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ns11:OrdinaryShareClass32023-04-30
REGISTERED NUMBER: 03757042 (England and Wales)














STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

GOOD FOOD AND DRINK COMPANY LTD

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


GOOD FOOD AND DRINK COMPANY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: Mr R M Barouh
Mrs T A Barouh





SECRETARY: Mrs T A Barouh





REGISTERED OFFICE: The Thatched Barn Inn
Croyde
BRAUNTON
Devon
EX33 1LZ





REGISTERED NUMBER: 03757042 (England and Wales)





AUDITORS: BK Plus Audit Limited
Azzurri House
Walsall Business Park
Walsall Road
WALSALL
WS9 0RB

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023


The directors present their strategic report for the year ended 30 April 2023.

REVIEW OF BUSINESS
The company has maintained profitable financial performance, with net profit for the year of £39,360 before tax. This is in line with expectations following the impact of the COVID-19 pandemic.

The full results are set out in the financial statements, the main highlights of which are:

2023 2022 Change
£ £ £
Turnover 4,217,114 4,153,032 64,082
Gross Profit 2,951,644 3,032,244 (80,600)

Profit before tax 39,360 784,866 (745,506)
Profit after tax 34,563 615,665 (581,102)

Net Assets 3,576,065 3,691,502 (115,437)

The decrease in profits can be attributed to a drop in gross margins, increased utility costs and increased wages costs.


GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the risks and uncertainties which could have an impact on the company's long term performance. Any risks identified are reviewed by the board and controls are introduced to mitigate the risks faced. The broad categories of risk identified are as follows:

Funding
We continue to have sufficient funding from NatWest bank.

Regulatory Risks
There is a risk that the company could fail to comply with employment law, health and safety regulations and other regulations which could also affect the company's ability to trade. The company reviews its systems regularly to ensure any increased risks are managed.

Commercial and Reputation Risks
The company is reliant on its reputation to maintain existing customers and attract new customers, and as such the company has systems in place to ensure it maintains its good reputation.

General Risks
The company trades in an environment where there is general risk of losses from both internal and external factors. The directors have reviewed the risks, including considering those beyond their control, and have put in place insurance and other mitigating measures to mitigate the risks arising.

IT Risk
There is a risk that computer systems may fail and cause business disruption to trading and the effectiveness of records. This risk is mitigated by third party assistance and regular computer back ups.

SIGNED BY ORDER OF THE DIRECTORS:





Mrs T A Barouh - Secretary


16 October 2023

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023


The directors present their report with the financial statements of the company for the year ended 30 April 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of operating public houses.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2023 will be £ 150,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

Mr R M Barouh
Mrs T A Barouh

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

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

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

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023


AUDITORS
The auditors, BK Plus Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:



Mrs T A Barouh - Secretary


16 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GOOD FOOD AND DRINK COMPANY LTD


Opinion
We have audited the financial statements of Good Food and Drink Company Ltd (the 'company') for the year ended 30 April 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 April 2023 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GOOD FOOD AND DRINK COMPANY LTD


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

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

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GOOD FOOD AND DRINK COMPANY LTD


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:

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 are detailed below:

· the nature of the sector, control environment and the company's performance;
· results of our enquiries of management and the directors, about their own identification and assessment of the risks of irregularities;
· any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
· the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition including cash receipts, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We identified and obtained an understanding of the laws and regulations that are of significance to the company by discussions with directors and by updating our understanding of the sector in which the company operated in. Laws and regulations that are of direct significance to the company, and of which non-compliance could result in material misstatement, are considered to be the UK Companies Act, FRS 102 and UK tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included data protection regulations, health and safety regulations, employment legislation, sale of liquor and food and other licensing laws, together with consumer rights and protections.
Our procedures to respond to risks identified included the following:
· reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
· reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
· enquiring of directors and management concerning actual and potential litigation and claims;
· performing procedures to confirm material compliance with the requirements of the above regulations;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GOOD FOOD AND DRINK COMPANY LTD

· performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
· reading minutes of director's meetings; and
· in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.

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.

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.




Chris Hession C.A (Senior Statutory Auditor)
for and on behalf of BK Plus Audit Limited
Azzurri House
Walsall Business Park
Walsall Road
WALSALL
WS9 0RB

16 October 2023

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   

TURNOVER 3 4,217,114 4,153,032

Cost of sales 1,265,470 1,120,788
GROSS PROFIT 2,951,644 3,032,244

Overheads 2,822,899 2,368,812
128,745 663,432

Other operating income - 185,334
OPERATING PROFIT 5 128,745 848,766

Interest receivable and similar income 5,985 113
134,730 848,879

Interest payable and similar expenses 6 95,370 64,013
PROFIT BEFORE TAXATION 39,360 784,866

Tax on profit 7 4,797 169,201
PROFIT FOR THE FINANCIAL
YEAR

34,563

615,665

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

34,563

615,665

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 3,439,720 3,388,905
Investments 11 27,283 27,283
3,467,003 3,416,188

CURRENT ASSETS
Stocks 12 80,014 54,715
Debtors 13 927,655 1,635,796
Cash at bank and in hand 1,765,196 1,823,109
2,772,865 3,513,620
CREDITORS
Amounts falling due within one year 14 1,018,395 1,307,686
NET CURRENT ASSETS 1,754,470 2,205,934
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,221,473

5,622,122

CREDITORS
Amounts falling due after more than one
year

15

(1,532,690

)

(1,824,049

)

PROVISIONS FOR LIABILITIES 19 (112,718 ) (106,571 )
NET ASSETS 3,576,065 3,691,502

CAPITAL AND RESERVES
Called up share capital 20 102 102
Retained earnings 3,575,963 3,691,400
SHAREHOLDERS' FUNDS 3,576,065 3,691,502

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

BALANCE SHEET - continued
30 APRIL 2023


The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:




Mr R M Barouh - Director



Mrs T A Barouh - Director


GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 May 2021 102 3,075,735 3,075,837

Changes in equity
Total comprehensive income - 615,665 615,665
Balance at 30 April 2022 102 3,691,400 3,691,502

Changes in equity
Dividends - (150,000 ) (150,000 )
Total comprehensive income - 34,563 34,563
Balance at 30 April 2023 102 3,575,963 3,576,065

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 706,143 351,496
Interest paid (91,085 ) (61,977 )
Interest element of hire purchase
payments paid

(4,285

)

(2,036

)
Tax paid (140,849 ) (139,623 )
Net cash from operating activities 469,924 147,860

Cash flows from investing activities
Purchase of tangible fixed assets (101,571 ) (115,514 )
Sale of tangible fixed assets 50,750 22,750
Interest received 5,985 113
Net cash from investing activities (44,836 ) (92,651 )

Cash flows from financing activities
Loan repayments in year (314,370 ) (221,442 )
Capital repayments in year (18,631 ) (37,856 )
Equity dividends paid (150,000 ) -
Net cash from financing activities (483,001 ) (259,298 )

Decrease in cash and cash equivalents (57,913 ) (204,089 )
Cash and cash equivalents at
beginning of year

2

1,823,109

2,027,198

Cash and cash equivalents at end of
year

2

1,765,196

1,823,109

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 39,360 784,866
Depreciation charges 86,058 72,715
Profit on disposal of fixed assets (34,780 ) (4,080 )
Finance costs 95,370 64,013
Finance income (5,985 ) (113 )
180,023 917,401
Increase in stocks (25,299 ) (2,912 )
Decrease/(increase) in trade and other debtors 504,934 (564,380 )
Increase in trade and other creditors 46,485 1,387
Cash generated from operations 706,143 351,496

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 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 1,765,196 1,823,109
Year ended 30 April 2022
30/4/22 1/5/21
£    £   
Cash and cash equivalents 1,823,109 2,027,198


GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023


3. ANALYSIS OF CHANGES IN NET DEBT

New finance
At 1/5/22 Cash flow leases At 30/4/23
£    £    £    £   
Net cash
Cash at bank
and in hand 1,823,109 (57,913 ) - 1,765,196
1,823,109 (57,913 ) - 1,765,196
Debt
Finance leases (60,535 ) 18,631 (51,272 ) (93,176 )
Debts falling due
within 1 year (314,750 ) 250 - (314,500 )
Debts falling due
after 1 year (1,775,029 ) 314,120 - (1,460,909 )
(2,150,314 ) 333,001 (51,272 ) (1,868,585 )
Total (327,205 ) 275,088 (51,272 ) (103,389 )

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023


1. STATUTORY INFORMATION

Good Food and Drink Company Ltd 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 Company Information page.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The judgements and estimates made by directors are not considered material.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and discounts.

Turnover from the sale of food, drink and other goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually when bar and food products are served to customers.

Goodwill
Goodwill of £222,000 has been fully amortised.

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.

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Straight line over 50 years
Fixtures, fittings and equipment - 15% on reducing balance
Motor vehicles - 20% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Land is not depreciated.

Fixed asset investments
Fixed asset investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.



GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sales 4,217,114 4,153,032
4,217,114 4,153,032

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


3. TURNOVER - continued

All turnover is derived within the UK.

Government grants of £Nil (2022: £145,797) were received during the year.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,723,928 1,463,938
Social security costs 158,667 119,392
Other pension costs 28,505 27,622
1,911,100 1,610,952

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Staff 124 137
126 139

2023 2022
£    £   
Directors' remuneration 23,302 22,050

5. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 7,057 6,073
Other operating leases 40,188 34,824
Depreciation - owned assets 62,568 63,656
Depreciation - assets on hire purchase contracts 23,490 9,059
Profit on disposal of fixed assets (34,780 ) (4,080 )
Auditors' remuneration 15,000 15,000

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 84,705 50,335
Other interest - 2,098
Loan interest 6,380 9,544
Hire purchase 4,285 2,036
95,370 64,013

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 135,525
Over/under provision in earlier years (1,350 ) -
Total current tax (1,350 ) 135,525

Deferred tax 6,147 33,676
Tax on profit 4,797 169,201

UK corporation tax has been charged at 19% (2022 - 19%).

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

2023 2022
£    £   
Profit before tax 39,360 784,866
Profit multiplied by the standard rate of corporation tax in the UK
of 19% (2022 - 19%)

7,478

149,125

Effects of:
Expenses not deductible for tax purposes 1,574 1,832
Capital allowances in excess of depreciation (10,402 ) (15,432 )

Deferred tax movement 6,147 33,676
Total tax charge 4,797 169,201

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


8. DIVIDENDS
2023 2022
£    £   
Ordinary 'B' non-voting share of £1
Interim 75,000 -
Ordinary 'C' non-voting share of £1
Interim 75,000 -
150,000 -

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 222,000
AMORTISATION
At 1 May 2022
and 30 April 2023 222,000
NET BOOK VALUE
At 30 April 2023 -
At 30 April 2022 -

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


10. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Freehold and Motor
property equipment vehicles Totals
£    £    £    £   
COST
At 1 May 2022 2,987,278 1,453,852 163,449 4,604,579
Additions 27,462 64,816 60,565 152,843
Disposals - - (46,845 ) (46,845 )
At 30 April 2023 3,014,740 1,518,668 177,169 4,710,577
DEPRECIATION
At 1 May 2022 24,660 1,124,926 66,088 1,215,674
Charge for year 1,233 59,062 25,763 86,058
Eliminated on disposal - - (30,875 ) (30,875 )
At 30 April 2023 25,893 1,183,988 60,976 1,270,857
NET BOOK VALUE
At 30 April 2023 2,988,847 334,680 116,193 3,439,720
At 30 April 2022 2,962,618 328,926 97,361 3,388,905

Included in cost of land and buildings is freehold land and property of £2,953,098 (2022: £2,925,636) which is not depreciated.

Natwest Bank plc holds legal charges over the company's freehold properties and associated equipment and furnishings.

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2022 76,629
Additions 60,565
At 30 April 2023 137,194
DEPRECIATION
At 1 May 2022 9,059
Charge for year 23,490
Transfer to ownership (2,456 )
At 30 April 2023 30,093
NET BOOK VALUE
At 30 April 2023 107,101
At 30 April 2022 67,570

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 May 2022
and 30 April 2023 27,283
NET BOOK VALUE
At 30 April 2023 27,283
At 30 April 2022 27,283

12. STOCKS
2023 2022
£    £   
Stocks 80,014 54,715

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 897,797 1,399,050
Corporation tax 6,674 209,881
Prepayments and accrued income 23,184 26,865
927,655 1,635,796

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 314,500 314,750
Hire purchase contracts (see note 17) 21,395 11,515
Trade creditors 205,320 200,088
Corporation tax - 345,406
Social security and other taxes 49,275 41,560
VAT 134,554 89,363
Other creditors 94,970 92,000
Other loan 68,211 127,607
Accruals and deferred income 130,170 85,397
1,018,395 1,307,686

£160,211 (2022: £219,607) in other creditors and other loans is owed to related parties.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans (see note 16) 1,460,909 1,775,029
Hire purchase contracts (see note 17) 71,781 49,020
1,532,690 1,824,049

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 314,500 314,750

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


16. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 881,334 1,496,654

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 579,575 278,375

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 21,395 11,515
Between one and five years 71,781 49,020
93,176 60,535

Four vehicles are held under hire purchase agreements on a fixed repayment basis. The remaining terms on these agreements at the year end are 16 months, 22 months, 29 months and 39 months.

Non-cancellable operating leases
2023 2022
£    £   
Within one year 17,793 21,084
Between one and five years 7,055 24,848
24,848 45,932

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,775,409 2,089,779
Hire purchase contracts 93,176 60,535
1,868,585 2,150,314

The bank loan and overdraft are secured by legal charges over the freehold properties and associated equipment and furnishings.

Hire purchase liabilities are secured on the assets to which they relate.

19. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 112,718 106,571

Deferred
tax
£   
Balance at 1 May 2022 106,571
Provided during year 6,147
Balance at 30 April 2023 112,718

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
1 Ordinary 'B' non-voting £1 1 1
1 Ordinary 'C' non-voting £1 1 1
102 102

21. PENSION COMMITMENTS

The company operates a defined contribution scheme, contributions of £7,245 (2022: £4,628) were outstanding at the year end, and are included within creditors.

GOOD FOOD AND DRINK COMPANY LTD (REGISTERED NUMBER: 03757042)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023


22. RELATED PARTY DISCLOSURES

Directors Mr R M Barouh and Mrs T A Barouh are partners in Good Food & Drink Depot. During the year the company recharged wages costs of £493,288 (2022 - £423,449) to the partnership. The partnership paid service charges of £24,664 (2022 - £21,172).

As at 30 April 2023 the company were owed £894,542 (2022 - £1,395,788) by the partnership. Interest is charged at 6%.

The above loan to the partnership includes £11,384 (2022: £11,384) relating to the directors, this is repayable on demand with no interest charge.

The director's sons Mr Z Barouh and Mr T Barouh have loaned the company £92,000 (2022 - £92,000). This amount is outstanding at the year end.

Director Mr R M Barouh's mother, Mrs J Barough has an outstanding loan due to her from the company. As at 30 April 2023 she was owed £68,211 (2022 - £127,607). Interest on the loan is charged at 5%. Interest of £6,380 was charged during the year (2022 - £9,544).

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R M Barouh.