Crawshaw Group Plc Annual Report           52 weeks ended 31 January 2016
Crawshaw Group Plc
Annual Report 
52 weeks ended 3 1 January 20 1 6 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Stores
Number of stores 
39 
Our stores are located across Yorkshire, Lincolnshire 
Nottinghamshire, Derbyshire and the North West.
Average numbers of employees during 
the year
452 
The average number of employees in the year was 
53% higher than the prior year due to the increased 
number of outlets.
Our Business at a Glance
Our locations
 Arndale  Arndale Centre
 Ashton Under Lyne The Arcades
 Astley   Fresh Meat Factory Shop
 Barnsley   Barnsley Beef Co 
 Barnsley  Barnsley Market
 Belle Vale   Belle Vale Shopping Centre
 Birkenhead  Grange Precinct
 Bolton  Newport Street
 Bury  Millgate Centre
 Castleford  Carlton Street
 Chesterfield  Pavements 
 Chorley  Chorley Market
 Derby  Westfield
 Doncaster  Frenchgate
 Gainsborough Market Square
 Grimsby  Top Town
 Hellaby  Hellaby Industrial Estate
 Huddersfield New Street
 Hull  Whitefriargate 
 Hull  Bransholme
 Hyde  Market Place
 Leeds  Leeds Market 
 Leeds  Bramley 
 Leeds  Merrion Centre
 Lincoln  Lincoln Market
 Loughborough Market Place
 Mansfield  Westgate
 Pocklington  Market Place
 Retford  Carolgate
 Rochdale  Yorkshire Street
 Rotherham  Howard Street
 Salford  Salford Shopping City
New trading stores in year 
Stores at 31 January 201 5
 Scunthorpe  Warren Road
 Sheffield  The Moor
 St Helen’s  Church Square Centre
 Stockport  Mersey Square
 Stretford  Arndale Centre
 Wakefield  The Ridings Centre
 Worksop  The Priory Centre Strategic Report Governance
Financial  
Statements
01 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Awards and accreditation
Gold awards
Six gold awards by BPEX for pork product excellence.
Shop food hygiene
The environmental health rating range is from 0-5.
We have 29 shops on five stars (which is classed as very good)  
and ten shops on four stars (which is classed as good).
We have also been recognised as the only independent butchers in 
the UK to have a Primary Authority for environmental health related 
matters, who have endorsed our retail procedures.
Vision
To rapidly grow Crawshaws into a nationally  
recognised brand by delighting customers  
with our great quality fresh meat at  
affordable prices.
We provide unrivalled knowledge of meat with 
over 60 years’ experience. We source only from 
the best suppliers and all our meat is quality 
assured. At the end of the year under review 
we had 39 retail outlets across the North and 
North West with an ambitious and realistic 
growth strategy to open 200 stores in the  
next six to eight years.
Strategic Report
Our Business at a Glance IFC
Chairman’s Statement  02
Chief Executive Officer’s Review 04
Chief Financial Officer’s Review  06
Strategy and Business Model 08
Risk Management and KPIs 09
Governance
Board of Directors 10
Directors’ Report 11
Report of the Remuneration Committee 14 
Statement of Directors’ Responsibilities 16
Independent Auditor’s Report 17
Financial Statements
Consolidated Statement  
of Comprehensive Income 18
Balance Sheets 19
Consolidated Statements  
of Changes in Shareholders‘ Equity 20
Cash Flow Statements 21
Notes to the Financial Statements 22
What’s inside?
Notice of Annual General Meeting 40
Form of Proxy 43
Directors and Advisors IBC 
  Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
02
Trading performance highlights 
• 51% increase in Group turnover  
 to £37.1m (2015: £24.6m)
• 45% increase in adjusted
*
 EBITDA  
 to £2.6m (2015: £1.8m)
• EBITDA
**
 £1.0m (2015: £1.6m)
• LFL sales growth of +1.8% (2015: +5%)
• 39 trading stores at year end  
 (2015: 22 trading stores)
• Statutory loss before tax of £0.3m  
 (2015: profit before tax £1.2m)
• Cash balances of £4.9m at 31 January 2016  
 (£9.1m at 31 January 2015) following  
 the acquisition of Gabbots Farm Limited
• Final dividend of 0.47p (2015: 0.47p)
Crawshaw Group has delivered an underlying 
strong performance for the twelve months 
to 31 January 2016 with continued trading 
momentum and profitable growth.
* Adjusted EBITDA is defined by Group as EBITDA before 
“accelerated opening costs”. Accelerated opening costs 
are defined by the Group as the overhead investment in 
people, processes, systems and new store pre-opening 
costs i.e. costs directly associated with our accelerated 
store opening programme. In the period these costs 
amounted to £1.6m (2015: £0.2m) resulting in an adjusted 
EBITDA of £2.6m (2015: £1.8m).
** EBITDA is defined by the Group as profit/loss before tax, 
exceptional items, depreciation, amortisation, profit/(loss) 
on disposal of assets, net finance costs and share based 
payment charges attributable to the LTIP Growth Share 
Scheme. 
Chairman’s Statement
Results and strategic progress
This was a transformative year as the new 
management team prepared the business for the 
planned increased pace of expansion and at the same 
time delivered a record sales performance with total 
sales increasing by 51% to £37.1m. I am delighted 
with the progress that has been made so far with 
a number of key milestones being achieved, most 
notably the acquisition, integration and rebranding 
of the Gabbotts Farm Ltd business in H1 and the 
opening of six new Crawshaws stores. Both of these 
growth drivers have contributed positively to our 
EBITDA development and are performing in line with 
our expectations.
I am therefore pleased to report a 45% increase in 
our adjusted EBITDA performance as the strong sales 
growth is being converted into strong profit growth. 
A particular highlight has been the gross margin 
progression which strengthened further to 45.1% 
(2015: 44.4%). EBITDA post accelerated opening costs 
reduced as expected to £1.0m (2015: £1.6m) as we 
increased our overhead to invest in growth.
In the year under review we report a statutory loss 
before tax of £0.3m (2015: £1.2m profit before tax).  
It’s worth reiterating the reasons for this loss. Opening 
in excess of 15 new stores a year is no simple task, 
especially bearing in mind our stores are quite 
complex having both a fresh and food-to-go element. 
So we have built an internal resource in advance 
to allow us to find the retail sites, recruit and train 
the new staff, manage the pre-opening tasks and 
marketing, and to ensure that for each opening we hit 
the ground running.
This resource is now largely in place, and so our 
accelerated opening programme is in full force. But 
this resource cost us £1.6m in the year under review, 
and so it needs to be identified separately so that the 
true underlying performance of the business becomes 
visible. It’s also worth highlighting that new shops are 
expected to trade profitably from day one and, when 
mature, produce, on average, over £1m of sales per 
year, and an EBITDA contribution of £140,000.
Cash
The cash position of the business continues to 
be extremely robust. Operating cash flow and 
movements in working capital generated £2.2m 
which almost entirely funded the £2.3m of capital 
investment in new stores, refurbishments of legacy 
stores and investment in our factory production 
“ Another strong year for the business with 
record sales growth and our accelerated store 
rollout programme very much on track. ”
equipment in the year. The net £4.2m decrease  
in cash balances was a function of our acquisition  
of Gabbotts Farm Ltd, dividend payments and tax 
payments in the year. With a closing cash balance 
of £4.9m and continued focus on working capital 
improvements, we have the funds in place to deliver 
on our growth plan.
People
I would like to thank all of our 562 colleagues for 
their effort and commitment during this exciting 
time for our business. Since Noel joined Crawshaws 
as Chief Executive Officer in March 2015, he has 
successfully and carefully restructured and expanded 
the management team to ensure that we have the 
appropriate balance of expertise and dynamic to 
deliver our growth plan.
Outlook
Since my last statement, we continue to see strong 
sales growth on last year. T otal Group sales for the 
first seven weeks of the new financial period have 
increased by +64%. The cash gross margin in LFL 
stores has increased by 3.8% in the same seven week 
period, 3.7% through an increase in margin rate and 
0.1% through an increase in sales volume.
Our model continues to perform well. The business 
is at a very exciting stage with the strengthening 
of the legacy estate supplemented by the addition 
of a rapidly expanding new store estate. The newly 
opened stores are trading well, and profitably, in line 
with our expectation. The business is in great shape 
to deliver the planned scale rollout at pace and we 
have a strong pipeline of stores for 2016, so we look 
forward to reporting on our progress during the year 
ahead. In fact we have already opened five new stores 
during the current year, and these are also performing 
as expected.
We are pleased to declare the payment of a final 
dividend for the year of 0.47p per share, which 
together with the interim dividend of 0.10p per share, 
paid on 30 October 2015, takes the total dividend for 
the year to 0.57p per share (2015: 0.57p per share). 
Shareholder approval will be sought at the Annual 
General Meeting, to be held on 29 June 2016, to pay 
the final dividend on 5 August 2016 to shareholders 
on the register 8 July 2016. The ex-dividend date will 
be 7 July 2016. As with last year, shareholders will have 
the opportunity to elect to reinvest their cash dividend 
and purchase existing shares in the Company through 
a Dividend Reinvestment Plan (“DRIP”).
In summary, the foundations for our accelerated 
growth are in place and the rollout is very much 
underway. We now have a strong resource that will 
enable us to deliver another year of rapid expansion 
and profitable growth. We are therefore very confident 
and excited about the future. 
Richard Rose 
Chairman 
26 April 2016
T otal sales
£37.1m 
Sales growth full year 201 5/2016
+51%  Strategic Report Governance
Financial  
Statements
03 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
04
Chief Executive 
Officer’s Review
“We have successfully delivered across all 
strategic pillars during a transformative 
2015 and we look forward to a year of rapid 
expansion and further profitable growth. ”
Introduction
Since joining the business in March 2015, I continue 
to be extremely impressed with our colleagues who 
are totally committed to maintaining the values of the 
Company and ensuring we consistently offer great 
quality fresh meat and food-to-go at affordable prices.
I have also been impressed by the way the team have 
embraced the changes and challenges during this 
transformative year in developing the infrastructure  
to support our rapid growth strategy. We are now well 
positioned to leverage our unique retail concept and 
accelerate the pace of rollout to establish Crawshaws 
as a national brand.
Transformative year
We have made significant progress during 
2015 in developing the capability, structure and 
discipline throughout the business to channel our 
entrepreneurial spirit in delivering consistent results  
for our customers, shareholders and colleagues. 
The preparations in delivering our growth plans has 
required strategic investments in key roles and skills 
within the Executive T eam to achieve the optimal 
balance in experience and expertise. Our Plc Board 
has been strengthened with the appointment of Alan 
Richardson as Chief Financial Officer and Kevin Boyd 
as Chief Commercial Officer, and our Senior T eam has 
been strengthened with key appointments in HR, 
Training, Facilities, Retail Operations, IT and Finance. 
Additionally, we recruit and train the teams required  
to staff our new stores ahead of each opening with 
the result that each new stores trades profitably from 
its very first day.
These appointments represent an important 
investment ahead of our accelerated growth to 
ensure that we are capable of delivering this plan 
with structure, control and discipline. Given that this 
overhead is exclusively focused around the opening  
of new stores, they are regarded as “accelerated 
opening costs” . It is therefore important to highlight 
and exclude these to show the underlying 
performance when evaluating the profitability and 
returns of the legacy business, which demonstrates 
that our stores continue to be very profitable, with 
each store converting £1m annual sales into an 
EBITDA contribution of 14%.
As we open more and more stores, the accelerated 
opening costs, and indeed the fixed element of our 
central overhead, will become a smaller proportion  
of the whole.
Revenue growth
For the twelve months to 31 January 2016, Group 
revenue increased by 51% from £24.6m to £37.1m. 
This strong growth was supported both by 
contributions from our LFL stores and from our 17  
new stores in the year, which includes the eleven 
stores acquired from Gabbotts Farm Ltd (which  
have been rebranded Crawshaws).
LFL sales were +1.8% for the full year, with H2 LFL sales 
of +2.6% building on the +1% LFL sales in H1. This 
achievement was very pleasing, particularly given the 
disruption and challenging high street footfall patterns 
caused by the prolonged adverse weather conditions 
in the North of England throughout November and 
December. And it was also particularly pleasing given 
that we were able to further increase our gross margin.
We have continued this growth momentum into  
the new financial year with total Group sales in the  
first seven weeks of the new financial year increasing 
by +64% and LFL also performing positively at +0.1% 
for the same period, again with a further improvement  
in gross margin.
New capabilities and opportunities
Looking at the opportunities ahead, we have 
identified the key elements in successfully delivering 
our accelerated rollout: 
(a) Acquiring the right sites at the right price
(b) Converting sites efficiently with a shop fit-out  
 that meets our high operational standards
(c) Ensuring that we have the trained colleagues  
 delivering the great Crawshaws’ customer  
 service
(d) A logistics and production capability to ensure  
 our stores have sufficient product to serve  
 our customers
We have made significant progress in developing  
the capability to deliver on all these fronts through  
our newly strengthened management structure.  
We have also developed and expanded key strategic 
partnerships within the areas of property, facilities, 
recruitment and supply chain. This approach has 
quickly become established in the business and  
is already demonstrating our capability to deliver  
a run-rate target of one new store opening every  
three weeks.
Strategic pillars for 2016
1. Driving profitable sales
We continue to work very hard to give our customers 
great quality fresh meat at affordable prices, 
which drives their loyalty and underpins our sales 
momentum.
During the course of the year we have made great 
progress in developing and standardising our retail 
proposition across the entire estate. This has included 
the successful relaunch of our fresh meat range and 
our legendary fixed price multi-save offers, as well as 
providing extra value to customers through our new 
weekly “Manager’ s Meaty Cut“ promotions.
Strategic pillars for 2016
1. Driving profitable sales
• Successful relaunch of fresh meat range
• Factory producing record levels  
 of premium homemade quality produce
• Expanded food-to-go with the  
 introduction of butchers kitchen brand
• New marketing activities and developing  
 social media presence 
2. Disciplined growth strategy
• 1 7 stores added in FY 2016
• Expanded geographical coverage  
 into North West
• Pipeline targeting heartlands and new  
 catchments in Birmingham and Midlands
• Location strategy in line with current  
 portfolio including a standalone  
 factory shop 
3. New store performance
• New stores performing in line with  
 expectations
• Stores trade profitably from opening
• Customer insight indicates net promoter  
 score of 94
• New marketing initiatives to accelerate  
 loyalty build
T rading stores at year end
39 
Net promoter score of
94%  Strategic Report Governance
Financial  
Statements
05 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
With our factory now producing record-levels of 
premium quality homemade produce, almost 20 
tonnes per week, we will continue with the capital 
expenditure in our factory production equipment 
to ensure we have the capability to further increase 
our fantastic award winning homemade premium 
fresh meat offer. With this investment and our internal 
butchery expertise, we will introduce a widened 
premium range of lean steak burgers, premium pork 
and apple burgers, a variety of new recipe sausages, 
lean steak meatballs, lean steak kebabs and grill sticks 
and much more. This unique vertically integrated 
production capability allows us to continue to offer 
a very high quality product at value prices in large 
volumes.
In parallel, we plan to further expand and enhance 
our food-to-go range with the introduction of the 
“Butchers Kitchen“ brand, which provides the platform 
to showcase the quality of our fresh meat produce 
presented to our customers, cooked and ready  
to eat on-the-go.
In addition to these profitable sales opportunities,  
we will continue to invest in other key initiatives in 
 the coming year to maintain existing customer loyalty 
and achieve new customer acquisitions, such as new 
marketing activities and developing a social media 
presence.
2. Disciplined growth strategy
The core part of the Group’ s strategy is to rapidly 
increase the number of stores and spread the 
geographical presence of the Crawshaws brand  
in a disciplined manner.
We have successfully added 17 more stores to the 
Group during the last year taking our portfolio to 39 
stores, which has also expanded our geographical 
coverage to the North West of England.
Our pipeline strategy will also see us adding new 
stores in catchment areas across our heartlands of 
Y orkshire and the North West. Furthermore, we will 
be opening small clusters of stores in entirely new 
catchments in the Midlands and Birmingham areas. 
The locations of our stores will continue to be a 
representative spread of our current portfolio, which 
will see us opening a blend of stores on the high 
streets, in shopping centre locations and will include  
a standalone factory shop.
3. New stores performance
Our recently opened new stores are performing in 
line with expectations, contributing profitably from 
day one and are further expected to grow in sales 
and contribution as they mature. The sales profile of 
our new stores is shaped such that food-to-go sales 
reach maturity very soon after opening as passing 
customers quickly build visits into their routines 
enjoying the quality “Butcher’ s Kitchen“ range. On fresh 
meat, we experience a gradual increase as customers 
experiment with the range and build confidence  
and loyalty over a slightly longer time period. 
Our customers are very loyal, and recent customer 
insight data indicates a market leading Net Promoter 
Score (NPS) of 94. This data has indicated that those 
customers who buy fresh meat tend to reward us 
with the majority of their meat spend – we have 
therefore developed a series of new store opening 
marketing initiatives to incentivise customers to try 
the full breadth of our fresh meat offer and accelerate 
the pace with which we are able to convert them 
into loyal fresh meat shoppers. This approach was first 
trialed in our 40th store opening at Birchwood and 
initial results are also very encouraging.
Our people make the difference
As part of our listening, our customers have told us 
that they choose Crawshaws over other destinations 
due to a combination of quality, price and service. 
We are a people business and our 562 colleagues 
continue to be dedicated to creating the environment 
and atmosphere that our customers really value. 
Our achievements would not be possible without 
our colleagues and I am immensely proud of their 
commitment and passion in delivering amazing  
value to our customers every day.
Looking forward
Looking forward to the year ahead, whilst the wider 
economic climate looks likely to remain challenging, 
we have demonstrated that we are well positioned 
to succeed against this backdrop. We will continue 
to manage the business tightly during this exciting 
period of accelerated growth and we will remain 
focused on ensuring our retail proposition delights  
the customers that choose or need to shop with us.
We have already opened five new stores in the current 
year (in Birchwood, Blackburn, Cannock, Warrington 
and Widnes), and have a pipeline at various stages.  
We are therefore confident of meeting our target  
of 15 new stores for the year.
We look to the future with great confidence  
and excitement.
Noel Collett 
Chief Executive Officer 
26 April 2016 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
06
Adjusted EBITDA
Accelerated opening costs
Chief Financial  
Officer’s Review
  2016 2015 
  £ £
EBITDA* 1,013,727 1,573,174
Accelerated opening costs 1,558,316 205,080
Adjusted EBITDA 2,572,043 1,778,254
* Reconciled to operating loss on the face of the Statement of Comprehensive Income.
 2016 2015 
 £ £
Salaries 814,089 48,000
Board restructure 195,098 –
New store pre-opening costs 147,148 –
Consultancy (property/recruitment) 296,873 57,000
Other 105,108 100,080
Total 1,558,316 205,080
“We have made significant improvements  
to our cash flow management and business 
wide systems and control infrastructure 
creating a strong platform to deliver our rapid 
growth plans. ”
Revenue and gross profit
T otal revenue for the Group increased by 51% to £37.1m (2015: £24.6m) with the growth being supported by 
contributions from our LFL stores and 17 new stores in the year.
Gross profit margins have further developed in the year to 45.1%, a 70bps increase on 2015. The Group’ s gross margin 
was positively impacted by the Gabbotts F arm acquisition and the higher margin through their higher participation 
of food-to-go. In addition, the meat pricing environment has been favourable in the year which has allowed us to 
give value to customers through targeted promotional activity whilst positively contributing to EBITDA.
Presentation of results
T o present a clear view of performance of the Group in total and the costs directly driven by the growth strategy, 
we present an adjusted EBITDA number which excludes accelerated opening costs – adjusted EBITDA is our 
primary internal measure when assessing Group performance.
We define accelerated opening costs as the investments in people, processes and systems in the year to provide 
direct support for our accelerated opening programme. In the year, these costs amounted to £1.6m (2015: £0.2m) 
and are analysed by component of spend in the table below.
Profit before tax “PBT” and earnings per share “EPS”
The Group delivered a loss before tax of £0.3m (2015: £1.2m profit) as we incur additional costs to deliver  
our growth plan and we recognised an IFRS 2 shared based payment charge through the income statement  
of £0.4m (2015: nil). This translated to a negative EPS as expected at (0.342)p per share (2015: 1.301p per share).
Cash on hand
£4.9m 
Creditor days
59  Strategic Report Governance
Financial  
Statements
07 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Operational overheads
 2016 2015 
 £ £
Administrative expenses 17,114,642 9,802,982
Accelerated opening costs (1,558,316) (205,080)
Depreciation and amortisation (930,065) (436,372)
Share based payment (359,592) –
Exceptional costs (105,367) –
Operational overheads 14,161,302 9,161,530
Operation overheads % of sales 38% 37%
Operational overheads
Operational overheads are defined as the administrative expenses of the Group less accelerated opening costs, 
exceptional costs, impairment, depreciation and amortisation and share based payments as this gives a clearer 
reflection on the underlying operational costs performance of the Group. On this basis, the ratio of overhead costs 
as a % of sales has increased to 38% (2015: 37%). This reflects the higher margin, higher cost base model of the 
Gabbotts Farm stores and a small dilution from new stores where initial cost ratios are higher as the stores trade 
through their sales maturity profile.
Control environment and management information
T o deliver the growth plan with the necessary control and discipline requires an appropriate platform. Whilst 
the tools and control environment currently in place have served the business well, they were not sufficiently 
scalable. As a result, we have started to implement Microsoft Navision as our core Enterprise Resource Planning 
(“ERP“) system. We are part way through the implementation of Phase 1 which will deliver a common warehouse 
management and financial accounting/control platform which will be complete in H1 FY 2017. Further 
developments are planned to integrate store ordering and sales reporting.
In addition to our ERP implementation, we are also significantly developing our management information 
capability. All new stores (including the six organic new stores in FY 2016) are being launched with EPOS tills.  
These provide us with the granular transaction and item level detail we need to optimise sales and profit 
performance going forward. 
Cash flow
Our cash flow position remains strong with £4.9m cash at the end of the financial year. Cash control has been a 
significant focus for the business with creditor term extensions being agreed with key strategic partners on both 
meat supply and shop fit out. This has successfully increased creditor days to 59 days (2015: 46 days). Alongside 
the positive working capital benefits of the new stores opened in the year, this has allowed us to broadly fund the 
organic expansion of 6 new stores from operational cash flow with the overall net £4.2m decrease in cash being 
used to fund the Gabbotts Farm acquisition and pay dividends and tax in the year. 
Given the scale of our expansion plans, we have also reviewed our capital allowance position which has resulted 
in a tax repayment of £148,000 in February 2016.
Summary
The Group has made good progress on executing the growth plan in the year delivering both profitable sales 
growth from the legacy operation and successfully adding 17 trading stores to the store estate. We have made 
significant improvements to our cash flow management and business wide systems and control infrastructure 
creating a strong platform to deliver our rapid growth plans.
Alan Richardson 
Chief Financial Officer 
26 April 2016 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
08
Business model
Our management team have extensive experience in 
sourcing quality meat products from tried and tested 
local and international suppliers at the lowest possible 
prices. Whilst we do buy longer term to ensure that  
we have a core range of products, we pride ourselves 
on identifying key lines in the spot market that offer 
value to our customers. 
We have our own distribution centres where we 
control additional processing and logistics as well 
as the production of our very own award winning 
sausages. 
Our retail outlets are manned with skilled butchers 
who are happy to help customers with advice on 
choosing the right product, in the right quantities  
as well as how to cook it.
Operational strategy
The Board is focussed on growing the business 
through identifying new profitable store locations 
and investing resources in a controlled expansion 
programme, whilst ensuring the core business 
continues to deliver quality products and excellent 
customer service at competitive prices.
• New store locations are regularly reviewed  
 for suitability to grow/replace our existing  
 retail estate.
• New products are researched, tested and  
 trialled frequently.
• Customer feedback is sought and reviewed  
 on an ongoing basis.
• Key price points from competitors are  
 monitored regularly.
• Our food safety management systems are  
 continually reviewed and updated to ensure  
 our procedures are in line with the highest  
 standards.  
As raw meat is a traded commodity, the business 
operates in an environment where input prices 
can fluctuate based on worldwide natural 
and economic factors such as a growing world 
population, climate change, exchange rates  
and changing dietary habits.
The Company’ s purchasing and sales strategy is 
designed to minimise these risks by ensuring (i) 
we sell a broad range of products and in particular, 
as we split into two complementary retail areas, 
we cover two distinct customer types rather than 
relying on one product, one customer and (ii) we 
use a broad range of tried and tested suppliers 
across the globe rather than relying on any specific 
supplier or region.
Strategy and  
Business Model
Freshly prepared roast 
chickens, gammon and pork 
joints, hot roast sandwiches, 
shop cooked curries and 
casseroles, chicken and chips 
as well as other traditional 
deli products.
Hot and cold cooked food – 38%
We have a wide range of 
products sold either (i) loose 
in a serve over counter for 
the traditional experience 
or (ii) as multi buy packs on 
supermarket style multi deck 
counters which have all been 
cut and packaged in store. 
Traditional raw meat – 62%
Our mission: to use our expertise to source, 
prepare, produce and retail quality fresh meat 
products at a price and a service level that 
continues to delight our customers.
Principal activities
The principal activity of the Group continues  
to be the operation of a chain of meat focused 
retail food stores. The Group operates from a head 
office and distribution centre in Rotherham, plus 
39 retail locations across Yorkshire, Lincolnshire, 
Nottinghamshire, Derbyshire and the North West.
Food safety
We protect our customers and our brand by 
sourcing quality products with full traceability. 
Further to this we invest continually to ensure 
our food safety management systems are 
implemented, delivered and audited at  
every location.
As the only independent retail butchers chain in 
England to have Primary Authority, we continue to 
work with the Environmental Health department at 
Wakefield Council. This gives each of our locations, 
our staff and our customers a level of consistency 
in food safety matters as we are all working to 
the same standards and interpretations of the 
regulations.
Crawshaws continue to recognise the importance 
of food safety and positive consistent progress has 
continued and our Hygiene Ratings have improved 
again in the year with 100% of the business being 
on 4 (Good) and 5 (Very Good) scores; 26% on  
four stars and 74% on five stars. Our factories have 
also consistently maintained standards whilst 
increasing throughput to match the increases  
in sales.
There has been investment in training which 
has not only provided legal compliance but has 
equipped Managers with further knowledge and 
confidence to maintain food safety. Customer 
feedback also indicates consistent quality control 
and that they are happy that their needs are  
being met. 
The maintenance and continued development  
of the Company Food Safety Management System 
has been fundamental in maintaining standards 
across the Company. Whilst the Company will 
continue to face challenges, including changes  
in legislation, we are focused on maintaining  
food safety on a consistent basis. 
The focus on origin and traceability of products will 
continue to be managed as we recognise this as 
being essential if we are to meet the requirements 
of our customers and continue to supply safe and 
legal products.
Our product range is split into two  
distinct areas: Strategic Report Governance
Financial  
Statements
09 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
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 either contracts to buy a set volume of 
goods for a set price for delivering on a specific date  
or contracts to buy a set volume of goods at a set price 
over a short time period, typically from two to four 
weeks. All purchases of goods are made in sterling. 
Whilst the volatility of international currency markets 
and their impact on spot raw material prices in sterling 
is an ongoing issue, the flexibility to source globally 
provides a level of mitigation.
Customer loss and competition
There is an ongoing risk of customer loss from 
enhanced competition. The Group‘s strategy is 
to maintain customer loyalty through: 1) offering 
consistently high quality products at consistently 
low prices, 2) offering customers even greater 
value through a rolling cycle of deeply discounted 
promotional offers and; 3) delivering superior service 
and product expertise at all times. Competitor price 
points are reviewed regularly to make sure customers 
can rely on us to be significantly cheaper than our 
competitors.
Food safety
Compliance with legislation is continually assessed 
with a rolling monthly internal Food Safety 
compliance audit in each store augmenting the 
annual Environmental Health Office inspections.  
Any performance exceptions are discussed as a matter  
of course at the Monthly Plc Board meeting.
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.
The effect of legislation or other regulatory activities
The Group monitors forthcoming and current 
legislation. 
Shrinkage
All retailers are exposed to customer and employee 
theft. The Group has a zero tolerance to theft and we 
continually review internal systems and controls. We 
maximise the use of CCTV surveillance in store and 
aim to prosecute where relevant.
Our 2016 Strategic Report from IFC to page 09  
has been reviewed and approved by the Board  
of Directors on 26 April 2016.
Alan Richardson 
Chief Financial Officer 
26 April 2016
Key performance indicators
The performance of the business is regularly monitored against Key performance indicators (KPIs).  
Most of the KPIs identified below are discussed in more detail in the Chairman’s Statement.
Risk Management 
and KPIs
After trade discounts  
and excluding VAT
Revenue
24.6 2015
37.1 2016
£37.1m
Adjusted EBITDA
*
Adjusted pre tax profit before 
interest, taxation, depreciation  
and amortisation
2.6 2016
1.8 2015
£2.6m
2016
2015
Sales per employee
83,174
81,992
Turnover/average 
number employees
81,992
1.6
44.4
45.1 2016
2015
1.0 2016
2015
EBITDA
Pre tax profit before interest, 
taxation, depreciation  
and amortisation
£1.0m
Gross profit
Gross profit as a percentage  
of revenue
45.1%
2016
EPS
Profit after tax divided by the average 
number of shares in issue
(0.342p)
1.30
(0.342)
2015
Total overheads as  
a percentage of revenue
Operational 
overheads %
**
38%
38 2016
37 2015
*
  Adjusted EBITDA is defined by the Group as profit/loss before tax, exceptional items, depreciation, amortisation, profit/(loss)  
 on disposal of assets, net finance costs, “accelerated opening costs” and share based payment charges attributable to the L TIP  
 Growth Share Scheme. Accelerated opening costs are defined by the Group as the investments in people, processes and systems  
 in the year to provide the building blocks for future growth. 
**
 Operational overheads are defined as the administrative expenses of the Group less accelerated opening costs, exceptional costs,  
 impairment, depreciation and amortisation, share based payments and exceptional costs which give a clearer reflection on  
 the underlying operational costs performance of the Group. 10 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Board of Directors
Noel Collett 
Chief Executive Officer 
Age 41
Appointment Noel recently joined Crawshaws  
as Chief Executive Officer in March 2015.
Noel joined Crawshaws as Chief Executive Officer 
in March 2015 having spent over 16 years with 
Lidl, the German Discounter. Noel has held a 
number of key senior leadership roles in the UK 
and Germany, and for the last twelve years has 
served as Lidl’s Chief Operating Officer for the 
UK business. He has been widely credited as an 
instrumental figure in transforming Lidl from  
a low-cost brand to a high-quality retailer during  
a decade of rapid sales growth.
Alan Richardson 
Chief Financial Officer 
Age 39
Appointment Alan joined Crawshaws as the  
Chief Financial Officer in September 2015.
Alan joined Crawshaws as the Chief Financial 
Officer in September 2015 having spent five years 
at Morrisons, most recently as Finance Director 
Retail & Logistics. Previous to that, Alan spent 
eight years at Asda in various senior finance 
roles following his qualification as a Chartered 
Accountant at KPMG.
Mark Naughton-Rumbo 
Non-Executive Officer 
Age 55
Appointment Mark was appointed to the Group  
in October 201 1.
Mark qualified as a Chartered Accountant with 
Ernst & Whinney in 1984 and since that time has 
held a number of key financial and commercial 
directorships in public and private SME companies 
in the retail sector. He has achievements in 
strategic development and implementation, 
experience of managing businesses in extremely 
challenging economic circumstances, delivering 
business turnaround and profitable growth. He 
was Chief Executive Officer of Whittard of Chelsea 
PLC between October 2004 and February 2006, 
Financial and Commercial Director of Select 
(Retail) Limited between May 2007 and January 
2008 and is currently Chief Executive Officer 
(Business & Strategy) of A|Wear Limited, an Irish 
womenswear brand.
Kevin Boyd 
Chief Commercial Officer 
Age 47
Appointment Kevin joined Crawshaw Butchers 
Limited (Crawshaw Butchers) in 1990.
Kevin has 25 years' service with Crawshaws in 
various senior operational roles, the last eight  
of which have been on the Board of Directors.
Richard Rose  
Chairman  
Age 60
Appointment Richard was appointed to  
the Group as Chairman in April 2007. 
Richard was appointed Chairman of Crawshaw 
Holdings Limited (Crawshaw Holdings) in April 2007. 
He became Non-Executive Chairman of the Company 
(Crawshaw Group Plc) on 1 September 2006 (at 
such time being called Felix Group Plc). In April 2008, 
Crawshaw Holdings was acquired by the Company 
through a reverse takeover as a result of which the 
Company was renamed Crawshaw Group Plc.
Company Secretary
Alan Richardson
Company Number
04755803
Registered Office
Unit 4
Sandbeck Way
Hellaby Industrial Estate 
Rotherham
South Yorkshire 
S66 8QL
Auditors
KPMG Audit Plc
1 Sovereign Square
Sovereign Street
Leeds
LS1 4DA
Bankers
Royal Bank of Scotland plc
Yorkshire Corporate Banking
3rd Floor
2 Whitehall Quay
Leeds
LS1 4HR
Nominated Adviser  
and Broker
Peel Hunt LLP
1 20 London Wall
London 
EC2Y 5ET
Registrars  
and Receiving Agents
Capita Asset Services
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0GA
Solicitors
Atticus Legal LLP
Castlefield House
Liverpool Road
Castlefield
Manchester
M3 4SB Strategic Report Governance
Financial  
Statements
11 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
The Directors present their Annual Report on the affairs of the Group together with audited financial statements for the 52 weeks ended 31 January 2016  
(201 5: 53 week period).
Crawshaw Group Plc (the “Company“) is a public limited company incorporated and domiciled in the United Kingdom and under the Companies Act 2006.
The address of the Company’s registered office is Crawshaw Group Plc, Unit 4, Sandbeck Way, Hellaby Industrial Estate, Rotherham, S66 8QL.
The Company has its primary listing on AIM, part of the London Stock Exchange.
The Group financial statements were authorised for issue by the Board of Directors on 26 April 2016.
Further information on the activities of the business, the Group strategy and an indication of the outlook for the business are presented in the Chairman’s Statement,  
The Chief Executive Officer’s Statement and the Strategy and Business Model sections of the report.
Results and dividends
Reported under IFRS the Group loss before taxation is (£344,6 1 5) (2014: £1,1 94,398 profit). 
After a taxation credit of £75,21 1 (201 5 charge: £299,804) the Group loss for the year is £269,404 (201 5: £894,594 profit).
The Directors propose a final dividend of 0.47p per share (201 5: 0.47p) to be paid on 5 August 2016, to shareholders on the register at the close of business  
on 8 July 2016. The share price will be marked ex dividend with effect from the 7 July 2016. 
Dividend reinvestment plan (“DRIP“) 
As last year, shareholders will have the opportunity to elect to reinvest their cash dividend and purchase existing shares in the Company through a Dividend  
Reinvestment Plan (“DRIP”).
Dividend ratification
A technical matter has arisen in respect of the final dividend paid in July 201 5 (final dividend) in respect of the financial year ended on 31 January 201 5 and the interim 
dividend paid in October 201 5 (interim dividend) in respect of the financial year ending on 31 January 2016 (together the dividends).
It has been brought to the Directors’ attention that the dividends were paid in technical breach of the Companies Act 2006 the effect of which is that, while the Company’s 
Group held adequate reserves to cover the amount of the dividends, the dividends were paid at a time when the Company’s relevant accounts for the purposes of the 
Companies Act 2006 did not show sufficient distributable reserves to cover the full amount of the dividends. Subsequent to the approval of the dividends by the Company, 
dividends were paid up to the parent company from the Company’s subsidiaries such that the distributable reserves were then sufficient to cover both the dividends. 
Given that the Company would have had sufficient distributable profits to make the payment, had the upstream dividends from the subsidiaries been paid prior to the 
declaration of the dividends, the Directors believe that neither shareholders nor creditors would have been prejudiced. The Company nevertheless wishes to address the 
matter by way of a ratification resolution to be approved by shareholders at the AGM. This resolution asks shareholders to approve the appropriation of the historic profits 
of the Company to the dividend payments concerned and to release the current and former shareholders and directors from any claim by the Company for repayment of 
the dividends. The purpose of the resolution is to put the shareholders and directors into the position in which they were always intended to be.
Substantial shareholdings
At 10 March 2016, the Directors had been notified of the following interests, of 3% and over, in the Company’s issued ordinary share capital:
    Number of  
Shareholder    ordinary shares %
Hargreave Hale    9,066,726 11.49
Crawshaw Group Plc Directors & Related Holdings    8,500,464 10.77
Unicorn Asset Management    7 ,276,875 9.22
Schroder Investment Management    7 ,090,000 8.98
Blackrock Investment Management    6,588,4 1 5 8.35
Arrowgrass Capital Partners    5,250,000 6.65
Hargreaves Lansdown Asset Management    5,1 57 ,554 6.53
Living Bridge    4,461,015 5.65
Mr John Kelly    3,571,762 4.52
Directors’ Report 12 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Directors’ Report continued
Directors and their interests
The following Directors held office during the Year ended 31 January 2016 and subsequently:
Kevin P Boyd
Noel Collett (appointed 1 March 201 5)
Colin B Crawshaw (resigned 2 February 2016)
Mark Naughton-Rumbo
Alan Richardson (appointed 7 September 201 5)
Richard S Rose
Lynda J Sherratt (resigned 31 December 201 5)
The interests of the Directors in the ordinary shares of the Company are shown below:
    10 March  31 March 
    2016 2015 
    number of 5p  number of 5p 
    ordinary  ordinary 
    shares shares
Kevin P Boyd    2,716,311 3,316,311
Noel Collett    — —
Colin B Crawshaw    — 6,265,711 
Mark Naughton-Rumbo    54,456 104,456
Alan Richardson    — —
Richard S Rose    5,729,697 6,041,547
Lynda J Sherratt    119,148 1,270,000
The interests of the Directors in options to acquire shares are shown below:
    10 March  31 March 
    2016 2015 
    number of 5p  number of 5p 
    ordinary  ordinary 
    shares shares
Kevin P Boyd    235,954 235,294
Noel Collett    — —
Colin B Crawshaw    — —
Mark Naughton-Rumbo    — —
Alan Richardson    — —
Richard S Rose    — —
Lynda J Sherratt    — 117,647
Financial instruments
The Company’s financial risk management objectives can be found in notes 1 9 and 20 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 2016 was 59 days (201 5: 46 days).
Employee involvement
The Board recognises that the Group’s performance and success is directly related to our ability to attract, train and motivate high calibre employees. We place 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. Strategic Report Governance
Financial  
Statements
13 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Going concern
The principal risks and uncertainties facing the Group are set out on page 09. For the purposes of their assessment of the preparation of the Group’s accounts  
on a going concern basis, the Directors have considered the current cash position and forecasts of future trading including working capital and investment requirements.
During the year the Group met its day-to-day general corporate and working capital requirements through existing cash resources. At 31 January 2016 the Group had cash 
on hand of £4.9m (201 5: £9. 1 m).
Overall, the Directors believe the Group is well placed to manage its business risks success and successful execute the growth strategy. The Group’s forecasts  
and projections, taking account of reasonable possible changes in trading performance, show that the Group should have sufficient cash resources to meet its 
requirements for at least the next twelve months. Accordingly, the adoption of the going concern basis in preparing the financial statements remains appropriate.
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 auditor is 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 auditor is aware of that information. 
Auditor
A resolution to re-appoint KPMG LLP as auditors and to authorise the Directors to determine their remuneration will be put to the members at the forthcoming  
Annual General Meeting.
By order of the Board
Alan Richardson
Company Secretary
Unit 4, Sandbeck Way
Hellaby Industrial Estate
Rotherham
South Yorkshire 
S66 8QL
26 April 2016
Company Number: 04755803 14 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Report of the Remuneration Committee
Compliance
This report by the Remuneration Committee, on behalf of the Board, contains full details of the remuneration of each Director during the period under review.
Directors’ remuneration policy
The Committee aims to ensure that the remuneration packages offered are competitive and are designed to attract, retain and motivate executives of the right calibre. 
Emoluments of the Directors 
For the year to 31 January 2016
  Benefits  Compensation 
 Salaries  excluding Pension for loss 
 and fees pension contributions of office T otal
K P Boyd 81,520 2,641 40,000 — 124,161
N Collett (appointed 1 March 201 5) 298,833 6,406 — — 305,239
C B Crawshaw (resigned 2 February 2016) 103,713 — — — 103,713
M Naughton-Rumbo 20,004 — — — 20,004
A Richardson (appointed 7 September 201 5) 55,271 — — — 55,271
R S Rose 60,000 4,088 — — 64,088
L J Sherratt (resigned 31 December 201 5) 101,667 — — 30,000 131,667
Emoluments of the Directors 
For the year to 31 January 201 5
  Benefits  Compensation 
 Salaries  excluding Pension for loss 
 and fees pension contributions of office Total
K P Boyd 80,687 6,396 40,833 — 127,916
C B Crawshaw 126,840 211 — — 127,051
M Naughton-Rumbo 20,004 — — — 20,004
R S Rose 50,000 4,332 — — 54,332
L J Sherratt  95,000  382 15,000 — 110,382
Pensions
Defined contribution pension payments are made to individual pension plans to provide benefits for certain Executive Directors. The Non-Executive Directors’ 
emoluments are not pensionable.
Directors’ service contracts
N Collett and K Boyd’s service contracts are terminable on twelve months’ notice. 
A Richardson’s service contract is terminable on six months’ notice. R Rose and M Naughton-Rumbo appointments as Non-Executive Directors are terminable  
on six months’ notice. Strategic Report Governance
Financial  
Statements
15 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Directors’ share options
Details of the individual share options held by the Directors as at 31 January 2016, which are summarised in the Directors’ Report on page 1 1, are as follows:
   Outstanding at  Exercised Outstanding at 
   31 January  during 31 January 
Director Exercise period Option price 201 5 the year 2016
K Boyd From 14/4/08 to 1 3/4/18 42.5p 235,294 — 235,294
L J Sherratt From 14/4/08 to 1 3/4/18 42.5p 1 1 7 ,647 (1 1 7 ,647) —
The aggregate amount of gains made by Directors on the exercise of share options was £48,823.
The market price of the Company’s 5p shares at 31 January 201 5 was 39.000p and at 31 January 2016 the market price of the Company’s 5p shares was 79.000p,  
a twofold increase. 
Long T erm Incentive Plan (“L TIP“)
Shares were granted under the Crawshaw Group Plc Long Term Incentive Plan on 24 April 201 5. The shares are ’growth shares’ in a subsidiary, Crawshaw Butchers Ltd, 
but have value linked to the market capitalisation of Crawshaw Group Plc. Shareholders are entitled to a maximum pool of 10% of the growth in value of the market 
capitalisation of Crawshaw Group over the hurdle rate, where the hurdle rate is set as a premium of 1 5% to market capitalisation immediately prior to the award  
of the shares.
The Directors participating in the scheme at the date of this report and their respective entitlement to the growth in value of market capitalisation of Crawshaw Group Plc 
above the hurdle rate is as follows:
– Noel Collett, 5.00%
– Kevin Boyd, 0.56%
– Alan Richardson, 0.49%
There are specific trigger points governing when the participants can exercise their options and how the fair value of the awards have been calculated which are set out  
in note 1 7 of the accounts.
This report was approved by the Board on 26 April 2016 and signed on its behalf by
Mark Naughton-Rumbo
Chairman of the Remuneration Committee 16 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Statement of Directors’ Responsibilities in respect  
of the Annual Report
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare group and parent company financial statements for each financial year. As required by the AIM Rules of the London Stock 
Exchange they are required to prepare the Group financial statements in accordance with IFRSs as adopted by the EU and applicable law and have elected to prepare the 
parent company financial statements on the same basis.
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group 
and parent company and of their profit or loss for that period. In preparing each of the Group and parent company financial statements, the Directors are required to:
– select suitable accounting policies and then apply them consistently;
– make judgements and estimates that are reasonable and prudent;
– state whether they have been prepared in accordance with IFRSs as adopted by the EU; and
– prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and the parent company will continue  
in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company’s transactions and disclose with 
reasonable accuracy at any time the financial position of the parent company and enable them to ensure that its financial statements comply with the Companies Act 
2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud  
and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the UK 
governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Strategic Report Governance
Financial  
Statements
17 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Independent Auditor’s Report to the Members  
of Crawshaw Group Plc
We have audited the financial statements of Crawshaw Group Plc for the 52 weeks ended 31 January 2016 set out on pages 18 to 39. The financial reporting framework  
that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the EU and, as regards the parent 
company financial statements, as applied in accordance with the provisions of the Companies Act 2006. 
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 
so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s Members, as a body, for our audit work, for this report, 
or for the opinions we have formed.
Respective responsibilities of Directors and auditor
As explained more fully in the Statement of Directors’ Responsibilities set out on page 16, the Directors are responsible for the preparation of the financial statements and 
for being satisfied that they give a true and fair view. Our responsibility is to audit, and express an opinion on, the financial statements in accordance with applicable law  
and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website at www.frc.org.uk/auditscopeukprivate
Opinion on financial statements
In our opinion:
– the financial statements give a true and fair view of the state of the Group’s and of the parent company’s affairs as at 31 January 2016 and of the Group’s loss for the period 
then ended;
– the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the EU;
– the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the EU and as applied in accordance with the provisions 
of the Companies Act 2006;
– the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matters prescribed by the Companies Act 2006 
In our opinion the information given in the Strategic Report and the Directors’ Report for the financial period for which the financial statements are prepared is consistent 
with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following where the Companies Act 2006 requires us to report to you if, in our opinion:
– adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
– the parent company financial statements are not in agreement with the accounting records and returns; or
– certain disclosures of directors’ remuneration specified by law are not made; or
– we have not received all the information and explanations we require for our audit.
Frances Whittle (Senior Statutory Auditor)
for and on behalf of KPMG LLP , Statutory Auditor
Chartered Accountants
1 Sovereign Square
Sovereign Street
Leeds
LS1 4DA
26 April 2016 18 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Consolidated Statement of Comprehensive Income
For the 52 weeks ended 31 January 2016
    Y ear ended Year ended 
    31 January  31 January 
    2016 2015 
   Note £ £
Revenue     37,060,203 24,619,589
Cost of sales    (20,356,001) (13,698,483)
Gross profit     16,704,202 10,921,106
Other operating income   2 29,143 18,678
Administrative expenses    (17,114,642) (9,802,982)
Operating (loss)/profit    (381,297) 1,136,802
Finance income   6 19,576 48,365
Finance expenses   6 (1,914) (6,233)
Net finance expense    17,662 42,132
Share of profit of equity accounted investees (net of tax)    19,020 15,464
(Loss)/profit before income tax    (344,615) 1,194,398
Income tax credit/(expense)   7 75,211 (299,804)
Total recognised (loss)/income for the period    (269,404) 894,594
Attributable to:
Equity holders of the Company    (269,404) 894,594
Operating (loss)/profit analysed as:   
EBITDA*     1,013,727 1,573,174
Exceptional Costs   25 (105,367) —
Share Based Payment Charge    (359,592) —
Depreciation and Amortisation    (930,065) (436,372)
Operating (loss)/profit     (381,297) 1,136,802
Basic (loss)/earnings per ordinary share    (0.342)p 1.301p
Diluted (loss)/earnings per ordinary share     (0.342)p 1.301p
* EBITDA is defined by the Group as the profit/(loss) before tax, exceptional items, depreciation, amortisation, and share based payment charges.
The Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual income statement.
       Strategic Report Governance
Financial  
Statements
19 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Balance Sheets
At 31 January 2016
  Group Group Company Company 
   2016  2015 2016  2015 
 Note  £  £  £   £ 
Assets
Non current assets     
Property, plant and equipment 9 7,183,993 5,363,236 — — 
Intangible assets – goodwill and related acquisition intangibles 10 11,028,130 7,629,305 — — 
Investment in equity accounted investees 1 1 125,444 106,424 — —
Investments in subsidiaries 1 2 — — 16,571,501 11,946,500
T otal non current assets  18,337,567 13,098,965 16,571,501 11,946,500
Current assets     
Inventories 14  1,013,452 640,400 — —
Trade and other receivables 1 5 726,156 483,400 2,784,389 6,666,106
Cash and cash equivalents  4,879,914 9,090,286 7,945 7,945
T otal current assets   6,619,522 10,214,086 2,792,334 6,674,051
T otal assets   24,957,089 23,313,051 19,363,835 18,620,551
Shareholders‘ equity     
Share capital  3,946,822 3,940,940 3,946,822 3,940,940
Share premium  13,941,141 13,897,023 13,941,141 13,897,023
Reverse acquisition reserve  446,563 446,563 — —
Merger reserve  — — 508,146 508,146
Retained earnings  1,327,422 1,686,501 863,318 268,297
T otal shareholders’ equity  19,661,948 19,971,027 19,259,427 18,614,406
Liabilities     
Non current liabilities     
Other payables 16 279,088 272,265 — — 
Interest bearing loans and borrowings 18 34,999 — — — 
Deferred tax liabilities 1 3 617,775 531,980 — — 
T otal non current liabilities  931,862 804,245 — — 
Current liabilities     
Trade and other payables 16 4,325,569 2,537,779 104,408 6,145
Interest bearing loans and borrowings  18  37,710 — — —
T otal current liabilities   4,363,279 2,537,779 104,408 6,145
T otal liabilities  5,295,141 3,342,024 104,408 6,145
T otal equity and liabilities  24,957,089 23,313,051 19,363,835 18,620,551
These financial statements were approved by the Board of Directors on 26 April 2016 and were signed on its behalf by:
Alan Richardson
Director and Company Secretary
Company registered number: 04755803 20 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Consolidated Statements of Changes  
in Shareholders’ Equity
   Reverse 
 Share  Share acquisition Retained Total 
 capital premium reserve earnings equity 
 £ £ £ £ £
Group
Balance at 1 February 2014 2,890,940 6,317,618 446,563 1,119,348 10,774,469
Profit for the period — — — 894,593 894,593
Dividend on Equity shares — — — (327,440) (327,440)
Share Placing 20,999,994 shares 1,050,000 7,579,405 — — 8,629,405
Balance at 31 January 2015 3,940,940 13,897,023 446,563 1,686,501 19,971,027
Loss for the period — — — (269,404) (269,404)
Share based payment charge — — — 359,592 359,592
Dividend on Equity shares — — — (449,267) (449,267)
Share Options 1 1 7 ,647 shares 5,882 44,118 — — 50,000
Balance at 31 January 2016 3,946,822 13,941,141 446,563 1,327,422 19,661,948
The reverse acquisition reserve was established under IFRS 3 “Business Combinations“ following the deemed acquisition of Crawshaw Group Plc by Crawshaw Holdings 
Limited on 1 1 April 2008.
   Reverse 
 Share  Share acquisition Retained Total 
 capital premium reserve earnings equity 
 £ £ £ £ £
Company
Balance at 1 February 2014 2,890,940 6,6317,618 508,146 394,155 10,110,859
Profit for the period — — — 201,582 201,582
Dividend on Equity shares — — — (327,440) (327,440)
Share Placing 20,999,994 shares 1,050,000 7,579,405 — — 8,629,405
Balance at 1 February 2015 3,940,940 13,897,023 508,146 268,297 18,614,406
Profit for the period — — — 697,288 697,288
Share based payment charge — — — 347,000 347,000
Dividend on Equity shares — — — (449,267) (449,267)
Share Options 1 1 7 ,647 shares 5,882 44,118 — — 50,000
Balance at 31 January 2016 3,946,822 13,941,141 508,146 863,318 19,259,427
The merger reserve was established on 1 1 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 “).
In 201 2 CHL transferred its investment in CBL to the Company at book value. Strategic Report Governance
Financial  
Statements
21 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Cash Flow Statements
For the period ended 31 January 2016
  Group  Group  Company  Company 
  Y ear ended Year ended Y ear ended Year ended 
   31 January  31 January 31 January 31 January 
  2016  2015  2016  2015 
  £ £ £ £
Cash flows from operating activities
(Loss)/profit for the period  (269,404) 894,594 697,288 201,582
Adjustments for:
Depreciation and amortisation  924,786 432,116 — —
Loss on sale of property, plant and equipment   5,279 4,256 — —
Net financial charges   (17,662) (42,131) — —
Share based payment charges  359,592 — — —
Share of profit of equity accounted investees (net of tax)   (19,020) (15,464) — —
Taxation  (75,211) 299,804 — (78,213)
Dividend received  — — (949,267) (327,440)
Operating cash flow before movements in working capital  908,360 1,573,175 (251,979) (204,071)
Movement in trade and other receivables   260,126 (129,965) (2,260,101) (24,180)
Movement in trade and other payables   1,132,597 260,765 6,161,868 (5,784)
Movement in inventories   (109,668) 66,480 — —
T ax (paid)/received  (326,317) (218,263) 78,213 71,521
Net cash generated/(used in) from operating activities   1,865,098 1,552,192 3,728,001 (162,514)
Cash flows from investing activities     
Purchase of property, plant and equipment   (2,265,355) (1,559,393) — —
Proceeds from sale of property, plant & equipment  5,542 12,545 — —
Received from equity accounted investees  — — — —
Purchase of subsidiary  (4,318,140) (237,371) (4,278,001) (246,500)
Cash acquired on purchase of subsidiaries  811,379 — — —
Interest received  19,576 48,365 — —
Interest paid  (1,914) (6,233) — —
Dividend received  — — 949,267 327,440
Dividend paid  (449,267) (327,440) (449,267) (327,440)
Net cash (used in) investing activities   (6,198,179) (2,069,527) (3,778,001) (246,500)
Cash flows from financing activities     
Repayment of loans   — (450,000) — —
Share placing  — 8,629,405 — 8,629,407
HP financing  72,709 — — —
Share capital raised  50,000 — 50,000 —
Movements in amounts owed by group companies  — — — (8,216,893)
Net cash generated from financing activities   122,709 8,179,405 50,000 412,512
Net change in cash and cash equivalents   (4,210,372)  7,662,070 — 3,500
Cash and cash equivalents at start of period  9,090,286 1,428,216 7,945 4,445
Cash and cash equivalents at end of period   4,879,914 9,090,286 7,945 7,945 22 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
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 associates and joint ventures. 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 current financial period is a 52 week period to 31 January 2016. The prior year was a 53 week period.
New IFRS and amendments to IAS and interpretations
The following amendments to standards are mandatory for the first time for the 52 week ended 31 January 2016, but do not have a material impact on the Group:
– IFRIC 21 , “Levies“;
– Improvements 201 1- 1 3;
– Improvements 2010- 1 2; and
– Amendment to IAS 1 9: Defined benefit plans: Employee contributions.
There are a number of standards and interpretations issued by the IASB that are effective for financial statements after this reporting period, including IFRS 9 “Financial 
instruments“ effective for annual periods beginning on or after 1 January 201 7 and IFRS 16 “Leases“ effective for annual periods beginning on or after 1 January 201 9.
The Group is in the process of assessing the impact that the application of these standards and interpretations will have on the Group’s financial statements.
Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity 
and has the ability to affect those returns through its power over the entity. 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. 
Change in subsidiary ownership and loss of control
Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
Where the Group loses control of a subsidiary, the assets and liabilities are derecognised along with any related NCI and other components of equity. Any resulting  
gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
Joint arrangements
A joint arrangement is an arrangement over which the Group and one or more third parties have joint control. These joint arrangement are in turn classified as:
– Joint ventures whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities; and
– Joint operations whereby the Group has rights to the assets and obligations for the liabilities relating to the arrangement.
Associates
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% of the voting power of another entity. 
Application of the equity method to associates and joint ventures
Associates and joint ventures 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 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 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. Strategic Report Governance
Financial  
Statements
23 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
1. Accounting policies continued
Basis of consolidation continued
Joint operations
Where the Group is a party to a joint operation, the consolidated financial statements include the Group’s share of the joint operations assets and liabilities,  
as well as the Group’s share of the entity’s profit or loss and other comprehensive income, on a line-by-line basis.
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 in the Strategy and Business Model  
on page 08. In addition, notes 1 9 and 20 set out the Group’s objectives, policies and processes for managing its capital and exposures to credit and liquidity risk.
As highlighted in note 20, the Group meets its day to day working capital requirements through cash generated from operations and borrowings. Current cash on hand 
totals £4.9m.
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 within its cash reserves.
Additional focus has been placed on cash flow management to ensure sufficient funding is in place to deliver our growth strategy. The Board has reviewed cash flow 
projections under a number of scenarios relating to the pace of store rollout and potential performance outcomes of those stores and 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.
T rade 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.
T rade and other payables are recognised at stated cost.
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 estimated useful 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 3- 1 5 years straight line basis 24 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
1. Accounting policies continued
Intangible assets and goodwill
Goodwill represents amounts arising on acquisition of businesses. In respect of business acquisitions that have occurred since 1 1 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
T rade and other receivables are recognised at their fair value and thereafter at amortised cost less impairment charges.
Notes to the Financial Statements continued
(forming part of the Financial Statements) Strategic Report Governance
Financial  
Statements
25 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
1. Accounting policies continued
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, VA T 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, which is the time of retail sale to the 
customer. 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.
The Group does not receive any form of rebate from suppliers.
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
Borrowing costs are expensed in the consolidated statement of comprehensive income as incurred.
Taxation
T ax on the profit or loss for the period comprises current and deferred tax. T ax 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. 26 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
1. Accounting policies continued
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 Chief Executive 
Officer 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.
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial information in conformity with IFRS required management to make judgements, estimated and assumptions that affect the application  
of policies and reported amounts of assets and liabilities, income and expense. 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:
• Share based payments (note 1 7)
• Deferred tax (note 1 3)
• Intangible assets in business combinations (note 10 and note 24)
Share based payments
The Group issues equity settled share based payments to certain employees. Equity settled share based payments are measured at fair value (excluding the effect of  
non-market based vesting conditions) at the date of the grant. The fair value determined at the grant date of such equity settled share based payments is expensed  
on a straight line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest and adjusted for the effect of non-market based vesting 
conditions (with a corresponding movement in equity).
Fair value is measured by use of the Black-Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects  
of non-transferability, exercise restrictions, and behavioural considerations.
The fair value of the shares issued under the new Long Term Incentive Plan were valued on a discounted cash flow basis in conjunction with a third party valuation 
specialist.
2. Other operating income
    2016 2015 
    £ £
RGV management charge    12,000 12,000
Other    17,143 6,678
Total    29,143 18,678
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 1 1.
Notes to the Financial Statements continued
(forming part of the Financial Statements) Strategic Report Governance
Financial  
Statements
27 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
3. Expenses and auditor’s remuneration
Included in operating profit are the following:
     2016 2015 
    £ £
Depreciation of property, plant and equipment (owned) (note 9)    788,906 397,436
Amortisation of intangible assets (note 10)    135,880 34,680
Loss on sale of property, plant and equipment    5,279 4,256
Auditor’s remuneration:
     2016 2015 
    £ £
Audit of these financial statements    16,000 15,300
Amounts receivable by the auditors and their associates in respect of:  
 Audit of financial statements of subsidiaries pursuant to legislation    44,000 20,500
 Other services relating to taxation    56,000 7,100
 Vat related and other Advisory services    7,000 26,150
Total auditors’ remuneration     123,000  69,050
4. 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
    2016 2015
Management    5 5
Other    447 291
    452 296
The aggregate payroll costs of these persons were as follows:
    2016 2015 
    £ £
Wages and salaries    8,832,759 5,038,156
Social security costs    489,010 417,870
Other pension costs    56,044 56,044
    9,377,813 5,512,070
5. Key management compensation
    2016 2015 
    £ £
Wages and salaries    721,008 362,531
Company contributions to money purchase pension plans    40,000 56,044
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  
pages 14 and 1 5. The aggregate of emoluments and amounts receivable under long term incentive schemes of the highest paid Director was £305,239 (201 5: £1 27 ,916).  
No company pension contributions were made on his behalf. The highest paid Director changed in the year. The highest paid Director in 201 5 received pension 
contributions of £40,833.
    Number of Directors
    2016 2015
Retirement benefits are accruing to the following number of Directors under:
Money purchase schemes    1 2 28 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
6. Finance and income expense
    2016 2015 
    £ £
Bank interest received    19,576 48,365
Finance income    19,576 48,365
Bank interest paid    1,914 6,233
Finance expenses    1,914 6,233
7 . Income tax expense
Recognised in the income statement
The income tax expense is based on the estimated effective rate of taxation on trading for the period and represents:
    2016 2015 
    £ £
Current tax     16,571 206,772
Adjustments for prior year    (141,711) (40,093)
    (125,140)  166,679
Deferred tax:   
Origination and reversal of timing differences     (14,122) 84,710
Adjustments for prior year    64,051 48,415
Effect of rate change    — —
    49,929 133,125
Income tax (credit)/expense     (75,211) 299,804
Reconciliation of effective tax rate
    2016 2015 
    £ £
(Loss)/profit for the period    (269,404) 894,594
Total tax expense    (75,211) 299,804
Profit/(loss) excluding taxation    (344,615) 1,194,398
T ax using UK corporation tax rate of 23.167%    (69,499) 254,801
Non-deductible expenses    70,248 42,326
Adjustment in respect of prior years    (77,660) 8,323
T ax not at standard rate    1,700 (5,646)
Total tax (credit)/expense    (75,211) 299,804
Adjustments for the prior year include a tax rebate of £148,000 due to an increased capital allowance claim following a review of the classification of our capital spend.  
The principles agreed at this review will apply to our future capital investments.
The movement in deferred tax in the period includes the impact of deferred tax attributable to share based payments (note 1 7). 
Reductions in the UK corporation tax rate from 20% to 1 9% (effective from 1 April 201 7) and to 18% (effective from 1 April 2020) were substantively enacted in November 
201 5. A further rate reduction to 1 7% (to be effective from 1 April 2020) was announced in the March 2016 Budget and is expected to be substantively enacted later this year.
This will reduce the company's future current tax charge accordingly and reduce the deferred tax asset at 31 January 2016 which has been calculated based on the rate  
of 18% in line with the above.
Notes to the Financial Statements continued
(forming part of the Financial Statements) Strategic Report Governance
Financial  
Statements
29 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
8. 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 78,845,870 (31 January 201 5: 68,556,045). 
The calculation of the basic and diluted earnings per share is based on the following data: 
    2016 2015 
Earnings    £ £
(Loss)/earnings attributable to shareholders    (269,404) 894,594
    2016 2015 
Number of shares    No. No.
Basic weighted average number of shares    78,845,870 68,556,045
Dilutive potential ordinary shares    — —
Total    78,845,870 68,556,045
Earnings per share    2016 2015
Basic    (0.342) 1.301
In both years the share options were anti-dilutive due to:
– For 2016 the Group reported a loss for the year.
– For 201 5 the options were out of the money.
9. Property, plant and equipment
   Land and buildings 
    Plant, 
 Assets under   Leasehold equipment 
 construction Freehold improvements and vehicles Total 
 £ £ £ £ £
Cost
Balance at 1 February 201 5 79,500 815,379 4,706,185 2,087,608 7,688,672
Additions at cost 345,483 — 278,366 1,641,506 2,265,355
Additions on acquisition — — 78,664 620,412 699,076
Disposals — — — (23,760) (23,760)
Transfer (79,500) — — 79,500 —
Balance at 31 January 2016 345,483 815,379 5,063,215 4,405,266 10,629,343
Depreciation and impairment     
Balance at 1 February 201 5 — 149,057 1,358,323 818,055 2,325,435
Depreciation charge for the year — 59,440 265,799 463,667 788,906
Depreciation on acquisition — — 64,140 279,808 343,948
Disposals — — — (12,939) (12,939)
Balance at 31 January 2016 — 208,497 1,688,262 1,548,591 3,445,350
Net book value     
At 31 January 2016 345,483 606,882 3,374,953 2,856,675 7,183,993
At 31 January 201 5 79,500 666,322 3,347,862 1,269,553 5,363,236
There are no items of property, plant and equipment in the Company. 30 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
9. Property, plant and equipment continued
Prior year
   Land and buildings 
    Plant, 
 Assets under   Leasehold equipment 
 construction Freehold improvements and vehicles Total 
 £ £ £ £ £
Cost
Balance at 1 February 2014 40,745 815,379 3,472,805 1,833,169 6,162,098
Additions at cost 79,500 — 1,192,635 287,258 1,559,393
Addition on acquisition — — — 48,022 48,022
Disposals — — — (80,841) (80,841)
Transfer (40,745) — 40,745 — —
Balance at 31 January 2015 79,500 815,379 4,706,185 2,087,608 7,688,672
Depreciation and impairment     
Balance at 1 February 2014 — 110,508 1,149,074 732,457 1,992,039
Depreciation charge for the year — 38,549 209,249 149,638 397,436
Disposals — — — (64,040) (64,040)
Balance at 31 January 2015 — 149,057 1,358,323 818,055 2,325,435
Net book value     
At 31 January 2015 79,500 666,322 3,347,862 1,269,553 5,363,237
At 31 January 2014 40,475 704,871 2,323,731 1,100,712 4,170,059
10. Intangible assets
  Other  
  intangibles Goodwill Brand Total 
  £ £ £ £
Group
Cost or deemed cost    
At 1 February 201 5   214,247 7,205,958 693,558 8,113,763
Assets Acquired Gabbotts Farm Limited (see note 25)  151,000 3,383,705 — 3,534,705
Balance at 31 January 2016  365,247 10,589,663 693,558 11,648,468
Amortisation and impairment     
At 1 February 201 5  214,247 — 270,211 484,458
Amortisation charge for the year  101,200 — 34,680 135,880
Balance at 31 January 2016  315,447 — 304,891 620,338
Net book value    
At 31 January 2016  49,800 10,589,663 388,667 11,028,130
At 31 January 201 5  — 7,205,958 423,347 7,629,305
Notes to the Financial Statements continued
(forming part of the Financial Statements) Strategic Report Governance
Financial  
Statements
31 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
10. Intangible assets continued
Prior year
  Other  
  intangibles Goodwill Brand Total 
  £ £ £ £
Group
Cost or deemed cost    
At 31 January 2014  214,247 7,028,657 693,558 7,936,462
Additions from Acquisitions  —  177,301 — 177,301
Amortisation and impairment     
At 1 February 2014  214,247 — 235,531 449,778
Amortisation charge for the year  — — 34,680 34,680
Balance at 31 January 2015  214,247 — 270,211 484,458
Net book value    
At 31 January 2015  — 7,205,958 423,347 7,629,305
At 31 January 2014  — 7,028,657 458,027 7,486,684
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 20 years. The remaining amortisation period is eleven years and two months.
The amortisation and impairment charge is recognised in the following line items in the consolidated statement of comprehensive income:
    2016 2015 
    £ £
Administrative expenses    135,880 34,680
Impairment testing
Goodwill arose on the Group’s original acquisition of Crawshaw Butchers Limited and on the subsequent acquisitions of East Yorkshire Beef Limited in June 2014 and 
Gabbotts Farm Limited in April 201 5. The carrying value of goodwill is allocated against the stores which were trading in each business at the time of acquisition. 
Each store is treated as a separate cash generating unit with the stores trading in each business at the time of acquisition defined as the “relevant group of CGUs“  
for the purposes of impairment testing.
The goodwill supported by the expected future cash flows of each relevant group of CGUs as at 31 January 2016 is as follows:
    2016 2015 
    £ £
Crawshaw Butchers Limited (at acquisition)    7,028,657 7,028,657
East Yorkshire Beef Limited    177,301 177,301
Gabbotts Farm Limited    3,383,705 —
The recoverable amount of Crawshaw Butchers Ltd, East Yorkshire Beef Limited and Gabbotts Farm Limited acquisition has been calculated with reference to their value 
in use. The Group prepares cash flow forecasts derived from the most recent financial budgets and projections approved by management for the next five years and 
assuming an estimated long term annual growth rate of 2.0% for the subsequent 25 years (201 5: 2.0%).
The financial budgets and projections are based on past experience and actual operating results. The growth rates for the five year period are based on current 
performance of the existing store and product mix. The Directors believe that the long-term growth rate does not exceed the average long-term growth rate  
for the UK economy, the principal geographic area in which Crawshaws operates.
The Directors estimate the discount rates using the post-tax rates that reflect the current market assessments of the time value of money and the risks specific  
to the cash-generating unit. In the current year the Directors estimate the applicable pre-tax rate to be 1 3.3% (201 5: 1 5.0%).
The Directors modelled a range of different scenarios by applying sensitivities to both the cash flow assumptions and the discount rate. Based on the sensitivity  
analysis there is significant headroom between the value in use calculation and the carrying value of the CGU. 32 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
1 1. Investments in equity accounted investees
    Group Group 
    2016 2015 
    £ £
Non-current 
Investment in equity accounted investees    125,444 106,424
Other investments comprise a 50% share in RGV Refrigeration, a joint venture between Crawshaw Butchers Limited and Mr M Hornsby. The principal place of business  
for RGV Refrigeration is Unit 4, Sandbeck Way, Hellaby Industrial Estate, Rotherham, S66 8QL. The last year end being 30 September 201 5. The Group does not exert control 
over the entity.
The carrying value of investments in equity accounted investees includes £1 9,020 (201 5: £26,424) of outstanding dividend declared by RGV Refrigeration.
12. Other investments
    Company Company 
    2016 2015  
    £ £
Non-current   
Investment in Crawshaw Butchers Ltd    12,047,000 11,700,000
Investment in East Yorkshire Beef Ltd    246,500 246,500
Investment in Gabbotts Farm Ltd    4,278,001 —
Total    16,571,501 11,946,500
13. Deferred tax liabilities
Recognised deferred tax liabilities
Deferred tax liabilities are attributable to the following:
    Group  Group 
    liabilities liabilities 
    2016 2015 
    £ £
Plant and equipment    549,564 450,777
Intangible assets – brand    68,211 82,726
Temporary differences    — (1,523)
    617,775 531,980
Movement in deferred tax during the year
    Recognised 
  31 January  Acquired in in income 31 January 
  201 5 the period current year 2016 
  £ £ £ £
Plant and equipment  450,777 36,066 62,721 549,564
Deferred tax relating to intangible assets – brand  82,726 — (14,515) 68,211
Temporary differences  (1,523) — 1,523 —
  531,980 36,066 49,729 617,775
Notes to the Financial Statements continued
(forming part of the Financial Statements) Strategic Report Governance
Financial  
Statements
33 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
14. Inventories
    Group Group 
    2016 2015 
    £ £
Finished goods    1,013,452 640,400
Finished goods recognised as cost of sales in the year amounted to £20,356,001 (201 5: £1 3,698,483).
15. Trade and other receivables
  Group Group Company Company 
  2016 2015 2016 2015 
  £ £ £ £
Trade receivables  54,232 167,517 — —
Other tax and social security  74,454 452 — —
Prepayments and accrued income  463,030 315,431 — 25,289
Amounts owed from group undertakings  — — 2,733,367 6,562,604
Corporation tax recoverable  134,440 — 51,022 78,213
  726,156 483,400 2,784,389 6,666,106
The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
Aged analysis of trade receivables
  31 January 2016   31 January 201 5
  Provision   Provision 
 Gross  for doubtful Net trade Gross for doubtful Net trade 
 receivables debt receivables receivables debt receivables 
 £ £ £ £ £ £
Not past due  30,102 — 30,102 137,282 — 137,282
Up to one month past due 33,152 (9,022) 24,130 24,628 (2,199) 22,429
Over one month past due 3,141 (3,141) — 17,770 (9,964) 7,806
 66,395 (12,163) 54,232 179,680 (12,163) 167,517
Provision for doubtful debt     £
Provision at 31 January 201 5     (12,163)
Created during the year     9,022
Utilised during the year     —
Released during the year     (9,022)
Provision at 31 January 2016     (12,163) 34 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
16. Trade and other payables
  Group Group Company Company 
  2016 2015 2016 2015 
  £ £ £ £
Current:    
Trade payables   3,019,126 1,735,848 — —
Other creditors and accruals  1,306,443 588,906 104,408 6,145
Corporation tax  — 213,025 — —
  4,325,569 2,537,779 104,408 6,145
Non-current:    
Accruals  279,088 272,265 — —
  279,088 272,265 — —
T rade 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.
1 7 . 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:
    2016 2015 
    £ £
Defined contribution scheme    1,595 1,595
Share based payments 
Share options
Share options were granted post reverse acquisition on 14 April 2008 to key employees of the enlarged group, Crawshaw Group Plc. Additional shares were granted in July 
201 5 and January 2016 to new members of the management team. In line with the scheme rules, options for employees who leave the business lapse after six 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:
   Number of    Number of 
  Exercise options at Granted Exercised Lapsed options at 
Date granted price 1 Feb 201 5 in period in period in period 31 Jan 2016  Exercise period
14 April 2008 42.5p 823,528 — (117,647) — 705,881 14 April 2008 to 14 April 2018
9 July 201 5 59.5p — 140,335 — — 140,335 9 July 201 5 to 9 July 2025
4 January 2016 82.5p — 72,727 — — 72,727 4 January 2016 to 4 January 2026
During the year the Group recognised a charge of £1 2,592 (201 5: £nil) in relation to equity settled share options in the income statement.
Notes to the Financial Statements continued
(forming part of the Financial Statements) Strategic Report Governance
Financial  
Statements
35 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
1 7 . Employee benefits continued
Long Term Incentive Plan
Shares were granted under the Crawshaw Group Plc Long Term Incentive Plan on 24 April 201 5 which entitles employees to equity instruments in Crawshaw Butchers 
Limited. The shares are ’growth shares’ in a subsidiary, Crawshaw Butchers Ltd, but have value linked to the market capitalisation of Crawshaw Group Plc. Shareholders are 
entitled to a maximum pool of 10% of the growth in value of the market capitalisation of Crawshaw Group Plc over the hurdle rate, where the hurdle rate is set as a premium 
of 1 5% to market capitalisation immediately prior to the award of the shares.
Shareholders have the option to “put” their Eligible Put Shares on the occurrence of the following events:
– The First and Second Put Dates: shareholders can put 1/6th of their shares from the first anniversary of the date of grant and a further 1/6th of their shares from the 
second anniversary of the date of grant.
– The achievement of the Performance Conditions: shareholders can put 1/3rd of their shares once the market capitalisation of Crawshaw Butchers has increased  
by 50% since the date of grant. In addition, shareholders can put a further 1/3rd of their shares once the market capitalisation of Crawshaw Butchers has increased  
by 100% since the date of grant.
– On a voluntary winding up or change of control of Crawshaw Group Plc.
The fair value of the awards is determined by using the Monte Carlo model and allowance has been made for the following assumptions: Expected exercise date, expected 
volatility of total shareholder return, expected future dividends and the risk free rate of interest. 100,000 simulations were used in the Monte Carlo model and set out below 
is a summary of the key data.
Date of grant     24 April 201 5
Ave share price in period prior to grant     53.1p
Volatility of TSR for the Company     60% pa
Dividend yield     1% pa
Risk free rate of Interest     1.75% pa
Exercise pattern Uniform from two to ten years or when performance condition met if later
The expected Volatility is wholly based on the historic volatility simulated over differing time periods to the date of grant.
The share based payment charge will be adjusted each financial year to reflect expected and actual achievement of non-market based vesting conditions.  
The total expense for the period between 24 April and 31 January 2016, is £347 ,000.
The total share based payment charge recognized in the Statement of Comprehensive Income is £359,592 being £1 2,592 for the share option schemes in operation  
and £347 ,000 for the Long Term Incentive Plan.
18. Loans and borrowings – Group
    2016 2015 
    £ £
Hire purchase    72,709 — 36 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Notes to the Financial Statements continued
(forming part of the Financial Statements)
19. Financial instruments
The Group’s principal financial instruments comprise 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 has paid all bank facilities mitigating any risk in interest rate variability. 
Credit risk
The Group’s principal financial assets are cash and receivables. The Group’s credit risk is primarily attributable to trade receivables. T rade 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
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. 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 the bank facilities have been  
paid in full. The Directors are confident that there will continue to be sufficient headroom to cover liquidity risk.
The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements: 
Contractual cash flows 
   2016  2015
  1 year or less 1 year or more 1 year or less 1 year or more 
  £ £ £ £
Non-derivative financial liabilities    
Secured bank loans  — — — —
Finance lease liabilities  37,710 34,999 — —
Unsecured bank facility  — — — —
Shares classified as debt  — — — —
Bank overdrafts  — — — —
Trade and other payables  4,325,569 279,088 2,537,779 272,265
Total  4,363,279 314,087 2,537,779 272,265
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.
     5 years 
 Effective  < 1 year 1 to < 2 years 2 to < 5 years and over 
Financial Instrument interest rate £ £ £ £
Cash 1.0% 4,879,914 — — —
Overdraft — — — — —
20. Capital management
The capital structure of the Group is a mixture of (i) net cash made up of cash balances and (ii) equity comprising issued share capital and reserves as detailed in the 
Statements of Changes in Shareholders’ Equity.
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 authorisation 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 periods ended 31 January 2016 and 31 January 201 5. Strategic Report Governance
Financial  
Statements
37 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
21. Capital commitments
The Group had no capital commitments at the current and preceding year ends.
22. Operating leases
Non-cancellable operating lease rentals are payable as follows:
  Group Group Company Company 
  2016 2015 2016 2015 
  £ £ £ £
Less than one year  1,312,234 802,330 — —
Between one and five years  4,498,363 284,098 — —
More than five years  3,186,420 2,348,439 — —
Total  8,997,017 3,434,867 — —
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 £1 ,342,318 (201 5: £943,1 56) was recognised as an expense in the income statement in respect of operating leases.
23. 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 5. Detailed disclosure of the individual remuneration of Board members is included in the Report  
of the Remuneration Committee on pages 14 and 1 5. 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:
    2016 2015 
    £ £
Management charges    — 200,000
The amount outstanding from subsidiary undertakings to the Company at 31 January 2016 totalled £nil (201 5: £nil). Amounts owed to subsidiary undertakings  
by the Company at 31 January 2016 totalled £nil (201 5: £1 ,654,289).
The Company has suffered no expense in respect of bad or doubtful debts of subsidiary undertakings in the year (201 5: £nil).
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:
    2016 2015 
    £ £
Amounts received in respect of management charges    12,000 12,000
Amounts paid in respect of repair and maintenance services     98,056 202,129
The amount outstanding from jointly controlled entities to the Group at 31 January 2016 totalled £1 9,020 (201 5: £26,424). Amounts owed joint ventures by the Group  
at 31 January 2016 totalled £27 ,959 (201 5: £20,01 3).
The Group has suffered no expense in respect of bad or doubtful debts of jointly controlled entities in the year (201 5: £nil).
Transaction with other related parties
The Group leases a property owned by The Colin Crawshaw Pension Scheme for factory facilities and paid rental fee of £1 3,500 in 2016 (201 5: £1 3,500). Amounts owed  
to The Colin Crawshaw Pension Scheme by the Group at 31 January 2016 totalled £nil (201 5: £nil). 38 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
24. Acquisition
On the 1 1 April 201 5 the Company acquired the entire share capital of Gabbotts Farm Ltd for a total consideration of £4.3m in cash.
The acquisition has been accounted for under the acquisition method of accounting. The provisional fair value of net assets acquired is £934,435 Goodwill of £3,383,705  
has therefore arisen.
     Fair value 
   Book value adjustments Fair value 
   £ £ £
Net assets acquired
T angible fixed assets   355,1 28 — 355,1 28
Intangible assets   — 1 51,000 1 51,000
Current assets   
Stock   263,384 — 263,384
Debtors   352,308 — 352,308
Cash at bank and in hand    881,379 —  881,379
T otal assets   1,852,199 151,000 2,003,199
Creditors   (997,998) — (997,998)
Deferred tax liability   (36,066) (34,700) (70,766)
Net assets   818,135 116,300 934,435
Cash consideration     4,318,140
Goodwill arising on acquisition      3,383,705
Fair value adjustments were made in respect of acquired intangible assets and the associated deferred tax impact following valuation by City Valuation Advisory Ltd.
The intangible fixed assets acquired relate to the Gabbotts Farm brand and a two year non-compete clause entered into with the previous owners of Gabbotts Farm 
Limited. The intangible asset relating to the Gabbotts farm brand has been fully amortised in the year following a phased rebranding of the stores to the Crawshaws fascia. 
The non-complete element of the intangible asset acquired is being amortised over the two year term of the agreement.
The goodwill arising on acquisition arises through the expected buying synergies of the business combination, the complementary geographic coverage it affords and 
the fixed infrastructure that enables our further expansion into the North West of England.
The acquired business generated a revenue of £10m and profit before tax of £0.7m in the post-acquisition period. For the year ended 31 January 2016 the acquired business 
generated revenue of £1 2m and profit before tax of £0.8m.
Notes to the Financial Statements continued
(forming part of the Financial Statements) Strategic Report Governance
Financial  
Statements
39 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
25. Exceptional costs
Exceptional costs are defined as one off costs incurred in the year which are of a non-recurring nature.
Exceptional costs incurred:
    2016 2015 
    £ £
Legal and professional fees in relation to Gabbotts Farm acquisition    105,367 —
26. Subsidiary undertakings
At 31 January 2016 Crawshaw Group Plc had the following subsidiary undertakings: 
Crawshaw Holdings Limited – United Kingdom – Non-trading subsidiary
Crawshaw Butchers Limited – United Kingdom – Retail Butchers 
East Yorkshire Beef Limited – United Kingdom – Retail Butchers
Gabbotts Farm (Retail) Limited – United Kingdom – Retail Butchers
Gabbotts Farm Limited – United Kingdom – Non-trading subsidiary
MeatMart Limited – United Kingdom – Non-trading subsidiary 
The shareholdings were 100% of the subsidiary undertakings’ ordinary and preference shares. Each of the subsidiaries is included in the consolidated financial statements.
27 . Ultimate parent company
The Company is the ultimate parent company of the Group.
No other group financial statements include the results of the Company. 40 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the ANNUAL GENERAL MEETING of Crawshaw Group Plc No. 4755803 (the “Company”) will be held at Unit 4, Hellaby Industrial Estate, 
Sandbeck Way, Rotherham, S66 8QL on Wednesday 29 June 2016 at 1 2.00 noon at which resolutions 1 to 6 will be proposed as ordinary resolutions and resolutions 7 to 9 
will be proposed as special resolutions:
ORDINARY BUSINESS
1. To receive and, if approved, adopt the financial statements of the Company for the year ended 31 January 2016 and the reports of the Directors and auditors thereon.
2. To declare a final dividend of 0.47p per ordinary share payable on 5 August 2016 to shareholders on the register at close of business on 8 July 2016.
3. To re-elect Mark Naughton-Rumbo as a Director of the Company, who retires in accordance with Article 27 .3 of the Articles of Association of the Company.
4. To elect Alan Richardson as a Director of the Company, who was appointed by the Board since the last AGM.
5. To reappoint KPMG LLP as the auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next general meeting at which 
accounts are laid before the Company, and to authorize the Directors to fix their remuneration.
6.  THA T in substitution for all previous authorities which are hereby revoked the Directors be and they are hereby generally and unconditionally authorised  
(in substitution for any existing such powers) for the purposes of section 551 of the Companies Act 2006 (the “ Act”) to exercise all the powers of the Company  
to allot shares in the Company or to grant rights to subscribe for or to convert any security into shares in the Company (Rights) up to an aggregate nominal amount 
of £1 ,31 5,607 .30 (26,31 2,147 ordinary shares of 5p each) provided that this authority, shall expire 1 5 months from the date of this resolution or at the conclusion of the 
Company’s next Annual General Meeting, if earlier and that the Company may before such expiry make an offer or agreement which would or might require shares  
to be allotted or Rights to be granted after such expiry and the Directors may allot shares or grant Rights in pursuance of such offer or agreement notwithstanding  
that the authority conferred hereby has expired.
7 .  THA T subject to the passing of resolution 6 and in substitution for all previous authorities which are hereby revoked the Directors be and they are hereby empowered 
(in substitution for any existing such powers) pursuant to section 570 of the Act to allot equity securities for cash pursuant to the authority conferred by resolution 6  
as if section 56 1 (1 ) of the Act did not apply to any such allotment, provided that this power shall be limited to the allotment of equity securities:
(a)  in connection with an offer of such securities by way of rights to holders of ordinary shares in proportion (as nearly as may be practicable) to their respective 
holdings of such shares, but subject to such exclusions or other arrangements as the Directors may deem necessary or expedient in relation to fractional 
entitlements or any legal or practical problems under the laws of any territory, or the requirements of any regulatory body or stock exchange; and
(b)  otherwise than pursuant to sub-paragraph 7 (a) above up to an aggregate nominal amount of £394,682.20 (7 ,893,644 ordinary shares of 5p each) provided that this 
authority shall expire 1 5 months from the date of this resolution or at the conclusion of the Company’s next Annual General Meeting if earlier, and that the Company 
may before such expiry make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot 
equity securities in pursuance of any such offer or agreement notwithstanding that the power conferred hereby has expired and in this resolution the expression 
“equity securities” and references to the allotment of equity securities shall bear the same respective meanings as in section 560 of the Act.
8.  THA T the Company is generally and unconditionally authorised pursuant to section 701 of the Act to make market purchases (as defined in section 693 of the Act )  
of ordinary shares of 5p each in its capital, provided that:
(a)  The maximum aggregate number of such shares that may be acquired under this authority is 7 ,893,644 representing 10% of the Company’s issued share capital  
at 26 April 2016;
(b)  The minimum price (exclusive of expenses) which may be paid for such a share is 5p (being its nominal value);
(c)  The maximum price (exclusive of expenses) which may be paid for such a share is 5% above the average of the middle market quotations for an ordinary share  
taken from AIM for the five business days immediately preceding the date on which the share is contracted to be purchased or, in the case of a tender offer, the 
terms of the tender offer are announced;
(d)  This authority shall expire 1 5 months from the date of this resolution or, if earlier, on the conclusion of the Company’s next Annual General Meeting; and
(e)  Before such expiry the Company may enter into a contract to purchase shares that would or might require a purchase to be completed after such expiry. 41 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
9. THAT: 
(a)  in respect of the payment of the final dividend by the Company on 31 July 201 5 (the 201 5 final dividend) to current and former shareholders of the Company,  
the appropriation of distributable profits of the Company (as shown in the audited accounts of the Company for the financial period ended 31 January 2016)  
to such payment is hereby ratified and confirmed; 
(b)  in respect of the payment of the interim dividend by the Company on 30 October 201 5 (the 201 5 interim dividend) to current and former shareholders  
of the Company, the appropriation of distributable profits of the Company (as shown in the audited accounts of the Company for the financial period ended  
31 January 2016) to such payment is hereby ratified and confirmed; 
(c)  any and all claims which the Company may have in respect of the payment of the 201 5 final dividend or the 201 5 interim dividend (together 2015 dividends) 
against its current and former shareholders who appeared on the register of shareholders on the record dates for the respective 201 5 dividends be and they are 
hereby released and that a deed of release in favour of such current and former shareholders be entered into by the Company in the form of the deed produced  
to this meeting and signed by the Chairman for the purposes of identification and thereafter be delivered to the Secretary of the Company for retention on behalf 
of the said current and former shareholders (the Shareholder Release); 
(d)  any distribution involved in the giving of the Shareholder Release be made out of profits appropriated to the 201 5 dividends pursuant to paragraphs (a) and  
(b) above by reference to the same record date as the original accounting entries for the 201 5 final dividend or 201 5 interim dividend (as the case may be); and 
(e)  any and all claims which the Company may have against its Directors (both current and former) either (i) in respect of the payment of the 201 5 dividends or  
(ii) in respect of any breach of duty owed by such Directors to the Company arising out of the payment of the 201 5 dividends be and they are hereby released  
and that a deed of release in favour of the Company’s current and former Directors be entered into by the Company in the form of the deed produced to this 
meeting and signed by the Chairman for the purposes of identification and thereafter be delivered to the Secretary of the Company for retention on behalf  
of the said current and former Directors.
By Order of the Board
Alan Richardson 
Chief Financial Officer and Company Secretary
26 April 2016
Registered Office:
Unit 4, Sandbeck Way
Hellaby Industrial estate
Rotherham
South Yorkshire 
S66 8QL 42 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Notes:
1.  Any member of the Company entitled to attend and vote at this meeting may appoint a proxy to attend and, on a poll, to vote in his stead. The proxy need not be a member of the Company.
2.  Members may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. You may not appoint more than one proxy to exercise rights 
attached to any one share. To appoint more than one proxy you may photocopy the form of proxy enclosed with this notice. If you do so, please indicate the name of the proxy and the 
number of shares in relation to which they are authorised to act as your proxy.
3.  To be valid a form of proxy, together with a power of attorney or other authority, if any, under which it is executed or a notarial certified copy thereof, must be deposited at the Company’s 
Registrars, Capita Asset Services, PXS, 34 Beckenham Road, Beckenham, Kent, BR3 4TU not less than 48 hours before the time for holding the meeting or adjourned meeting. A form of proxy  
is enclosed with this notice and instructions for use are shown on the form.
4.  In the case of joint holders, the vote of the senior who tenders a vote, whether in person or by proxy, will be accepted to the exclusion of the votes of any other joint holders. For these 
purposes, seniority shall be determined by the order in which the names stand in the register of members in respect of the joint holding.
5.  In the case of a corporation, the form of proxy must be executed under its common seal or signed on its behalf by a duly authorised attorney or duly authorised officer of the corporation.
6.  Only those members entered on the register of members of the Company at 6.00pm on 27 June 2016 or, in the event that this meeting is adjourned, in the register of members as at 6.00pm 
on the day two days before the date of any adjourned meeting, shall be entitled to attend and vote at the meeting in respect of the number of ordinary shares registered in their names at that 
time. Changes to the entries on the register of members by the close of business on 28 June 2016 or, in the event that this meeting is adjourned, in the register of members before the close of 
business on the day two days before the date of the adjourned meeting, shall be disregarded in determining the rights of any person to attend or vote at the meeting.
7 .  Completion and return of the form of proxy will not preclude members from attending or voting in person at the meeting if they so wish.
8.  Copies of the service agreements and/or the appointment letters of the Directors of the Company will be available for inspection at the registered office of the Company during normal 
business hours on any weekday (Saturdays and public holidays excluded) from the date of this notice until the date of the Annual General Meeting and at the place of the Annual General 
Meeting for at least 1 5 minutes prior to and until the conclusion of the Annual General Meeting.
9.  As at the date of this Notice the issued share capital of the Company comprised 78,936,442 ordinary shares. Each ordinary share carries the right to one vote at the Annual General Meeting 
and therefore the total number of voting rights in the Company as at the date of this Notice is 78,936,442.
Notice of Annual General Meeting continued 43 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Form of Proxy
For the Crawshaw Group Plc Annual General Meeting Wednesday 29 June 2016 at 12.00 noon.
I/We
(NAME IN FULL BLOCK CAPITALS)
being (a) member(s) of the above-named Company, hereby appoint the Chairman of the Meeting or 
(see note 6)
as my/our proxy to attend for me/us and on my/our behalf the Annual General Meeting of the Company to be held at Unit 4, Hellaby Industrial Estate, Sandbeck Way, 
Rotherham, S66 8QL on Wednesday 29 June 2016 and at any adjournment thereof.
I/We direct that on a poll my/our proxy shall vote on the resolutions to be proposed at the meeting as indicated below, and may vote and/or abstain as he or she thinks fit 
on any other business properly dealt with at the meeting.
 
    VOTE 
ORDINARY BUSINESS FOR AGAINST WITHHELD
1.   Ordinary resolution to receive and adopt the accounts for the year ended 31 January 2016   
2.   Ordinary resolution to declare a final dividend of 0.47p per ordinary share   
3.   Ordinary resolution to re-elect Mark Naughton-Rumbo as a Director   
4.  Ordinary resolution to elect Alan Richardson as a Director
5.  Ordinary resolution to reappoint KPMG LLP as auditors and to authorise the Directors to fix their remuneration   
SPECIAL BUSINESS   
6.   Ordinary resolution to authorise the Directors to allot relevant securities pursuant to section 551  
of the Companies Act 2006 (the “ Act”)
7 .   Special resolution to empower the Directors to allot equity securities as if section 56 1 (1 ) of the Act did not apply
8.   Special resolution to authorise the Directors to make market purchases of the Company’s shares pursuant  
to section 701 of the Act
9.   Special resolution to ratify and confirm the 201 5 dividends and to release any claims against current  
and former shareholders and directors in respect thereof
PRINT NAME:    Please tick here if you are appointing more than one proxy.
Signature(s): Date:  2016 Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
44
Form of Proxy continued
Notes:
1.  Please indicate with a cross in the appropriate box how you wish the proxy to vote. In the absence of any indication, the proxy will exercise his/her discretion as to whether and how  
he/she votes.
2.  If you mark the box “vote withheld”, it will mean that your proxy will abstain from voting and, accordingly, your vote will not be counted either for or against the relevant resolution.
3.  To be effective, this proxy form, together with any power of attorney or other written authority under which it is signed, or a notarially certified copy or a copy certified in accordance  
with the Powers of Attorney Act 1 971, of such power or written authority must be completed, signed and deposited with Capita Asset Services, PXS, 34 Beckenham Road, Beckenham,  
Kent, BR3 4TU by or not later than 1 2.00 noon on 27 June 2016.
4.  Your proxy can vote for you on a poll. Your proxy can, depending on your shareholding, demand (or join in demanding) a poll on any or all of the resolutions proposed.
5.  A corporation must execute this proxy form either under its common seal or under the hand of an officer or attorney duly authorised in writing.
6.  If you wish to appoint any other person as proxy delete the words “the Chairman of the Meeting” and add the name of the proxy appointed. A proxy need not be a member of the Company. 
If you complete the proxy form but do not delete the words “the Chairman of the Meeting” and you do not appoint another person as proxy, the chairman shall be entitled to vote as proxy.  
In the absence of any specific direction, a proxy shall be deemed to be entitled to vote in respect of all the shares in the relevant holding.
7 .  In the case of joint holders, the signature of any one holder will be sufficient but the names of all the joint holders should be stated and the vote of the senior who tenders a vote, whether in 
person or by proxy, will be accepted to the exclusion of the votes of the other joint holders. For this purpose, seniority will be determined by the order in which the names stand in the register 
of members in respect of the shares.
8.  Any alteration to this form must be initialled.
9.  Returning the proxy form will not prevent you from attending the meeting and voting in person.
10.  CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the meeting and any adjournment(s) of it by using the 
procedures described in the CREST Manual. CREST personal members, sponsored CREST members and CREST members who have appointed a voting service provider(s) should refer to 
their CREST sponsor or voting service provider(s) who will be able to take the appropriate action for them. To complete a valid proxy appointment or instruction using the CREST service, the 
CREST message (a “CREST Proxy Instruction”) must be properly authenticated in accordance with Euroclear UK & Ireland Limited’s specifications and must contain the information required for 
such instructions, as described in the CREST Manual. The message, regardless of whether it constitutes the appointment of a proxy or an amendment to the instruction given to a previously 
appointed proxy must in order to be valid, be transmitted and received by Capita Asset Services (Participant ID RA 10) 48 hours before the time fixed for the meeting (or adjournment thereof).  
The time of receipt of the instruction will be the time (as determined by the timestamp applied to the message by the CREST Applications Host) from which Capital Registrars are able to 
retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time, any change of instructions to proxies appointed through CREST should be communicated to 
the appointee through other means.
1 1.  CREST members and, where applicable, CREST sponsors or voting service providers should note that Euroclear UK & Ireland Limited does not make available special procedures in CREST for 
any particular messages. Normal system timings and limitations will apply to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the 
CREST member is a CREST personal member or sponsored member or has appointed a voting service provider(s) to ensure that his CREST sponsor or voting service provider(s) take(s) the 
necessary action to ensure that a message is transmitted by means of the CREST system by a particular time. CREST members and, where applicable, their CREST sponsors or voting service 
provider(s) should refer to the sections of the CREST Manual concerning practical limitations of the CREST system and timings.
1 2.  The Company may treat a CREST Proxy Instruction as invalid as set out in Regulation 35 (5) (a) of the Uncertificated Securities Regulations 2001. Crawshaw Group Plc
Annual Report           52 weeks  ended 31 January 2016
Directors
Richard Rose
Noel Collett
Kevin Boyd
Alan Richardson
Mark Naughton-Rumbo (Non-Executive)
Company Secretary
Alan Richardson
Company Number
04755803
Registered Office
Unit 4 
Hellaby Industrial Estate 
Sandbeck Way 
Rotherham 
S66 8QL
Auditors
KPMG Audit Plc
1 Sovereign Square
Sovereign Street
Leeds
LS1 4DA
Bankers
Royal Bank of Scotland plc
Yorkshire Corporate Banking
3rd Floor
2 Whitehall Quay
Leeds
LS1 4HR
Nominated Adviser and Broker
Peel Hunt LLP
1 20 London Wall
London 
EC2Y 5ET
Registrars and Receiving Agents
Capita Asset Services
Northern House
Woodsome Park
Fenay Bridge
Huddersfield
HD8 0GA
Solicitors
Atticus Legal LLP
Castlefield House
Liverpool Road
Castlefield
Manchester
M3 4SB
Directors and Advisors Crawshaw Group Plc
Unit 4 Sandbeck Way
Hellaby Industrial Estate
Rotherham
South Yorkshire
S66 8QL
+44 (0)1709 369600
www.crawshawgroupplc.com
Crawshaw Group Plc Annual Report           52 weeks ended 31 January 2016