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Registered number: 02853557









GERBER GOLDSCHMIDT GROUP (UK) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 

CONTENTS



Page
Company information
1
Group strategic report
2
Directors' report
3 - 4
Independent auditors' report
5 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11 - 12
Company balance sheet
13
Consolidated statement of changes in equity
14 - 15
Company statement of changes in equity
16 - 17
Consolidated Statement of cash flows
18 - 19
Consolidated analysis of net debt
19
Notes to the financial statements
20 - 35


 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
M Teperson 
D M Ellman 




Company secretary
M Teperson



Registered number
02853557



Registered office
101 New Cavendish Street
First Floor South

London

W1W 6XH




Independent auditors
Harris & Trotter LLP

101 New Cavendish Street

First Floor South

London

W1W 6XH




Bankers
HSBC UK Bank PLC
PO Box 68

130 New Street

Birmingham

West Midlands

B2 4JU




Page 1

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022

Introduction
 
The Directors present their strategic report together with the audited financial statements for the year ended 30 September 2022.

Business review
 
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Group as a whole, these being turnover, profit before tax and shareholder's finds. A summary of these is given in the table below:

2022
2021
        £
        £

Turnover

55,796,243

70,137,828

(Loss)/Profit before taxation

(3,361,620)

2,042,060

Net Assets

16,709,491

20,332,462


Employee Involvement

The Group is committed to providing equal opportunity to all employees without discrimination and applied fair and equitable employment policies which ensure entry and progression within the company. Appointments are determined solely by application of job criteria and competency.

Environmental Policy

The Group will seek to minimise adverse impacts on the environment from its activities where possible, whilst continuing to address health, safety and economic issues. The group has complied with all applicable legislation and regulations.


This report was approved by the board on 2 October 2023 and signed on its behalf.



M Teperson
Director

Page 2

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022

The directors present their report and the financial statements for the year ended 30 September 2022.

Directors

The directors who served during the year were:

M Teperson 
D M Ellman 

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Results and dividends

The loss for the year, after taxation, amounted to £3,160,169 (2021 - profit £1,693,893).

An interim dividend of £nil (2021: £5,975,000) was paid in the year. The directors do not recommend the payment of a further dividend.

Page 3

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 2 October 2023 and signed on its behalf.
 





M Teperson
Director

Page 4

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 

Opinion


We have audited the financial statements of Gerber Goldschmidt Group (UK) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2022, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 30 September 2022 and of the Group's loss 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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 directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GERBER GOLDSCHMIDT GROUP (UK) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept 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.


Page 6

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GERBER GOLDSCHMIDT GROUP (UK) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GERBER GOLDSCHMIDT GROUP (UK) LIMITED (CONTINUED)


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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the   industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006.
• We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates;
We did not identify any key audit matters relating to irregularities, including fraud.


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 Auditors' report.


Page 8

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GERBER GOLDSCHMIDT GROUP (UK) LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Stephen Haffner (Senior statutory auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Statutory Auditors
  
101 New Cavendish Street
First Floor South
London
W1W 6XH

2 October 2023
Page 9

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
55,796,243
70,137,828

Cost of sales
  
(45,219,398)
(51,657,187)

Gross profit
  
10,576,845
18,480,641

Distribution costs
  
(2,239,825)
(3,066,152)

Administrative expenses
  
(12,171,661)
(13,510,036)

Other operating income
 5 
868,365
265,349

Operating (loss)/profit
 6 
(2,966,276)
2,169,802

Interest payable and similar expenses
 10 
(395,344)
(127,742)

(Loss)/profit before taxation
  
(3,361,620)
2,042,060

Tax on (loss)/profit
 11 
201,451
(348,167)

(Loss)/profit for the financial year
  
(3,160,169)
1,693,893

Total comprehensive income for the year
  
-
-

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(3,160,169)
1,693,893

  
(3,160,169)
1,693,893

There were no recognised gains and losses for 2022 or 2021 other than those included in the consolidated statement of comprehensive income.

The notes on pages 20 to 35 form part of these financial statements.

Page 10

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
REGISTERED NUMBER: 02853557

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 13 
167,249
212,128

Tangible assets
 14 
4,363,622
4,610,234

  
4,530,871
4,822,362

Current assets
  

Stocks
 16 
29,011,280
25,426,278

Debtors: amounts falling due within one year
 17 
12,060,251
13,592,741

Cash at bank and in hand
 18 
243,410
224,020

  
41,314,941
39,243,039

Creditors: amounts falling due within one year
 19 
(28,930,799)
(23,732,939)

Net current assets
  
 
 
12,384,142
 
 
15,510,100

Total assets less current liabilities
  
16,915,013
20,332,462

Provisions for liabilities
  

Other provisions
 20 
(205,522)
-

  
 
 
(205,522)
 
 
-

Net assets excluding pension asset
  
16,709,491
20,332,462

Net assets
  
16,709,491
20,332,462


Capital and reserves
  

Called up share capital 
 21 
1,500,000
1,500,000

Revaluation reserve
 22 
347,696
810,498

Profit and loss account
 22 
14,861,795
18,021,964

Equity attributable to owners of the parent Company
  
16,709,491
20,332,462

  
16,709,491
20,332,462


Page 11

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
REGISTERED NUMBER: 02853557
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2022

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2023.




M Teperson
Director

The notes on pages 20 to 35 form part of these financial statements.

Page 12

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
REGISTERED NUMBER: 02853557

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 15 
19,294,929
20,323,103

  
19,294,929
20,323,103

Current assets
  

Debtors: amounts falling due within one year
 17 
389,458
226,825

Cash at bank and in hand
 18 
11,529
163,218

  
400,987
390,043

Creditors: amounts falling due within one year
 19 
(165,054)
(174,187)

Net current assets
  
 
 
235,933
 
 
215,856

Total assets less current liabilities
  
19,530,862
20,538,959

  

  

Net assets excluding pension asset
  
19,530,862
20,538,959

Net assets
  
19,530,862
20,538,959


Capital and reserves
  

Called up share capital 
 21 
1,500,000
1,500,000

Revaluation reserve
 22 
18,003,502
19,031,676

Profit and loss account
 22 
27,360
7,283

  
19,530,862
20,538,959


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 October 2023.


M Teperson
Director

The notes on pages 20 to 35 form part of these financial statements.

Page 13

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 October 2021
1,500,000
810,498
18,021,964
20,332,462
20,332,462



Loss for the year

-
-
(3,160,169)
(3,160,169)
(3,160,169)

Deficit on revaluation of other fixed assets
-
(462,802)
-
(462,802)
(462,802)


At 30 September 2022
1,500,000
347,696
14,861,795
16,709,491
16,709,491


The notes on pages 20 to 35 form part of these financial statements.

Page 14

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 October 2020
1,500,000
810,498
22,303,071
24,613,569
24,613,569



Profit for the year

-
-
1,693,893
1,693,893
1,693,893

Dividends: Equity capital
-
-
(5,975,000)
(5,975,000)
(5,975,000)


At 30 September 2021
1,500,000
810,498
18,021,964
20,332,462
20,332,462


The notes on pages 20 to 35 form part of these financial statements.

Page 15

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2021
1,500,000
19,031,676
7,283
20,538,959



Profit for the year

-
-
20,077
20,077

Deficit on revaluation of other fixed assets
-
(1,028,174)
-
(1,028,174)


At 30 September 2022
1,500,000
18,003,502
27,360
19,530,862


The notes on pages 20 to 35 form part of these financial statements.

Page 16

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 October 2020
1,500,000
810,498
5,267,410
7,577,908



Profit for the year

-
-
714,873
714,873

Surplus on revaluation of other fixed assets
-
18,221,178
-
18,221,178

Dividends: Equity capital
-
-
(5,975,000)
(5,975,000)


At 30 September 2021
1,500,000
19,031,676
7,283
20,538,959


The notes on pages 20 to 35 form part of these financial statements.

Page 17

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2022
2021
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(3,160,169)
1,693,893

Adjustments for:

Amortisation of intangible assets
44,878
-

Depreciation of tangible assets
717,761
664,817

Loss on disposal of tangible assets
(6,872)
(81,260)

Interest paid
395,344
127,742

Taxation charge
(58,862)
348,167

(Increase) in stocks
(3,585,006)
(9,618,642)

Decrease/(increase) in debtors
892,462
(2,754,501)

Increase in creditors
2,363,467
4,018,734

Increase in provisions
205,522
-

Corporation tax received/(paid)
49,067
(195,782)

Net cash generated from operating activities

(2,142,408)
(5,796,832)


Cash flows from investing activities

Purchase of intangible fixed assets
(100,455)
(212,128)

Sale of intangible assets
120,547
-

Purchase of tangible fixed assets
(456,603)
(3,642,454)

Sale of tangible fixed assets
6,872
1,373,591

Net cash from investing activities

(429,639)
(2,480,991)

Cash flows from financing activities

Dividends paid
-
(5,975,000)

Interest paid
(395,344)
(127,742)

Net cash used in financing activities
(395,344)
(6,102,742)

Net (decrease) in cash and cash equivalents
(2,967,391)
(14,380,565)

Cash and cash equivalents at beginning of year
(14,380,565)
-

Cash and cash equivalents at the end of year
(17,347,956)
(14,380,565)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
243,410
224,020

Debt due after 1 year
(17,591,366)
(14,604,585)

(17,347,956)
(14,380,565)

Page 18

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2022




At 1 October 2021
Cash flows
At 30 September 2022
£

£

£

Cash at bank and in hand

224,020

19,390

243,410

Debt due after 1 year

(14,604,585)

(2,986,781)

(17,591,366)

Debt due within 1 year

-

-

-


(14,380,565)
(2,967,391)
(17,347,956)

The notes on pages 20 to 35 form part of these financial statements.

Page 19

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

1.


General information

Gerber Goldschmidt Group (UK) Limited is a private company limited by shares, and is incorporated in England and Wales (company number: 02853557).
Its registered office is 101 New Cavendish Street, First Floor South, London, United Kingdom, W1W 6XH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 May 2015.

 
2.3

Going concern

The Group's business activities, together with the factors likely to affect its future development and performance are set out in the strategic report.
Having reviewed future forecasts, allowing for reasonable effects of current and future market conditions, the directors have a reasonable expectation that the company has adequate resources to continue operational existence for at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements.

Page 20

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 21

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 22

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

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.

Depreciation is provided on the following basis:

Leasehold Improvements
-
Straight line over period from acquisition until date of the break period
Motor vehicles
-
33% straight line
Fixtures and fittings
-
25% straight line
Office equipment
-
25 - 50% straight line
Computer equipment
-
25 % straight line

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.

Page 23

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.12

Revaluation of tangible fixed assets

Individual freehold and 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.

 
2.13

Valuation of investments

Investments in subsidiary undertakings are remeasured to their Net Asset Value at each balance sheet date. 

 
2.14

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.

 
2.15

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.

 
2.16

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 Consolidated 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 Group's cash management.

 
2.17

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.

Page 24

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group 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 Group 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.

 
2.19

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 25

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, management is
required to make judgements, estimates and assumptions about the carrying values of assets and
liabilities that are not readily apparent from other sources. The estimates and underlying assumptions
are based on historical experience and other factors that are considered to be relevant. Actual results
may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revisions and future periods if the revision affects both current and future
periods.


4.


Turnover

Analysis of turnover by country of destination:

2022
2021
£
£

United Kingdom
47,225,700
36,978,409

Rest of Europe
6,413,777
31,471,118

Rest of the world
2,156,766
1,688,301

55,796,243
70,137,828



5.


Other operating income

2022
2021
£
£

Other operating income
868,365
265,349

868,365
265,349


Page 26

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

6.


Operating (loss)/profit

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

2022
2021
£
£

Amortisation of intangible fixed assets
44,878
-

Depreciation of tangible fixed assets
717,761
664,817

Fees payable to the Group's auditors and associates for the audit of the Company's annual financial statements
26,940
25,340

Exchange differences
(868,365)
(265,349)


7.


Auditors' remuneration

2022
2021
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
49,102
5,000


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£


Wages and salaries
6,152,756
6,773,722
-
-

Social security costs
584,000
514,918
-
-

Cost of defined contribution scheme
692,690
493,203
-
-

7,429,446
7,781,843
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2022
        2021
        2022
        2021
            No.
            No.
            No.
            No.









Average number of employees
177
152
2
2

Page 27

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

9.


Directors' remuneration

2022
2021
£
£

Directors' emoluments
613,848
995,796

Group contributions to defined contribution pension schemes
90,202
-

704,050
995,796


During the year retirement benefits were accruing to 4 directors (2021 - 5) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £169,722 (2021 - £270,192).


10.


Interest payable and similar expenses

2022
2021
£
£


Bank interest payable
395,344
127,731

Other interest payable
-
11

395,344
127,742


11.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
(201,451)
348,167


(201,451)
348,167


Total current tax
(201,451)
348,167

Deferred tax

Total deferred tax
-
-


Tax on (loss)/profit
(201,451)
348,167
Page 28

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2021 - the same as) the standard rate of corporation tax in the UK of 19% (2021 - 19%) as set out below:

2022
2021
£
£


(Loss)/profit on ordinary activities before tax
(3,361,620)
2,042,060


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
(638,708)
387,991

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,294
2,078

Fixed asset differences
(11,691)
7,094

Utilisation of tax losses
-
(160,313)

Adjustments to tax charge in respect of prior periods
(7,163)
(4,547)

Unrelieved tax losses carried forward
454,418
-

Adjustments in respect of prior periods - deferred tax
399
3,741

Remeasurement of deferred tax for changes in tax rates
-
112,123

Total tax charge for the year
(201,451)
348,167


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Enter details here


12.


Dividends

2022
2021
£
£


Dividends Paid
-
5,975,000

-
5,975,000

Page 29

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

13.


Intangible assets

Group and Company





Product Certification
Trademarks
Goodwill
Total

£
£
£
£



Cost


At 1 October 2021
127,283
18,306
120,547
266,136


Additions
-
-
100,455
100,455


Disposals
-
-
(120,547)
(120,547)



At 30 September 2022

127,283
18,306
100,455
246,044



Amortisation


At 1 October 2021
52,577
1,431
-
54,008


Charge for the year on owned assets
24,787
-
-
24,787



At 30 September 2022

77,364
1,431
-
78,795



Net book value



At 30 September 2022
49,919
16,875
100,455
167,249



At 30 September 2021
74,706
16,875
120,547
212,128



Page 30

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

14.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 October 2021
3,679,146
1,842,765
362,930
5,884,841


Additions
127,902
155,861
172,840
456,603



At 30 September 2022

3,807,048
1,998,626
535,770
6,341,444



Depreciation


At 1 October 2021
310,360
716,200
248,048
1,274,608


Charge for the year on owned assets
379,731
254,801
68,682
703,214



At 30 September 2022

690,091
971,001
316,730
1,977,822



Net book value



At 30 September 2022
3,116,957
1,027,625
219,040
4,363,622



At 30 September 2021
3,368,786
1,126,566
114,882
4,610,234




The net book value of land and buildings may be further analysed as follows:


2022
2021
£
£

Long leasehold
3,116,958
4,610,234

3,116,958
4,610,234


Page 31

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2021
20,323,103


Revaluations
(1,028,174)



At 30 September 2022
19,294,929





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

J Gerber (Trading) Limited
201, Haverstock Hill, Belsize Park, London, NW3 4QG, England
Dormant
Ordinary
100%
Beeswift Limited
WUnit 1 The Hub, Nobel Way, Birmingham, B6 7EU, England
Distribution of protective clothing
Ordinary
100%
J Gerber & Company Limited
101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH
Dormant
Ordinary
100%
GGG Investments Limited
101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH
Dormant
Ordinary
100%
Gerber Goldschmidt Group International Limited
101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH
Dormant
Ordinary
100%
Beeswift B.V.
Industriestraat 54, Haaksbergen, 7482 EX, Netherlands
Distribution of protective clothing
Ordinary
100%

Page 32

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

16.


Stocks

Group
Group
2022
2021
£
£

Finished goods and goods for resale
29,011,280
25,426,278

29,011,280
25,426,278


The difference between purchase price or production cost of stocks and their replacement cost is not material.


17.


Debtors

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£


Trade debtors
11,195,509
12,921,058
-
-

Amounts owed by group undertakings
-
-
120,750
12,075

Other debtors
561,458
233,129
219,708
208,750

Prepayments and accrued income
472,371
438,554
49,000
6,000

Tax recoverable
(169,087)
-
-
-

12,060,251
13,592,741
389,458
226,825



18.


Cash and cash equivalents

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Cash at bank and in hand
243,410
224,020
11,529
163,218

Less: bank overdrafts
(17,591,366)
(14,604,585)
-
-

(17,347,956)
(14,380,565)
11,529
163,218


Page 33

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2022
2021
2022
2021
£
£
£
£

Bank overdrafts
17,591,366
14,604,585
-
-

Trade creditors
9,508,101
6,054,678
(421)
3,001

Amounts owed to group undertakings
-
3
152,126
152,124

Corporation tax
-
152,385
3,689
6,971

Other taxation and social security
139,069
496,691
-
2,431

Accruals and deferred income
1,692,263
2,424,597
9,660
9,660

28,930,799
23,732,939
165,054
174,187



20.


Provisions


Group



Provisions for dilapidations

£





Charged to profit or loss
205,522



At 30 September 2022
205,522

Page 34

 
GERBER GOLDSCHMIDT GROUP (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

21.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1,500,000 (2021 - 1,500,000) Ordinary shares of £1.00 each
1,500,000
1,500,000



22.


Reserves

Other reserves

Includes non-distributable profits, which relate to unrealised gains, net of related tax, on revalued investments.

Profit and loss account

Includes all current and prior period retained profits and losses.


23.


Commitments under operating leases

At 30 September 2022 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2022
2021
£
£

Not later than 1 year
795,879
754,811

Later than 1 year and not later than 5 years
3,345,141
3,462,976

Later than 5 years
2,973,718
3,865,833

7,114,738
8,083,620
 
Page 35