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REGISTERED NUMBER: 10265440 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

GFS FRESH LIMITED

GFS FRESH LIMITED (REGISTERED NUMBER: 10265440)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GFS FRESH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: E H C Fey
C H Galbraith





REGISTERED OFFICE: 27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE





REGISTERED NUMBER: 10265440 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

GFS FRESH LIMITED (REGISTERED NUMBER: 10265440)

BALANCE SHEET
31 JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 33,500 -
Tangible assets 5 22,283 10,826
55,783 10,826

CURRENT ASSETS
Stocks 51,953 152,676
Debtors 6 789,984 750,701
Cash at bank and in hand 139,625 43,321
981,562 946,698
CREDITORS
Amounts falling due within one year 7 786,724 731,092
NET CURRENT ASSETS 194,838 215,606
TOTAL ASSETS LESS CURRENT
LIABILITIES

250,621

226,432

CREDITORS
Amounts falling due after more than one
year

8

(32,068

)

(42,193

)

PROVISIONS FOR LIABILITIES (13,900 ) (2,700 )
NET ASSETS 204,653 181,539

CAPITAL AND RESERVES
Called up share capital 90 90
Capital redemption reserve 10 10
Retained earnings 204,553 181,439
SHAREHOLDERS' FUNDS 204,653 181,539

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GFS FRESH LIMITED (REGISTERED NUMBER: 10265440)

BALANCE SHEET - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 January 2024 and were signed on its behalf by:





C H Galbraith - Director


GFS FRESH LIMITED (REGISTERED NUMBER: 10265440)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

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

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have considered the adoption of the going concern basis of accounting in preparing these financial statements. From a cashflow perspective the company utilises invoice discounting facilities, these facilities provide a funding line of up to 88% of trade debtors. Based on the renewal of these flexible facilities the directors consider that they have sufficient financial resources to continue to exploit trading positions and business opportunities.

Furthermore the directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

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

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

Current or deferred taxation assets and liabilities are not discounted.

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


GFS FRESH LIMITED (REGISTERED NUMBER: 10265440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 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
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
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Consolidation
The parent company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by section 398 of the Companies Act 2006 not to prepare group accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 33,500
At 31 July 2023 33,500
NET BOOK VALUE
At 31 July 2023 33,500

GFS FRESH LIMITED (REGISTERED NUMBER: 10265440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 August 2022 18,827
Additions 17,824
Disposals (9,719 )
At 31 July 2023 26,932
DEPRECIATION
At 1 August 2022 8,001
Charge for year 1,624
Eliminated on disposal (4,976 )
At 31 July 2023 4,649
NET BOOK VALUE
At 31 July 2023 22,283
At 31 July 2022 10,826

6. DEBTORS
31.7.23 31.7.22
£    £   
Amounts falling due within one year:
Trade debtors 658,613 706,897
Other debtors 131,371 23,804
789,984 730,701

Amounts falling due after more than one year:
Other debtors - 20,000

Aggregate amounts 789,984 750,701

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Bank loans and overdrafts 10,228 8,233
Trade creditors 425,235 546,017
Taxation and social security 38,127 11,956
Other creditors 313,134 164,886
786,724 731,092

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Bank loans 32,068 42,193

GFS FRESH LIMITED (REGISTERED NUMBER: 10265440)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.7.23 31.7.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 1,688

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.7.23 31.7.22
£    £   
Within one year 10,119 5,992
Between one and five years 10,119 1,395
In more than five years 18,902 1,395
39,140 8,782

10. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Invoice discounting facility 101 8

The invoice discounting facility is secured by the debenture in favour of Bibby Financial Services Limited by way of a charge on the assets of the company.