Company Registration No. 08107755 (England and Wales)
Gingerbread (Holdings) Limited
Annual report and
group financial statements
for the year ended 30 June 2024
Gingerbread (Holdings) Limited
Company information
Directors
Anthony Driffield
Beverley Driffield
Secretary
Anthony Driffield
Company number
08107755
Registered office
1st Floor
60-62 High Street
Hanham
Bristol
BS15 3DR
Independent auditors
Saffery LLP
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Bankers
HSBC Bank plc
Bristol Corporate Banking Level 4
3 Temple Quay
Bristol
BS1 6DZ
Gingerbread (Holdings) Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 35
Gingerbread (Holdings) Limited
Strategic report
For the year ended 30 June 2024
1

The directors present the strategic report and financial statements for the year ended 30 June 2024.

Fair review of the business

In June 2023 we finally started noticing our post-COVID recovery starting to take effect, with staffing starting to stabilise and demand firming on the back of improving service levels.

Following the disposal of nine sites at the end of June, the first quarter of the new financial year was predominately concerned with re-organising the company, slimming down the Head Office structure, reducing costs, stabilising and reassuring the remaining staff team.

This being successfully achieved, we concentrated on utilising our staffing gains to build occupancy and continue our journey to a return to a profitable and sustainable operation.

The change to the two-year olds staffing ratio requirement in September 2023, followed by the relaxation in January 2024 on how we are allowed to use Apprentices in numbers once deemed competent has been helpful and assisted in releasing capacity.

Cost inflation has been sticky, with salaries, utilities and food remaining high through the year. Our biggest overhead, salaries, saw increases of up to 21.2% on the back of increases to National Minimum Wages in the April. We met these increases with a fairly chunky price increase of 9.5% in January 2024 and predict that a similar will be needed next year.

We await the impact, if any, of the change in Government and any associated changes in policy.

Thankfully the new Labour Government remain committed to the previous Government’s expansion of the Early Years Entitlement. In April 2024 this was extended to working families of two year olds, with a further expansion for working families of children from nine months old from September of the same year. This is having the joint benefit of releasing a lot of cost pressure on qualifying families and stimulating the market.

As a result, demand is robust, in particular for baby places. This bodes well for the future as children who join us as babies would typically stay with us for three years.

On a like for like basis revenue for the 2023-24 year was up 19% on the previous 12 months. With the new academic year starting well, we plan for similar for 2024-25, thereby achieving a return for profitability, positive cash flow and balance sheet.

Gingerbread (Holdings) Limited
Strategic report (continued)
For the year ended 30 June 2024
2
Principal risks and uncertainties
Mama Bear's Day Nursery Limited has appropriate risk management policies in place and there are risk management and disaster recovery plans in place to support them. The senior management team is responsible for the preparation of the risk management process and internal audit plan for approval by the Board.

The top risks are reviewed on an ongoing basis and our current top risks are as follows:

1. Abuse/ serious injury or death/ loss of a child within our services

2. Poor quality of service delivery

3. Business continuity

4. Monitoring of our income and expenditure

5. Loss of public credibility

On behalf of the board

Anthony Driffield
Director
22 January 2025
Gingerbread (Holdings) Limited
Directors' report
For the year ended 30 June 2024
3

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activity of the parent company during the year continued to be that of a holding company. The principal activity of the trading subsidiary continued to be that of the operation and management of children's day nurseries.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Anthony Driffield
Beverley Driffield
Nicola Thorne
(Resigned 8 August 2023)
Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Financial instruments
Liquidity risk

The Group has an arranged overdraft with the bank which helps to meet its financial obligations and mitigate liquidity risk.

Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.
Future developments

The directors anticipate strong market demand to continue, stimulated by Government incentives. The company is in an improving financial position and the risks that have been identified are being well managed. With continued focus on staff recruitment, retention and development, coupled with inward investment, the directors are confident in the company's ability to meet growing demand, albeit with cautious expectations.

Auditor

Saffery LLP have expressed their willingness to remain in office as auditor of the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Gingerbread (Holdings) Limited
Directors' report (continued)
For the year ended 30 June 2024
4
Statement of directors' responsibilities

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Going concern

The directors have prepared the accounts on a going concern basis. In arriving at the conclusion that the Group has adequate resources, the directors have taken into consideration the support from the bank along with the balance sheet at the year end.

The directors are confident that they have taken sufficient measures to safeguard the business through the Coronavirus pandemic and Lockdown to ensure that there is adequate cash.

Having had due consideration of the order book and forecast data, the annual budgets for 2025 and beyond the directors remain confident that the Group will have adequate resources to operate in the foreseeable future.

On behalf of the board
Anthony Driffield
Director
22 January 2025
Gingerbread (Holdings) Limited
Independent auditor's report
To the members of Gingerbread (Holdings) Limited
5
Opinion

We have audited the financial statements of Gingerbread (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

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.

Gingerbread (Holdings) Limited
Independent auditor's report (continued)
To the members of Gingerbread (Holdings) Limited
6

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 parent company or to cease operations, or have no realistic alternative but to do so.

Gingerbread (Holdings) Limited
Independent auditor's report (continued)
To the members of Gingerbread (Holdings) Limited
7
Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the group and parent company financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

 

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and the parent company by discussions with directors and updating our understanding of the sector in which the group and parent company operates.

 

Laws and regulations of direct significance in the context of the group and parent company include The Companies Act 2006 and UK Tax legislation. In addition, the group and the parent company are subject to other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to their ability to operate or to avoid a material penalty. These include health and safety and food hygiene regulations, Childcare Act 2006, Nursery Education and Grant-Maintained Schools Act 1996 and OFSTED.

 

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of the group and parent company financial statement disclosures. We reviewed the company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance and specifically considered whether there had been any issues identified in the OFSTED inspections undertaken in the year.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

Gingerbread (Holdings) Limited
Independent auditor's report (continued)
To the members of Gingerbread (Holdings) Limited
8

As group auditors, our assessment of matters relating to non-compliance with laws or regulations and fraud differed at group and component level according to their particular circumstances. Our communications included a request to identify instances of non-compliance with laws and regulations and fraud that could give rise to a material misstatement of the group financial statements in addition to our risk assessment.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Neil Davies (Senior Statutory Auditor)
For and on behalf of Saffery LLP
22 January 2025
Accountants
Statutory Auditors
St Catherine's Court
Berkeley Place
Clifton
Bristol
BS8 1BQ
Gingerbread (Holdings) Limited
Consolidated statement of comprehensive income
For the year ended 30 June 2024
9
Year
Period
ended
ended
Continuing
Discontinued
30 June
Continuing
Discontinued
30 June
operations
operations
2024
operations
operations
2023
as restated
as restated
Notes
£
£
£
£
£
£
Turnover
3
7,168,706
-
7,168,706
9,559,219
6,014,824
15,574,043
Cost of sales
(3,741,310)
-
(3,741,310)
(5,132,055)
(2,913,807)
(8,045,862)
Gross profit
3,427,396
-
3,427,396
4,427,164
3,101,017
7,528,181
Administrative expenses
(3,791,643)
-
(3,791,643)
(5,153,996)
(3,292,409)
(8,446,405)
Operating loss
6
(364,247)
-
(364,247)
(726,832)
(191,392)
(918,224)
Interest receivable and similar income
7
1,974
-
1,974
66
-
66
Interest payable and similar expenses
8
(171,700)
-
(171,700)
(362,685)
(1,730)
(364,415)
Profit/(loss) on disposal of operations
- Disposal of settings
-
-
-
-
1,810,696
1,810,696
Profit/(loss) before taxation
(533,973)
-
0
(533,973)
(1,089,451)
1,617,574
528,123
Taxation
10
117,824
-
117,824
3,631
-
3,631
Profit/(loss) for the financial year
23
(416,149)
-
(416,149)
(1,085,820)
1,617,574
531,754
Total comprehensive income for the year is all attributable to the owners of the parent company.
Gingerbread (Holdings) Limited
Group balance sheet
As at 30 June 2024
10
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
530,973
573,940
Tangible assets
12
2,263,995
2,367,914
2,794,968
2,941,854
Current assets
Stocks
14
15,121
15,121
Debtors
15
591,430
4,961,314
Cash at bank and in hand
16,055
2,667
622,606
4,979,102
Creditors: amounts falling due within one year
16
(2,124,656)
(3,262,361)
Net current (liabilities)/assets
(1,502,050)
1,716,741
Total assets less current liabilities
1,292,918
4,658,595
Creditors: amounts falling due after more than one year
17
(1,326,066)
(4,270,220)
Provisions for liabilities
Deferred tax liability
19
90,724
96,098
(90,724)
(96,098)
Net (liabilities)/assets
(123,872)
292,277
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
23
(123,972)
292,177
Total equity
(123,872)
292,277

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
22 January 2025
Anthony Driffield
Director
Company registration number 08107755 (England and Wales)
Gingerbread (Holdings) Limited
Company balance sheet
As at 30 June 2024
30 June 2024
11
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
11
347,522
366,829
Tangible assets
12
1,415,316
1,418,184
Investments
13
3
3
1,762,841
1,785,016
Current assets
Debtors
15
500,883
4,126,170
Cash at bank and in hand
13,539
422
514,422
4,126,592
Creditors: amounts falling due within one year
16
(123,423)
(1,024,905)
Net current assets
390,999
3,101,687
Total assets less current liabilities
2,153,840
4,886,703
Creditors: amounts falling due after more than one year
17
(1,038,207)
(3,770,220)
Provisions for liabilities
19
(90,724)
(96,098)
Net assets
1,024,909
1,020,385
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
23
1,024,809
1,020,285
Total equity
1,024,909
1,020,385

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £4,524 (2023 - £323,772).

The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
22 January 2025
Anthony Driffield
Director
Company Registration No. 08107755
Gingerbread (Holdings) Limited
Group statement of changes in equity
For the year ended 30 June 2024
12
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 January 2022
100
(239,577)
(239,477)
Period ended 30 June 2023:
Profit and total comprehensive income
-
531,754
531,754
Balance at 30 June 2023
100
292,177
292,277
Period ended 30 June 2024:
Loss and total comprehensive income
-
(416,149)
(416,149)
Balance at 30 June 2024
100
(123,972)
(123,872)
Gingerbread (Holdings) Limited
Company statement of changes in equity
For the year ended 30 June 2024
13
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 30 June 2023:
Balance at 1 January 2022
100
696,513
696,613
Period ended 30 June 2023:
Profit and total comprehensive income for the period
-
323,772
323,772
Balance at 30 June 2023
100
1,020,285
1,020,385
Period ended 30 June 2024:
Profit and total comprehensive income
-
4,524
4,524
Balance at 30 June 2024
100
1,024,809
1,024,909
Gingerbread (Holdings) Limited
Group statement of cash flows
For the year ended 30 June 2024
14
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
29
3,533,501
(5,064,971)
Interest paid
(171,700)
(364,415)
Income taxes refunded/(paid)
24,877
(6,653)
Net cash inflow/(outflow) from operating activities
3,386,678
(5,436,039)
Investing activities
Proceeds from disposal of business
-
1,810,696
Purchase of tangible fixed assets
(61,570)
(348,114)
Proceeds from disposal of tangible fixed assets
(2,493)
3,199,316
Interest received
1,974
66
Net cash (used in)/generated from investing activities
(62,089)
4,661,964
Financing activities
Repayment of bank loans
(3,206,549)
(349,413)
Net cash used in financing activities
(3,206,549)
(349,413)
Net increase/(decrease) in cash and cash equivalents
118,040
(1,123,488)
Cash and cash equivalents at beginning of year
(630,598)
492,890
Cash and cash equivalents at end of year
(512,558)
(630,598)
Relating to:
Cash at bank and in hand
16,055
2,667
Bank overdrafts included in creditors payable within one year
(528,613)
(633,265)
Gingerbread (Holdings) Limited
Notes to the financial statements
For the year ended 30 June 2024
15
1
Accounting policies
Company information

Gingerbread (Holdings) Limited (“the Company”) is a limited company incorporated in England and Wales. The registered office is 1st Floor, 60-62 High Street, Hanham, Bristol, BS15 3DR.

 

During the year, the Group consisted of Gingerbread (Holdings) Limited, Mama Bear's Day Nursery Limited and Bright Sparks Day Nursery and Pre-School Limited.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Going concern

The directors have prepared the accounts on a going concern basis. In arriving at the conclusion that the group has adequate resources, the directors have taken into consideration the support from the bank along with the balance sheet position of the net assets at the period end.

Management forecasts for future periods demonstrate an ability for the Group to continue to increase the net assets position.

Having had due consideration of the order book and forecast data, the annual budgets for 2024 and beyond the directors remain confident that the group will have adequate resources to operate in the foreseeable future.

1.3
Reporting period

The previous financial statements cover the 18 month period to 30 June 2023 as the accounting period was extended in order to incorporate the sale of settings in the financial period and, as a result, comparative amounts presented in the financial statements including the related notes are not entirely comparable.

Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
16
1.4
Turnover

Turnover represents invoiced fees and grant funding receivable.

1.5
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life, subject to annual impairment reviews.

 

The estimated life is 5-20 years based on the owners' experience in acquiring such goodwill and the value that past acquisitions have provided.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings freehold
- Nil
Land and buildings leasehold
- Over the life of the lease
Plant, machinery & motor vehicles
- 20% - 33% straight line
Fixtures, fittings & equipment
- 10% straight line
Computer equipment
- 20% - 33% straight line
Improvements to property
- 10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Although it is a departure from the general requirements of the Companies Act 2006 for all tangible assets to be depreciated, in the directors' opinion any depreciation charge & accumulated depreciation in respect of the freehold land and buildings would be immaterial to the accounts due to high residual values.

1.7
Fixed asset investments

In the parent company investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
17
1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials. Stock is highly immaterial and hence is not reviewed for impairment.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
18
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
19
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
20
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Deemed cost of properties (company only)

The Investment properties were valued by Knight Frank LLP in January 2020, a firm of chartered Surveyors who specialise in the valuation of commercial property. The directors were of the opinion that the values remain appropriate for the period ended 30 June 2023 and this was used as the deemed cost of the properties on their transfer to freehold land and buildings following the triennial review of FRS102.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
SLA & LEA contract income
131,985
321,065
Fees
6,958,175
15,207,305
Miscellaneous income
78,546
45,673
7,168,706
15,574,043
2024
2023
£
£
Other revenue
Interest income
1,974
66
Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
21
4
Employees

The average monthly number of persons (including directors) employed by the group during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
22
26
-
-
Nursery
227
374
-
-
249
400
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,834,128
10,005,250
-
0
-
0
Social security costs
330,521
662,737
-
-
Pension costs
126,950
186,982
-
0
-
0
5,291,599
10,854,969
-
0
-
0
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
353,624
534,732
Company pension contributions to defined contribution schemes
47,873
30,948
401,497
565,680
The number of directors for whom retirement benefits are accruing under defined benefit contribution schemes amounted to 3 (2023: 3).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
92,547
142,095
Company pension contributions to defined contribution schemes
22,500
3,985
Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
22
6
Operating loss
2024
2023
£
£
Operating loss for the period is stated after charging:
Depreciation of owned tangible fixed assets
136,326
406,121
Loss on disposal of tangible fixed assets
31,656
11,031
Amortisation of intangible assets
42,967
69,305
Fees payable to the group's auditor for the audit of the group's annual accounts (company £6,300 (2023: £6,000))
23,400
29,540
Operating lease charges
447,845
1,244,334
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
66
Other interest income
1,974
-
Total income
1,974
66
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
134,820
334,665
Other interest on financial liabilities
36,880
29,750
Total finance costs
171,700
364,415
9
Discontinued operations
Disposal of settings

On 30 June 2023 the Group signed a business transfer agreement to dispose of eleven settings. The disposal was effected as part of a business restructuring.

 

A profit of £1.8m arose on the disposal, being the proceeds of the sale less the carrying amount of the business assets.

Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
23
10
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(114,646)
(3,631)
Adjustment in respect of prior periods
(3,178)
-
0
Total deferred tax
(117,824)
(3,631)

The actual charge for the year can be reconciled to the expected charge based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(533,973)
528,123
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
(133,493)
105,625
Tax effect of expenses that are not deductible in determining taxable profit
3,221
92,948
Tax effect of income not taxable in determining taxable profit
-
0
(252,390)
Change in unrecognised deferred tax assets
-
0
72,178
Adjustments in respect of prior years
(3,178)
4,784
Effect of change in corporation tax rate
-
(18,596)
Other permanent differences
-
0
4,016
Losses carried back
-
0
162,134
Fixed asset differences
15,626
(167,316)
Movement in deferred tax
-
(7,014)
Taxation credit
(117,824)
(3,631)
Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
24
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
958,042
Amortisation and impairment
At 1 July 2023 as restated
384,102
Amortisation charged for the year
42,967
At 30 June 2024
427,069
Carrying amount
At 30 June 2024
530,973
At 30 June 2023 as restated
573,940
Company
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024 as restated
468,136
Amortisation and impairment
At 1 July 2023 as restated
101,307
Amortisation charged for the year
19,307
At 30 June 2024
120,614
Carrying amount
At 30 June 2024
347,522
At 30 June 2023 as restated
366,829

Goodwill relates to the excess payments made to acquire new business over and above the fair value of the assets acquired.

 

Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
25
12
Tangible fixed assets
Group
Land and buildings freehold
Land and buildings leasehold
Plant, machinery & motor vehicles
Fixtures, fittings & equipment
Computer equipment
Improvements to property
Total
£
£
£
£
£
£
£
Cost
At 1 July 2023
1,418,184
20,199
168,598
55,364
249,713
1,638,504
3,550,562
Additions
-
0
-
0
32,969
1,756
26,055
790
61,570
Disposals
(2,868)
-
0
(2,687)
-
0
(514)
(770,484)
(776,553)
At 30 June 2024
1,415,316
20,199
198,880
57,120
275,254
868,810
2,835,579
Depreciation and impairment
At 1 July 2023
-
0
15,443
146,709
45,842
202,520
772,134
1,182,648
Depreciation charged in the year
-
0
744
15,579
3,247
27,773
88,983
136,326
Eliminated in respect of disposals
-
0
-
0
(1,583)
-
0
(370)
(745,437)
(747,390)
At 30 June 2024
-
0
16,187
160,705
49,089
229,923
115,680
571,584
Carrying amount
At 30 June 2024
1,415,316
4,012
38,175
8,031
45,331
753,130
2,263,995
At 30 June 2023
1,418,184
4,756
21,889
9,522
47,193
866,370
2,367,914
Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
26
Company
Land and buildings freehold
£
Cost
At 1 July 2023
1,418,184
Disposals
(2,868)
At 30 June 2024
1,415,316
Depreciation and impairment
At 1 July 2023 and 30 June 2024
-
0
Carrying amount
At 30 June 2024
1,415,316
At 30 June 2023
1,418,184
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
as restated
Notes
£
£
£
£
Investments in subsidiaries
27
-
0
-
0
3
3

Fixed asset investments entirely reflect the company's investments in subsidiaries.

 

In the opinion of the directors, the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet.

Movements in fixed asset investments
Company
Shares in group undertakings
£
Cost or valuation
At 1 July 2023 and 30 June 2024 as restated
3
Carrying amount
At 30 June 2024
3
At 30 June 2023 as restated
3
Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
27
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Consumable supplies
15,121
15,121
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
51,029
153,873
-
0
128,747
Corporation tax recoverable
-
0
7,524
-
0
-
0
Amounts due from fellow group undertakings
-
0
-
0
500,324
-
0
Other debtors
63,370
4,326,443
558
3,997,422
Prepayments and accrued income
333,431
439,146
1
1
447,830
4,926,986
500,883
4,126,170
Amounts falling due after one year:
Deferred tax asset (note 19)
143,600
34,328
-
0
-
0
Total debtors
591,430
4,961,314
500,883
4,126,170

Included within other debtors is £558 (2023: £558) owed by the directors to the company.

16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Loans and overdrafts
18
917,588
1,284,635
123,261
411,370
Corporation tax payable
14,175
-
0
-
0
-
0
Other taxation and social security
107,821
192,412
-
0
-
0
Payments received on account
140,749
192,423
-
0
-
0
Trade creditors
321,758
486,646
162
-
0
Amounts due to fellow group undertakings
-
0
-
0
-
0
372,836
Other creditors
447,144
598,438
-
-
Accruals and deferred income
158,149
405,576
-
0
240,699
Deferred income - Nursery Education Grant
17,272
102,231
-
-
2,124,656
3,262,361
123,423
1,024,905
Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
28
17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
18
1,326,066
4,270,220
1,038,207
3,770,220
18
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,715,041
4,921,590
1,161,468
4,181,590
Bank overdrafts
528,613
633,265
-
0
-
0
2,243,654
5,554,855
1,161,468
4,181,590
Payable within one year
917,588
1,284,635
123,261
411,370
Payable after one year
1,326,066
4,270,220
1,038,207
3,770,220

In March 2016, a loan from HSBC was taken out by Gingerbread (Holdings) Limited for £5,250,000. This loan has a term of 15 years and is charged at 2.25% over the Bank of England base rate.

The loan is secured by fixed charges over the freehold property owned by Gingerbread (Holdings) Limited. The property value over which the loans are secured in the accounts is £4,995,000.

As part of the loan agreement there is a debenture in place comprising fixed and floating charges over all the assets and undertaking of Mama Bear’s Day Nursery Limited including all present and future freehold and leasehold property, book and other debts, chattels, goodwill and uncalled capital both present and future.

In November 2018, a loan from HSBC was taken out by Gingerbread (Holdings) Limited for £175,000. This loan has a term of three years and is charged at 2.75% over the Bank of England base rate.

 

In May 2020, a loan from HSBC was taken out by Mama Bear's Day Nursery Limited for £1,200,000 as part of the Coronavirus Business Interruption Loan Scheme. This loan has a term of 6 years and is charged at 3.99% over the Bank of England base rate.

 

In June 2022, a loan was taken out by Gingerbread (Holdings) Limited for £350,000. This loan has a term of 2 years 3 months and is charged at 10%.

Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
29
19
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (before offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
90,724
96,098
(102,075)
(110,869)
Tax losses
-
-
245,675
141,798
Retirement benefit obligations
-
-
-
3,399
90,724
96,098
143,600
34,328
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
90,724
96,098
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
61,770
96,098
Credit to profit or loss
(114,646)
(5,374)
Liability/(Asset) at 30 June 2024
(52,876)
90,724

It is not possible to quantify the expected tax reversal of deferred tax liabilities in the period ended 30 June 2023.

 

Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
30
20
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
17,272
102,231
-
-
17,272
102,231
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
17,272
102,231
-
0
-
0
17,272
102,231
-
-
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
126,950
186,982

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
23
Profit and loss reserves
Group
Company
2024
2023
2024
2023
as restated
as restated
£
£
£
£
At the beginning of the year
311,484
(239,577)
1,039,592
696,513
Prior year adjustment
(19,307)
-
(19,307)
-
As restated
292,177
(239,577)
1,020,285
696,513
Profit/(loss) for the year
(416,149)
531,754
4,524
323,772
At the end of the year
(123,972)
292,177
1,024,809
1,020,285
Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
31
24
Operating lease commitments
Lessee

Operating lease payments represents rental payable by the company for certain of its properties. Leases are negotiated over a range of years dependent on the circumstance of each item leased, several leases have optional extensions attached.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
410,605
395,145
-
-
Between two and five years
1,434,988
1,398,028
-
-
In over five years
3,670,429
3,906,676
-
-
5,516,022
5,699,849
-
-
25
Related party transactions

During the year directors of the company received £nil (2023: £29,700), in respect of rent from the group for a property that is used in the trade.

 

At the outset of the year directors loan accounts totalled £108,221 being amounts owed by the directors to the group. The balance carried forward at the year end was £55,751 being amounts owed by the directors.

 

Included within other debtors is £558 (2023: £558) owed to the company by the directors.

 

During the year, close family members of directors received remuneration of £47,947 (2023: £34,552), in exchange for services provided to the company.

 

During the year, rent was paid to close family members of the directors totalling £nil (2023: £72,081). In addition, a loan of £350,000 was taken out in the prior year owed to close family members. Loan interest of £36,750 (2023: £29,750) has been charged in the year.

 

The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions between group companies where the members are entirely owned by the parent company.

 

26
Controlling party

The Group and Company are controlled jointly by Anthony Driffield and Beverley Driffield, by virtue of their shareholdings.

Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
32
27
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Mama Bear's Day Nursery Limited
United Kingdom
Nursery
Ordinary
100
Bright Sparks Day Nursery and Pre-School Limited
United Kingdom
Nursery
Ordinary
100

Bright Sparks Day Nursery and Pre-School Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of s479A. This subsidiary is currently under voluntary strike off, for which notice was given on 10 September 2024.

28
Analysis of changes in net debt - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
2,667
13,388
16,055
Bank overdrafts
(633,265)
104,652
(528,613)
(630,598)
118,040
(512,558)
Borrowings excluding overdrafts
(4,921,590)
3,206,549
(1,715,041)
(5,552,188)
3,324,589
(2,227,599)
29
Cash generated from/(absorbed by) group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(416,149)
531,754
Adjustments for:
Taxation credited
(117,824)
(3,631)
Finance costs
171,700
364,415
Investment income
(1,974)
(66)
Loss on disposal of tangible fixed assets
31,656
11,031
Gain on disposal of business
-
(1,810,696)
Amortisation and impairment of intangible assets
42,967
69,305
Depreciation and impairment of tangible fixed assets
136,326
406,121
Movements in working capital:
Decrease/(increase) in debtors
4,471,632
(4,486,653)
Decrease in creditors
(699,874)
(228,217)
(Decrease)/increase in deferred income
(84,959)
81,666
Cash generated from/(absorbed by) operations
3,533,501
(5,064,971)
Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
33
30
Prior period adjustment
There is one prior period adjustment impacting this set of financial statements. The value of the adjustment and a summary are set out below.
Changes to the balance sheet - group
As previously reported
Adjustment
As restated at 30 Jun 2023
£
£
£
Fixed assets
Goodwill
207,111
366,829
573,940
Investments
386,136
(386,136)
-
0
Net assets
311,584
(19,307)
292,277
Capital and reserves
Profit and loss reserves
311,484
(19,307)
292,177
Changes to the profit and loss account - group
As previously reported
Adjustment
As restated
Period ended 30 June 2023
£
£
£
Administrative expenses
(5,134,689)
(19,307)
(5,153,996)
Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon equity.
1 January
30 June
2022
2023
£
£
Adjustments to prior year
Amortisation charge
-
(19,307)
Total adjustments
-
(19,307)
Equity as previously reported
(239,477)
311,584
Equity as adjusted
(239,477)
292,277
Analysis of the effect upon equity
Profit and loss reserves
-
(19,307)
Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
30
Prior period adjustment (continued)
34
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Amortisation charge
(19,307)
Profit as previously reported
551,061
Profit as adjusted
531,754
Changes to the balance sheet - company
As previously reported
Adjustment
As restated at 30 Jun 2023
£
£
£
Fixed assets
Goodwill
-
366,829
366,829
Investments
386,139
(386,136)
3
Net assets
1,039,692
(19,307)
1,020,385
Capital and reserves
Profit and loss reserves
1,039,592
(19,307)
1,020,285
Changes to the profit and loss account - company
As previously reported
Adjustment
As restated
Period ended 30 June 2023
£
£
£
Administrative expenses
(414,929)
(19,307)
(434,236)
Reconciliation of changes in equity - company
1 January
30 June
2022
2023
Notes
£
£
Adjustments to prior year
Amortisation charge
1
-
(19,307)
Total adjustments
-
(19,307)
Equity as previously reported
696,613
1,039,692
Equity as adjusted
696,613
1,020,385
Analysis of the effect upon equity
Profit and loss reserves
-
(19,307)
Gingerbread (Holdings) Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
30
Prior period adjustment (continued)
35
Reconciliation of changes in profit for the previous financial period
2023
Notes
£
Adjustments to prior year
Amortisation charge
1
(19,307)
Total adjustments
(19,307)
Profit as previously reported
343,079
Profit as adjusted
323,772
Notes to reconciliation
Recognition of goodwill
Upon review of the investments in the subsidiaries, it has been concluded that goodwill should have been recognised and amortised at the parent company level in the previous period.
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