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Registration number: 10953859

Goosemoor Foodservice Limited

Annual Report and Financial Statements

for the Year Ended 29 February 2024

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 27

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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 Foodservice Limited
(Registration number: 10953859)

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 company is the wholesale of foodservice products.

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

Financial KPIs

Unit

2024

2023

Turnover

£

16,136,710

14,672,205

Turnover growth

%

10

13

Profit before tax

£

737,394

1,414,521

Net assets

£

1,049,109

867,287

Principal risks and uncertainties

The board of directors undertake a regular review of the company and the board of directors have identified that the principal risks faced by Goosemoor Foodservice Limited 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 Foodservice Limited
(Registration number: 10953859)

Directors' Report for the Year Ended 29 February 2024

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

Directors of the company

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 company'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 company'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 company changing in the foreseeable future, but continually look for opportunities for further expansion.

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

Directors' Report for the Year Ended 29 February 2024

Disclosure of information to the auditors

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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

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

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

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom 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 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 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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.

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

Independent Auditor's Report to the Members of Goosemoor Foodservice Limited

Opinion

We have audited the financial statements of Goosemoor Foodservice Limited (the 'company') for the year ended 29 February 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 29 February 2024 and of its 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 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 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 company'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.

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.

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

Independent Auditor's Report to the Members of Goosemoor Foodservice Limited

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, 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 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.

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.

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

Independent Auditor's Report to the Members of Goosemoor Foodservice Limited

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

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.

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

Independent Auditor's Report to the Members of Goosemoor Foodservice Limited

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 Foodservice Limited
(Registration number: 10953859)

Profit and Loss Account for the Year Ended 29 February 2024

Note

2024
£

2023
£

Turnover

3

16,136,710

14,672,205

Cost of sales

 

(13,405,076)

(11,492,063)

Gross profit

 

2,731,634

3,180,142

Distribution costs

 

(401,963)

(446,484)

Administrative expenses

 

(1,569,983)

(1,305,012)

Operating profit

5

759,688

1,428,646

Other interest receivable and similar income

6

3,897

7,231

Interest payable and similar expenses

7

(26,191)

(21,356)

Profit before tax

 

737,394

1,414,521

Taxation

11

(155,572)

(259,454)

Profit for the financial year

 

581,822

1,155,067

The above results were derived from continuing operations.

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

Statement of Comprehensive Income for Year Ended 29 February 2024

2024
£

2023
£

Profit for the year

581,822

1,155,067

Total comprehensive income for the year

581,822

1,155,067

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

35,833

45,833

Tangible assets

13

697,702

735,984

 

733,535

781,817

Current assets

 

Stocks

14

426,604

326,774

Debtors

15

1,624,829

1,369,505

Cash at bank and in hand

 

338,858

591,269

 

2,390,291

2,287,548

Creditors: Amounts falling due within one year

17

(1,725,133)

(1,741,023)

Net current assets

 

665,158

546,525

Total assets less current liabilities

 

1,398,693

1,328,342

Creditors: Amounts falling due after more than one year

17

(188,110)

(285,362)

Provisions for liabilities

20

(161,474)

(175,693)

Net assets

 

1,049,109

867,287

Capital and reserves

 

Called up share capital

22

100

100

Profit and loss account

1,049,009

867,187

Total equity

 

1,049,109

867,287

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

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

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

Share capital
£

Retained earnings
£

Total
£

At 1 March 2023

100

867,187

867,287

Profit for the year

-

581,822

581,822

Dividends

-

(400,000)

(400,000)

At 29 February 2024

100

1,049,009

1,049,109

Share capital
£

Retained earnings
£

Total
£

At 1 March 2022

100

1,912,120

1,912,220

Profit for the year

-

1,155,067

1,155,067

Dividends

-

(2,200,000)

(2,200,000)

At 28 February 2023

100

867,187

867,287

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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
England

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.

Summary of disclosure exemptions

The company has taken advantage of the following disclosure exemptions in FRS102 section 1.12:
- the requirement to present a statement of cash flows and related notes.
- financial instrument disclosures, including categories of financial instruments, items of income, expenses, gains or losses relating to financial instruments and exposure to and management of financial risks.
- disclosure of key management personnel compensation.

Name of parent of group

These financial statements are consolidated in the financial statements of Goosemoor Limited.

The financial statements of Goosemoor Limited may be obtained from Companies House.

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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 company 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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company 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 company'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 company operates and generates taxable income.

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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 financial statements and on unused tax losses or tax credits in the company. 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 statement of financial position 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 company 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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’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:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

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.

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

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 company 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 company 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.

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

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

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.

Dividends

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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 company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

16,136,710

14,672,205

4

Other gains and losses

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

2024
£

2023
£

Gain on disposal of Tangible assets

-

2,863

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

5

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)

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

3,897

7,216

Other finance income

-

15

3,897

7,231

7

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

26,191

21,356

8

Staff costs

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

2024
£

2023
£

Wages and salaries

1,970,555

1,627,241

Social security costs

192,910

155,153

Pension costs, defined contribution scheme

142,620

115,686

2,306,085

1,898,080

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

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

2024
No.

2023
No.

Production

9

8

Administration and support

9

8

Sales

6

5

Distribution

44

38

68

59

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

-

20,905

Contributions paid to money purchase schemes

-

40,200

-

61,105

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

7,500

-


 

11

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

169,791

211,473

Deferred taxation

Arising from origination and reversal of timing differences

(14,219)

47,981

Tax expense in the income statement

155,572

259,454

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

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:

2024
£

2023
£

Profit before tax

737,394

1,414,521

Corporation tax at standard rate

180,601

268,759

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

5,226

3,615

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

(289)

11,516

Decrease from effect of tax incentives

(72)

(26,906)

Tax increase from effect of capital allowances and depreciation

3,831

2,470

Tax decrease arising from group relief

(26,323)

-

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

(7,402)

-

Total tax charge

155,572

259,454

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

141,524

-

141,524

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

155,744

-

155,744

The directors have considered the deferred tax liabilities and conclude that it is not possible to state the estimated amounts which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

12

Intangible assets

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

13

Tangible assets

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 Foodservice Limited
(Registration number: 10953859)

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

     

14

Stocks

2024
£

2023
£

Stock

426,604

326,774

15

Debtors

Note

2024
£

2023
£

Trade debtors

 

978,757

1,218,642

Amounts owed by related parties

25

396,275

79,701

Other debtors

 

51,712

37,095

Prepayments and accrued income

 

198,085

34,067

Total current trade and other debtors

 

1,624,829

1,369,505

16

Cash and cash equivalents

2024
£

2023
£

Cash on hand

2,084

3,106

Cash at bank

330,285

585,652

Other cash and cash equivalents

6,489

2,511

338,858

591,269

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

17

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

181,323

131,567

Trade creditors

 

905,484

879,796

Amounts due to related parties

25

207,841

198,441

Social security and other taxes

 

39,179

34,196

Outstanding defined contribution pension costs

 

86,897

85,857

Other creditors

 

2,906

33,534

Accruals

 

254,643

164,128

Corporation tax liability

11

42,777

211,459

Deferred income

 

4,083

2,045

 

1,725,133

1,741,023

Due after one year

 

Loans and borrowings

18

188,110

285,362

18

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease and hire purchase obligations

181,323

131,567

2024
£

2023
£

Non-current loans and borrowings

Finance lease and hire purchase obligations

188,110

285,362

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

19

Obligations under leases and hire purchase contracts

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

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

20

Provisions for liabilities

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.

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

21

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £142,620 (2023 - £115,686).

Contributions totalling £86,897 (2023 - £85,857) 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

         

23

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £4,000.00 (2023 - £22,000.00) per ordinary share

 

400,000

 

2,200,000

         

24

Contingent liabilities

There is an unlimited multilateral guarantee in place between Goosemoor Foodservice Limited, Goosemoor Limited and Goosemoor Educatering Limited in favour of HSBC. The directors consider that the amount expected to be paid in respect of this guarantee is £nil (2023 : £nil).

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

25

Related party transactions

Summary of transactions with other group entities

During the year the company traded with Goosemoor Educatering Limited, another group company. Goosemoor Educatering Limited is owned 61% by Goosemoor Limited.
 

Income and receivables from related parties

2024

Other group entities
£

Sale of goods

1,513,909

Receipt of services

245,330

1,759,239

2023

Other group entities
£

Sale of goods

601,701

Expenditure with and payables to related parties

2024

Other group entities
£

Rendering of services

8,800

Loans to related parties

2024

Other group entities
£

Total
£

At start of period

79,701

79,701

Advanced

316,574

316,574

At end of period

396,275

396,275

2023

Other group entities
£

Total
£

Advanced

79,701

79,701

At end of period

79,701

79,701

Terms of loans to related parties

The loan to other group entities is unsecured, interest free and repayable on demand.

 

Goosemoor Foodservice Limited
(Registration number: 10953859)

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

26

Parent and ultimate parent undertaking

The company's immediate parent is Goosemoor Limited, incorporated in England & Wales.

 The most senior parent entity producing publicly available financial statements is Goosemoor Limited. These financial statements are available upon request from Companies House.

 The ultimate controlling party is Mr J H A Pritchard.