 - -
----------------------- ------ ------------ ------------ ------------ ------------
Trade and other
receivables 16 289,738 306,544 66,686 51,940
----------------------- ------ ------------ ------------ ------------ ------------
Cash and cash
equivalents 850,677 603,095 - -
----------------------- ------ ------------ ------------ ------------ ------------
Total Current
Assets 1,647,835 1,420,147 66,686 51,940
----------------------- ------ ------------ ------------ ------------ ------------
Total Assets 13,543,686 13,542,856 11,766,686 11,751,940
----------------------- ------ ------------ ------------ ------------ ------------
SHAREHOLDERS' EQUITY
----------------------- ------ ------------ ------------ ------------ ------------
Share capital 19 2,890,940 2,890,940 2,890,940 2,890,940
----------------------- ------ ------------ ------------ ------------ ------------
Share premium 19 6,317,618 6,317,618 6,317,618 6,317,618
----------------------- ------ ------------ ------------ ------------ ------------
Reverse acquisition
reserve 19 446,563 446,563 - -
----------------------- ------ ------------ ------------ ------------ ------------
Merger Reserve 19 - - 508,146 508,146
----------------------- ------ ------------ ------------ ------------ ------------
Retained earnings 19 466,476 288,000 (10,671) 193,379
----------------------- ------ ------------ ------------ ------------ ------------
Total Shareholders'
Equity 10,121,597 9,943,121 9,706,033 9,910,083
----------------------- ------ ------------ ------------ ------------ ------------
LIABILITIES
----------------------- ------ ------------ ------------ ------------ ------------
Non Current
Liabilities
----------------------- ------ ------------ ------------ ------------ ------------
Other payables 17 259,212 298,685 - -
----------------------- ------ ------------ ------------ ------------ ------------
Interest bearing
loans and borrowings 20 - 840,000 - -
----------------------- ------ ------------ ------------ ------------ ------------
Deferred tax
liabilities 14 457,218 434,984 - -
----------------------- ------ ------------ ------------ ------------ ------------
Total Non Current
Liabilities 716,430 1,573,669 - -
----------------------- ------ ------------ ------------ ------------ ------------
Current Liabilities
----------------------- ------ ------------ ------------ ------------ ------------
Trade and other
payables 17 1,865,659 2,026,066 2,060,653 1,841,857
----------------------- ------ ------------ ------------ ------------ ------------
Interest bearing
loans and borrowings 20 840,000 - - -
----------------------- ------ ------------ ------------ ------------ ------------
Total Current
Liabilities 2,705,659 2,026,066 2,060,653 1,841,857
----------------------- ------ ------------ ------------ ------------ ------------
Total Liabilities 3,422,089 3,599,735 2,060,653 1,841,857
----------------------- ------ ------------ ------------ ------------ ------------
Total Equity and
Liabilities 13,543,686 13,542,856 11,766,686 11,751,940
----------------------- ------ ------------ ------------ ------------ ------------
These financial statements were approved by the Board of Directors on
29(th) April 2013 and
were signed on its behalf by:
Lynda Sherratt
Finance Director
Company registered number: 04755803
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
----------------------------------------------------------------------------------------
Reverse Capital
Share Share Acquisition Cont'n Retained
Capital Premium Reserve Reserve Earnings Total Equity
GBP GBP GBP GBP GBP GBP
------------ ---------- ---------- ------------ ---------- --------- -------------
Balance at
1 February
2011 2,890,940 6,317,618 446,563 149,311 123,892 9,928,324
------------ ---------- ---------- ------------ ---------- --------- -------------
Profit for
the
Period - - - - 14,797 14,797
------------ ---------- ---------- ------------ ---------- --------- -------------
Capital
Reduction
in
Subsidiary
Company - - - (149,311) 149,311 0
------------ ---------- ---------- ------------ ---------- --------- -------------
Balance at
31
January
2012 2,890,940 6,317,618 446,563 0 288,000 9,943,121
------------ ---------- ---------- ------------ ---------- --------- -------------
Balance at
1 February
2012 2,890,940 6,317,618 446,563 0 288,000 9,943,121
------------ ---------- ---------- ------------ ---------- --------- -------------
Profit for
the
period - - - - 178,476 178,476
------------ ---------- ---------- ------------ ---------- --------- -------------
Balance at
31
January
2013 2,890,940 6,317,618 446,563 - 466,476 10,121,597
------------ ---------- ---------- ------------ ---------- --------- -------------
Cash Flow Statements
For the period ended 31 January 2013
--------------------------------------
Group Group Company Company
------------------------------------ ----------- ----------- ----------- -----------
Year Year Year Year
ended ended ended ended
------------------------------------ ----------- ----------- ----------- -----------
31 January 31 January 31 January 31 January
2013 2012 2013 2012
------------------------------------ ----------- ----------- ----------- -----------
Cash flows from operating
activities GBP GBP GBP GBP
------------------------------------ ----------- ----------- ----------- -----------
Profit/(Loss)for the period 178,476 14,797 (204,050) (156,445)
------------------------------------ ----------- ----------- ----------- -----------
Adjustments for:
------------------------------------ ----------- ----------- ----------- -----------
Depreciation and amortisation 390,913 554,840 - -
------------------------------------ ----------- ----------- ----------- -----------
Loss on sale of property,
plant and equipment 9,813 3,942 - -
------------------------------------ ----------- ----------- ----------- -----------
Net financial charges 15,304 17,409 - -
------------------------------------ ----------- ----------- ----------- -----------
Share of loss/(profit) of
equity accounted investees
(net of tax) (14,350) (14,845) - -
------------------------------------ ----------- ----------- ----------- -----------
Taxation 72,388 (12,423) (65,619) (50,919)
------------------------------------ ----------- ----------- ----------- -----------
Operating cashflow before
movements in working capital 652,544 563,720 (269,669) (207,364)
------------------------------------ ----------- ----------- ----------- -----------
Movement in trade and other
receivables 16,806 65,158 (46) 2,997
------------------------------------ ----------- ----------- ----------- -----------
Movement in trade and other
payables (205,033) 27,788 4,123 5,383
------------------------------------ ----------- ----------- ----------- -----------
Movement in inventories 3,088 (148,861) - -
------------------------------------ ----------- ----------- ----------- -----------
Tax Paid (45,000) (118,643) - -
------------------------------------ ----------- ----------- ----------- -----------
Net cash (used in)/ generated
from operating activities 422,405 389,162 (265,592) (198,984)
------------------------------------ ----------- ----------- ----------- -----------
Cash flows from investing
activities
------------------------------------ ----------- ----------- ----------- -----------
Purchase of property, plant
and equipment (186,572) (201,037) - -
------------------------------------ ----------- ----------- ----------- -----------
Proceeds from sale of
property,plant
& equipment 12,208 88,556 - -
------------------------------------ ----------- ----------- ----------- -----------
Received from equity accounted
investees 14,845 20,207 - -
------------------------------------ ----------- ----------- ----------- -----------
Interest received 2,419 4,730 - -
------------------------------------ ----------- ----------- ----------- -----------
Interest paid (17,723) (22,139) - -
------------------------------------ ----------- ----------- ----------- -----------
Net cash (used in)/ generated
by investing activities (174,823) (109,683) - -
------------------------------------ ----------- ----------- ----------- -----------
Cash flows from financing
activities
------------------------------------ ----------- ----------- ----------- -----------
Repayment of loans - (400,000) - -
------------------------------------ ----------- ----------- ----------- -----------
Movements in amounts owed
by group companies - - 265,592 198,984
------------------------------------ ----------- ----------- ----------- -----------
Net cash (used in)/ generated
from financing activities - (400,000) 265,592 198,984
------------------------------------ ----------- ----------- ----------- -----------
Net change in cash and cash
equivalents 247,582 (120,521) - -
------------------------------------ ----------- ----------- ----------- -----------
Cash and cash equivalents
at start of period 603,095 723,616 - -
------------------------------------ ----------- ----------- ----------- -----------
Cash and cash equivalents
at end of period 850,677 603,095 - -
------------------------------------ ----------- ----------- ----------- -----------
Notes to the financial statements
(forming part of the financial statements)
1. ACCOUNTING POLICIES
Crawshaw Group Plc (the "Company") is a company incorporated and
domiciled in the UK.
The group financial statements consolidate those of the Company
and its subsidiaries (together referred to as the "Group") and
equity account the Group's interest in jointly controlled entities.
The parent company financial statements present information about
the Company as a separate entity and not about its group.
Both the parent company financial statements and the group
financial statements have been prepared and approved by the
directors in accordance with International Financial Reporting
Standards as adopted by the EU ("Adopted IFRSs"). On publishing the
parent company financial statements here together with the group
financial statements, the Company is taking advantage of the
exemption in s408 of the Companies Act 2006 not to present its
individual income statement and related notes that form a part of
these approved financial statements.
The following new and revised IFRS have been adopted in these
consolidated financial statements. The application of these new and
revised IFRSs has not had any material impact on the amounts
reported for the current and prior years but may affect the
accounting for future transactions or arrangements. Other new
standards and interpretations have no significant impact on the
Group.
The following amendments to standards are mandatory for the
first time for the financial period beginning 30 January 2012, but
do not have a material impact on the Group:
- Amendment to IFRS 7, 'Financial Instruments: Disclosures on
transfers of assets';
- Amendment to IFRS 1, 'First time adoption', on fixed dates and
'hyperinflation'; and
- Amendment to IAS 12, 'Income taxes', on deferred tax.
The Group has not yet applied the following new and revised
IFRSs that are not yet effective for which early adoption is
permitted:
New IFRS and amendments to IAS and interpretations
There are a number of standards and interpretations issued by
the IASB that are effective for financial statements after this
reporting period. The following have not been early adopted by the
Group:
International Financial Effective for accounting
Reporting Standards periods starting
on or after
IAS 1* Amendment to financial statement 1 July 2012
presentation
IAS 19* Amendment to employee benefits 1 January 2013
IFRS 10** Consolidated financial statements 1 January 2013
IFRS 11** Joint arrangements 1 January 2013
IFRS 12** Disclosures of interests in other 1 January 2013
entities
IFRS 10, 11 and 12 Amendments in transition 1 January 2013
guidance
IFRS 13* Fair value measurement 1 January 2013
IAS 27** Separate financial statements (revised 1 January 2013
2011)
IAS 28** Associates and joint ventures (revised 1 January 2013
2011)
IFRS 7* Amendment to financial instruments: 1 January 2013
disclosures
IFRS 1 Amendment to first time adoption 1 January 2013
IAS 32* Amendment to financial instruments: 1 January 2014
presentation
* Endorsed by the European Union
** Endorsed by the European Union for periods
starting on or after 1 January 2014
The application of these standards and interpretations is not
anticipated to have a material effect on the Group's financial
statements.
BASIS OF CONSOLIDATION
Subsidiaries
Subsidiaries are entities controlled by the Group. Control
exists when the Group has the power to govern the financial and
operating policies of an entity so as to obtain benefits from its
activities. In assessing control, the Group takes into
consideration potential voting rights that are currently
exercisable. The acquisition date is the date on which control is
transferred to the acquirer. The financial statements of
subsidiaries are included in the consolidated financial statements
from the date that control commences until the date that control
ceases.
Jointly controlled entities are those entities over whose
activities the Group has joint control, established by contractual
agreement and requiring the venturers' unanimous consent for
strategic financial and operating decisions. Jointly controlled
entities are accounted for using the equity method (equity
accounted investees) and are initially recognised at cost. The
Group's investment includes goodwill identified on acquisition, net
of any accumulated impairment losses. The consolidated financial
statements include the Group's share of the total comprehensive
income and equity movements of equity accounted investees, from the
date that joint control commences until the date that joint control
ceases. When the Group's share of losses exceeds its interest in an
equity accounted investee, the Group's carrying amount is reduced
to nil and recognition of further losses is discontinued except to
the extent that the Group has incurred legal or constructive
obligations or made payments on behalf of an investee.
The accounting policies set out below have, unless otherwise
stated, been applied consistently to all periods presented in these
consolidated financial statements.
GOING CONCERN
The Group's business activities, together with the factors
likely to affect its future development, performance and position
are set out on the business review on pages 5-6. In addition, notes
20 and 21 set out the Group's objectives, policies and processes
for managing its capital and exposures to credit and liquidity
risk.
As highlighted in note 22, the Group meets its day to day
working capital requirements through cash generated from operations
and borrowings. Current cash headroom (being cash on hand and
available overdraft facility) totals GBP1.1m.
The Group continue to have access to an overdraft facility at
the same level of GBP0.25m based on forecast cash scenarios. This
facility falls due for review in April 2014. The outstanding loan
balance shown in note 20 relates to a mortgage against freehold
property which falls due for renewal in June 2013. The Board has
agreed to repay GBP300,000 in June, 2013 and renew the mortgage at
the lower sum of GBP540,000, repayable over a 3 year term.
The Group's forecasts and cash projections, taking account of
reasonably possible changes in trading performance as a result of
the uncertain economic conditions, show that the Group should be
able to operate comfortably within its secured level of available
facility.
The directors have a reasonable expectation that the company and
group have adequate resources to continue in operational existence
for the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the annual report and
accounts.
CLASSIFICATION OF FINANCIAL INSTRUMENTS ISSUED BY THE GROUP
In applying policies consistent with IAS 32, financial
instruments issued by the Group are treated as equity only to the
extent that they meet the following two conditions:
(a) they include no contractual obligations upon the Group to
deliver cash or other financial assets or to exchange financial
assets or financial liabilities with another party under conditions
that are potentially unfavourable to the Group; and
(b) where the instrument will or may be settled in the Group's
own equity instruments, it is either a non-derivative that includes
no obligation to deliver a variable number of the Group's own
equity instruments or is a derivative that will be settled by the
Group's exchanging a fixed amount of cash or other financial assets
for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of
issue are classified as a financial liability. Where the instrument
so classified takes the legal form of the Group's own shares, the
amounts presented in this financial information for called up share
capital and share premium account exclude amounts in relation to
those shares.
Preference share capital is classified as equity if it is
non-redeemable, or redeemable only at the Company's option, and any
dividends are discretionary. Dividends thereon are recognised as
distributions within equity upon approval by the Group's
shareholders.
Preference share capital is classified as a liability if it is
redeemable on a specific date or at the option of the shareholders,
or if dividend payments are not discretionary. Dividends thereon
are recognised as interest expense in profit or loss as
accrued.
Finance payments associated with financial liabilities are dealt
with as part of finance expenses. Finance payments associated with
financial instruments that are classified in equity are treated as
distributions and are recorded directly in equity.
NON-DERIVATIVE FINANCIAL INSTRUMENTS
Non-derivative financial instruments comprise investments in
equity securities, trade and other receivables, cash and cash
equivalents and trade and other payables.
Trade and other receivables are recognised at stated cost less
impairment losses. It is the Company's policy to review trade and
other receivable balances for evidence of impairment at each
reporting date. Any receivables which give significant cause for
concern are written down to the best estimate of the recoverable
amount.
Cash and cash equivalents comprise cash-in-hand and
cash-at-bank.
Trade and other payables are recognised at stated cost.
ASSOCIATES AND JOINTLY CONTROLLED ENTITIES (equity accounted
investees)
Associates are those entities in which the Group has significant
influence, but not control, over the financial and operating
policies. Significant influence is presumed to exist when the Group
holds between 20 and 50 percent of the voting power of another
entity. Joint ventures are those entities over whose activities the
Group has joint control, established by contractual agreement and
requiring unanimous consent for strategic financial and operating
decisions.
Associates and jointly controlled entities are accounted for
using the equity method (equity accounted investees) and are
initially recognised at cost. The Group's investment includes
goodwill identified on acquisition, net of any accumulated
impairment losses. The consolidated financial statements include
the Group's share of the income and expenses and equity movements
of equity accounted investees, after adjustments to align the
accounting policies with those of the Group, from the date that
significant influence or joint control commences until the date
that significant influence or joint control ceases. When the
Group's share of losses exceeds its interest in an equity accounted
investee, the carrying amount of that interest (including any
long-term investments) is reduced to nil and the recognition of
further losses is discontinued except to the extent that the Group
has an obligation or has made payments on behalf of the
investee.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less
accumulated depreciation and impairment losses.
Depreciation is charged to the income statement on a
straight-line basis over the estimateduseful lives of each part of
an item of property, plant and equipment. Residual values of
property, plant and equipment is assumed to be nil. Land is not
depreciated. The estimated useful lives are as follows:
-- Freehold property 2%
-- Leasehold buildings in accordance with the lease
term
-- Leasehold improvements in accordance with the lease
term
-- Plant, equipment and vehicles 10-25% on reducing balance
INTANGIBLE ASSETS AND GOODWILL
Goodwill represents amounts arising on acquisition of
businesses. In respect of business acquisitions that have occurred
since 11 December 2006, goodwill represents the difference between
the cost of the acquisition and the fair value of the net
identifiable assets acquired. Identifiable intangibles are those
which can be sold separately or which arise from legal rights
regardless of whether those rights are separable.
Goodwill is stated at cost less any accumulated impairment
losses. Goodwill is allocated to cash-generating units and is not
amortised but is tested annually for impairment. Any impairment is
then recognised immediately in profit or loss and is not
subsequently reversed.
Intangible assets that are acquired by the Group, which have
finite useful lives, are measured at cost less accumulated
amortisation and accumulated impairment losses.
IFRS 1 grants certain exemptions from the full requirements of
Adopted IFRSs in the transition period. The Company elected not to
restate business combinations in Crawshaw Butchers Limited that
took place prior to 1 February 2006. In respect of acquisitions
prior to 1 February 2006, goodwill is included at 1 February 2006
on the basis of its deemed cost, which represents the amount
recorded under UK GAAP which was broadly comparable save that only
separable intangibles were recognised and goodwill was
amortised.
AMORTISATION
Amortisation is recognised in the statement of comprehensive
income on a straight-line basis over the estimated useful lives of
intangible assets, other than goodwill, from the date that they are
available for use. The estimated useful lives for the current and
comparative periods are as follows:
-- Brand 20 years
IMPAIRMENT
The carrying amounts of the Group's assets are reviewed at each
balance sheet date to determine whether there is any indication of
impairment. If any such indication exists, the asset's recoverable
amount is estimated.
For goodwill and intangible assets that are not yet available
for use, the recoverable amount is estimated at each balance sheet
date.
An impairment loss is recognised whenever the carrying amount of
an asset or its cash-generating unit exceeds its recoverable
amount. Impairment losses are recognised in the statement of
comprehensive income.
Impairment losses recognised in respect of cash-generating units
are allocated first to reduce the carrying amount of any goodwill
allocated to cash-generating units and then to reduce the carrying
amount of the other assets in the unit on a pro rata basis. A cash
generating unit is the smallest identifiable group of assets that
generates cash inflows that are largely independent of the cash
inflows from other assets or groups of assets.
Calculation of recoverable amount
The recoverable amount of other assets is the greater of their
fair value less costs to sell and value in use. In assessing value
in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks
specific to the asset. For an asset that does not generate largely
independent cash inflows, the recoverable amount is determined for
the cash-generating unit to which the asset belongs.
Reversals of impairment
An impairment loss in respect of goodwill is not reversed.
In respect of other assets, an impairment loss is reversed when
there is an indication that the impairment loss may no longer exist
and there has been a change in the estimates used to determine the
recoverable amount.
An impairment loss is reversed only to the extent that the
asset's carrying amount does not exceed the carrying amount that
would have been determined, net of depreciation or amortisation, if
no impairment loss had been recognised.
PROVISIONS
A provision is recognised in the balance sheet when the Group
has a present legal or constructive obligation as a result of a
past event, and it is probable that an outflow of economic benefits
will be required to settle the obligation. If the effect is
material, provisions are determined by discounting the expected,
risk adjusted, future cash flows at a pre-tax risk-free rate.
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognised at their fair value
and thereafter at amortised cost less impairment charges.
INVENTORIES
Inventories are stated at the lower of cost and net realisable
value, after making due allowance for obsolete and slow moving
items. Cost comprises purchase price and an allocation of
production overheads. Net realisable value is estimated selling
price in the ordinary course of business, less the estimated costs
of completion and selling expenses.
Inventories are primarily goods for resale.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash-in-hand and cash-at
bank. Bank overdrafts that are repayable on demand and form an
integral part of the Group's cash management are included as a
component of cash and cash equivalents for the purpose only of the
statement of cash flows.
EMPLOYEE BENEFITS
Defined contribution plans
The Group operates a defined contribution pension scheme. The
assets of the scheme are held separately from those of the Group in
an independently administered fund. Obligations for contributions
to defined contribution pension plans are recognised as an expense
in the income statement as incurred.
Short-term benefits
Short-term employee benefit obligations are measured on an
undiscounted basis and are expensed as the related service is
provided. A provision is recognised for the amount expected to be
paid under short-term cash bonus or profit-sharing plans if the
Group has a present legal or constructive obligation to pay this
amount as a result of past service provided by the employee and the
obligation can be estimated reliably.
REVENUE
Revenue is mainly derived from retail butcher activities, stated
after trade discounts, VAT and any other sales taxes. Revenue from
the sale of goods is recognised in the statement of comprehensive
income when the significant risks and rewards of ownership have
been transferred to the buyer. Where the Group sells to
distributors, revenue from the sale of goods is recognised where
there are no further obligations on the Group and when the
associated economic benefits are due to the Group and the turnover
can be reliably measured.
EXPENSES
Operating lease payments
Payments made under operating leases are recognised in the
statement of comprehensive income on a straight-line basis over the
term of the lease. Lease incentives received are recognised in the
income statement as an integral part of the total lease
expense.Lease incentives are recognised in the income statement on
a straight-line basis over the term of the associated lease.
Net financing costs
Net financing costs comprise interest payable, finance charges
on shares classified as liabilities, interest receivable on funds
invested and dividend income.
Interest income and interest payable is recognised in profit or
loss as it accrues, using the effective interest method. Dividend
income is recognised in the income statement on the date the
entity's right to receive payments is established.
Borrowing costs
In the current year borrowing costs are expensed in the
consolidated statement of comprehensive income as incurred.
TAXATION
Tax on the profit or loss for the period comprises current and
deferred tax. Tax is recognised in the statement of comprehensive
income except to the extent that it relates to items recognised
directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income
for the period, using tax rates enacted or substantively enacted at
the balance sheet date, and any adjustment to tax payable in
respect of previous periods.
Deferred tax is provided on temporary differences between the
carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. The following
temporary differences are not provided for: the initial recognition
of goodwill; the initial recognition of assets or liabilities that
affect neither accounting nor taxable profit other than in a
business combination, and differences relating to investments in
subsidiaries to the extent that they will probably not reverse in
the foreseeable future. The amount of deferred tax provided is
based on the expected manner of realisation or settlement of the
carrying amount of assets and liabilities, using tax rates enacted
or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is
probable that future taxable profits will be available against
which the asset can be utilised.
BANK LOANS, OVERDRAFTS AND LOAN NOTES
Interest-bearing bank loans, overdrafts and loan notes are
recorded at the proceeds received, net of direct issue costs.
Finance charges, including premiums payable on settlement or
redemption and direct issue costs, are accounted for on an accruals
basis in profit or loss using the effective interest rate method
and are added to the carrying amount of the instrument to the
extent that they are not settled in the period in which they
arise.
SEGMENTAL REPORTING
An operating segment is a component of the Group that engages in
business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to
transactions with any of the Group's other components. Operating
segments' operating results are reviewed regularly by the Group's
Managing Director to make decisions about resources to be allocated
to the segment and assess its performance, and for which discrete
financial information is available. The Directors consider each
location to be a separate operating segment. The Directors have
applied the provisions within IFRS 8 for aggregation of operating
segments with similar risks and markets, to have one reportable
segment. The Group's business operations are conducted exclusively
in the UK so geographical segment reporting is not required.
SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial information in conformity with
IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expenses. The
estimates and underlying assumptions are reviewed on an ongoing
basis.
The estimates associated with the assumptions are based on
historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form
the basis for making judgements about the carrying values of assets
and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to estimates are recognised in the period
in which the estimate is revised if the revision only affects that
period, or in the period of revision and future periods if the
revision affects both current and future periods.
The key sources of estimation uncertainty at the balance sheet
date are:
GOODWILL
Determining whether goodwill is impaired requires an estimation
of the value in use of the cash-generating unit(s) to which
goodwill has been allocated. The value in use calculation requires
the entity to estimate the future cash flows expected to arise from
the cash-generating unit and a suitable discount rate in order to
calculate present value.
The carrying amount of goodwill at the balance sheet date was
GBP7.0 million. Details of the present value calculation are
provided in note 11.
BRAND INTANGIBLES
The royalty relief approach is considered the most appropriate
method to determine the value of the brand. A royalty percentage of
1% has been applied to revenue streams for the twenty years ended
31 January 2028 from the branch network carrying the Crawshaw
brand. These were discounted at 15.7% to arrive at an initial
carrying value of GBP693,558. This is amortised over the finite
life of twenty years, with the amortisation charge being included
within administrative expenses in the statement of comprehensive
income.
2. EXCEPTIONAL ITEMS
Exceptional costs in the period relate
to
---------------------------------------- ------ --------
2013 2012
---------------------------------------- ------ --------
GBP GBP
---------------------------------------- ------ --------
Impairment of Fixed Assets - 130,738
---------------------------------------- ------ --------
3. OTHER OPERATING INCOME
2013 2012
----------------------- ------- -------
GBP GBP
----------------------- ------- -------
RGV management charge 12,000 12,000
----------------------- ------- -------
Other 8,790 9,269
----------------------- ------- -------
TOTAL 20,790 21,269
----------------------- ------- -------
The Group charges RGV Refrigeration a management charge each
period for administration services. The Group has an investment in
RGV Refrigeration, which is described further in note 12.
4. EXPENSES AND AUDITORS REMUNERATION
Included in operating profit are the following:
2013 2012
GBP GBP
Depreciation of property, plant and equipment
(owned)(note 11) 356,233 520,160
Amortisation of intangible assets (note
10) 34,680 34,680
Loss/(profit) on sale of property, plant
and equipment 9,813 5,942
Auditors' remuneration:
2013 2012
GBP GBP
Audit of these financial statements 14,000 13,600
Amounts receivable by the auditors and their
associates in respect of:
Audit of financial statements of subsidiaries
pursuant to legislation 20,000 20,000
Other services relating to taxation 7,500 7,000
Vat related and other Advisory services 6,300 7,000
------ ------
Total auditors' remuneration 47,800 47,600
====== ======
5. STAFF NUMBERS AND COSTS
The average number of persons employed by the Company (including
directors) during the period, analysed by category, was as
follows:
Number of employees
2013 2012
Management 5 5
Other 227 233
232 238
The aggregate payroll costs of these persons were as
follows:
2013 2012
GBP GBP
Wages and salaries 4,019,441 4,102,909
Social security costs 334,797 342,833
Other pension costs 71,037 71,037
4,425,275 4,516,779
6. KEY MANAGEMENT COMPENSATION
2013 2012
GBP GBP
Wages and salaries 274,524 280,524
Company contributions to money purchase
pension plans 70,000 70,000
The Group considers key management personnel as defined in IAS24
'Related Party Disclosures' to be the Directors of the Group.
Detailed disclosures of individual remuneration, pension
entitlements and share options, for those directors who served
during the year, are given in the Report of the Remuneration
Committee on page 8, these numbers have been audited. The aggregate
of emoluments and amounts receivable under long term incentive
schemes of the highest paid director was GBP68,240 (2012:
GBP68,562),and company pension contributions of GBP50,000 (2012:
GBP50,000) were made to a money purchase scheme on his behalf.
Number of directors
2013 2012
Retirement benefits are accruing to the
following number of directors under:
Money purchase schemes 2 2
7. FINANCE AND INCOME EXPENSE
2013 2012
GBP GBP
Bank interest received 2,419 5
Other Interest - 4,725
Financial income 2,419 4,730
Bank interest paid 17,723 22,139
Financial expenses 17,723 22,139
8. INCOME TAX EXPENSE
Recognised in the income statement 2013 2012
------------------------------------------------ --------- ---------
The income tax expense is based on the GBP GBP
estimated effective rate of taxation
on trading for the period and represents:
------------------------------------------------ --------- ---------
Current tax 94,456 72,235
------------------------------------------------ --------- ---------
Adjustments for prior year (44,303) (32,695)
------------------------------------------------ --------- ---------
50,153 39,540
------------------------------------------------ --------- ---------
Deferred tax:
------------------------------------------------ --------- ---------
Origination and reversal of timing differences (5,514) (14,316)
------------------------------------------------ --------- ---------
Adjustments for prior year 44,000 1,981
------------------------------------------------ --------- ---------
Effect of rate change (16,251) (39,628)
------------------------------------------------ --------- ---------
22,235 (51,963)
------------------------------------------------ --------- ---------
Income tax (credit)/ expense 72,388 (12,423)
------------------------------------------------ --------- ---------
Reconciliation of effective tax rate 2013 2012
-------------------------------------- --------- ---------
GBP GBP
-------------------------------------- --------- ---------
Profit/(Loss) for the period 178,476 14,797
-------------------------------------- --------- ---------
Total Tax Expense 72,388 (12,423)
-------------------------------------- --------- ---------
Profit/(Loss) excluding taxation 250,864 2,374
-------------------------------------- --------- ---------
Tax using UK Corporation tax rate of
24.33% 61,044 625
-------------------------------------- --------- ---------
Non-deductible expenses 27,578 56,532
-------------------------------------- --------- ---------
Adjustment in respect of prior years (16,554) (30,714)
-------------------------------------- --------- ---------
Change of deferred tax rate to 25% - (39,629)
-------------------------------------- --------- ---------
Tax not at standard rate 320 763
-------------------------------------- --------- ---------
Total tax (credit)/expense 72,388 (12,423)
-------------------------------------- --------- ---------
The 2012 Budget on 21 March 2012 announced that the UK
corporation tax rate will reduce to 22% by 2014. Reductions in the
rate from 26% to 23% (effective from 1(st) April, 2012 and 1(st)
April, 2013) were substantively enacted on 26(th) March, 2012 and
3(rd) July, 2012 respectively.
This will reduce the company's future current tax charge
accordingly and further reduce the deferred tax liability at 31(st)
January 2012 (which has been calculated based on the rate of 23%
substantively enacted at the balance sheet date).
It has not yet been possible to quantify the full anticipated
effect of the announced further 1% rate reduction, although this
will further reduce the company's future current tax charge and
reduce the company's deferred tax liability accordingly.
9. EARNINGS PER ORDINARY SHARE
Basic earnings per ordinary share is calculated by dividing the
earnings attributable to the ordinary shareholders by the weighted
average number of ordinary shares outstanding during the year of
57,818,801 (31/1/12: 57,818,801).
Diluted EPS is calculated by dividing the profit for the year
attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue adjusted to assume conversion of
all potentially dilutive ordinary shares from the start of the year
giving a figure of 57,818,801 (31/1/12: 57,818,801).
The calculation of the basic and diluted earnings per share is
based on the following data:
2013 2012
-------------------------- -------- -------
GBP GBP
-------------------------- -------- -------
Earnings attributable to
shareholders 178,476 14,797
-------------------------- -------- -------
10. PROPERTY, PLANT AND EQUIPMENT
Land and Buildings
----------------------- ------------------------- ----------------------------
Leasehold Plant,equipment
Freehold improvements and vehicles Total
----------------------- --------- -------------- ---------------- ----------
Cost GBP GBP GBP GBP
----------------------- --------- -------------- ---------------- ----------
Balance at 1 February
2012 755,294 3,467,083 1,605,155 5,827,532
----------------------- --------- -------------- ---------------- ----------
Additions at cost 60,085 5,367 121,120 186,572
----------------------- --------- -------------- ---------------- ----------
Disposals - - (64,761) (64,761)
----------------------- --------- -------------- ---------------- ----------
Balance at 31 January
2013 815,379 3,472,450 1,661,514 5,949,343
----------------------- --------- -------------- ---------------- ----------
Depreciation and
impairment
----------------------- --------- -------------- ---------------- ----------
Balance at 1 February
2012 70,688 751,746 533,278 1,355,712
----------------------- --------- -------------- ---------------- ----------
Depreciation charge
for the year 19,438 207,241 129,554 356,233
----------------------- --------- -------------- ---------------- ----------
Disposals - - (42,739) (42,739)
----------------------- --------- -------------- ---------------- ----------
Balance at 31 January
2013 90,126 958,987 620,093 1,669,206
----------------------- --------- -------------- ---------------- ----------
Net book value
----------------------- --------- -------------- ---------------- ----------
At 31 January 2013 725,253 2,513,463 1,041,421 4,280,137
----------------------- --------- -------------- ---------------- ----------
At 31 January 2012 684,606 2,715,337 1,071,877 4,471,820
----------------------- --------- -------------- ---------------- ----------
There are no items of property, plant and equipment in the
Company.
For details of security given over property, plant and equipment
see note 20.
PRIOR YEAR
Land and Buildings
----------------------- --------------- ------------------------- ---------------- ----------
Asset under Leasehold Plant,equipment
construction Freehold improvements and vehicles Total
----------------------- --------------- --------- -------------- ---------------- ----------
Cost GBP GBP GBP GBP GBP
----------------------- --------------- --------- -------------- ---------------- ----------
Balance at 1 February
2011 508,077 753,467 2,828,783 1,628,504 5,718,831
----------------------- --------------- --------- -------------- ---------------- ----------
Additions at cost - 1,827 130,223 68,987 201,037
----------------------- --------------- --------- -------------- ---------------- ----------
Disposals - - - (92,336) (92,336)
----------------------- --------------- --------- -------------- ---------------- ----------
Transfer (508,077) - 508,077 - -
----------------------- --------------- --------- -------------- ---------------- ----------
Balance at 31 January
2012 - 755,294 3,467,083 1,605,155 5,827,532
----------------------- --------------- --------- -------------- ---------------- ----------
Depreciation and
impairment
----------------------- --------------- --------- -------------- ---------------- ----------
Balance at 1 February
2011 - 54,981 427,518 412,890 895,389
----------------------- --------------- --------- -------------- ---------------- ----------
Depreciation charge
for the year - 15,707 324,228 180,225 520,160
----------------------- --------------- --------- -------------- ---------------- ----------
Disposals - - - (59,837) (59,837)
----------------------- --------------- --------- -------------- ---------------- ----------
Balance at 1 January
2012 - 70,688 751,746 533,278 1,355,712
----------------------- --------------- --------- -------------- ---------------- ----------
Net book value
----------------------- --------------- --------- -------------- ---------------- ----------
At 31 January 2011 508,077 698,486 2,401,265 1,215,614 4,823,442
----------------------- --------------- --------- -------------- ---------------- ----------
At 31 January 2012 - 684,606 2,715,337 1,071,877 4,471,820
----------------------- --------------- --------- -------------- ---------------- ----------
11. INTANGIBLE ASSETS
Other Intangibles Goodwill Brand Total
----------------------------- ------------------ ---------- -------- ----------
Group GBP GBP GBP GBP
----------------------------- ------------------ ---------- -------- ----------
Cost or deemed cost
----------------------------- ------------------ ---------- -------- ----------
At 1 February 2012 and 31
January 2013 214,247 7,028,657 693,558 7,936,462
----------------------------- ------------------ ---------- -------- ----------
Amortisation and impairment
----------------------------- ------------------ ---------- -------- ----------
At 1 February 2012 214,247 - 166,171 380,418
----------------------------- ------------------ ---------- -------- ----------
Amortisation charge for the
period - - 34,680 34,680
----------------------------- ------------------ ---------- -------- ----------
Balance at 31 January 2013 214,247 - 200,851 415,098
----------------------------- ------------------ ---------- -------- ----------
Net book value
----------------------------- ------------------ ---------- -------- ----------
At 31 January 2013 - 7,028,657 492,707 7,521,364
----------------------------- ------------------ ---------- -------- ----------
At 31 January 2012 - 7,028,657 527,387 7,556,044
----------------------------- ------------------ ---------- -------- ----------
PRIOR YEAR
Other Intangibles Goodwill Brand Total
----------------------------- ------------------ ---------- -------- ----------
Group GBP GBP GBP GBP
----------------------------- ------------------ ---------- -------- ----------
Cost or deemed cost
----------------------------- ------------------ ---------- -------- ----------
At 1 February 2011 214,247 7,088,657 693,558 7,996,462
----------------------------- ------------------ ---------- -------- ----------
Realised during the year - (60,000) - (60,000)
----------------------------- ------------------ ---------- -------- ----------
Balance at 31 January 2012 214,247 7,028,657 693,558 7,936,462
----------------------------- ------------------ ---------- -------- ----------
Amortisation and impairment
----------------------------- ------------------ ---------- -------- ----------
At 1 February 2011 214,247 - 131,491 345,738
----------------------------- ------------------ ---------- -------- ----------
Amortisation charge for the
period - - 34,680 34,680
----------------------------- ------------------ ---------- -------- ----------
Balance at 31 January 2011 214,247 - 166,171 380,418
----------------------------- ------------------ ---------- -------- ----------
Net book value
----------------------------- ------------------ ---------- -------- ----------
At 31 January 2012 - 7,028,657 527,387 7,556,044
----------------------------- ------------------ ---------- -------- ----------
At 31 January 2011 - 7,088,657 562,067 7,650,724
----------------------------- ------------------ ---------- -------- ----------
There are no intangible assets within the Company.
Goodwill is tested for impairment annually.
Acquired brand values were calculated using the royalty relief
approach and are amortised over twenty years. The remaining
amortisation period is 14 years and 2 months.
The amortisation and impairment charge is recognised in the
following line items in the consolidated statement of comprehensive
income:
2013 2012
------------------------- ------- -------
GBP GBP
------------------------- ------- -------
Administrative expenses 34,680 34,680
------------------------- ------- -------
Impairment testing
Goodwill arose on the Group's original acquisition of Crawshaw
Butchers Limited. As such the goodwill is allocated against these
older more established stores as a group of cash generating units
as follows:
2013 2012
-------------------------------------------- ---------- ----------
GBP GBP
-------------------------------------------- ---------- ----------
Crawshaw Butchers Limited (at acquisition) 7,028,657 7,028,657
-------------------------------------------- ---------- ----------
The recoverable amount of Crawshaw Butchers Ltd at acquisition
has been calculated with reference to its value in use. The key
assumptions of this calculation are shown below:
2013 2012
-------------------------------------- ------ ------
Growth rate applied (beyond approved
forecast period) 2.4% 3%
-------------------------------------- ------ ------
Discount rate (pre tax) 12.7% 15.9%
-------------------------------------- ------ ------
The growth rate used in the value in use calculation reflects
management's assessment of the likely growth rate achievable by the
Group at the stores that were in existence at the acquisition of
Crawshaw Butchers Limited.
Management have determined the discount rate by reference to
other companies of similar nature within their industry and their
assessment of the optimal long-term capital structure for the
business.
12. INVESTMENTS IN EQUITY ACCOUNTED INVESTEES
Group Group
------------------------------------------ ------- -------
2013 2012
------------------------------------------ ------- -------
GBP GBP
------------------------------------------ ------- -------
Non-current
------------------------------------------ ------- -------
Investment in equity accounted investees 94,350 94,845
------------------------------------------ ------- -------
Other investments comprise a 50% share in RGV Refrigeration, a
partnership jointly owned by Crawshaw Butchers Limited and Mr M
Hornsby. The principal place of business for RGV Refrigeration is
17-25 John Street,Rotherham, South Yorkshire S60 1EQ. The last year
end being 30 September 2012.The Group does not exert control over
the entity.
The carrying value of investments in equity accounted investees
includes GBP14,350 (2012: GBP 14,845) of outstanding dividend
declared by RGV Refrigeration.
13. OTHER INVESTMENTS
Company Company
------------------------------------- ----------- -----------
2013 2012
------------------------------------- ----------- -----------
GBP GBP
------------------------------------- ----------- -----------
Non-current
------------------------------------- ----------- -----------
Investment in Crawshaw Butchers Ltd 11,700,000 11,700,000
------------------------------------- ----------- -----------
14. DEFERRED TAX LIABILITIES
Recognised deferred tax liabilities
Deferred tax liabilities are attributable to the following:
Group Liabilities
--------------------------- --------------------
2013
--------------------------- --------------------
GBP
--------------------------- --------------------
Plant and equipment 344,551
--------------------------- --------------------
Intangible assets - brand 111,088
--------------------------- --------------------
Temporary differences 1,579
--------------------------- --------------------
457,218
--------------------------- --------------------
Movement in deferred tax during the period
31 January Recognised 31 January
2012 in income 2013
Current period
------------------------------------- ----------- ---------------- -----------
GBP GBP GBP
------------------------------------- ----------- ---------------- -----------
Plant and equipment 351,676 (7,125) 344,551
------------------------------------- ----------- ---------------- -----------
Deferred tax relating to intangible
assets - brand 129,418 (18,330) 111,088
------------------------------------- ----------- ---------------- -----------
Temporary differences (46,110) 47,689 1,579
------------------------------------- ----------- ---------------- -----------
434,984 22,234 457,218
------------------------------------- ----------- ---------------- -----------
15. INVENTORIES
Group Group
---------------- -------- --------
2013 2012
---------------- -------- --------
GBP GBP
---------------- -------- --------
Finished goods 507,420 510,508
---------------- -------- --------
Finished goods recognised as cost of sales in the year amounted
to GBP10,576,493 (2012: GBP10,729,334)
16. TRADE AND OTHER RECEIVABLES
Group Group Company Company
------------------------------- -------- -------- -------- --------
2013 2012 2013 2012
------------------------------- -------- -------- -------- --------
GBP GBP GBP GBP
------------------------------- -------- -------- -------- --------
Trade receivables 84,667 100,277 - -
------------------------------- -------- -------- -------- --------
Other tax and social security - 16,910 - -
------------------------------- -------- -------- -------- --------
Prepayments and accrued
income 191,897 189,357 1,067 1,021
------------------------------- -------- -------- -------- --------
Corporation tax recoverable 13,174 - 65,619 50,919
------------------------------- -------- -------- -------- --------
289,738 306,544 66,686 51,940
------------------------------- -------- -------- -------- --------
The directors consider that the carrying amount of trade and
other receivables approximates their fair value.
Aged analysis of trade receivables
31 January 2013 31 January 2012
--------------- ------------------------------------------------- --------------------------------------------
Gross receivables Provision Net trade Gross Provision Net trade
for doubtful receivables receivables for doubtful receivables
debt debt
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
GBP GBP GBP GBP GBP GBP
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
Not past due 47,404 - 47,404 56,124 - 56,124
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
Up to 1 month
past due 33,612 - 33,612 41,035 - 41,035
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
Over 1 month
past due 10,904 (7,253) 3,651 10,371 (7,253) 3,118
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
91,920 (7,253) 84,667 107,530 (7,253) 100,277
--------------- ------------------ -------------- ------------- ------------- -------------- -------------
Provision for doubtful debt
GBP
---------------------------------- --------
Provision at 31(st) January 2012 (7,253)
---------------------------------- --------
Utilised during the year -
---------------------------------- --------
Released during the year -
---------------------------------- --------
Provision at 31(st) January 2013 (7,253)
---------------------------------- --------
17. TRADE AND OTHER PAYABLES
Group Group Company Company
----------------------- ---------- ---------- ---------- ----------
2013 2012 2013 2012
----------------------- ---------- ---------- ---------- ----------
GBP GBP GBP GBP
----------------------- ---------- ---------- ---------- ----------
Current:
----------------------- ---------- ---------- ---------- ----------
Trade payables 1,418,834 1,569,170 - -
----------------------- ---------- ---------- ---------- ----------
Other creditors and
accruals 356,262 384,661 11,093 6,970
----------------------- ---------- ---------- ---------- ----------
Corporation Tax 90,563 72,235 - -
----------------------- ---------- ---------- ---------- ----------
Amounts owed to group
undertakings - - 2,049,560 1,834,887
----------------------- ---------- ---------- ---------- ----------
1,865,659 2,026,066 2,060,653 1,841,857
----------------------- ---------- ---------- ---------- ----------
Non-current:
----------------------- ---------- ---------- ---------- ----------
Accruals 259,212 298,685 - -
----------------------- ---------- ---------- ---------- ----------
259,212 298,685 - -
----------------------- ---------- ---------- ---------- ----------
Trade payables and other creditors comprise amounts outstanding
for trade purchases and ongoing costs. The directors consider that
the carrying amount of trade payables approximates to their fair
value.
Non-current accruals relate to reverse lease premiums and rent
free periods, which are credited to the income statement on a
straight-line basis over the lease term.
18. EMPLOYEE BENEFITS
Pension plans
Defined contribution plans
The Group operates a defined contribution pension plan. The
assets of the scheme are held separately from those of the Group in
an independently administered fund. The amount charged to the
income statement represents the contributions payable to the scheme
in respect of the accounting period. Pension costs for the defined
contribution scheme are as follows:
2013 2012
GBP GBP
----------------------------- ------ ------
Defined contribution scheme 1,595 1,037
----------------------------- ------ ------
Share Based Payments
Share Options
Share options granted prior to the reverse acquisition are held
by former associates of Felix Group PLC. Further share options were
granted post reverse acquisition on 14 April 2008 to key employees
of the enlarged group, Crawshaw Group PLC. In line with the scheme
rules, options for employees who leave the business lapse after 6
months.
The share options in issue all relate to ordinary shares of 5p
and are to be settled by the physical delivery of shares are as
follows
Date granted Exercise Number Granted Exercised Lapsed Number Exercise period
price of options in period in period in period of options
at at 31 Jan
1 Feb 2012
2012
--------------- --------- ------------ ----------- ----------- ----------- ------------ ----------------
14 July 2003
to 13 July
14 July 2003 250p 45,000 - - - 45,000 2013
--------------- --------- ------------ ----------- ----------- ----------- ------------ ----------------
14 April 2008
to 14 April
14 April 2008 42.5p 941,175 - - - 941,175 2018
--------------- --------- ------------ ----------- ----------- ----------- ------------ ----------------
15 Dec 2011
15 December, to 14 Dec
2011 10.0p 600,000 - 600,000 2021
--------------- --------- ------------ ----------- ----------- ----------- ------------ ----------------
During the prior year, share options were granted to a member
the management team. However, the individual has since left the
company and the options have lapsed with effect from 21(st) April,
2013.
The calculated fair value of options granted on 14 December 2011
at the grant date was GBPnil. This was determined using the
Black-Scholes option pricing model. The model inputs were the share
price at the date of grant of 2.5p, the exercise price of 10p,
expected volatility of 18%, expected dividends of GBPnil, an
exercise period of 8 years and a risk free rate of 5%.
The expected volatility is based wholly on the historic
volatility (calculated based on the weighted average remaining life
of the share options) adjusted for any expected changes to future
volatility due to publicly available information.
During the year the Group recognised a charge of GBPnil (2012:
GBPnil) in relation to equity settled share based payments in the
income statement. No further charge is expected in relation to
options in issue.
19. CAPITAL AND RESERVES
Reconciliation of movements in capital and reserves - Group
Share Share Rev. Capital Retained Total
Capital Premium Acq. Cont. Earnings Equity
Reserve Res.
---------------- ---------- ---------- --------- ---------- ---------- -----------
GBP GBP GBP GBP GBP GBP
---------------- ---------- ---------- --------- ---------- ---------- -----------
Balance at 1
February
2011 2,890,940 6,317,618 446,563 149,311 123,892 9,928,324
---------------- ---------- ---------- --------- ---------- ---------- -----------
Profit for the
period - - - - 14,797 14,797
---------------- ---------- ---------- --------- ---------- ---------- -----------
Capital
Reduction in
Subsidiary
Company - - - (149,311) 149,311 -
---------------- ---------- ---------- --------- ---------- ---------- -----------
Balance at 31
January
2012 2,890,940 6,317,618 446,563 - 288,000 9,943,121
---------------- ---------- ---------- --------- ---------- ---------- -----------
Profit for the
period - - - - 178,476 178,476
---------------- ---------- ---------- --------- ---------- ---------- -----------
Balance at 31
January
2013 2,890,940 6,317,618 446,563 - 466,476 10,121,597
---------------- ---------- ---------- --------- ---------- ---------- -----------
The reverse acquisition reserve was established under IFRS3 'Business
Combinations' following the deemed acquisition of Crawshaw Group Plc
by Crawshaw Holdings Limited on 11 April 2008.
The capital contribution reserve arose in relation to the waiver of
shareholder loan note interest
prior to the reverse acquisition.
On 8(th) February 2011 Crawshaw Holdings Ltd undertook a capital reduction
as part of this process the capital contribution reserve was cancelled.
Reconciliation of movement in capital and reserves -
Company Merger Retained
Share capital Share premium reserve earnings Total equity
------------------ -------------- -------------- --------- ---------- -------------
GBP GBP GBP GBP GBP
------------------ -------------- -------------- --------- ---------- -------------
Balance at
1 February
2012 2,890,940 6,317,618 508,146 193,379 9,910,083
------------------ -------------- -------------- --------- ---------- -------------
Total recognised
income and
expense (204,050) (204,050)
------------------ -------------- -------------- --------- ---------- -------------
Balance at
31 January
2013 2,890,940 6,317,618 508,146 (10,671) 9,706,033
------------------ -------------- -------------- --------- ---------- -------------
The merger reserve was established on 11 April 2008 following a share
for share exchange between the Company and Crawshaw Holdings Limited
(CHL) as part of a reverse acquisition. As a result of this transaction
the Company acquired CHL which in turn owned 100% of the share capital
of Crawshaw Butchers Limited (CBL).
During the prior year ended 31 January 2012, CHL transferred its investment
in CBL to the Company at book value (GBP9,631,854). Immediately following
the transfer, the Company's investment in CHL was written down by this
value against the merger reserve, reflecting the transfer of investment
in CBL to the Company.
The original carrying value of the Company's investment in CHL reflected
the value paid for the underlying net assets and goodwill at the time
of the reverse acquisition. Following the reorganisation noted above
and the reduction of the merger reserve, the value of the Company's
investment in CHL fell below the amounts at which they were stated
in the Company's accounting records. However, on the basis that there
was considered to be no overall change or loss to the Group in these
circumstances, no provision for impairment was reflected in the prior
year accounts at the time of this transfer.
20. LOANS AND BORROWINGS - GROUP
2013 2012
------------------------- --------- --------
GBP GBP
------------------------- --------- --------
Current liabilities
------------------------- --------- --------
Mortgage 840,000 -
------------------------- --------- --------
Non-current liabilities
------------------------- --------- --------
Mortgage - 840,000
------------------------- --------- --------
Terms and debt repayment schedule Nominal interest Year of maturity Fair value Carrying
rate Amount
---------- ------------------ ------------------ ----------- ---------
GBP GBP
---------- ------------------ ------------------ ----------- ---------
Mortgage LIBOR+1.5% 2013 840,000 840,000
---------- ------------------ ------------------ ----------- ---------
840,000 840,000
------------------------------------------------ ----------- ---------
The following liabilities disclosed under bank loans are secured by
fixed and floating charges over the assets of the Group. 2013 2012
------------------------- --------- --------
Current liabilities GBP
------------------------- --------- --------
Mortgage 840,000 -
------------------------- --------- --------
Non-current liabilities
------------------------- --------- --------
Mortgage - 840,000
------------------------- --------- --------
The principal features of the loans are as follows:
(a) The loan outstanding at 31 January 2013 relates to a mortgage of
GBP840,000 against freehold property taken out on the 21(st) May 2008
over a 5 year period at a rate of LIBOR +1.5%.
21. FINANCIAL INSTRUMENTS
The Group's principal financial instruments comprise loans and borrowings,
cash and trade creditors. The main purpose of these financial instruments
is to raise finance for the Group's operations.
The main risks arising from the Group's financial instruments are interest
rate risk, liquidity risk and credit risk. The board reviews and agrees
policies for managing each of these risks and they are summarised below.
Interest rate risk
The Group's exposure to market risk for changes in interest rates relates
primarily to the Group's long-term debt obligations.
The Group has not currently entered into any steps to mitigate its
risk to variability in interest rates.
Credit risk
The Group's principal financial assets are cash and receivables. The
Group's credit risk is primarily attributable to trade receivables.
Trade receivables are included in the balance sheet net of a provision
for doubtful receivables, estimated by the Group's management based
on prior experience and their assessment of current economic conditions.
At the balance sheet date the Directors consider there to be no significant
credit risk.
Liquidity risk
The Group's objective is to maintain a balance between continuity of
funding and flexibility through the use of cash and bank facilities.
The cash generative nature of the business is forecast to continue
and therefore we have been reducing our bank facility requirements
over the last year. We currently have a reduced overdraft facility
of GBP0.25m in place which will be reviewed again in April 2014. The
Directors are confident that there will continue to be sufficient headroom
to cover liquidity risk.
Effective interest rates
In respect of income-earning financial assets and interest-bearing
financial liabilities, the following table indicates their effective
interest rates at the balance sheet date and the periods in which they
mature or, if earlier, are repriced.
Financial Effective < 1 year 1 to < 2 2 to < 5 5 years and
Instrument Interest years years over
Rate
------------- ---------- --------- --------- --------- ------------
GBP GBP GBP GBP
------------- ---------- --------- --------- --------- ------------
Cash 0.5% 850,677 - - -
------------- ---------- --------- --------- --------- ------------
Loans 2.26% 840,000 - - -
------------- ---------- --------- --------- --------- ------------
22. CAPITAL MANAGEMENT
The capital structure of the group is a mixture of (i) net debt made
up of borrowings and cash balances and (ii) equity comprising issued
share capital and reserves as detailed in note 19.
The Group's primary objective is to safeguard its ability to continue
as a going concern, through the optimisation of the debt and equity
balance, and to maintain a strong credit rating and headroom. The Group
manages its capital structure through detailed management forecasts
and clear authorization procedures for significant capital expenditure.
The Board makes appropriate decisions in light of the current economic
conditions and strategic objectives of the Group.
There has been no change in the objectives, policies or processes with
regards to capital management during the years ended 31 January 2013
and 31 January 2012.
23. CAPITAL COMMITMENTS
The Group had no capital commitments at the current and preceding year
ends. 24. OPERATING LEASES
Non-cancellable operating lease rentals are payable as
follows: Group Group Company Company
---------------------- ---------- ---------- -------- --------
2013 2012 2013 2012
---------------------- ---------- ---------- -------- --------
GBP GBP GBP GBP
---------------------- ---------- ---------- -------- --------
Less than one year 712,870 712,867 - -
---------------------- ---------- ---------- -------- --------
Between one and five
years 2,640,921 2,636,921 - -
---------------------- ---------- ---------- -------- --------
More than five years 2,901,570 3,511,215 - -
---------------------- ---------- ---------- -------- --------
Total 6,255,361 6,861,003 - -
---------------------- ---------- ---------- -------- --------
The Company leases a number of retail outlets, warehouse and factory
facilities under operating leases. Land and buildings have been considered
separately for lease classification. During the year GBP833,209 (2012:
GBP852,746) was recognised as an expense in the income statement in
respect of operating leases.
25. RELATED PARTY TRANSACTIONS
Transactions with key management personnel
The Board and certain members of senior management are related
parties within the definition of IAS 24 (Related Party
Disclosures). Summary information of the transactions with key
management personnel is provided in note 6. Detailed disclosure of
the individual remuneration of Board members is included in The
Report of the Remuneration Committee on page 8. There is no
difference between transactions with key management personnel of
the Company and the Group.
Transactions with subsidiaries
The Company has entered into transactions with its subsidiary
undertakings in respect of the following: provision of Group
services (including senior management, IT, accounting, purchasing
and legal services). Recharges are made to subsidiary undertakings
for intra- group balances, based on their amount and interest rates
set by Group management.
During the year these charges amounted to:
2013 2012
---------------------------------- -------- --------
GBP
---------------------------------- -------- --------
Interest on intra-group balances - 108,929
---------------------------------- -------- --------
Management charges 200,000 200,000
---------------------------------- -------- --------
The amount outstanding from subsidiary undertakings to the
Company at 31 January 2013 totalled GBPnil (2012: GBPnil). Amounts
owed to subsidiary undertakings by the Company at 31 January 2012
totalled GBP2,049,560 (2011: GBP1,834,887).
The Company has suffered no expense in respect of bad or
doubtful debts of subsidiary undertakings in the year (2012:
GBPnil).
Transactions with jointly controlled entities
Crawshaw Butchers Limited, a subsidiary of the Company, holds a
50% share in a partnership which trades under the name of RGV
Refrigeration. The operations of the partnership comprise of the
maintenance and repair of refrigeration machinery for a variety of
customers.
During the year the transactions amounted to:
2013 2012
------------------------------------------- -------- --------
GBP
------------------------------------------- -------- --------
Amounts received in respect of management
charges 12,000 12,000
------------------------------------------- -------- --------
Amounts paid in respect of repair
and maintenance services 144,067 101,368
------------------------------------------- -------- --------
The amount outstanding from jointly controlled entities to the
Group at 31 January 2013 totalled GBP3,600 (2012: GBP3,600).
Amounts owed to jointly controlled entities by the Group at 31
January 2013 totalled GBP31,771 (2012: GBP21,139).
The Group has suffered no expense in respect of bad or doubtful
debts of jointly controlled entities in the year (2012:
GBPnil).
Transaction with other related parties
During the year the Group paid GBP40,000 (2012: GBP40,000) to
Electro Switch Limited in respect of Consultancy services. Electro
Switch Limited is a company which provides Consultancy services and
is under the significant influence of Mr R Rose, a Director of
Crawshaw Group Plc. Amounts owed to Electro Switch Limited by the
Group at 31 January 2013 totalled GBPnil (2012: nil).
The Group leases a property owned by The Colin Crawshaw Pension
Scheme for factory facilities and paid rental fee of GBP13,500 in
2013 (2012: GBP13,500). Amounts owed to The Colin Crawshaw Pension
Scheme by the Group at 31 January 2013 totalled GBPnil (2012:
GBPnil).
26. POST BALANCE SHEET EVENT
The outstanding loan balance shown in note 20 relates to a
mortgage against freehold property which falls due for renewal in
June 2013. The Board has agreed to repay GBP300,000 in June, 2013
and renew the mortgage at the lower sum of GBP540,000, repayable
over 3 years.
27. PRINCIPAL SUBSIDIARY UNDERTAKINGS
At 31 January 2013 Crawshaw Group PLC had the following
principal subsidiary undertakings:
Crawshaw Holdings Limited - United Kingdom - Non-trading
subsidiary
Crawshaw Butchers Limited - United Kingdom - Retail Butchers
The shareholdings were 100% of the subsidiary undertakings'
ordinary and preference shares. Each of the subsidiaries is
included in the consolidated financial statements.
28. ULTIMATE PARENT COMPANY
The Company is the ultimate parent company of the Group.
No other group financial statements include the results of the
Company.
ANNUAL REPORT
It is envisaged that the Annual Report will be posted to
shareholders on 14(th) May, 2013 and that it will also be available
from the Company's website at www.crawshawgroupplc.com a week from
today.
ANNUAL GENERAL MEETING
The Annual General Meeting will be held at Bradmarsh Business
Park, Bow Bridge Close, Rotherham S60 1BY on 24 June 2013 at 12
noon.
The financial information set out above does not constitute the
Company's consolidated statutory accounts for the periods ended 31
January 2013 or 31 January 2012 but is derived from those accounts.
Statutory accounts for the period ended 31 January 2012 have been
delivered to the Registrar of Companies, and those for the period
ended 31 January 2013 will be delivered following the Company's
Annual General Meeting. The auditors, KPMG Audit Plc, have reported
on those accounts; their reports were unqualified and did not
contain statements under section 498(2) or (3) of the Companies Act
2006 or equivalent preceding legislation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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