REGISTERED NUMBER: 06478787 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
GLEBE FARM FOODS LIMITED |
REGISTERED NUMBER: 06478787 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
GLEBE FARM FOODS LIMITED |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Income and Retained Earnings | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Cash Flow Statement | 11 |
Notes to the Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Financial Statements | 14 |
GLEBE FARM FOODS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Croft Chambers |
11 Bancroft |
Hitchin |
Hertfordshire |
SG5 1JQ |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
Profit and loss account |
The loss for the year, after taxation, amounted to £1,040,301 (2023: £759,252). |
During the year, following the purchase of the remaining 15% of Glebe Farm Beverages Ltd, the assets and liabilities of Glebe Farm Beverages Ltd were transferred to Glebe Farm Foods Limited. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Credit risk |
The Group's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new and existing customers and by closely controlling payments. |
Commodity pricing risk |
The Group is exposed to the risk of variations in pricing of energy and raw materials. |
Interest rate risk |
The company has loans ad borrowings, which are subject to floating interest rates. The COmpany is therefore exposed to interest rate risk. |
FINANCIAL KEY PERFORMANCE INDICATORS |
The directors consider the following to be the key performance indicators of the Group: |
2024 | 2023 | Variance |
Revenue | 14,951,991 | 14,634,983 | 317,008 |
Operating Profit/(Loss) | 662,190 | (726,868) | 1,389,058 |
ON BEHALF OF THE BOARD: |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group 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 then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Bradshaw Johnson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLEBE FARM FOODS LIMITED |
Opinion |
We have audited the financial statements of Glebe Farm Foods Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLEBE FARM FOODS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLEBE FARM FOODS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We considered the nature of the Company's industry and its control environment, and reviewed the Company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. |
We obtained an understanding of the legal and regulatory framework that the Company operates in, and identified the key laws and regulations that: |
- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included the UK Companies Act and tax legislation; and |
- do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. |
We discussed among the audit engagement team including relevant internal specialists such as tax specialists regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. |
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. |
In addition to the above, our procedures to respond to the risks identified included the following: |
- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and |
- reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with HMRC. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GLEBE FARM FOODS LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Croft Chambers |
11 Bancroft |
Hitchin |
Hertfordshire |
SG5 1JQ |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
CONSOLIDATED |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 14,951,991 | 14,634,983 |
Cost of sales | 10,041,284 | 11,322,302 |
GROSS PROFIT | 4,910,707 | 3,312,681 |
Administrative expenses | 4,248,517 | 4,039,549 |
OPERATING PROFIT/(LOSS) | 4 | 662,190 | (726,868 | ) |
Interest receivable and similar income | - | 6,449 |
662,190 | (720,419 | ) |
Interest payable and similar expenses | 5 | 190,805 | 38,833 |
PROFIT/(LOSS) BEFORE TAXATION | 471,385 | (759,252 | ) |
Tax on profit/(loss) | 6 | 1,511,686 | - |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Retained earnings at beginning of year | 6,224,044 | 6,983,296 |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
5,183,743 |
6,224,044 |
Loss attributable to: |
Owners of the parent | (1,040,301 | ) | (759,252 | ) |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
CONSOLIDATED BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | - | 15,256 |
Tangible assets | 9 | 9,125,609 | 5,902,897 |
Investments | 10 | 607,685 | 85 |
9,733,294 | 5,918,238 |
CURRENT ASSETS |
Stocks | 11 | 746,218 | 699,281 |
Debtors | 12 | 3,067,697 | 2,436,025 |
Cash at bank and in hand | 892,600 | 1,226,381 |
4,706,515 | 4,361,687 |
CREDITORS |
Amounts falling due within one year | 13 | 4,096,217 | 2,871,578 |
NET CURRENT ASSETS | 610,298 | 1,490,109 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
10,343,592 |
7,408,347 |
CREDITORS |
Amounts falling due after more than one year | 14 | (3,308,259 | ) | (844,399 | ) |
PROVISIONS FOR LIABILITIES | 18 | (1,851,588 | ) | (339,902 | ) |
NET ASSETS | 5,183,745 | 6,224,046 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 2 | 2 |
Retained earnings | 20 | 5,183,743 | 6,224,044 |
SHAREHOLDERS' FUNDS | 5,183,745 | 6,224,046 |
The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2024 and were signed on its behalf by: |
P J Rayner - Director |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
COMPANY BALANCE SHEET |
31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (1,040,119 | ) | (1,793,125 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,115,642 | 433,531 |
Interest paid | (187,998 | ) | (38,833 | ) |
Interest element of hire purchase payments paid |
(2,807 |
) |
- |
Net cash from operating activities | 1,924,837 | 394,698 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,373,519 | ) | (2,859,504 | ) |
Purchase of fixed asset investments | (607,600 | ) | - |
Sale of tangible fixed assets | 19,745 | 14,995 |
Interest received | - | 6,449 |
Net cash from investing activities | (4,961,374 | ) | (2,838,060 | ) |
Cash flows from financing activities |
New loans in year | 3,750,613 | - |
Loan repayments in year | (1,029,614 | ) | (142,422 | ) |
Capital repayments in year | (18,243 | ) | - |
Amount introduced by directors | - | 85 |
Share issue | - | (85 | ) |
Net cash from financing activities | 2,702,756 | (142,422 | ) |
Decrease in cash and cash equivalents | (333,781 | ) | (2,585,784 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,226,381 |
3,812,165 |
Cash and cash equivalents at end of year | 2 | 892,600 | 1,226,381 |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit/(loss) before taxation | 471,385 | (759,252 | ) |
Depreciation charges | 1,149,513 | 1,075,030 |
Loss/(profit) on disposal of fixed assets | 75,755 | (14,995 | ) |
Finance costs | 190,805 | 38,833 |
Finance income | - | (6,449 | ) |
1,887,458 | 333,167 |
(Increase)/decrease in stocks | (46,937 | ) | 86,134 |
(Increase)/decrease in trade and other debtors | (631,672 | ) | 2,172,163 |
Increase/(decrease) in trade and other creditors | 906,793 | (2,157,933 | ) |
Cash generated from operations | 2,115,642 | 433,531 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 892,600 | 1,226,381 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 1,226,381 | 3,812,165 |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
Other |
non-cash |
At 1.4.23 | Cash flow | changes | At 31.3.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,226,381 | (333,781 | ) | 892,600 |
1,226,381 | (333,781 | ) | 892,600 |
Debt |
Finance leases | - | 18,243 | - | (60,707 | ) |
Debts falling due |
within 1 year | (149,200 | ) | (292,016 | ) | - | (441,216 | ) |
Debts falling due |
after 1 year | (844,399 | ) | (2,428,983 | ) | - | (3,273,382 | ) |
(993,599 | ) | (2,702,756 | ) | - | (3,775,305 | ) |
Total | 232,782 | (3,036,537 | ) | - | (2,882,705 | ) |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Glebe Farm Foods Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 2,423,395 | 1,818,876 |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Staff |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration | - | - |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery | 82,174 | 45,569 |
Other operating leases | 150,000 | 150,040 |
Depreciation - owned assets | 1,119,386 | 1,059,778 |
Depreciation - assets on hire purchase contracts | 14,871 | - |
Loss/(profit) on disposal of fixed assets | 75,755 | (14,995 | ) |
Computer software amortisation | 15,256 | 15,256 |
Foreign exchange differences | (779 | ) | 146,460 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Bank loan interest | 187,998 | 38,833 |
Hire purchase | 2,807 | - |
190,805 | 38,833 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 1,511,686 | - |
Tax on profit/(loss) | 1,511,686 | - |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
£ | £ |
Profit/(loss) before tax | 471,385 | (759,252 | ) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
117,846 |
(144,258 |
) |
Effects of: |
Expenses not deductible for tax purposes | 38,601 | 1,545 |
Income not taxable for tax purposes | - | (2,849 | ) |
Capital allowances in excess of depreciation | (833,802 | ) | (508,373 | ) |
Utilisation of tax losses | 677,355 | (233,824 | ) |
Losses carried forward | - | 887,759 |
Accelerated capital allowances | 1,511,686 | - |
Total tax charge | 1,511,686 | - |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | 45,768 |
AMORTISATION |
At 1 April 2023 | 30,512 |
Amortisation for year | 15,256 |
At 31 March 2024 | 45,768 |
NET BOOK VALUE |
At 31 March 2024 | - |
At 31 March 2023 | 15,256 |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | INTANGIBLE FIXED ASSETS - continued |
Company |
Computer |
software |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 1,639,880 | 7,917,933 | 54,662 | 2,925 | 9,615,400 |
Additions | 13,975 | 4,431,753 | 6,741 | - | 4,452,469 |
Disposals | - | (402,130 | ) | (50,052 | ) | (2,925 | ) | (455,107 | ) |
At 31 March 2024 | 1,653,855 | 11,947,556 | 11,351 | - | 13,612,762 |
DEPRECIATION |
At 1 April 2023 | 115,455 | 3,555,192 | 41,039 | 817 | 3,712,503 |
Charge for year | 33,070 | 1,095,809 | 4,851 | 527 | 1,134,257 |
Eliminated on disposal | - | (315,339 | ) | (42,924 | ) | (1,344 | ) | (359,607 | ) |
At 31 March 2024 | 148,525 | 4,335,662 | 2,966 | - | 4,487,153 |
NET BOOK VALUE |
At 31 March 2024 | 1,505,330 | 7,611,894 | 8,385 | - | 9,125,609 |
At 31 March 2023 | 1,524,425 | 4,362,741 | 13,623 | 2,108 | 5,902,897 |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
Additions | 78,950 |
At 31 March 2024 | 78,950 |
DEPRECIATION |
Charge for year | 14,871 |
At 31 March 2024 | 14,871 |
NET BOOK VALUE |
At 31 March 2024 | 64,079 |
Company |
Fixtures |
Freehold | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
Reclassification/transfer |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
Reclassification/transfer |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Following the purchase of the remaining 15% of Glebe Farm Beverages Ltd, the fixed assets of Glebe Farm Beverages Ltd were transferred to Glebe Farms Foods Limited. |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
Additions |
At 31 March 2024 |
DEPRECIATION |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
10. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 | 85 |
Additions | 607,600 |
At 31 March 2024 | 607,685 |
NET BOOK VALUE |
At 31 March 2024 | 607,685 |
At 31 March 2023 | 85 |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
11. | STOCKS |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Stocks | 746,218 | 699,281 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade debtors | 2,752,139 | 2,130,579 |
Other debtors | 1,200 | 79,085 |
Associated companies | - | - | - | 475,062 |
VAT | 224,579 | 161,918 |
Prepayments and accrued income | 89,779 | 64,443 |
3,067,697 | 2,436,025 |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 15) | 441,216 | 149,200 |
Hire purchase contracts (see note 16) | 25,830 | - |
Trade creditors | 1,197,626 | 961,687 |
Associated companies | 1,714,339 | 1,245,959 | 1,714,339 | 1,245,959 |
Social security and other taxes | 132,710 | 51,339 |
Other creditors | 466,518 | 13,960 |
Directors' current accounts | 422 | 422 | 422 | 422 |
Accrued expenses | 117,556 | 449,011 |
4,096,217 | 2,871,578 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Bank loans (see note 15) | 3,273,382 | 844,399 |
Hire purchase contracts (see note 16) | 34,877 | - |
3,308,259 | 844,399 |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 441,216 | 149,200 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 441,216 | 149,200 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 1,323,648 | 447,600 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 yrs by |
installment | 1,508,518 | 247,599 | 1,508,518 | 247,599 |
1,508,518 | 247,599 | 1,508,518 | 247,599 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.3.24 | 31.3.23 |
£ | £ |
Net obligations repayable: |
Within one year | 25,830 | - |
Between one and five years | 34,877 | - |
60,707 | - |
Company |
Hire purchase contracts |
31.3.24 | 31.3.23 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
16. | LEASING AGREEMENTS - continued |
Company |
Non-cancellable operating | leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Deferred tax | 1,851,588 | 339,902 | 1,851,588 | 339,902 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 339,902 |
Provided during year | 1,511,686 |
Balance at 31 March 2024 | 1,851,588 |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Deferred tax movement |
Balance at 31 March 2024 |
GLEBE FARM FOODS LIMITED (REGISTERED NUMBER: 06478787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary shares | £1 | 2 | 2 |
20. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 6,224,044 |
Deficit for the year | (1,040,301 | ) |
At 31 March 2024 | 5,183,743 |
Company |
Retained |
earnings |
£ |
At 1 April 2023 |
Deficit for the year | ( |
) |
At 31 March 2024 |
21. | RELATED PARTY DISCLOSURES |
Miss R E Rayner and Mr P J Rayner are the controlling parties of the company. Both Miss R E Rayner and Mr P J Rayner are also directors of John Rayner Farms Limited, Kings Ripton Farms Limited and Glebe Farm Beverages Limited. The following are the related party transactions; |
John Rayner Farms Limited, an associated company, is owed by Glebe Farm Foods Limited £140,000 (2023: £NIL). |
Kings Ripton Farms Limited, an associated company, is owed by Glebe Farm Foods Limited £1,574,339 (2023:£1,245,959). |
Glebe Farm Beverages Limited (formerly Beverage Kings Limited), an associated company, owes Glebe Farm Foods Limited £NIL (2023: £475,062). |