Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
COMPANY INFORMATION
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GASKAINS LIMITED
CONTENTS
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GASKAINS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
During the year the company continued its core activities of fruit growing, storage and contract farming.
The company continued to grow significant volumes of apples, pears and plums which it has grown to a high quality for many years. It intends to remain one of the country’s largest top fruit farmers.
The company continues its reinvestment in significant orchards focusing on high yielding, high grade out variant choice to meet market requirements.
There have been no significant events since the year end.
The directors plan to look at new ways of diversifying the business which compliments its core activity of growing top fruit.
The directors consider the more significant risks that the company face are:
- Weather and market condition. The directors ameliorate these risks by the choice of variety planted that best suits typical weather conditions and the market requirements. - The market price for top fruit. As is common in western countries the majority of fresh produce is sold through relatively few supermarkets. Traditionally supermarkets negotiate price annually and such price reflects the variety of factors including size of the UK fruit harvest and the availability of imported fruit. The company manages this risk through developing close relationships with customers and to ensure that it is as responsive as possible to changes in the retail environment.
The principal financial instruments held by the company are bank loans, trade debtors, trade creditors and asset finance agreements. The bank loans allow the company to deal with risks to its liquidity. At current interest rates, each loan should prove less expensive than the preceding loan, though the interest rate is variable. Trade debtors are managed in respect of credit and cash flow risk by controlling the credit offered to customers and by frequent monitoring of these.
This report was approved by the board on 31 January 2025 and signed on its behalf.
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GASKAINS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £449,611 (2023 - loss £1,175,502).
Whilst market prices have improved in the current year and following the 2024 harvest, during the year under review market prices were still relatively depressed and had not fully reflected the input cost inflation that producers in the top fruit sector have borne in recent years. The consequence has been that profitability of the sector in the year under review has continued to be depressed. The Directors expect some improvement in the current year.
The directors do not recommend the payment of a dividend.
The directors who served during the year were:
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GASKAINS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The principal activity, events since the balance sheet date, future activities and financial instrument risks are dealt with in the strategic report rather than here in the directors report.
The auditors, Creasey Son & Wickenden, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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GASKAINS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GASKAINS LIMITED
We have audited the financial statements of Gaskains Limited (the 'Company') for the year ended 30 April 2024, which comprise the Profit and loss account, the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GASKAINS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GASKAINS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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GASKAINS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GASKAINS LIMITED (CONTINUED)
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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulation and for the prevention and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit team: • obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; • inquired of management, and those charged with governance, about their identification and assessment of the risks of irregularities, including any known, actual, suspected or alleged instances of fraud; and • discussed matters about non-compliance with laws and regulations and how fraud might occur including assessing how and where the financial statements may be susceptible to fraud. As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliance's which may have a material impact on the financial statements which included reviewing financial statement disclosures and completion of relevant checklists, inspecting correspondence with national and local tax authorities where relevant, and evaluating any tax advice received. The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to food safety and health and safety. We performed audit procedures to inquire of management and those charged with governance whether the company is compliant with these laws and regulations, reviewed minutes of relevant meetings and completed searches for any reportable incidents in the public domain.
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GASKAINS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GASKAINS LIMITED (CONTINUED)
The audit engagement team identified the risk of management override of controls as the area where financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing journal entries and other adjustments and evaluating the business rationale in respect of any significant or unusual transactions and any transactions entered into outside of the normal course of business.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Registered Auditors
Hearts of Oak House
4 Pembroke Road
Kent
TN13 1XR
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GASKAINS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
REGISTERED NUMBER: 458217
BALANCE SHEET
AS AT 30 APRIL 2024
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GASKAINS LIMITED
REGISTERED NUMBER: 458217
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 36 form part of these financial statements.
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GASKAINS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Gaskains Limited is incorporated in England and Wales and is a company limited by shares. Its registered office is at Norham Farm, Selling, Faversham, Kent ME13 9RL.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared and presented in pound sterling. Values are rounded to the nearest £1. They present information for this company alone.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
On the basis of their assessment the directors consider that there are no material uncertainties that cast significant doubt upon the company's ability to continue as a going concern. As such they continue to adopt the going concern basis of accounting in preparing these financial statements.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.ACCOUNTING POLICIES (CONTINUED)
The company recognises biological assets where it controls those assets and it is probable that future economic benefits will flow from them. All are initially measured at cost.
Trees and plants are included within "tangible fixed assets" and subjected to depreciation and impairment review as are all other fixed assets. Growing crops are carried as "prepayments" and harvested crops are carried in "stock". They are measured at the lower of cost or estimated selling price less costs to complete.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.ACCOUNTING POLICIES (CONTINUED)
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.ACCOUNTING POLICIES (CONTINUED)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.ACCOUNTING POLICIES (CONTINUED)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.ACCOUNTING POLICIES (CONTINUED)
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.ACCOUNTING POLICIES (CONTINUED)
The directors consider that the impairment of fixed assets is such an area. It has had a significant effect upon these financial statements. The judgment relies upon a forecast of disposal proceeds so inevitably involves some estimation uncertainty.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The whole of the turnover is attributable to the company's principal activity, being fruit growing and storage.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
11.TAXATION (CONTINUED)
The company has accumulated losses which it may be able to set against future profits.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The value at which "freehold property" is carried above, before depreciation, was determined by professional valuers in 2012 and is being treated as the deemed cost as permitted by FRS 102. Included in "freehold property" above is land at a valuation of £6,284,532 (2023 - £6,284,532) which is not depreciated.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
13.TANGIBLE FIXED ASSETS (CONTINUED)
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The 2024 valuations were made by the directors, on an open market value for existing use basis.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The overdrafts are secured on the company's freehold land & buildings.
The "bank loans" balance above comprises three loans from the same lender. Interest is charged at 1.79% above the bank's lending rate on one of the loans, a fixed rate of 3.08% on another and a fixed rate of 3.54% on the third loan. Capital repayments are being made on two of the loans only. One of the loans is due for repayment In April 2027, the second loan is is due for repayment in December 2028, and the third due for repayment in January 2037. The loans are secured on the company's freehold land & buildings. Hire purchase liabilities are secured on the assets to which they relate.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The "bank loans" balance above comprises three loans from the same lender. Interest is charged at 1.79% above the bank's lending rate on one of the loans, a fixed rate of 3.08% on another and a fixed rate of 3.54% on the third loan. Capital repayments are being made on two of the loans only. One of the loans is due for repayment In April 2027, the second loan is is due for repayment in December 2028, and the third due for repayment in January 2037. The loans are secured on the company's freehold land & buildings.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The company contributes to various defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the Company to the fund and amounted to £43,666 (2023 - £39,893). Contributions totaling £347 (2023 - £146) were payable to the fund at the balance sheet date and are included in creditors.
In 2019 the company received a RPA grant of £1,282,521 to assist with the construction of a new cold store. During the year £63,269 (2023: £63,269) of the grant has been released to income with the remaining balance of £1,014,025 (2023: £1,077,294) disclosed within deferred income.
Throughout the current and preceding year the company was under the control of C E W Gaskain Esq.
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GASKAINS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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