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REGISTERED NUMBER: 02500029 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

GEORGE ABRAHAMS LIMITED

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


GEORGE ABRAHAMS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2022







DIRECTOR: Mr G C Abrahams





SECRETARY: Mr M Watts





REGISTERED OFFICE: 22 Central Market
Smithfield
London
EC1A 9PQ





REGISTERED NUMBER: 02500029 (England and Wales)





AUDITORS: Raffingers LLP, Statutory Auditor
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

GROUP STRATEGIC REPORT
for the year ended 31 December 2022

The director presents his strategic report of the company and the group for the year ended 31 December 2022.

REVIEW OF BUSINESS
The group had a challenging year with supply chain issues and input costs rising on its imports from abroad. The post pandemic world of hospitality has also taken time to recover with the various lockdowns forcing many businesses in the sector to close.

Group turnover remained stable at £34.4m (2021: £34.1m) but gross margins reduced from 9.77% to 7.31%

Operating loss before interest and exceptionals was at £0.19m (2021: profit £1.30m). During the year, a deal was concluded on the sale of the leasehold premises the parent company operates from which increased group profit before tax to £4.6m (FY 21 £1.1m)

The state of affairs at the balance sheet date is considered to be strong with group net assets increasing to £9.02m (2021: £5.55m).

A review of the components of the Group is given below:-

George Abrahams Limited
The company trades from premises within Smithfield Meat Market. The business supplies the high-end restaurant sector in London and across the UK.

The business had a challenging year mainly due to supply chain issues and increased input costs from abroad that could not fully be passed on to customers, depressing margins across the range of products.

As such issues subside in the current financial year, margins are expected to recover.

GA Europe BV
The company is based in Holland and was formed 3 years ago to mitigate any Brexit risk across the Group by having an entity based within the EU. The company continues to grow with revenue now exceeding £9m (FY 21 £5.3m). The business is well placed to continue to take advantage of opportunities within the EU.

The key financial performance indicators for the group are as follows:-

KPI 2022 2021 Measure
Gross Profit Margin 7.31 % 9.77% Gross Profit/Turnover
Debtors days 29 days 37 days Trade Debtors/Turnover
Creditors days 27 days 21 days Trade Creditors/Cost of Sales

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the business include:-

- Retention of customers - the group maintains strong relationships with each of its key customers and has established procedures for monitoring performance and service levels.
- Competitive risk - the group offers a range of products to meet the demands of its customer base. Its cost base is kept under constant review to ensure it is efficient.
- Market conditions - the group's ability to adapt quickly to changes in the marketplace mitigates the risk of this area.
- Exchange rate risk - the group has exchange risk on imports and exports. The director monitors trading and their exposure to such risk and takes action needed to hedge such risk.
- Brexit risk -the Netherlands based GAE Europe BV subsidiary is positioned to take advantage of prevailing market and regulatory conditions post Brexit, minimising such risks..
- Resources risk - the director believes that the group has adequate financial resources in place to meet its forecast trading requirements and all risks and uncertainties are managed appropriately.


GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

GROUP STRATEGIC REPORT
for the year ended 31 December 2022

FUTURE DEVELOPMENTS
The group will continue to seek new customers in new markets whilst concentrating on products that deliver higher margins.

The director is confident of delivering sustainable future growth in its sector.

EMPLOYEES
The group operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal opportunity for all and this applies to external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability.

Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by the practical limitations of the disability. Should, for whatever reason, an employee of the company become disabled whilst in our employment, every step, where appropriate, will be taken to assist with rehabilitation and suitable re-training.

The group maintains its own health, safety and environmental policies covering all aspects of its operations. Regular meetings and inspections take place to ensure all legal requirements are adhered to and that the group is responsive to the needs of the employees and the environment.

FINANCIAL INSTRUMENTS
The group has banking facilities in place with HSBC Bank and operates within its facility limits.

The group entered into forward exchange contracts to hedge its forward commitments in foreign currencies. There are accounting adjustments in the accounts in relation to the translation of currency balances at the period end.

Since the balance sheet date, certain banking facilities with HSBC including the group invoice discounting facility and inventory finance facility have been settled in full.

ON BEHALF OF THE BOARD:





Director


28 September 2023

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

REPORT OF THE DIRECTOR
for the year ended 31 December 2022

The director presents his report with the financial statements of the company and the group for the year ended 31 December 2022.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2022.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
Mr G C Abrahams held office during the whole of the period from 1 January 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Raffingers LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr G C Abrahams - Director


28 September 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GEORGE ABRAHAMS LIMITED

Opinion
We have audited the financial statements of George Abrahams Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2022 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GEORGE ABRAHAMS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GEORGE ABRAHAMS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the company's sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected transactions;
- tested the appropriateness of journal entries;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud. we:
- we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;
- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;
- tested a sample of revenue transactions to supporting evidence; and
- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and relevant regulators.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GEORGE ABRAHAMS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.




Mr Paul Dell F.C.A (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

28 September 2023

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 December 2022

2022 2021
Notes £    £   

TURNOVER 34,400,343 34,147,760

Cost of sales (31,884,683 ) (30,810,391 )
GROSS PROFIT 2,515,660 3,337,369

Administrative expenses (2,706,218 ) (2,293,244 )
(190,558 ) 1,044,125

Other operating income - 264,881
OPERATING (LOSS)/PROFIT 4 (190,558 ) 1,309,006

Profit on sale of tangible
fixed assets 5 4,841,037 -
4,650,479 1,309,006

Interest receivable and similar income 6 253,126 124,920
4,903,605 1,433,926

Interest payable and similar expenses 7 (305,787 ) (319,989 )
PROFIT BEFORE TAXATION 4,597,818 1,113,937

Tax on profit 8 (1,083,851 ) 640
PROFIT FOR THE FINANCIAL YEAR 3,513,967 1,114,577
Profit attributable to:
Owners of the parent 3,513,967 1,114,577

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2022

2022 2021
Notes £    £   

PROFIT FOR THE YEAR 3,513,967 1,114,577


OTHER COMPREHENSIVE INCOME
Reserves (42,928 ) -
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(42,928

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,471,039

1,114,577

Total comprehensive income attributable to:
Owners of the parent 3,471,039 1,114,577

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

CONSOLIDATED BALANCE SHEET
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 15,630 2,168,529
Investments 12 - -
15,630 2,168,529

CURRENT ASSETS
Stocks 13 4,298,529 3,799,217
Debtors 14 13,085,864 8,916,365
Cash at bank and in hand 1,630,738 892,986
19,015,131 13,608,568
CREDITORS
Amounts falling due within one year 15 8,627,052 8,260,863
NET CURRENT ASSETS 10,388,079 5,347,705
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,403,709

7,516,234

CREDITORS
Amounts falling due after more than one
year

16

(1,378,390

)

(1,878,390

)

PROVISIONS FOR LIABILITIES 20 (3,907 ) (87,471 )
NET ASSETS 9,021,412 5,550,373

CAPITAL AND RESERVES
Called up share capital 21 100,100 100,100
Revaluation reserve 22 - 1,500,000
Retained earnings 22 8,921,312 3,950,273
SHAREHOLDERS' FUNDS 9,021,412 5,550,373

The financial statements were approved by the director and authorised for issue on 28 September 2023 and were signed by:





Mr G C Abrahams - Director


GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

COMPANY BALANCE SHEET
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 15,630 2,168,529
Investments 12 878 878
16,508 2,169,407

CURRENT ASSETS
Stocks 13 2,781,057 3,019,574
Debtors 14 14,504,954 9,772,788
Cash at bank and in hand 1,515,334 586,860
18,801,345 13,379,222
CREDITORS
Amounts falling due within one year 15 8,198,832 8,159,038
NET CURRENT ASSETS 10,602,513 5,220,184
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,619,021

7,389,591

CREDITORS
Amounts falling due after more than one
year

16

(1,378,390

)

(1,878,390

)

PROVISIONS FOR LIABILITIES 20 (3,907 ) (87,471 )
NET ASSETS 9,236,724 5,423,730

CAPITAL AND RESERVES
Called up share capital 21 100,100 100,100
Revaluation reserve 22 - 1,500,000
Retained earnings 22 9,136,624 3,823,630
SHAREHOLDERS' FUNDS 9,236,724 5,423,730

Company's profit for the financial year 3,812,994 864,113

The financial statements were approved by the director and authorised for issue on 28 September 2023 and were signed by:





Mr G C Abrahams - Director


GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2022

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 January 2021 100,100 2,835,696 1,500,000 4,435,796

Changes in equity
Total comprehensive income - 1,114,577 - 1,114,577
Balance at 31 December 2021 100,100 3,950,273 1,500,000 5,550,373

Changes in equity
Total comprehensive income - 4,971,039 (1,500,000 ) 3,471,039
Balance at 31 December 2022 100,100 8,921,312 - 9,021,412

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2022

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 January 2021 100,100 2,959,517 1,500,000 4,559,617

Changes in equity
Total comprehensive income - 864,113 - 864,113
Balance at 31 December 2021 100,100 3,823,630 1,500,000 5,423,730

Changes in equity
Total comprehensive income - 5,312,994 (1,500,000 ) 3,812,994
Balance at 31 December 2022 100,100 9,136,624 - 9,236,724

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (16,789 ) 309,423
Interest paid (305,787 ) (319,989 )
Tax paid 19,754 -
Net cash from operating activities (302,822 ) (10,566 )

Cash flows from investing activities
Sale of tangible fixed assets 2,316,636 -
Interest received 253,126 124,920
Net cash from investing activities 2,569,762 124,920

Cash flows from financing activities
Loan repayments in year (500,000 ) (250,000 )
Other loans - (79,995 )
Amount introduced by directors 169,423 -
Amount withdrawn by directors (23,747 ) (330,471 )
Net cash from financing activities (354,324 ) (660,466 )

Increase/(decrease) in cash and cash equivalents 1,912,616 (546,112 )
Cash and cash equivalents at beginning of
year

2

(4,417,750

)

(3,871,638

)
Effect of foreign exchange rate changes (42,928 ) -
Cash and cash equivalents at end of year 2 (2,548,062 ) (4,417,750 )

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2022 2021
£    £   
Profit before taxation 4,597,818 1,113,937
Depreciation charges 2,899 3,371
Profit on disposal of fixed assets (4,841,037 ) -
Finance costs 305,787 319,989
Finance income (253,126 ) (124,920 )
(187,659 ) 1,312,377
(Increase)/decrease in stocks (499,312 ) 334,507
Decrease/(increase) in trade and other debtors 297,334 (707,975 )
Increase/(decrease) in trade and other creditors 372,848 (629,486 )
Cash generated from operations (16,789 ) 309,423

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,630,738 892,986
Bank overdrafts (4,178,800 ) (5,310,736 )
(2,548,062 ) (4,417,750 )
Year ended 31 December 2021
31.12.21 1.1.21
£    £   
Cash and cash equivalents 892,986 19,032
Bank overdrafts (5,310,736 ) (3,890,670 )
(4,417,750 ) (3,871,638 )


GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2022

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.22 Cash flow At 31.12.22
£    £    £   
Net cash
Cash at bank and in hand 892,986 737,752 1,630,738
Bank overdrafts (5,310,736 ) 1,131,936 (4,178,800 )
(4,417,750 ) 1,869,688 (2,548,062 )
Debt
Debts falling due within 1 year (584,194 ) - (584,194 )
Debts falling due after 1 year (1,878,390 ) 500,000 (1,378,390 )
(2,462,584 ) 500,000 (1,962,584 )
Total (6,880,334 ) 2,369,688 (4,510,646 )

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2022

1. STATUTORY INFORMATION

George Abrahams Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have carefully considered the impact of the macroeconomic uncertainties, the conflict in Ukraine and ongoing Covid-19 implications on the company's financial position, liquidity and future performance. As set out in the strategic report, the company has continued to trade strongly throughout this year and the directors believe that it is experiencing good levels of sales growth and profitability. Therefore, the directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of consolidation
The group financial statements consolidate the results and balance sheets of the parent and its material subsidiaries at the year end. The results of the material subsidiaries acquired are consolidated for the period from which control passed to the parent company using the acquisition basis of accounting. The results of the material subsidiaries disposed of during the period are consolidated up to the date of disposal.

In the parent financial statements, investments in subsidiaries are carried at cost less impairment.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.

The items in the financial statements where these judgements and estimates have been made include:

- assessing the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge,

- the provision required for any bad or doubtful debts and

- any provision for slow moving or obsolete stock

- the directors revaluation of leasehold buildings.

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - Straight line over the life of the lease
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Computer equipment - 15% on cost

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Revaluation of tangible fixed assets
Individual leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors and creditors
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Provisions and liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued

Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:

(i)the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

(ii)the company and the party are subject to common control;

(iii)the party is an associate of the company or a joint venture in which the company is a venturer;

(iv)the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v)the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals;

(vi)the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company; or

(vii)the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

3. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 1,357,505 1,309,731
Social security costs 170,653 153,924
Other pension costs 32,536 30,592
1,560,694 1,494,247

The average number of employees during the year was as follows:
2022 2021

Selling and distribution 14 17
Office 12 9
26 26

The average number of employees by undertakings that were proportionately consolidated during the year was 26 (2021 - 26 ) .

2022 2021
£    £   
Director's remuneration 100,000 100,000

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

4. OPERATING (LOSS)/PROFIT

The operating loss (2021 - operating profit) is stated after charging/(crediting):

2022 2021
£    £   
Hire of plant and machinery 7,221 7,239
Depreciation - owned assets 2,899 3,371
Auditors' remuneration 43,485 17,298
Foreign exchange differences 299,480 (31,984 )

5. EXCEPTIONAL ITEMS
2022 2021
£    £   
Profit on sale of tangible
fixed assets 4,841,037 -

Exceptional item relates to profit on sale of leasehold premises during the year.

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2022 2021
£    £   
Deposit account interest 253,126 124,920

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Bank interest 305,787 295,845
Other interest - 24,144
305,787 319,989

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 1,167,415 -

Deferred tax (83,564 ) (640 )
Tax on profit 1,083,851 (640 )

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

8. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 4,597,818 1,113,937
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)

873,585

211,648

Effects of:
Expenses not deductible for tax purposes 902 1,090
Depreciation in excess of capital allowances 551 641
Utilisation of tax losses (31,965 ) (213,379 )
Deferred tax (83,564 ) (640 )
Profit/(Loss) on disposal of fixed assets 267,526 -
Subsidiary losses not affecting UK tax 56,816 -
Total tax charge/(credit) 1,083,851 (640 )

Tax effects relating to effects of other comprehensive income

2022
Gross Tax Net
£    £    £   
Reserves (42,928 ) - (42,928 )

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. INTANGIBLE FIXED ASSETS

Group
Computer
software
£   
COST
At 1 January 2022
and 31 December 2022 69,730
AMORTISATION
At 1 January 2022
and 31 December 2022 69,730
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

10. INTANGIBLE FIXED ASSETS - continued

Company
Computer
software
£   
COST
At 1 January 2022
and 31 December 2022 69,730
AMORTISATION
At 1 January 2022
and 31 December 2022 69,730
NET BOOK VALUE
At 31 December 2022 -
At 31 December 2021 -

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2022 2,150,000 85,936 539,398 150,003 2,925,337
Disposals (2,150,000 ) - - - (2,150,000 )
At 31 December 2022 - 85,936 539,398 150,003 775,337
DEPRECIATION
At 1 January 2022 - 68,133 538,672 150,003 756,808
Charge for year - 2,670 229 - 2,899
At 31 December 2022 - 70,803 538,901 150,003 759,707
NET BOOK VALUE
At 31 December 2022 - 15,133 497 - 15,630
At 31 December 2021 2,150,000 17,803 726 - 2,168,529

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

11. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2022 2,150,000 85,936 539,398 150,003 2,925,337
Disposals (2,150,000 ) - - - (2,150,000 )
At 31 December 2022 - 85,936 539,398 150,003 775,337
DEPRECIATION
At 1 January 2022 - 68,133 538,672 150,003 756,808
Charge for year - 2,670 229 - 2,899
At 31 December 2022 - 70,803 538,901 150,003 759,707
NET BOOK VALUE
At 31 December 2022 - 15,133 497 - 15,630
At 31 December 2021 2,150,000 17,803 726 - 2,168,529

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 878
NET BOOK VALUE
At 31 December 2022 878
At 31 December 2021 878

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

GA Europe B.V
Registered office: 2 Wageningselaan. 3903LA, Veenendaal, Netherlands
Nature of business: Supply of meat and associated products
%
Class of shares: holding
Ordinary 100.00

GA Europe B.V. represents a direct investment.

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

12. FIXED ASSET INVESTMENTS - continued

Market Provisions (Smithfield) Ltd
Registered office: 218 London Central Markets, London, EC1A 9LH
Nature of business: Supply of meat and associated products
%
Class of shares: holding
Ordinary 100.00

Market Provisions (Smithfield) Ltd has been dormant since 28th June 2019. Mr George Abrahams holds the shares of Market Provisions (Smithfield) Limited on trust on behalf of George Abrahams Limited.


13. STOCKS

Group Company
2022 2021 2022 2021
£    £    £    £   
Stocks 4,298,529 3,799,217 2,781,057 3,019,574

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 2,778,080 3,473,653 2,030,634 2,984,269
Amounts owed by group undertakings - - 2,219,341 1,331,165
Other debtors 4,864,903 57,218 4,864,903 57,218
Baycrest Development Ltd 3,302,345 3,198,425 3,302,345 3,198,425
Baycrest Property Ltd 1,069,434 1,065,832 1,069,434 1,065,832
Directors' current accounts 322,394 468,070 298,647 459,676
Tax 275,735 337,627 275,735 337,627
VAT 4,367 4,105 12,116 27,850
Prepayments 468,606 311,435 431,799 310,726
13,085,864 8,916,365 14,504,954 9,772,788

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans and overdrafts (see note 17) 4,678,800 5,810,736 4,678,800 5,810,742
Other loans (see note 17) 84,194 84,194 84,194 84,194
Trade creditors 2,409,496 1,828,900 2,036,138 1,778,179
Tax 1,229,952 104,675 1,210,198 104,675
Social security and other taxes 78,290 70,544 78,290 70,532
Other creditors 7,373 195,717 4,764 193,216
Accrued expenses 138,947 166,097 106,448 117,500
8,627,052 8,260,863 8,198,832 8,159,038

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans (see note 17) 1,250,000 1,750,000 1,250,000 1,750,000
Other loans (see note 17) 128,390 128,390 128,390 128,390
1,378,390 1,878,390 1,378,390 1,878,390

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2022 2021 2022 2021
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 4,178,800 5,310,736 4,178,800 5,310,742
Bank loans 500,000 500,000 500,000 500,000
GA pension fund loan 84,194 84,194 84,194 84,194
4,762,994 5,894,930 4,762,994 5,894,936
Amounts falling due between one and two years:
Bank loans 1,000,000 1,000,000 1,000,000 1,000,000
GA pension fund loan
years 128,390 128,390 128,390 128,390
1,128,390 1,128,390 1,128,390 1,128,390
Amounts falling due between two and five years:
Bank loans 250,000 750,000 250,000 750,000

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Company
Non-cancellable operating leases
2022 2021
£    £   
Within one year 155,832 158,952
Between one and five years 654,558 807,166
810,390 966,118

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2022 2021 2022 2021
£    £    £    £   
Bank loans 1,750,000 2,250,000 1,750,000 2,250,000
Bank loans and overdraft 4,178,800 5,310,742 4,178,800 5,310,742
Other loans 212,584 212,584 212,584 212,584
6,141,384 7,773,326 6,141,384 7,773,326

The bank overdrafts are secured by a fixed and floating charge over the assets of the group.

Mr G Abrahams has given a personal guarantee to the bank in support of the group's overdraft facilities.

Within bank overdrafts is an amount totalling £755,982 (2021: £1,123,593) which relates to the group's invoice discounting facility. Invoice discounting amounts are secured over the group's trade debtors and inventory.

Within bank overdrafts is an amount totalling £83,297 (2021: £1,568,300) which relates to the group's inventory based finance facility.

Other loans include an amount of £212,584 (2021: £212,584) relating to the loan from the George Abrahams Pension Scheme, a related party, which was renewed on 9 August 2018. The loan bears interest at 5.25% per annum and is due for repayment by annual instalments from August 2019 to August 2024. Of this total, £84,194 (2021: £84,194) is payable within one year and £128,390 (2021: £128,390) is payable after one year. This loan is secured by way of a fixed and floating charge the over the shares and the assets of the group.

20. PROVISIONS FOR LIABILITIES

Group Company
2022 2021 2022 2021
£    £    £    £   
Deferred tax 3,907 87,471 3,907 87,471

Group
Deferred
tax
£   
Balance at 1 January 2022 87,471
Adjustments during the year (83,564 )
Balance at 31 December 2022 3,907

Company
Deferred
tax
£   
Balance at 1 January 2022 87,471
Adjustments during the year (83,564 )
Balance at 31 December 2022 3,907

GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

20. PROVISIONS FOR LIABILITIES - continued

Deferred tax provision balance in the accounts relates to accelerated capital allowances accounted for the future tax rate at 25% (2021 19%)

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
100,000 Ordinary £1 100,000 100,000
100 Ordinary A £1 100 100
100,100 100,100

22. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2022 3,950,273 1,500,000 5,450,273
Profit for the year 3,513,967 3,513,967
Transfer on sale of leasehold
premises 1,500,000 (1,500,000 ) -
Foreign exchange differences (42,928 ) - (42,928 )
At 31 December 2022 8,921,312 - 8,921,312

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2022 3,823,630 1,500,000 5,323,630
Profit for the year 3,812,994 3,812,994
Transfer on sale of leasehold
premises 1,500,000 (1,500,000 ) -
At 31 December 2022 9,136,624 - 9,136,624


GEORGE ABRAHAMS LIMITED (REGISTERED NUMBER: 02500029)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

23. RELATED PARTY DISCLOSURES

Included within other debtors is £4,371,779 (2021: £4,264,257) due from Baycrest Development Limited and Baycrest Property Limited, companies controlled by Mr G C Abrahams. Interest is currently being charged at 7% per annum until the loans are repaid. Moreover, the company has charged management fees of £Nil (2021: £120,000) to Baycrest Development Limited.

Included within "Debtors" in note 13 is £298,648 (2021: £459,676) due from Mr G C Abrahams, a director of the company. During the period the director was advanced amounts totalling £78,112 (2021: £354,895) and repaid amounts totalling £239,140 (2021: £32,818). As at the period end date there was accrued interest receivable of £146,000 (2021: £122,000).

Included in "Interest receivable and similar income" in Note 5 are interest receivable from the director totallingr £24,000 (2021: £24,000) and from Baycrest Development Ltd totalling £102,035 (2021: £100,920). Interest on all related party loans have been charged at the market rate.

Included in administrative expenses are salaries paid to the director's son and wife amounting to £126,030 (2021: £110,632) and £12,500 (2021: £12,500) respectively.

24. POST BALANCE SHEET EVENTS

Since the balance sheet date, certain banking facilities with HSBC including the group invoice discounting facility and inventory finance facility have been settled in full.