Company registration number 12919772 (England and Wales)
GOLD LINE INVESTMENTS GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2023
GOLD LINE INVESTMENTS GROUP LIMITED
COMPANY INFORMATION
Directors
R J Anderson
A M Horrell
R T Horrell
C R Blackman
Company number
12919772
Registered office
Medlars Church Lane
Seaton
Oakham
LE15 9HR
Auditor
Azets Audit Services
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
Bankers
Lloyds TSB Bank Plc
49-51 Dean Street
Marlow
Buckinghamshire
United Kingdom
SL7 3BP
GOLD LINE INVESTMENTS GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
GOLD LINE INVESTMENTS GROUP 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 Decision

On 9th December 2022 the Group’s main trading subsidiary (Gold Line Feeds Ltd) 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 Group to a close and now the directors have a property to sell during 2024. As a result of the sale all colleagues in the Group were made redundant.

 

Business review

Following the sale of the dog business the Group 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 Group continued to trade until the date of sale on the 9th December 2022. The Group'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 Group as a whole as the Group 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 INVESTMENTS GROUP 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 group 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 further 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 T Horrell
C R Blackman
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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
R J Anderson
Director
31 July 2024
GOLD LINE INVESTMENTS GROUP 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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GOLD LINE INVESTMENTS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GOLD LINE INVESTMENTS GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Gold Line Investments Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 28 April 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group and parent 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 1.5 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 1.5. 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 INVESTMENTS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOLD LINE INVESTMENTS GROUP LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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 INVESTMENTS GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOLD LINE INVESTMENTS GROUP 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 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 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 members as a body, 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
Chartered Accountants
Statutory Auditor
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
GOLD LINE INVESTMENTS GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
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
16,691
15,537,508
15,554,199
21,327,531
-
21,327,531
Cost of sales
(1,315)
(13,383,472)
(13,384,787)
(14,789,401)
-
(14,789,401)
Gross profit
15,376
2,154,036
2,169,412
6,538,130
-
6,538,130
Distribution costs
-
(1,222,991)
(1,222,991)
(1,688,082)
-
(1,688,082)
Administrative expenses
(1,109,715)
(5,066,831)
(6,176,546)
(9,084,595)
-
(9,084,595)
Operating loss
4
(1,094,339)
(4,135,786)
(5,230,125)
(4,234,547)
-
(4,234,547)
Interest payable and similar expenses
8
(10,808)
(49,535)
(60,343)
(71,160)
-
(71,160)
Amounts written off investments
-
-
-
(104)
-
(104)
Profit/(loss) on disposal of operations
- Profit on disposal of business
-
5,699,174
5,699,174
-
-
-
Profit/(loss) before taxation
(1,105,147)
1,513,853
408,706
(4,305,811)
-
(4,305,811)
Tax on profit/(loss)
9
-
-
-
(225,747)
-
(225,747)
Profit/(loss) for the financial period
24
(1,105,147)
1,513,853
408,706
(4,531,558)
-
(4,531,558)

The notes on pages 14 to 31 form part of these financial statements.

GOLD LINE INVESTMENTS GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 APRIL 2023
- 8 -
Period
Year
ended
ended
28 April
30 April
2023
2022
£
£
Profit/(loss) for the period
408,706
(4,531,558)
Other comprehensive income
Fair value adjustments reclassified to profit or loss
-
0
(263,536)
Total comprehensive income for the period
408,706
(4,795,094)
Total comprehensive income for the period is all attributable to the owners of the parent company.
GOLD LINE INVESTMENTS GROUP LIMITED
GROUP BALANCE SHEET
AS AT 28 APRIL 2023
28 April 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,300,000
4,333,008
Current assets
Stocks
16
159,145
2,266,629
Debtors
17
543,708
2,815,569
Cash at bank and in hand
2,952,418
139,140
3,655,271
5,221,338
Creditors: amounts falling due within one year
18
(581,309)
(4,560,465)
Net current assets
3,073,962
660,873
Total assets less current liabilities
5,373,962
4,993,881
Creditors: amounts falling due after more than one year
19
-
(28,625)
Net assets
5,373,962
4,965,256
Capital and reserves
Called up share capital
23
10,000
10,000
Share premium account
24
163,000
163,000
Own shares
24
(3,530,669)
(3,530,669)
Profit and loss reserves
24
8,692,453
8,283,747
Equity attributable to owners of the parent company
5,334,784
4,926,078
Non-controlling interests
39,178
39,178
5,373,962
4,965,256
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:
31 July 2024
R J Anderson
Director
GOLD LINE INVESTMENTS GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 28 APRIL 2023
28 April 2023
- 10 -
28 April 2023
30 April 2022
Notes
£
£
£
£
Fixed assets
Investments
12
5,378,381
7,070,000
Current assets
Debtors
17
165,000
165,000
Creditors: amounts falling due within one year
18
(3,535,000)
(3,560,000)
Net current liabilities
(3,370,000)
(3,395,000)
Net assets
2,008,381
3,675,000
Capital and reserves
Called up share capital
23
10,000
10,000
Share premium account
24
163,000
163,000
Own shares
24
3,527,000
3,527,000
Profit and loss reserves
24
(1,691,619)
(25,000)
Total equity
2,008,381
3,675,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £1,666,619 (2022 - £0 profit).

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:
31 July 2024
R J Anderson
Director
Company registration number 12919772 (England and Wales)
GOLD LINE INVESTMENTS GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 APRIL 2023
- 11 -
Share capital
Share premium account
Revaluation reserve
Merger reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
£
£
£
£
£
£
£
£
Balance at 1 May 2021
10,000
163,000
263,536
(3,530,669)
12,551,769
9,457,636
39,178
9,496,814
Year ended 30 April 2022:
Loss for the year
-
-
-
-
(4,531,558)
(4,531,558)
-
(4,531,558)
Other comprehensive income:
Fair value adjustments reclassified to profit or loss
-
-
(263,536)
-
-
(263,536)
-
(263,536)
Total comprehensive income
-
-
(263,536)
-
(4,531,558)
(4,795,094)
-
(4,795,094)
Transfers
-
-
-
-
263,536
263,536
-
263,536
Balance at 30 April 2022
10,000
163,000
-
0
(3,530,669)
8,283,747
4,926,078
39,178
4,965,256
Period ended 28 April 2023:
Profit and total comprehensive income
-
-
-
-
408,706
408,706
-
408,706
Balance at 28 April 2023
10,000
163,000
-
0
(3,530,669)
8,692,453
5,334,784
39,178
5,373,962
GOLD LINE INVESTMENTS GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 APRIL 2023
- 12 -
Share capital
Share premium account
Merger relief reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 May 2021
10,000
163,000
3,527,000
(25,000)
3,675,000
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
-
-
-
-
0
Balance at 30 April 2022
10,000
163,000
3,527,000
(25,000)
3,675,000
Period ended 28 April 2023:
Profit and total comprehensive income
-
-
-
(1,666,619)
(1,666,619)
Balance at 28 April 2023
10,000
163,000
3,527,000
(1,691,619)
2,008,381
GOLD LINE INVESTMENTS GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 APRIL 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(3,365,212)
(2,190,106)
Interest paid
(60,343)
(71,160)
Income taxes refunded
-
0
18,247
Net cash outflow from operating activities
(3,425,555)
(2,243,019)
Investing activities
Proceeds from disposal of business
5,699,174
-
Purchase of tangible fixed assets
(13,573)
(938,549)
Proceeds from disposal of tangible fixed assets
1,050,307
5,512,005
Net cash generated from investing activities
6,735,908
4,573,456
Financing activities
Repayment of borrowings
-
(415,569)
Repayment of bank loans
(444,000)
(2,149,232)
Payment of finance leases obligations
(53,075)
(20,425)
Net cash used in financing activities
(497,075)
(2,585,226)
Net increase/(decrease) in cash and cash equivalents
2,813,278
(254,789)
Cash and cash equivalents at beginning of period
139,140
393,929
Cash and cash equivalents at end of period
2,952,418
139,140
GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2023
- 14 -
1
Accounting policies
Company information

Gold Line Investments Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of Gold Line Investments Group Limited and all of its subsidiaries.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Gold Line Investments Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 28 April 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

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 to United Petfood Limited (“United”). The sale of the trade included the brands, the intellectual property, the customer book and the Sales and Marketing team.

As a result of the above, the Group 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.

1.6
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.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is between 5 and 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 16 -
1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Patents & licences
5% - 6.67% straight line
1.9
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:

Freehold land and buildings
2% per annum of cost / valuation
Plant and equipment
10% - 20% per annum on cost
Fixtures and fittings
20% - 33% per annum on cost
Computers
20% - 33% per annum on cost
Motor vehicles
25% per annum on cost

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 recognised in the profit and loss account.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 17 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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 INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 18 -
1.12
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.

1.13
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.

1.14
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 19 -
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 group 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 group 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 INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group 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 group.

1.16
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 group’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 if, and only if, there is 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.

1.17
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.

1.18
Retirement benefits

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

GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 21 -
1.19
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 leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
15,554,199
20,731,568
Rest of Europe
-
595,963
15,554,199
21,327,531
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
236,244
860,611
Impairment of owned tangible fixed assets
536,298
3,634,998
Loss/(profit) on disposal of tangible fixed assets
223,732
(579,976)
Amortisation of intangible assets
-
154,452
Operating lease charges
-
5,721
GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 22 -
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 group and company
25,000
25,000
Audit of the financial statements of the company's subsidiaries
61,250
95,955
86,250
120,955
For other services
Taxation compliance services
4,500
4,500

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 group and company during the period was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management
5
5
-
-
Administration
20
34
-
-
Production
38
44
-
-
Transport
-
17
-
-
Total
63
100
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
3,226,714
3,441,241
-
0
-
0
Social security costs
313,255
331,434
-
-
Pension costs
243,974
328,510
-
0
-
0
3,783,943
4,101,185
-
0
-
0
GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 23 -
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
229,468
217,998
Remuneration disclosed above includes 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 financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
60,343
71,160
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
-
0
225,747

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 group in the period to 28 April 2023 was 25% compared to 19% in the previous year.

GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
9
Taxation
(Continued)
- 24 -

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
408,706
(4,305,811)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
102,177
(818,104)
Tax effect of expenses that are not deductible in determining taxable profit
707
(5,857)
Tax effect of utilisation of tax losses not previously recognised
(398,811)
(7,533)
Unutilised tax losses carried forward
-
0
33,602
Losses on discontinued operations not recognised
117,081
114,000
Permanent capital allowances in excess of depreciation
(13,862)
74,091
Amortisation on assets not qualifying for tax allowances
-
0
29,346
Adjustments in respect of financial assets
136,775
690,650
Profit on disposal of assets
55,933
(110,195)
Deferred tax
-
0
225,747
Taxation charge
-
225,747
10
Intangible fixed assets
Group
Goodwill
Patents & licences
Total
£
£
£
Cost
At 1 May 2022 and 28 April 2023
6,217,222
175,000
6,392,222
Amortisation and impairment
At 1 May 2022 and 28 April 2023
6,217,222
175,000
6,392,222
Carrying amount
At 28 April 2023
-
0
-
0
-
0
At 30 April 2022
-
0
-
0
-
0
The company had no intangible fixed assets at 28 April 2023 or 30 April 2022.

More information on impairment movements in the period is given in note 13.

GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 25 -
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2022
4,856,953
23,809,794
2,440,832
905,990
12,250
32,025,819
Additions
-
0
13,573
-
0
-
0
-
0
13,573
Disposals
-
0
(11,299,582)
-
0
-
0
-
0
(11,299,582)
At 28 April 2023
4,856,953
12,523,785
2,440,832
905,990
12,250
20,739,810
Depreciation and impairment
At 1 May 2022
2,056,953
22,300,756
2,438,285
884,567
12,250
27,692,811
Depreciation charged in the period
32,187
180,087
2,547
21,423
-
0
236,244
Impairment losses
467,813
68,485
-
0
-
0
-
0
536,298
Eliminated in respect of disposals
-
0
(10,025,543)
-
0
-
0
-
0
(10,025,543)
At 28 April 2023
2,556,953
12,523,785
2,440,832
905,990
12,250
18,439,810
Carrying amount
At 28 April 2023
2,300,000
-
0
-
0
-
0
-
0
2,300,000
At 30 April 2022
2,800,000
1,509,038
2,547
21,423
-
0
4,333,008
The company had no tangible fixed assets at 28 April 2023 or 30 April 2022.

More information on impairment movements in the period is given in note 13.

12
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
5,378,381
7,070,000
GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022
7,070,000
Impairment
(1,691,619)
At 28 April 2023
5,378,381
Carrying amount
At 28 April 2023
5,378,381
At 30 April 2022
7,070,000
13
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
11
536,298
3,634,998
Recognised in:
Administrative expenses
536,298
3,634,998
Amounts recognised in other comprehensive income in respect of impairment losses on previously revalued assets.
-
262,719

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

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 to United Petfood Limited (“United”). As a result of the business and asset disposals a number of fixed assets were written down in the balance sheet as at 28 April 2023 to reflect expected realisation values.

GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 27 -
14
Subsidiaries

Details of the company's subsidiaries at 28 April 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of share held
% Held
Direct
GLF Group Limited
UK
Holding Company
Ordinary
100.00
Gold Line Holdings Limited**
UK
Holding company
Holding Company
Ordinary
100.00
Gold Line Feeds Limited**
UK
Manufacture and sale of animal feed, pet food and supplies
Ordinary
100.00
Gold Line Country Store Ltd**
UK
Dormant entity
Ordinary
100.00
GL Nutri-Pet Limited**
UK
Dormant entity
Ordinary
100.00
GL Racing Limited**
UK
Dormant entity
Ordinary
100.00
GL Ringstead Limited**
UK
Dormant entity
Ordinary A
100.00
GL Ringstead Limited**
UK
Dormant entity
Ordinary B
44.40
Gold Line Pet Products Limited**
UK
Dormant entity
Ordinary
100.00
Trophy (Oxford) Limited**
UK
Dormant entity
Ordinary
100.00
Concept Complete Services Limited**
UK
Provision of agricultural, building, and grain engineering services
Ordinary
100.00

** - Indirect subsidiary undertakings of the Company

 

All subsidiaries have the same registered office as the parent Company, Gold Line Investments Group Limited. Please see the Company information page.

The shares in Trophy Pet Foods Limited were sold as part of the sale of trade and assets to United Petfood Limited in 9 December 2022.

 

All other subsidiary undertakings listed above have been dissolved following 28 April 2023 with the exception of GLF Group Limited, Gold Line Holdings Limited and Gold Line Feeds Limited.

15
Joint ventures

Details of joint ventures at 28 April 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Interest
% Held
held
Direct
Balepro Limited
UK
Dormant entity
Ordinary
50.00
16
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
159,145
2,266,629
-
-

There are no stocks in the Company.

GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 28 -
17
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
378,504
1,946,779
-
0
-
0
Amounts owed by group undertakings
-
-
155,000
155,000
Other debtors
128,206
256,095
10,000
10,000
Prepayments and accrued income
36,998
612,695
-
0
-
0
543,708
2,815,569
165,000
165,000
18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
20
-
0
444,000
-
0
-
0
Obligations under finance leases
21
-
0
24,450
-
0
-
0
Trade creditors
271,852
1,981,616
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
3,535,000
3,535,000
Other taxation and social security
80,630
151,952
-
-
Other creditors
34,289
1,377,490
-
0
-
0
Accruals and deferred income
194,538
580,957
-
0
25,000
581,309
4,560,465
3,535,000
3,560,000
19
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
21
-
0
28,625
-
0
-
0
20
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
-
0
444,000
-
0
-
0
Payable within one year
-
0
444,000
-
0
-
0

The group has fully repaid the invoice financing and bank loans received from Leumi during the year following the sale of the trade and assets to United Petfood Limited on 9 December 2022. These loans were previously secured via fixed and floating charges over teh assets of the Group, and all charges have now been satisfied on repayment of the balances.

GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 29 -
21
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
24,450
-
0
-
0
In two to five years
-
0
28,625
-
0
-
0
-
53,075
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

As part of the agreement to sell the trade and assets to United Petfood Limited, all outstanding finance leases were transferred to United Petfood Limited on 9 December 2022 along with the related assets.

22
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
243,974
328,510

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
24
Reserves
Share premium

This reserve includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Revaluation reserve

This reserve represents the surplus or deficit arising on the valuation of assets.

Own shares

This reserve represents the difference between the value of the investments held and the value of the equity purchased.

Profit and Loss Account

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

GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 30 -
25
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
422,179
522,370
-
-
Between two and five years
-
1,115,091
-
-
422,179
1,637,461
-
-

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.

26
Related party transactions
Transactions with related parties

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.

27
Controlling party

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

 

Richard Horrell 2000 Trust

RT Horrell

A M Horrell

C R Blackman

A Fowler-Guest

28
Exemption from audit by parental guarantee

The following subsidiaries are exempt from the requirements of the Companies Act 2006 relating to the audit of individual financial statements by virtue of s479A;

 

Company name            Company number

 

GLF Group Limited        10034186

GOLD LINE INVESTMENTS GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 31 -
29
Cash absorbed by group operations
2023
2022
£
£
Profit/(loss) for the period after tax
408,706
(4,531,558)
Adjustments for:
Taxation charged
-
0
225,747
Finance costs
60,343
71,160
Loss/(gain) on disposal of tangible fixed assets
223,732
(579,976)
Gain on disposal of business
(5,699,174)
-
Amortisation and impairment of intangible assets
-
154,452
Depreciation and impairment of tangible fixed assets
772,542
4,495,609
Decrease in provisions
-
(17,000)
Movements in working capital:
Decrease in stocks
2,107,484
514,026
Decrease in debtors
2,271,861
1,003,537
Decrease in creditors
(3,510,706)
(3,526,103)
Cash absorbed by operations
(3,365,212)
(2,190,106)
30
Analysis of changes in net funds/(debt) - group
1 May 2022
Cash flows
28 April 2023
£
£
£
Cash at bank and in hand
139,140
2,813,278
2,952,418
Borrowings excluding overdrafts
(444,000)
444,000
-
Obligations under finance leases
(53,075)
53,075
-
(357,935)
3,310,353
2,952,418
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