IRIS Accounts Productionv24.2.0.38303769616Board of Directors1.1.2331.12.2331.12.23truefalsetruetruefalsefalsefalsetruefalseOrdinary1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh037696162022-12-31037696162023-12-31037696162023-01-012023-12-31037696162021-12-31037696162022-01-012022-12-31037696162022-12-3103769616ns15:EnglandWales2023-01-012023-12-3103769616ns14:PoundSterling2023-01-012023-12-3103769616ns10:Director12023-01-012023-12-3103769616ns10:Director22023-01-012023-12-3103769616ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103769616ns10:FRS1022023-01-012023-12-3103769616ns10:Audited2023-01-012023-12-3103769616ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3103769616ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3103769616ns10:FullAccounts2023-01-012023-12-310376961612023-01-012023-12-3103769616ns10:OrdinaryShareClass12023-01-012023-12-3103769616ns10:Director32023-01-012023-12-3103769616ns10:RegisteredOffice2023-01-012023-12-3103769616ns5:CurrentFinancialInstruments2023-12-3103769616ns5:CurrentFinancialInstruments2022-12-3103769616ns5:ShareCapital2023-12-3103769616ns5:ShareCapital2022-12-3103769616ns5:RetainedEarningsAccumulatedLosses2023-12-3103769616ns5:RetainedEarningsAccumulatedLosses2022-12-3103769616ns5:ShareCapital2021-12-3103769616ns5:RetainedEarningsAccumulatedLosses2021-12-3103769616ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103769616ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-310376961642023-01-012023-12-310376961642022-01-012022-12-3103769616ns5:NetGoodwill2023-01-012023-12-3103769616ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-310376961622023-01-012023-12-3103769616ns10:HighestPaidDirector2023-01-012023-12-3103769616ns10:HighestPaidDirector2022-01-012022-12-3103769616ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-01-012023-12-3103769616ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-01-012022-12-3103769616ns5:OwnedAssets2023-01-012023-12-3103769616ns5:OwnedAssets2022-01-012022-12-3103769616ns5:NetGoodwill2022-01-012022-12-310376961612023-01-012023-12-310376961612022-01-012022-12-3103769616ns5:NetGoodwill2022-12-3103769616ns5:NetGoodwill2023-12-3103769616ns5:NetGoodwill2022-12-3103769616ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3103769616ns5:PlantMachinery2022-12-3103769616ns5:FurnitureFittings2022-12-3103769616ns5:MotorVehicles2022-12-3103769616ns5:ShortLeaseholdAssetsns5:LandBuildings2023-01-012023-12-3103769616ns5:PlantMachinery2023-01-012023-12-3103769616ns5:FurnitureFittings2023-01-012023-12-3103769616ns5:MotorVehicles2023-01-012023-12-3103769616ns5:ShortLeaseholdAssetsns5:LandBuildings2023-12-3103769616ns5:PlantMachinery2023-12-3103769616ns5:FurnitureFittings2023-12-3103769616ns5:MotorVehicles2023-12-3103769616ns5:ShortLeaseholdAssetsns5:LandBuildings2022-12-3103769616ns5:PlantMachinery2022-12-3103769616ns5:FurnitureFittings2022-12-3103769616ns5:MotorVehicles2022-12-3103769616ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103769616ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103769616ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103769616ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103769616ns5:DeferredTaxation2022-12-3103769616ns5:OtherProvisionsContingentLiabilities2022-12-3103769616ns5:DeferredTaxation2023-01-012023-12-3103769616ns5:OtherProvisionsContingentLiabilities2023-01-012023-12-3103769616ns5:DeferredTaxation2023-12-3103769616ns5:OtherProvisionsContingentLiabilities2023-12-3103769616ns10:OrdinaryShareClass12023-12-3103769616ns5:RetainedEarningsAccumulatedLosses2022-12-31

REGISTERED NUMBER: 03769616 (England and Wales)
















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR


GAZEBO FINE FOODS LIMITED


GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)







CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023





Page



Company Information  

1



Strategic Report  

2



Report of the Directors  

4



Report of the Independent Auditors  

5



Income Statement  

9



Other Comprehensive Income  

10



Balance Sheet  

11



Statement of Changes in Equity  

12



Cash Flow Statement  

13



Notes to the Cash Flow Statement  

14



Notes to the Financial Statements

15




GAZEBO FINE FOODS LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023









DIRECTORS:

Mrs S Shah


T Shah







REGISTERED OFFICE:

Unit 2


Fourth Way


Wembley


Middlesex


HA9 OLH







REGISTERED NUMBER:

03769616 (England and Wales)







AUDITORS:

Shah

Dodhia & Co


173 Cleveland Street


London


W1T 6QR


GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.


REVIEW OF BUSINESS

The principal activities of the company during the year continued to be that of manufacturing of hand finished snacks and ready meal products. This was achieved by providing quality premium products, being at the forefront of innovation and engaging with customers to provide high level of bespoke services.


Turnover for the year declined by 6.11% to £10.9 million, principally due to reduced level of activities attributable to contract manufacturing.


Gross Margins declined by 1.28% to 24.44% driven by inflationary increase in key food ingredients, labour and energy costs which have been difficult to pass on to its customers.

The company is now engaged in ongoing discussions with its customers to restore margins and a fall in general inflation and stability in prices will enable the company to return to profitability in the medium term.

Reduced turnover and gross margins for the year saw Earnings before interest, tax, depreciation and amortisation (EBITDA) reported at £227K, compared to £442K for previous year.


The directors are working hard to ensure continuous improvement in production efficiencies and cost control remains a key focus for the business over the medium term.

The quality of products and ''Gazebo Cuisine'' brand remain a key priority for the business with strategic focus on working closely with key customers, using extensive marketing channels to promote brand awareness and maintaining competitive market position within the Food to Go category.



GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023


PRINCIPAL RISKS AND UNCERTAINTIES

Commercial risks

The company operates in a highly competitive industry subject to input price fluctuations. To protect its interest the company seeks to differentiate itself by promoting "Gazebo Cuisine'" brand loyalty, maintaining good relations with the customers and the categories the company operates within and by strict adherence to quality and food safety standards will help to mitigate this risk.

The company is implementing benchmarking its pricing within the sector and is implementing medium term contracts with key suppliers to reduce the short-term impact on market price movements in the medium term.


Food safety risk

As a manufacturer of chilled products intended to be sold within retail sector.The company faces risks when it comes to product call.The company mitigates this risk by operating rigorous food safety systems, hygiene standards and quality control. That these are successful borne out by annual and regular industry and customer food accreditation monitoring audit visits.


Retention of management and staff

The company operates in industry where labour scarcity prevails. Although the company has historical success in attracting and retaining employees, the staff retention risk remains in medium term.

The risk is mitigated by ensuring the company offer competitive remuneration, training opportunities and friendly work environment with opportunities to develop a career.


Credit risk

The company gives credit to customers and is therefore at risk of loss if customers do not pay. The company mitigates this by selling only to companies with strong and proven credit records and through close management of trade debtor ledger balances.


Liquidity risk

The company has budgeting and forecasting processes that ensure liquidity is closely monitored and has committed support of invoice financing facility in place to manage any short-term working capital fluctuations.


ON BEHALF OF THE BOARD:






T Shah - Director



23 September 2024


GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.


PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of food manufacturing,distribution and marketing.

DIVIDENDS

No Dividend will be distributed for the year ended 31 December 2023. (2022 Nil).


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.


Mrs S Shah

T Shah


STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Shah Dodhia & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






T Shah - Director



23 September 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GAZEBO FINE FOODS LIMITED


Opinion

We have audited the financial statements of Gazebo Fine Foods Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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


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


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


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GAZEBO FINE FOODS LIMITED



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of directors' remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GAZEBO FINE FOODS LIMITED



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Irregularities,   including   fraud,   are   instances   of   non   compliance   with   laws   and   regulations.   We   design

procedures in line with our responsibilities, auditor's responsibilities section, to detect material misstatements

in  respect  of  irregularities,  including  fraud.  The  extent  to  which  our  procedures  are  capable  of  detecting

irregularities, including fraud is detailed below:


- we made enquires of the directors' policies and procedures to prevent and detect fraud, as well as, whether

they have knowledge of any actual, suspected or alleged fraud.

- we gained an understanding of the legal and regulatory framework applicable to the company and the industry

in which it operates through discussion with directors and considered the risk of acts by the company that were

contrary to applicable laws and regulations, including fraud.

- we designed audit procedures including analytical procedures to respond to the risk, recognising that the risk

of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from

error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or

through collusion;

-  the  engagement  partner  ensured  that  the  engagement  team  collectively  had  the  appropriate  competence,

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-  we  focused  on  specific  laws  and  regulations  which  we  considered  may  have  a  direct  material  effect  on  the

financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation,

data protection, anti-money laundering, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries

of management and inspecting legal correspondence; and

-  identified  laws  and  regulations  were  communicated  within  the  audit  team  regularly  and  the  team  remained

alert to instances of non-compliance throughout the audit.


Owing  to  the  inherent  limitations  of  an  audit,  there  is  an  unavoidable  risk  that  we  may  not  detected  some

material misstatements in the financial statements, even though we have properly planned and performed our

audit in accordance with auditing standards, For example, the further removed non-compliance with laws and

regulations  is  from  the  events  and  transactions  reflected  in  the  financial  statements,  the  less  likely  the

inherently limited procedures required by auditing standards would identify it.


The company is subject to many laws and regulations where non compliance could have a material effect in the

financial  statements,  e.g.  health  and  safety,  employment  law,  anti-bribery,  certain  aspects  of  company

legislation  recognising  the  nature  of  the  company's  activities  and  its  legal  form  .  Auditing  standards  limit  the

required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors

and  other  management  and  inspection  of  regulatory  and  legal  correspondence,  if  any.Therefore  a  breach  of

operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect

that breach.


In  addition,  as  with  any  audit,  there  remained  a  higher  risk  of  non-detecting  of  fraud,  as  these  may  involve

collusion,  forgery,  intentional  omission,  misrepresentations  or  the  override  of  internal  controls.  Our  audit

procedures  are  designed  to  detect  material  misstatement,  We  are  not  responsible  for  preventing  non

compliance or fraud and cannot be expected to detect non compliance with all laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

GAZEBO FINE FOODS LIMITED



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Satish Shah (Senior Statutory Auditor)

for and on behalf of Shah Dodhia & Co

173 Cleveland Street

London

W1T 6QR


23 September 2024



Shah Dodhia & Co


GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023



2023


2022


Notes

£   

£   



TURNOVER

10,941,773


11,653,357




Cost of sales

8,267,940


8,655,771



GROSS PROFIT

2,673,833


2,997,586




Administrative expenses

2,744,799


2,845,668



(70,966

)

151,918




Other operating income

25,000


10,277



OPERATING (LOSS)/PROFIT

4

(45,966

)

162,195




Interest receivable and similar income

3,062


-



(42,904

)

162,195




Interest payable and similar expenses

5

-


886



(LOSS)/PROFIT BEFORE TAXATION

(42,904

)

161,309




Tax on (loss)/profit

6

(13,027

)

17,992



(LOSS)/PROFIT FOR THE FINANCIAL

YEAR

(29,877

)

143,317




GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2023



2023


2022


Notes

£   

£   



(LOSS)/PROFIT FOR THE YEAR

(29,877

)

143,317





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

(29,877

)

143,317




GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


BALANCE SHEET

31 DECEMBER 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

7

18,375


21,875



Tangible assets

8

388,086


630,100



406,461


651,975




CURRENT ASSETS

Stocks

9

410,409


352,576



Debtors

10

1,990,230


1,783,981



Cash at bank and in hand

1,285,053


1,540,437



3,685,692


3,676,994



CREDITORS

Amounts falling due within one year

11

1,578,214


1,682,124



NET CURRENT ASSETS

2,107,478


1,994,870



TOTAL ASSETS LESS CURRENT

LIABILITIES

2,513,939


2,646,845




PROVISIONS FOR LIABILITIES

13

57,608


160,637



NET ASSETS

2,456,331


2,486,208




CAPITAL AND RESERVES

Called up share capital

14

50,000


50,000



Retained earnings

15

2,406,331


2,436,208



SHAREHOLDERS' FUNDS

2,456,331


2,486,208




The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:






T Shah - Director



GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   


Balance at 1 January 2022

50,000


2,292,891


2,342,891




Changes in equity

Total comprehensive income

-


143,317


143,317



Balance at 31 December 2022

50,000


2,436,208


2,486,208




Changes in equity

Total comprehensive income

-


(29,877

)

(29,877

)


Balance at 31 December 2023

50,000


2,406,331


2,456,331




GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023



2023


2022


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

(126,970

)

203,557



Interest paid

-


(886

)


Tax paid

(85,549

)

(497

)


Taxation refund

195


-



Net cash from operating activities

(212,324

)

202,174




Cash flows from investing activities

Purchase of tangible fixed assets

(24,412

)

(149,370

)


Sale of tangible fixed assets

1,584


10,020



Net cash from investing activities

(22,828

)

(139,350

)



Cash flows from financing activities

Capital repayments in year

(2,024

)

(2,699

)


Amount withdrawn by directors

(18,208

)

(10,469

)


Net cash from financing activities

(20,232

)

(13,168

)



(Decrease)/increase in cash and cash equivalents

(255,384

)

49,656



Cash and cash equivalents at beginning of

year

2

1,540,437


1,490,781




Cash and cash equivalents at end of year

2

1,285,053


1,540,437




GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2023


1.

RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM

OPERATIONS


2023


2022

£   

£   



(Loss)/profit before taxation

(42,904

)

161,309




Depreciation charges

269,525


282,038




Profit on disposal of fixed assets

(1,184

)

(9,760

)



Finance costs

-


886




Finance income

(3,062

)

-



222,375


434,473




Increase in stocks

(57,833

)

(77,317

)



(Increase)/decrease in trade and other debtors

(206,249

)

75,792




Decrease in trade and other creditors

(85,263

)

(229,391

)



Cash generated from operations

(126,970

)

203,557




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 December 2023


31.12.23


1.1.23

£   

£   



Cash and cash equivalents

1,285,053


1,540,437




Year ended 31 December 2022


31.12.22


1.1.22

£   

£   



Cash and cash equivalents

1,540,437


1,490,781





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.1.23

Cash flow

At 31.12.23

£   

£   

£   



Net cash



Cash at bank and in hand

1,540,437


(255,384

)

1,285,053



1,540,437


(255,384

)

1,285,053




Debt


Finance leases

(2,024

)

2,024


-



(2,024

)

2,024


-




Total

1,538,413


(253,360

)

1,285,053




GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


1.

STATUTORY INFORMATION



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


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


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



Turnover

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


Goodwill


Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.  



Intangible assets

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


Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Plant & Machinery - 20% on cost
Fixtures and Fittings - 20% on cost
Motor Vehicles - 25% on cost

Leasehold improvements is amortised over the term of the lease.


Stocks

Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Costs comprises direct materials and, where applicable, direct labour costs and those appropriate overheads that have been incurred in bringing the stocks to their present location and conditions.


Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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


GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


2.

ACCOUNTING POLICIES - continued


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


Hire purchase and leasing commitments

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


Pension costs and other post-retirement benefits


The company operates a defined contribution personal pension scheme. The pension charge represents the amount payable by the company to the fund in respect of the year.



Invoice discounting


Amounts due in respect of invoice discounting are separately disclosed as current liabilities.



Going concern

The director's indicate that it is likely to generate sufficient income and have sufficient cash reserves. Having considered post year end trading and financial reserves, cash reserves, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and continue to meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date of these financial statements.
Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.

EMPLOYEES AND DIRECTORS


2023


2022

£   

£   



Wages and salaries

4,103,010


4,448,379




Social security costs

170,278


171,291




Other pension costs

42,278


46,088



4,315,566


4,665,758





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


2023


2022



Manufacturing

69


92




Selling

1


1




Administration

19


19



89


112





2023


2022

£   

£   



Directors' remuneration

852,118


873,324




GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


3.

EMPLOYEES AND DIRECTORS - continued



Information regarding the highest paid director is as follows:


2023


2022

£   

£   



Emoluments etc

426,942


450,288




4.

OPERATING (LOSS)/PROFIT



The operating loss (2022 - operating profit) is stated after charging/(crediting):



2023


2022

£   

£   



Hire of plant and machinery

48,641


74,378




Other operating leases

199,234


226,851




Depreciation - owned assets

266,026


278,538




Profit on disposal of fixed assets

(1,184

)

(9,760

)



Goodwill amortisation

3,500


3,500




Auditors' remuneration

7,000


-




5.

INTEREST PAYABLE AND SIMILAR EXPENSES



2023


2022

£   

£   



Other Interest

-


886




6.

TAXATION



Analysis of the tax (credit)/charge


The tax (credit)/charge on the loss for the year was as follows:


2023


2022

£   

£   



Current tax:


UK corporation tax

45,002


47,710





Deferred tax

(58,029

)

(29,718

)



Tax on (loss)/profit

(13,027

)

17,992




GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


6.

TAXATION - continued



Reconciliation of total tax (credit)/charge included in profit and loss


The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:



2023


2022

£   

£   



(Loss)/profit before tax

(42,904

)

161,309




(Loss)/profit multiplied by the standard rate of corporation tax in the UK of

23.207% (2022 - 19%)  

(9,957

)

30,649





Effects of:


Expenses not deductible for tax purposes

527


448




Depreciation in excess of capital allowances

54,623


16,563




Adjustments to tax charge in respect of previous periods

(284

)

-




Balancing Charge Excess  

368


1,904




Profit on Disposal of Fixed Assets  

(275

)

(1,854

)



Deferred tax charge reduction  

(58,029

)

(29,718

)



Total tax (credit)/charge

(13,027

)

17,992




7.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 January 2023


and 31 December 2023

70,000




AMORTISATION


At 1 January 2023

48,125




Amortisation for year

3,500




At 31 December 2023

51,625




NET BOOK VALUE


At 31 December 2023

18,375




At 31 December 2022

21,875




GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


8.

TANGIBLE FIXED ASSETS


Fixtures



Short


Plant and


and


Motor



leasehold


machinery


fittings


vehicles


Totals

£   

£   

£   

£   

£   



COST


At 1 January 2023

362,489


1,386,666


100,437


24,728


1,874,320




Additions

-


21,560


2,852


-


24,412




Disposals

-


(8,000

)

-


-


(8,000

)



At 31 December 2023

362,489


1,400,226


103,289


24,728


1,890,732




DEPRECIATION


At 1 January 2023

305,739


830,639


83,114


24,728


1,244,220




Charge for year

26,864


231,691


7,471


-


266,026




Eliminated on disposal

-


(7,600

)

-


-


(7,600

)



At 31 December 2023

332,603


1,054,730


90,585


24,728


1,502,646




NET BOOK VALUE


At 31 December 2023

29,886


345,496


12,704


-


388,086




At 31 December 2022

56,750


556,027


17,323


-


630,100





9.

STOCKS

2023

2022


£   

£   



Stocks

410,409


352,576




10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

1,740,508


1,571,802




Provision for Bad Debts

(91,932

)

(90,347

)



Other debtors

2,100


9,950




Vat

219,150


196,976




Prepayments

120,404


95,600



1,990,230


1,783,981




11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Hire purchase contracts  (see note 12)

-


2,024




Trade creditors

916,967


804,006




Tax

45,286


86,435




Social security and other taxes

92,102


85,162




Other creditors

33,039


33,039




Net Wages

4,040


4,040




Pension Control Account

7,801


6,462




Directors' loan accounts

84,416


102,624




Accrued expenses

394,563


558,332



1,578,214


1,682,124




GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


12.

LEASING AGREEMENTS



Minimum lease payments under hire purchase fall due as follows:


2023

2022


£   

£   



Net obligations repayable:


Within one year

-


2,024




13.

PROVISIONS FOR LIABILITIES

2023

2022


£   

£   



Deferred tax

57,608


115,637




Rent Provision

-


45,000



57,608


160,637





Deferred




tax


Rent


£   

£   



Balance at 1 January 2023

115,637


45,000




Credit to Income Statement during year

(58,029

)

(45,000

)



Balance at 31 December 2023

57,608


-




14.

CALLED UP SHARE CAPITAL



Allotted and issued:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



50,000

Share capital

£1

50,000


50,000




15.

RESERVES


Retained


earnings

£   




At 1 January 2023

2,436,208




Deficit for the year

(29,877

)



At 31 December 2023

2,406,331




16.

PENSION COMMITMENTS


The company operates contribution pension pension schemes for the directors and employees. The assets of the scheme are held separately from those of the company in independently administered funds. At the balance sheet date, unpaid contributions of £7,801 (2022: £6,462) were due to the fund.They are included in other creditors.

17.

OTHER FINANCIAL COMMITMENTS


At 31 December 2023, the company had future total commitments under non-cancellable operating leases over the remaining life of these leases of £687,971 (2022: £983,821).

GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2023


18.

RELATED PARTY DISCLOSURES


The two directors have provided personal guarantees to the company's bankers in respect of debt owed to invoice discounting facilities.
At the end of the year the company owed £84,416 to the directors (2022: £102,624).The amounts are repayable on demand and are included in other creditors due within one year.

19.

ULTIMATE CONTROLLING PARTY


During the two periods ending 31 December 2023, T.Shah, a director, controlled the company by virtue of a controlling interest (directly or indirectly) of 75% of the issued ordinary share capital.