Financial Statements at 12 September 2024 at 14:35:17
Company registration number SC506067 (Scotland)
GOODGRUN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
Financial Statements at 12 September 2024 at 14:35:20
GOODGRUN LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Financial Statements at 12 September 2024 at 14:35:20
GOODGRUN LTD
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
146,134
45,662
Investment properties
5
1,411,848
1,100,342
Investments
6
1,667,490
1,667,490
3,225,472
2,813,494
Current assets
Stocks
9
2,811,720
2,810,297
Debtors
8
1,324,232
69,085
Cash at bank and in hand
2,107,278
5,171,936
6,243,230
8,051,318
Creditors: amounts falling due within one year
10
(4,371,112)
(5,639,662)
Net current assets
1,872,118
2,411,656
Net assets
5,097,590
5,225,150
Capital and reserves
Called up share capital
4,289,000
4,289,000
Revaluation reserve
42,734
42,734
Profit and loss reserves
765,856
893,416
Total equity
5,097,590
5,225,150

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Financial Statements at 12 September 2024 at 14:35:20
GOODGRUN LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
ER TAWSE
Mrs E R Tawse
Director
Company Registration No. SC506067
Financial Statements at 12 September 2024 at 14:35:20
GOODGRUN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Goodgrun Ltd is a private company limited by shares incorporated in Scotland. The registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ.

1.1
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

1.2
Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
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.

                        

Revenue from rental income is recognised in the period in which it relates to.                        

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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,

 

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.

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
Office equipment
25% straight line
Motor vehicles
25% straight line
Financial Statements at 12 September 2024 at 14:35:20
GOODGRUN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -

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
Investment properties

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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 company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

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

1.8
Stocks and work in progress

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.

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.

1.9
Cash at bank and in hand

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.

1.10
Financial instruments

The company only enters into basic financial transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.11
Taxation

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

Financial Statements at 12 September 2024 at 14:35:20
GOODGRUN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
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
Retirement benefits

The company contributes to a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Finance costs

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

1.16

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Financial Statements at 12 September 2024 at 14:35:20
GOODGRUN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
5
Amortisation and impairment
At 1 June 2023 and 31 May 2024
5
Carrying amount
At 31 May 2024
-
At 31 May 2023
-
4
Tangible fixed assets
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
121,351
2,975
50,098
174,424
Additions
-
4,519
128,673
133,192
Disposals
-
-
(11,305)
(11,305)
At 31 May 2024
121,351
7,494
167,466
296,311
Depreciation and impairment
At 1 June 2023
106,154
1,202
21,406
128,762
Depreciation charged in the year
3,771
1,331
27,618
32,720
Eliminated in respect of disposals
-
-
(11,305)
(11,305)
At 31 May 2024
109,925
2,533
37,719
150,177
Carrying amount
At 31 May 2024
11,426
4,961
129,747
146,134
At 31 May 2023
15,197
1,773
28,692
45,662
Financial Statements at 12 September 2024 at 14:35:20
GOODGRUN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Investment property
2024
£
Fair value
At 1 June 2023
1,100,342
Additions
331,939
Disposals
(20,433)
At 31 May 2024
1,411,848

The 2024 valuations were made by the directors on an open market value basis. The directors consider that there has been no material change in property values at the year end.

Financial Statements at 12 September 2024 at 14:35:20
GOODGRUN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
6
Fixed asset investments
Shares in subsidiaries
£
At 1 June 2023
1,667,490
Additions
-
At 31 May 2024
1,667,490
Impairment
At 1 June 2023
-
At 31 May 2024
-
Carrying amount
At 31 May 2024
1,667,490
At 31 May 2023
1,667,490
7
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
RMB Developments Limited
Scotland
Agricultural
Ordinary
100.00
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,324,232
69,085
9
Stocks
2024
2023
£
£
Land stocks
2,811,720
2,810,297
Financial Statements at 12 September 2024 at 14:35:20
GOODGRUN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,304
50,749
Corporation tax
-
263,683
Other taxation and social security
8,417
540,873
Deferred income
18,169
-
Other creditors
4,322,738
4,775,873
Accruals and deferred income
8,484
8,484
4,371,112
5,639,662
11
Related party transactions

During the year, the company made repayments to the directors of £904,690, credits were made of £451,554 and interest charged on the loans of £81,250 (2023 - £84,375) resulting in amounts due by the company at the year end of £4,222,737 (2023 - £4,675,873). This loan is repayable upon demand.

 

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