Company registration number 02098720 (England and Wales)
GOLD LINE FEEDS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2023
GOLD LINE FEEDS LIMITED
COMPANY INFORMATION
Directors
R J Anderson
A M Horrell
Company number
02098720
Registered office
Old Furnace Site
Kettering Road
Islip
Northamptonshire
United Kingdom
NN14 3JW
Auditor
Azets Audit Services
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
GOLD LINE FEEDS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22
GOLD LINE FEEDS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 APRIL 2023
- 1 -

The directors present the strategic report for the period ended 28 April 2023.

Strategic direction

On 9th December 2022 the Company completed the sale of the various dog brands, including Autarky and Chudleys, along with the customer list, the IP and the Sales and Marketing team to United Petfood. The sale brings all the manufacturing operations in the Company to a close. As a result of the sale all colleagues in the Company were made redundant.

 

Business review

Following the sale of the dog business the Company is now in the process of realising the remaining assets and settling liabilities and then it is envisaged a solvent Members Voluntary Liquidation will take place towards the end of 2024. All bank debt has been paid down.

Principal risks and uncertainties

The Company continued to trade until the date of sale on the 9th December 2022. The Company's principal activity is the manufacture and sale of animal feed. In common with many businesses carrying out similar activities, the principal risks and uncertainties it faces are customer spending downturns and changes in general economic conditions. Whilst recognising the existence of such risks, the Directors believe the Company is well placed to successfully deal with any such challenges should they arise.

Key performance indicators

Following the sale, as detailed above, key performance indicators are no longer relevant to the Company as a whole as the Company is now in the process of realising the remaining assets and settling liabilities. All bank debt has been paid down post year end.

On behalf of the board

R J Anderson
Director
31 July 2024
GOLD LINE FEEDS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 APRIL 2023
- 2 -

The directors present their annual report and financial statements for the period ended 28 April 2023.

Principal activities

The principal activity of the company continued to be that of the manufacture and sale of animal feed.

Results and dividends

The results for the period are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

R J Anderson
A M Horrell
R E Harper
(Resigned 1 July 2023)
J D Willis
(Resigned 31 August 2023)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
R J Anderson
Director
31 July 2024
GOLD LINE FEEDS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 APRIL 2023
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare 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:

 

 

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.

GOLD LINE FEEDS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF GOLD LINE FEEDS LIMITED
- 4 -
Opinion

We have audited the financial statements of Gold Line Feeds Limited (the 'company') for the period ended 28 April 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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.

 

We draw the users of the accounts to note 1.3 which states that on the 9th December 2022 the Group sold the trade of Gold Line Feeds Ltd and various plant and machinery belonging to Gold Line Holdings Ltd and Gold Line Feeds Ltd. In addition the remaining assets in the company have been sold or were in the process of being sold at the year end. As a result the remaining fixed assets have been written down in the balance sheet as at April 2023. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.3. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GOLD LINE FEEDS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GOLD LINE FEEDS LIMITED
- 5 -
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 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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.

Auditor's 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 auditor's 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 financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GOLD LINE FEEDS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF GOLD LINE FEEDS LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Richard Monkhouse
Senior Statutory Auditor
For and on behalf of Azets Audit Services
31 July 2024
2024-07-31
Chartered Accountants
Statutory Auditor
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
GOLD LINE FEEDS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 APRIL 2023
- 7 -
Period
Year
ended
ended
Continuing
Discontinued
28 April
Continuing
Discontinued
30 April
operations
operations
2023
operations
operations
2022
Notes
£
£
£
£
£
£
Turnover
3
-
15,537,508
15,537,508
21,260,069
-
21,260,069
Cost of sales
-
0
(13,383,472)
(13,383,472)
(14,785,269)
-
0
(14,785,269)
Gross profit
-
2,154,036
2,154,036
6,474,800
-
6,474,800
Distribution costs
-
0
(1,222,991)
(1,222,991)
(1,688,082)
-
0
(1,688,082)
Administrative expenses
(4,419)
(5,066,831)
(5,071,250)
(5,773,217)
-
0
(5,773,217)
Operating loss
4
(4,419)
(4,135,786)
(4,140,205)
(986,499)
-
(986,499)
Interest payable and similar expenses
8
-
0
(49,535)
(49,535)
(35,494)
-
0
(35,494)
Amounts written off investments
9
-
-
-
(71,493)
-
(71,493)
Profit/(loss) on disposal of operations
- Profit on disposal of business
-
5,699,174
5,699,174
-
-
-
Profit/(loss) before taxation
(4,419)
1,513,853
1,509,434
(1,093,486)
-
0
(1,093,486)
Tax on profit/(loss)
10
-
0
-
0
-
0
(473,636)
-
0
(473,636)
Profit/(loss) for the financial period
(4,419)
1,513,853
1,509,434
(1,567,122)
-
0
(1,567,122)

The notes on pages 10 to 22 form part of these financial statements.

GOLD LINE FEEDS LIMITED
BALANCE SHEET
AS AT
28 APRIL 2023
28 April 2023
- 8 -
28 April 2023
30 April 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
-
0
100,000
Current assets
Stocks
13
159,145
2,266,629
Debtors
14
3,514,159
5,151,280
Cash at bank and in hand
1,853,215
115,757
5,526,519
7,533,666
Creditors: amounts falling due within one year
15
(344,644)
(3,932,600)
Net current assets
5,181,875
3,601,066
Total assets less current liabilities
5,181,875
3,701,066
Creditors: amounts falling due after more than one year
16
-
0
(28,625)
Net assets
5,181,875
3,672,441
Capital and reserves
Called up share capital
19
1,000
1,000
Profit and loss reserves
20
5,180,875
3,671,441
Total equity
5,181,875
3,672,441
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
R J Anderson
Director
Company Registration No. 02098720
GOLD LINE FEEDS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 APRIL 2023
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2021
1,000
5,238,563
5,239,563
Year ended 30 April 2022:
Loss and total comprehensive income for the year
-
(1,567,122)
(1,567,122)
Balance at 30 April 2022
1,000
3,671,441
3,672,441
Period ended 28 April 2023:
Profit and total comprehensive income for the period
-
1,509,434
1,509,434
Balance at 28 April 2023
1,000
5,180,875
5,181,875
GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2023
- 10 -
1
Accounting policies
Company information

Gold Line Feeds Limited is a private company limited by shares incorporated in England and Wales. The registered office is Old Furnace Site, Kettering Road, Islip, Northamptonshire, United Kingdom, NN14 3JW.

1.1
Reporting period

The financial statements are made for the period of 01 May 2022 to 28 April 2023. Please note that the comparative period was for the year ended 30 April 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Gold Line Investments Group Limited. These consolidated financial statements are available from Companies House.

1.3
Going concern

On the 9 December 2022 the Group sold the trade of Gold Line Feeds Ltd and various plant and machinerytrue belonging to Gold Line Holdings Ltd and Gold Line Feeds Ltd. The sale of the trade included the brands, the intellectual property, the customer book and the Sales and Marketing team. In addition all stock as at 9th December 2022 was also sold.

 

As a result of the above, the Company ceased to trade on 9 December 2022 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

 

Most of the remaining employees of the business were made redundant on 9 December 2022.

GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 11 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% Straight Line
Fixtures and fittings
20% Straight Line
Motor vehicles
20% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 12 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

1.9
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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 13 -
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.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 15 -
1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock provision

Based on the aging of stock the directors apply a set of criteria, based on experience to estimate the level of provision required to determine the net realisable value of stock, on a line by line basis.

Recoverability of deferred tax assets

The directors must judge recoverability of deferred tax assets in respect of tax losses carried forward. In performing this, the directors judge whether there will be sufficient taxable profits in the future to utilise the losses.

3
Turnover
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
15,537,508
20,664,106
Rest of Europe
-
595,963
15,537,508
21,260,069
GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 16 -
4
Operating loss
2023
2022
Operating loss for the period is stated after charging/(crediting):
£
£
Exchange losses
10,083
13,413
Depreciation of owned tangible fixed assets
42,408
56,180
Impairment of owned tangible fixed assets
68,485
855,869
Profit on disposal of tangible fixed assets
(3,000)
-
Operating lease charges
242,135
219,287
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
40,000
69,413

In accordance with SI 2008/489 the Company has not disclosed the fees payable to the Company's auditors for 'Other services' as this information is included in the consolidated financial statements of Gold Line Investments Group Limited.

6
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Production
38
38
Administration
20
34
Management
4
5
Transport
-
17
Total
62
94

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
3,107,140
3,349,441
Social security costs
297,173
320,006
Pension costs
220,596
307,330
3,624,909
3,976,777
GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 17 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
465,901
437,725
Company pension contributions to defined contribution schemes
68,996
66,176
534,897
503,901

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
229,468
217,998
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
49,535
35,494
9
Amounts written off investments
2023
2022
£
£
Amounts written back to/(written off) current loans
-
(71,493)
10
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
-
0
473,636

The UK Budget 2021 announcements on 3 March 2021 included measures to support economic recovery as a result of the ongoing COVID-19 pandemic. These measures included an increase in the UK's main corporation tax rate from 19% to 25%, effective from 1 April 2023, and which was substantively enacted in the Finance Act 2021. As a result of this, the rate of corporation tax for the company in the period to 28 April 2023 was 25% compared to 19% in the previous year.

GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
10
Taxation
(Continued)
- 18 -

The actual charge for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
1,509,434
(1,093,486)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
377,359
(207,762)
Tax effect of expenses that are not deductible in determining taxable profit
(750)
949
Tax effect of utilisation of tax losses not previously recognised
(398,811)
-
0
Unutilised tax losses carried forward
-
0
33,524
Permanent capital allowances in excess of depreciation
(13,057)
10,674
Adjustments in respect of financial assets
35,259
162,615
Deferred tax
-
0
473,636
Taxation charge for the period
-
473,636
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Property, plant and equipment
12
68,485
855,869
Recognised in:
Administrative expenses
68,485
855,869

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 19 -
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
990,028
9,771
12,250
1,012,049
Additions
13,573
-
0
-
0
13,573
Disposals
(2,680)
-
0
-
0
(2,680)
At 28 April 2023
1,000,921
9,771
12,250
1,022,942
Depreciation and impairment
At 1 May 2022
890,028
9,771
12,250
912,049
Depreciation charged in the period
42,408
-
0
-
0
42,408
Impairment losses
68,485
-
0
-
0
68,485
At 28 April 2023
1,000,921
9,771
12,250
1,022,942
Carrying amount
At 28 April 2023
-
0
-
0
-
0
-
0
At 30 April 2022
100,000
-
0
-
0
100,000

More information on impairment movements in the period is given in note 11.

13
Stocks
2023
2022
£
£
Raw materials and consumables
159,145
2,266,629

There are no stocks in the Company.

14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
378,504
1,944,972
Amounts owed by group undertakings
2,992,327
2,305,892
Other debtors
118,191
270,350
Prepayments and accrued income
25,137
630,066
3,514,159
5,151,280

Amounts owed by group undertakings and related parties are unsecured, interest free and are repayable on demand.

GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 20 -
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
17
-
0
24,450
Trade creditors
138,798
1,848,360
Amounts owed to group undertakings
12,000
-
0
Taxation and social security
29,458
148,510
Other creditors
31,853
1,377,490
Accruals and deferred income
132,535
533,790
344,644
3,932,600

Amounts owed to group undertakings and related parties are unsecured, interest free and repayable on demand.

 

Gold Line Investments Group Limited, the ultimate parent undertaking, has a combined facility agreement with Leumi which includes and invoice financing facility and bank loans. The invoice financing facility is held in the Company whereas the bank loans are held within Gold Line Holdings Limited. The combined facility is secured by a fixed and floating charge over the assets of the Company. The invoice financing facility bears interest at 2.25% plus LIBOR, EURIBOR or US LIBOR depending on the currency of the invoice that cash has been received against. The facility is repaid as and when customers pay their outstanding invoices which is typically in line with agreed upon credit terms.

 

All balances included within these facilities have been repaid during the current period following the sale of the trade of Gold Line Feeds Ltd and various plant and machinery belonging to Gold Line Holdings Ltd and Gold Line Feeds Ltd on 9th December 2022.

16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
17
-
0
28,625
17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
-
0
24,450
In two to five years
-
0
28,625
-
0
53,075

All finance leases have been repaid in the period to 28 April 2023.

GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 21 -
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
220,596
307,330

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

19
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
20
Reserves

Profit and Loss Account

This reserve includes all current and prior year retained profits and losses.

21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
306,801
280,370
Between two and five years
-
0
751,694
306,801
1,032,064

All operating leases were terminated following the year end, on the basis the assets were no longer required following the sale of the Group's trade.

22
Related party transactions

The directors of the Company have taken advantage of the exemption available to them under Section 33, FRS 102, not to disclose transactions and balances with members of the group headed by Gold Line Investments Group Limited.

 

There are no other related party transactions required to be disclosed.

GOLD LINE FEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 22 -
23
Ultimate controlling party

Gold Line Holdings Limited is the immediate parent undertaking.

 

The ultimate parent undertaking is Gold Line Investments Group Limited. The consolidated financial statements of Gold Line Investments Group Limited are available to the public from Companies House, Crown Way, Cardiff, CF14 3UZ.

 

Gold Line Investments Group Limited is 64.3% owned by Trustees of Richard Horrell 2000 Trust. The trustees for the trust are as follows:

 

Richard Horrell 2000 Trust

Richard Horrell

Anna Horrell

Catherine Blackman

Anna Fowler-Guest

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