REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
GAZEBO FINE FOODS LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: | Shah | Dodhia & Co |
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: |
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. |
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: |
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. |
for and on behalf of |
Shah Dodhia & Co |
GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(70,966 | ) | 151,918 |
Other operating income |
OPERATING (LOSS)/PROFIT | 4 | ( | ) |
Interest receivable and similar income |
(42,904 | ) | 162,195 |
Interest payable and similar expenses | 5 |
(LOSS)/PROFIT BEFORE TAXATION | ( | ) |
Tax on (loss)/profit | 6 | ( | ) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( | ) |
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 | ( | ) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | ( | ) |
GAZEBO FINE FOODS LIMITED (REGISTERED NUMBER: 03769616) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - | ( | ) | ( | ) |
Balance at 31 December 2023 |
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 | ( | ) |
Interest paid | ( | ) |
Tax paid | ( | ) | ( | ) |
Taxation refund |
Net cash from operating activities | ( | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( | ) | ( | ) |
Sale of tangible fixed assets |
Net cash from investing activities | ( | ) | ( | ) |
Cash flows from financing activities |
Capital repayments in year | ( | ) | ( | ) |
Amount withdrawn by directors | ( | ) | ( | ) |
Net cash from financing activities | ( | ) | ( | ) |
(Decrease)/increase in cash and cash equivalents | ( | ) |
Cash and cash equivalents at beginning of year | 2 | 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 | ( | ) |
Depreciation charges | 269,525 | 282,038 |
Profit on disposal of fixed assets | ( | ) | ( | ) |
Finance costs | - | 886 |
Finance income | ( | ) |
222,375 | 434,473 |
Increase in stocks | ( | ) | ( | ) |
(Increase)/decrease in trade and other debtors | ( | ) |
Decrease in trade and other creditors | ( | ) | ( | ) |
Cash generated from operations | ( | ) |
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 | ( | ) | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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. |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Manufacturing |
Selling |
Administration |
2023 | 2022 |
£ | £ |
Directors' remuneration |
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 |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( | ) | ( | ) |
Goodwill amortisation |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other Interest |
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 |
Deferred tax | ( | ) | ( | ) |
Tax on (loss)/profit | ( | ) |
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 | ( | ) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of | ( | ) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods | ( | ) |
Balancing Charge Excess |
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 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( | ) | ( | ) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Provision for Bad Debts | (91,932 | ) | (90,347 | ) |
Other debtors |
Vat | 219,150 | 196,976 |
Prepayments |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 12) |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Net Wages | 4,040 | 4,040 |
Pension Control Account | 7,801 | 6,462 |
Directors' loan accounts | 84,416 | 102,624 |
Accrued expenses |
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 |
13. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 57,608 | 115,637 |
Rent Provision | - | 45,000 |
Deferred |
tax | Rent |
£ | £ |
Balance at 1 January 2023 |
Credit to Income Statement during year | ( | ) | ( | ) |
Balance at 31 December 2023 |
14. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Share capital | £1 | 50,000 | 50,000 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Deficit for the year | ( | ) |
At 31 December 2023 |
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. |