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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: P J Rayner
Miss R E Rayner





SECRETARY: Miss R E Rayner





REGISTERED OFFICE: Yew Tree House
The Shubbery
10 Church Street
St Neots
Cambridgeshire
PE19 2BU





REGISTERED NUMBER: 06478787 (England and Wales)





AUDITORS: Bradshaw Johnson
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:





P J Rayner - Director


24 December 2024

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.

P J Rayner
Miss R E Rayner

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:





P J Rayner - Director


24 December 2024

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.




Andrew D Pearce (Senior Statutory Auditor)
for and on behalf of Bradshaw Johnson
Chartered Accountants
Statutory Auditor
Croft Chambers
11 Bancroft
Hitchin
Hertfordshire
SG5 1JQ

24 December 2024

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 (1,040,301 ) (759,252 )

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 - 15,256
Tangible assets 9 9,125,609 5,331,913
Investments 10 607,685 85
9,733,294 5,347,254

CURRENT ASSETS
Stocks 11 746,218 528,062
Debtors 12 3,067,697 2,856,328
Cash at bank and in hand 892,600 1,192,168
4,706,515 4,576,558
CREDITORS
Amounts falling due within one year 13 4,096,132 2,515,562
NET CURRENT ASSETS 610,383 2,060,996
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,343,677

7,408,250

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 5,183,830 6,223,949

CAPITAL AND RESERVES
Called up share capital 19 2 2
Retained earnings 20 5,183,828 6,223,947
SHAREHOLDERS' FUNDS 5,183,830 6,223,949

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 20 December 2024 and were signed on its behalf by:





P J Rayner - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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


2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at 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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance and 5% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 57 55

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 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

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 1,639,880 6,897,133 54,662 2,925 8,594,600
Additions 13,975 4,431,753 6,741 - 4,452,469
Disposals - (402,130 ) (50,052 ) (2,925 ) (455,107 )
Reclassification/transfer - 1,020,800 - - 1,020,800
At 31 March 2024 1,653,855 11,947,556 11,351 - 13,612,762
DEPRECIATION
At 1 April 2023 115,455 3,105,376 41,039 817 3,262,687
Charge for year 33,070 1,095,808 4,851 527 1,134,256
Eliminated on disposal - (315,339 ) (42,924 ) (1,344 ) (359,607 )
Reclassification/transfer - 449,817 - - 449,817
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 3,791,757 13,623 2,108 5,331,913

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 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

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 85
Additions 607,600
At 31 March 2024 607,685
NET BOOK VALUE
At 31 March 2024 607,685
At 31 March 2023 85


11. STOCKS

Group Company
31.3.24 31.3.23 31.3.24 31.3.23
£    £    £    £   
Stocks 746,218 699,281 746,218 528,062

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 2,752,139 2,130,579
Other debtors 1,200 79,085 1,200 79,085
Associated companies - - - 475,062
VAT 224,579 161,918 224,579 107,159
Prepayments and accrued income 89,779 64,443 89,779 64,443
3,067,697 2,436,025 3,067,697 2,856,328

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) 441,216 149,200 441,216 149,200
Hire purchase contracts (see note 16) 25,830 - 25,830 -
Trade creditors 1,197,626 961,687 1,197,626 928,454
Associated companies 1,714,339 1,245,959 1,714,339 1,245,959
Social security and other taxes 132,710 51,339 132,710 51,339
Other creditors 466,518 13,960 466,433 13,875
Directors' current accounts 422 422 422 422
Accrued expenses 117,556 449,011 117,556 126,313
4,096,217 2,871,578 4,096,132 2,515,562

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 3,273,382 844,399
Hire purchase contracts (see note 16) 34,877 - 34,877 -
3,308,259 844,399 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 441,216 149,200 441,216 149,200
Amounts falling due between one and two years:
Bank loans - 1-2 years 441,216 149,200 441,216 149,200
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,323,648 447,600 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 25,830 -
Between one and five years 34,877 -
60,707 -

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 4,616 4,616
Between one and five years 2,308 6,924
6,924 11,540

17. SECURED DEBTS

The following secured debts are included within creditors:

Company
31.3.24 31.3.23
£    £   
Bank loans 3,714,598 993,599

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 339,902
Provided during year 1,511,686
Deferred tax movement
Balance at 31 March 2024 1,851,588

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: £    £   
2 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 6,223,947
Deficit for the year (1,040,119 )
At 31 March 2024 5,183,828


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).