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Registration number: 13857599

Goosemoor Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 29 February 2024

 

Goosemoor Limited
(Registration number: 13857599)
 

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Statement of Cash Flows

17

Notes to the Financial Statements

18 to 36

 

Goosemoor Limited
(Registration number: 13857599)
 

Company Information

Directors

Mr John H A Pritchard

Mr George Pritchard

Mr Jamie Walsh

Mr Ben G J Pritchard

Mr Morley A Sage

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Auditors

Thompson Jenner LLP
Statutory Auditors
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Goosemoor Limited
(Registration number: 13857599)
 

Strategic Report for the Year Ended 29 February 2024

The directors present their strategic report for the year ended 29 February 2024.

Principal activity

The principal activity of the group is wholesale of foodservice products and the provision of compliance and training support to the education sector.

Fair review of the business

The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and profit margins.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

16,880,357

15,001,157

Turnover growth

%

13

16

Profit before tax

£

761,926

1,562,082

Net assets

£

3,066,803

2,770,932

Principal risks and uncertainties

The board of directors undertake a regular review of the group and the board of directors have identified that the principal risks faced by the group relate to competition and the effects of the current economic climate.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................
Mr John H A Pritchard
Director

 

Goosemoor Limited
(Registration number: 13857599)
 

Directors' Report for the Year Ended 29 February 2024

The directors present their report and the for the year ended 29 February 2024.

Directors of the group

The directors who held office during the year were as follows:

Mr John H A Pritchard

Mr George Pritchard

Mr Jamie Walsh

Mr Ben G J Pritchard (appointed 1 March 2023)

Mr Morley A Sage

Financial instruments

Objectives and policies

The group's principal financial instruments comprise the bank balance, trade creditors, trade debtors and hire purchase agreements. The main purpose of these instruments is to finance the company's operations.

Price risk, credit risk, liquidity risk and cash flow risk

The group's approach to managing risks applicable to the financial instruments is shown below.

In respect of the bank balance, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the company's cash balances are held in such a way that achieves a competitive rate of interest.

The hire purchase agreements are provided by financial institutions at fixed and variable rates of interest. The company ensures that there are sufficient funds to meet these requirements.

Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Future developments

The directors do not envisage the business of the group changing in the foreseeable future, but continually look for opportunities for further expansion.

 

Goosemoor Limited
(Registration number: 13857599)
 

Directors' Report for the Year Ended 29 February 2024

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................
Mr John H A Pritchard
Director

 

Goosemoor Limited
(Registration number: 13857599)
 

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Goosemoor Limited
(Registration number: 13857599)
 

Independent Auditor's Report to the Members of Goosemoor Limited

Opinion

We have audited the financial statements of Goosemoor Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and 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 group's and the parent company's affairs as at 29 February 2024 and of the group's profit 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

 

Goosemoor Limited
(Registration number: 13857599)
 

Independent Auditor's Report to the Members of Goosemoor Limited

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

 

Goosemoor Limited
(Registration number: 13857599)
 

Independent Auditor's Report to the Members of Goosemoor Limited

Auditor 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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 identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience;

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, taxation legislation, data protection, anti-bribery, employment, environmental, fire safety, and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of 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.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

 

Goosemoor Limited
(Registration number: 13857599)
 

Independent Auditor's Report to the Members of Goosemoor Limited

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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.

......................................
David Tucker (Senior Statutory Auditor)
For and on behalf of Thompson Jenner LLP, Statutory Auditor

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

28 November 2024

 

Goosemoor Limited
(Registration number: 13857599)
 

Consolidated Profit and Loss Account for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

3

16,880,357

15,001,117

Cost of sales

 

(13,866,778)

(11,662,349)

Gross profit

 

3,013,579

3,338,768

Distribution costs

 

(442,832)

(462,962)

Administrative expenses

 

(1,955,450)

(1,333,430)

Other operating income

4

87,453

33,831

Operating profit

6

702,750

1,576,207

Other interest receivable and similar income

7

85,367

7,231

Interest payable and similar expenses

8

(26,191)

(21,356)

Profit before tax

 

761,926

1,562,082

Taxation

12

(187,897)

(287,409)

Profit for the financial year

 

574,029

1,274,673

Profit/(loss) attributable to:

 

Owners of the company

 

509,151

1,242,906

Minority interests

 

64,878

31,767

 

574,029

1,274,673

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Goosemoor Limited
(Registration number: 13857599)
 

Consolidated Statement of Comprehensive Income for the Year Ended 29 February 2024

2024
£

2023
£

Profit for the year

574,029

1,274,673

Total comprehensive income for the year

574,029

1,274,673

Total comprehensive income attributable to:

Owners of the company

509,151

1,242,906

Minority interests

64,878

31,767

574,029

1,274,673

 

Goosemoor Limited
(Registration number: 13857599)
 

Consolidated Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

13

35,833

45,833

Tangible assets

14

697,702

735,984

 

733,535

781,817

Current assets

 

Stocks

16

426,604

326,774

Debtors

17

1,542,354

1,425,893

Cash at bank and in hand

 

2,457,226

2,348,525

 

4,426,184

4,101,192

Creditors: Amounts falling due within one year

19

(1,743,332)

(1,651,022)

Net current assets

 

2,682,852

2,450,170

Total assets less current liabilities

 

3,416,387

3,231,987

Creditors: Amounts falling due after more than one year

19

(188,110)

(285,362)

Provisions for liabilities

20

(161,474)

(175,693)

Net assets

 

3,066,803

2,770,932

Capital and reserves

 

Called up share capital

22

100

100

Profit and loss account

3,054,632

2,758,481

Equity attributable to owners of the company

 

3,054,732

2,758,581

Minority interests

 

12,071

12,351

Total equity

 

3,066,803

2,770,932

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................
Mr John H A Pritchard
Director

 

Goosemoor Limited
(Registration number: 13857599)
 

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

15

361

361

Current assets

 

Debtors

17

314,656

198,570

Cash at bank and in hand

 

1,812,656

1,736,620

 

2,127,312

1,935,190

Creditors: Amounts falling due within one year

19

(140,771)

(63,415)

Net current assets

 

1,986,541

1,871,775

Net assets

 

1,986,902

1,872,136

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,986,802

1,872,036

Total equity

 

1,986,902

1,872,136

The company made a profit after tax for the financial year of £327,766 (2023 - profit of £2,260,036).

Approved and authorised by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................
Mr John H A Pritchard
Director

 

Goosemoor Limited
(Registration number: 13857599)
 

Consolidated Statement of Changes in Equity for the Year Ended 29 February 2024
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 March 2023

100

2,758,481

2,758,581

12,351

2,770,932

Profit for the year

-

509,151

509,151

64,878

574,029

Dividends

-

(213,000)

(213,000)

(65,158)

(278,158)

At 29 February 2024

100

3,054,632

3,054,732

12,071

3,066,803

Share capital
£

Retained earnings
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 March 2022

100

1,903,575

1,903,675

-

1,903,675

Profit for the year

-

1,242,906

1,242,906

31,767

1,274,673

Dividends

-

(388,000)

(388,000)

(28,000)

(416,000)

Decrease in ownership interests in subsidiaries that do not result in a loss of control

-

-

-

8,584

8,584

At 28 February 2023

100

2,758,481

2,758,581

12,351

2,770,932

 

Goosemoor Limited
(Registration number: 13857599)
 

Statement of Changes in Equity for the Year Ended 29 February 2024

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

100

1,872,036

1,872,136

Profit for the year

-

327,766

327,766

Dividends

-

(213,000)

(213,000)

At 29 February 2024

100

1,986,802

1,986,902

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

100

-

100

Profit for the year

-

2,260,036

2,260,036

Dividends

-

(388,000)

(388,000)

At 28 February 2023

100

1,872,036

1,872,136

 

Goosemoor Limited
(Registration number: 13857599)
 

Consolidated Statement of Cash Flows for the Year Ended 29 February 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

574,029

1,274,673

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

312,902

222,779

Profit on disposal of tangible assets

5

-

(2,863)

Loss from disposals of investments

5

-

39

Finance income

7

(85,367)

(7,231)

Finance costs

8

26,191

21,356

Income tax expense

12

187,897

287,409

 

1,015,652

1,796,162

Working capital adjustments

 

Increase in stocks

16

(99,830)

(48,024)

Increase in trade debtors

17

(116,202)

(300,221)

Increase in trade creditors

19

230,199

179,922

Increase in deferred income, including government grants

 

7,048

6,279

Cash generated from operations

 

1,036,867

1,634,118

Income taxes paid

12

(366,846)

(201,432)

Net cash flow from operating activities

 

670,021

1,432,686

Cash flows from investing activities

 

Interest received

85,367

7,231

Acquisitions of tangible assets

(200,893)

(122,282)

Proceeds from sale of tangible assets

 

-

17,000

Net cash flows from investing activities

 

(115,526)

(98,051)

Cash flows from financing activities

 

Interest paid

8

(26,191)

(21,356)

Payments to finance lease creditors

 

(141,445)

(155,793)

Dividends paid

(278,158)

(416,000)

Net cash flows from financing activities

 

(445,794)

(593,149)

Net increase in cash and cash equivalents

 

108,701

741,486

Cash and cash equivalents at 1 March

 

2,348,525

1,607,039

Cash and cash equivalents at 29 February

 

2,457,226

2,348,525

 

Goosemoor Limited
(Registration number: 13857599)
 

Statement of Cash Flows for the Year Ended 29 February 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

327,766

2,260,036

Adjustments to cash flows from non-cash items

 

Dividend income

(516,764)

(2,255,000)

Income tax expense

12

(18)

1,143

 

(189,016)

6,179

Working capital adjustments

 

Increase in trade debtors

17

(116,068)

(198,441)

Increase in trade creditors

19

78,628

62,143

Cash generated from operations

 

(226,456)

(130,119)

Income taxes paid

12

(1,272)

-

Net cash flow from operating activities

 

(227,728)

(130,119)

Cash flows from investing activities

 

Interest received

81,470

-

Acquisition of subsidiaries

15

-

(400)

Proceeds from sale of subsidiaries

 

-

39

Dividend income

435,294

2,255,000

Net cash flows from investing activities

 

516,764

2,254,639

Cash flows from financing activities

 

Dividends paid

(213,000)

(388,000)

Net increase in cash and cash equivalents

 

76,036

1,736,520

Cash and cash equivalents at 1 March

 

1,736,620

100

Cash and cash equivalents at 29 February

 

1,812,656

1,736,620

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 29 February 2024.

No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial period of £327,766 (2023: £2,260,036).

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i. Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

ii. Stock provisioning
It is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

iii. Debt provisioning
It is necessary to consider the recoverability of trade debts and the associated provisioning required. When calculating the provision for potential bad debts, management considers the age of debts, the credit limit offered and historical relationship with customers.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

The group has a policy of only capitalising property, plant and equipment with a cost in excess of £1,000.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

Over 10 years

Plant and machinery

25% Straight line

Motor vehicles

25% Straight line

Office equipment

25% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

16,788,639

15,001,117

Rendering of services

91,718

-

16,880,357

15,001,117

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

87,453

33,831

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of Tangible assets

-

2,863

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

272,902

212,779

Amortisation expense

10,000

10,000

Impairment loss

30,000

-

Operating lease expense - plant and machinery

127,711

115,670

Profit on disposal of property, plant and equipment

-

(2,863)

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

85,367

7,216

Other finance income

-

15

85,367

7,231

8

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

26,191

21,356

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,535,676

1,705,974

Social security costs

247,180

337,606

Pension costs, defined contribution scheme

402,316

156,747

3,185,172

2,200,327

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

9

8

Administration and support

28

17

Sales

6

5

Distribution

44

38

87

68

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

158,605

135,045

Contributions paid to money purchase schemes

250,483

42,622

409,088

177,667

11

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

7,500

-


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

202,375

239,846

Deferred taxation

Arising from origination and reversal of timing differences

(14,478)

47,563

Tax expense in the income statement

187,897

287,409

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 24.49% (2023 - 19%).

The differences are reconciled below:

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

2024
£

2023
£

Profit before tax

761,926

1,562,082

Corporation tax at standard rate

186,609

296,796

Effect of expense not deductible in determining taxable profit (tax loss)

5,226

3,634

Deferred tax (credit)/expense relating to changes in tax rates or laws

(294)

11,415

Decrease from effect of tax incentives

(72)

(26,906)

Tax increase from effect of capital allowances and depreciation

3,830

2,470

Other tax effects for reconciliation between accounting profit and tax expense (income)

(7,402)

-

Total tax charge

187,897

287,409

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

141,524

Pension provision

676

-

676

141,524

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

155,744

Pension provision

418

-

418

155,744

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Pension provision

146

-

146

-

2023

Asset
£

Liability
£

Pension provision

129

-

129

-

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

13

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

100,000

100,000

At 29 February 2024

100,000

100,000

Amortisation

At 1 March 2023

54,167

54,167

Amortisation charge

10,000

10,000

At 29 February 2024

64,167

64,167

Carrying amount

At 29 February 2024

35,833

35,833

At 28 February 2023

45,833

45,833

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

14

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

49,164

32,788

763,569

336,946

1,182,467

Additions

77,799

20,320

132,126

64,597

294,842

Disposals

-

-

(30,222)

-

(30,222)

At 29 February 2024

126,963

53,108

865,473

401,543

1,447,087

Depreciation

At 1 March 2023

20,564

9,947

251,755

164,217

446,483

Charge for the year

8,683

11,834

175,045

77,340

272,902

Impairment

-

-

-

30,000

30,000

At 29 February 2024

29,247

21,781

426,800

271,557

749,385

Carrying amount

At 29 February 2024

97,716

31,327

438,673

129,986

697,702

At 28 February 2023

28,600

22,841

511,814

172,729

735,984

Included within the net book value of land and buildings above is £97,716 (2023 - £28,600) in respect of long leasehold land and buildings.
 

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

 

2024
£

2023
£

Motor vehicles

334,363

403,568

     

15

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Goosemoor Foodservice Limited*

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Ordinary A B & C

100%

100%

 

England

     

Goosemoor Property Limited*

As above

Ordinary

100%

100%

 

     

Goosemoor Prep Limited*

As above

Ordinary

100%

100%

 

     

Goosemoor Educatering Limited*

As above

Ordinary A

61%

61%

 

     

* indicates direct investment of the company

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

Subsidiary undertakings

Goosemoor Foodservice Limited

The principal activity of Goosemoor Foodservice Limited is the wholesale of fruit and vegetables.

Goosemoor Property Limited

The principal activity of Goosemoor Property Limited is to remain dormant.

Goosemoor Prep Limited

The principal activity of Goosemoor Prep Limited is to remain dormant.

Goosemoor Educatering Limited

The principal activity of Goosemoor Educatering Limited is the wholesale of produce and the provision of compliance and training support to the education sector.

Company

2024
£

2023
£

Investments in subsidiaries

361

361

Subsidiaries

£

Cost or valuation

At 1 March 2023

361

Carrying amount

At 29 February 2024

361

At 28 February 2023

361

16

Stocks

Group

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Other stocks

426,604

326,774

-

-

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

17

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,263,743

1,347,113

-

-

Amounts owed by related parties

28

-

-

309,690

198,441

Other debtors

 

51,712

37,095

-

-

Prepayments

 

226,222

41,267

4,819

-

Deferred tax assets

12

677

418

147

129

 

1,542,354

1,425,893

314,656

198,570

18

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

2,284

3,306

-

-

Cash at bank

848,453

2,342,708

212,656

1,736,620

Short-term deposits

1,600,000

-

1,600,000

-

Other cash and cash equivalents

6,489

2,511

-

-

2,457,226

2,348,525

1,812,656

1,736,620

19

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

23

181,323

131,567

-

-

Trade creditors

 

909,218

879,796

-

-

Amounts due to related parties

28

-

-

-

7,000

Social security and other taxes

 

74,802

54,525

6,188

4,581

Outstanding defined contribution pension costs

 

89,600

87,526

584

514

Other creditors

 

136,501

83,865

131,449

50,048

Accruals

 

260,093

164,525

2,550

-

Corporation tax liability

12

75,361

239,832

-

1,272

Deferred income

 

16,434

9,386

-

-

 

1,743,332

1,651,022

140,771

63,415

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due after one year

 

Loans and borrowings

23

188,110

285,362

-

-

20

Provisions for liabilities

Group

Deferred tax
£

Other provisions
£

Total
£

At 1 March 2023

155,743

19,950

175,693

Increase (decrease) in existing provisions

(14,219)

-

(14,219)

At 29 February 2024

141,524

19,950

161,474

Other provisions relate to dilapidations payable on leasehold property.

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £402,316 (2023 - £156,747).

Contributions totalling £89,600 (2023 - £87,526) were payable to the scheme at the end of the year and are included in creditors.

22

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

23

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Finance lease and hire purchase obligations

181,323

131,567

-

-

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Finance lease and hire purchase obligations

188,110

285,362

-

-

24

Obligations under leases and hire purchase contracts

Group

Finance lease and hire purchase obligations

The obligations due under finance leases and hire purchase contracts are secured on the individual assets to which they relate.

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

197,384

152,987

Later than one year and not later than five years

196,439

294,781

393,823

447,768

Less: finance charges allocated to future periods

(24,390)

(30,840)

 

369,433

416,928

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

147,503

147,220

Later than one year and not later than five years

275,003

413,863

422,506

561,083

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

The amount of non-cancellable operating lease payments recognised as an expense during the year was £171,578 (2023 - £163,849).

25

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £2,130.00 (2023 - £3,880.00) per ordinary share

 

213,000

 

388,000

         

26

Contingent liabilities

Group and company

There is an unlimited multilateral guarantee in place between Goosemoor Foodservice Limited, Goosemoor Limited and Goosemoor Educatering Limited in favour of HSBC.

27

Analysis of changes in net debt

Group

At 1 March 2023
£

Financing cash flows
£

New finance leases
£

At 29 February 2024
£

Cash and cash equivalents

Cash

2,346,014

104,723

-

2,450,737

Cash equivalents

2,511

3,978

-

6,489

2,348,525

108,701

-

2,457,226

Borrowings

Lease liabilities

416,929

(141,445)

93,949

369,433

 

2,765,454

(32,744)

93,949

2,826,659

Company

At 1 March 2023
£

Financing cash flows
£

At 29 February 2024
£

Cash and cash equivalents

Cash

1,736,620

76,036

1,812,656

 

1,736,620

76,036

1,812,656

 

Goosemoor Limited
(Registration number: 13857599)
 

Notes to the Financial Statements for the Year Ended 29 February 2024

28

Related party transactions

Group

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

423,083

188,948

Company

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

423,083

188,948

Summary of transactions with all subsidiaries

During the year the company raised management charges to its subsidiary Goosemoor Educatering Limited. Goosemoor Educatering Limited is owned 61% by Goosemoor Limited.
 

Income and receivables from related parties

2024

Subsidiary
£

Receipt of services

67,397

2023

Loans to related parties

2024

Subsidiary
£

Total
£

Advanced

101,849

101,849

At end of period

101,849

101,849

29

Parent and ultimate parent undertaking

The ultimate controlling party is Mr J H A Pritchard.