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2023-05-01 2024-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 458217









GASKAINS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024


 
GASKAINS LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
C E W Gaskain 
Mrs D B Gaskain 
M W Gaskain 
P N Gaskain 




COMPANY SECRETARY
Mrs D B Gaskain



REGISTERED NUMBER
458217



REGISTERED OFFICE
Norham Farm
Selling

Faversham

Kent

ME13 9RL




INDEPENDENT AUDITORS
Creasey Son & Wickenden
Chartered Accountants & Registered Auditors

Hearts of Oak House

4 Pembroke Road

Sevenoaks

Kent

TN13 1XR





 
GASKAINS LIMITED
 

CONTENTS



Page
Strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Profit and loss account
 
8
Statement of comprehensive income
 
9
Balance sheet
 
10 - 11
Statement of changes in equity
 
12
Statement of cash flows
 
13 - 14
Analysis of net debt
 
15
Notes to the financial statements
 
16 - 36


 
GASKAINS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

PRINCIPAL ACTIVITY

During the year the company continued its core activities of fruit growing, storage and contract farming. 

BUSINESS REVIEW
 
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.

EVENTS SINCE THE BALANCE SHEET DATE

There have been no significant events since the year end.

FUTURE ACTIVITIES

The directors plan to look at new ways of diversifying the business which compliments its core activity of growing top fruit.

PRINCIPAL RISKS AND UNCERTAINTIES
 
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.

FINANCIAL INSTRUMENT RISKS

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.



M W Gaskain
Director

Page 1

 
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.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 2006They 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.

RESULTS AND DIVIDENDS

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.

DIRECTORS

The directors who served during the year were:

C E W Gaskain 
Mrs D B Gaskain 
M W Gaskain 
P N Gaskain 

Page 2

 
GASKAINS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

MATTERS COVERED IN THE STRATEGIC REPORT

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.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditorsCreasey Son & Wickendenwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 January 2025 and signed on its behalf.
 





M W Gaskain
Director

Page 3

 
GASKAINS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GASKAINS LIMITED
 

OPINION


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 policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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.


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 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.


Page 4

 
GASKAINS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GASKAINS LIMITED (CONTINUED)


OTHER INFORMATION


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 ReportOur 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.


OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

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


the information given in the 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.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

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.


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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
GASKAINS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GASKAINS LIMITED (CONTINUED)


AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.
 
Page 6

 
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.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





M K Lunt FCA (Senior statutory auditor)
  
for and on behalf of
Creasey Son & Wickenden
 
Chartered Accountants
Registered Auditors
  
Hearts of Oak House
4 Pembroke Road
Sevenoaks
Kent
TN13 1XR

31 January 2025
Page 7

 
GASKAINS LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
6,275,088
5,869,464

Cost of sales
  
(6,566,490)
(6,548,272)

Gross loss
  
(291,402)
(678,808)

Administrative expenses
  
(869,514)
(1,289,195)

Other operating income
 5 
1,513,946
1,518,503

Other operating charges
  
(705,418)
(628,395)

Operating loss
 6 
(352,388)
(1,077,895)

Interest payable and similar expenses
 10 
(397,223)
(287,607)

Loss before tax
  
(749,611)
(1,365,502)

Tax on loss
 11 
300,000
190,000

Loss for the financial year
  
(449,611)
(1,175,502)

The notes on pages 16 to 36 form part of these financial statements.

Page 8

 
GASKAINS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£


Loss for the financial year
  
(449,611)
(1,175,502)

Other comprehensive income
  


Deferred tax release
  
(270,000)
60,000

Total comprehensive income for the year
  
(719,611)
(1,115,502)

The notes on pages 16 to 36 form part of these financial statements.

Page 9

 
GASKAINS LIMITED
REGISTERED NUMBER: 458217

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
13,108,519
13,916,962

Investments
 14 
530,200
530,200

Investment property
 15 
2,104,833
2,104,833

  
15,743,552
16,551,995

Current assets
  

Stocks
 16 
236,805
260,930

Debtors: amounts falling due within one year
 17 
3,377,616
2,786,686

Cash at bank and in hand
 18 
5,914
2,901

  
3,620,335
3,050,517

Creditors: amounts falling due within one year
 19 
(4,860,869)
(4,025,652)

Net current liabilities
  
 
 
(1,240,534)
 
 
(975,135)

Total assets less current liabilities
  
14,503,018
15,576,860

Creditors: amounts falling due after more than one year
 20 
(4,975,361)
(5,299,592)

Provisions for liabilities
  

Deferred tax
 23 
(380,000)
(410,000)

  
 
 
(380,000)
 
 
(410,000)

Net assets
  
9,147,657
9,867,268

Page 10

 
GASKAINS LIMITED
REGISTERED NUMBER: 458217
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 24 
75,000
75,000

Revaluation reserve
  
8,454,612
9,086,848

Profit and loss account
  
618,045
705,420

  
9,147,657
9,867,268


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.



M W Gaskain
Director

The notes on pages 16 to 36 form part of these financial statements.

Page 11

 
GASKAINS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Fair value reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
75,000
9,138,130
1,769,640
10,982,770



Loss for the year
-
-
(1,175,502)
(1,175,502)

Deferred tax release, revalued property
-
60,000
-
60,000

Disposals and depreciation, revalued property
-
(111,282)
111,282
-


At 1 May 2023
75,000
9,086,848
705,420
9,867,268



Loss for the year
-
-
(449,611)
(449,611)

Deferred tax release, revalued property
-
(270,000)
-
(270,000)

Disposals and depreciation, revalued property
-
(362,236)
362,236
-


At 30 April 2024
75,000
8,454,612
618,045
9,147,657


The notes on pages 16 to 36 form part of these financial statements.

The balance in the fair value reserve is unrealised profit and is not distributable.

Page 12

 
GASKAINS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(449,611)
(1,175,502)

Adjustments for:

Depreciation of tangible assets
854,302
982,878

Loss on disposal of tangible assets
(500)
(120,339)

Interest paid
397,223
287,607

Taxation charge
(300,000)
(190,000)

Decrease in stocks
24,126
25,346

(Increase) in debtors
(721,886)
(7,198)

Decrease in amounts owed by participating ints
130,954
32,986

Increase/(decrease) in creditors
77,869
(22,955)

Increase/(decrease)) in amounts owed to participating interests
1,039
1,409

Net cash generated from operating activities

13,516
(185,768)


Cash flows from investing activities

Purchase of tangible fixed assets
(45,861)
(91,611)

Sale of tangible fixed assets
500
147,960

Purchase of investment properties
-
(14,832)

HP interest paid
(512)
(4,333)

Net cash from investing activities

(45,873)
37,184
Page 13

 
GASKAINS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of bank loans
(327,322)
(302,331)

Repayment of other loans
-
(43,906)

Repayment of/new finance leases
(40,636)
(141,549)

Interest paid
(396,711)
(283,274)

Net cash used in financing activities
(764,669)
(771,060)

Net (decrease) in cash and cash equivalents
(797,026)
(919,644)

Cash and cash equivalents at beginning of year
(1,346,283)
(426,639)

Cash and cash equivalents at the end of year
(2,143,309)
(1,346,283)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,914
2,901

Bank overdrafts
(2,149,223)
(1,349,184)

(2,143,309)
(1,346,283)


The notes on pages 16 to 36 form part of these financial statements.

Page 14

 
GASKAINS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

2,901

3,013

5,914

Bank overdrafts

(1,349,184)

(800,039)

(2,149,223)

Debt due after 1 year

(5,299,592)

324,231

(4,975,361)

Debt due within 1 year

(323,419)

3,091

(320,328)

Finance leases

(40,636)

40,636

-


(7,009,930)
(429,068)
(7,438,998)

The notes on pages 16 to 36 form part of these financial statements.

Page 15

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

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

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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:

 
2.2

GOING CONCERN

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.

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 16

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

  
2.4
Biological assets

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.

 
2.5

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold property
-
10% straight line
Plant & machinery
-
7-50% straight line
Fixtures & fittings
-
10% straight line

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.

 
2.6

ASSOCIATES AND JOINT VENTURES

Associates and Joint Ventures are held at cost less impairment.

Page 17

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

INVESTMENT PROPERTY

Investment property is carried at fair value determined in 2020 by its directors, derived from the current market rents and investment property yields for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. Changes in fair value are recognised in the profit and loss account.

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.11

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 18

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

FINANCIAL INSTRUMENTS

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.

Page 19

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.12
FINANCIAL INSTRUMENTS (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.

Page 20

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.12
FINANCIAL INSTRUMENTS (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.

 
2.13

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.14

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.15

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.16

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 21

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.17

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.18

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.

JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. 
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.  

Page 22

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


TURNOVER

The whole of the turnover is attributable to the company's principal activity, being fruit growing and storage.

All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Other operating income
293,948
65,677

Net rents receivable
1,018,170
1,153,007

Ground rent receivable
201,828
299,819

1,513,946
1,518,503



6.


OPERATING LOSS

The operating loss is stated after charging:

2024
2023
£
£

Other operating lease rentals
31,298
35,883


7.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,250
17,250
Page 23

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,087,323
2,260,887

Social security costs
196,468
225,125

Cost of defined contribution scheme
43,666
39,893

2,327,457
2,525,905


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Farm
65
76



Packhouse
1
1



Administration
7
7

73
84


9.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
201,374
183,644

Company contributions to defined contribution pension schemes
8,500
6,000

209,874
189,644


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

Page 24

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
396,988
279,242

Other loan interest payable
(277)
4,032

Finance leases and hire purchase contracts
512
4,333

397,223
287,607


11.


TAXATION


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(300,000)
(190,000)

Total deferred tax
(300,000)
(190,000)


Tax on loss
(300,000)
(190,000)
Page 25

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(749,610)
(1,365,502)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(187,403)
(259,445)

Effects of:


Capital allowances for year in excess of depreciation
145,588
95,247

Short term timing difference leading to an increase (decrease) in taxation
50
21

Other timing differences leading to an increase (decrease) in taxation
(300,000)
(190,000)

Non-taxable income
(15,817)
(12,021)

Unrelieved tax losses carried forward
16,464
149,946

Group relief
41,118
26,252

Total tax charge for the year
(300,000)
(190,000)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The company has accumulated losses which it may be able to set against future profits.

Page 26

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


BIOLOGICAL ASSETS

Biological assets are classified in two places in the financial statements: 1) The fruit bearing trees and any associated work are recorded within tangible fixed assets under 'plant and machinery'; 2) The husbandry costs in respect of each annual crop are recorded within current assets under 'prepayments and accrued income'.

Mature trees
Immature trees
Total
        £
        £
        £

Biological assets within fixed assets

775,581

-

775,581
 
Biological assets within current assets

639,933

-

639,933
 
Biological assets as at 30 April 2023

1,415,514

-

1,415,514
 

Reclassification

(20,558)

20,558

-
 
Growing costs

2,047,812

-

2,047,812
 
Agricultural produce transferred to stock

(1,947,093)

-

(1,947,093)
 
Depreciation

(134,556)

(963)

(135,519)
 
Biological assets as at 30 April 2024

1,361,119

19,595

1,380,714
 


Represented by:

Biological assets within fixed assets

641,025

19,595

660,620
 
Biological assets within current assets

720,095

-

720,095
 

1,361,120

19,595

1,380,715
 


Page 27

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


TANGIBLE FIXED ASSETS





Freehold property
Plant & machinery
Fixtures & fittings
Total

£
£
£
£



COST OR DEEMED COST


At 1 May 2023
14,733,527
8,960,623
85,877
23,780,027


Additions
-
45,861
-
45,861


Disposals
-
(102,044)
-
(102,044)


Revaluations
597,634
-
4,714
602,348



At 30 April 2024

15,331,161
8,904,440
90,591
24,326,192



Depreciation


At 1 May 2023
2,271,919
7,507,573
83,573
9,863,065


Charge for the year on owned assets
362,235
442,534
911
805,680


Charge for the year on financed assets
-
48,624
-
48,624


Disposals
-
(102,044)
-
(102,044)


On revalued assets
597,634
-
4,714
602,348



At 30 April 2024

3,231,788
7,896,687
89,198
11,217,673



Net book value



At 30 April 2024
12,099,373
1,007,753
1,393
13,108,519



At 30 April 2023
12,461,608
1,453,050
2,304
13,916,962

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
-
139,976


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.

Page 28

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           13.TANGIBLE FIXED ASSETS (CONTINUED)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
6,653,669
6,653,669

Accumulated depreciation
(2,733,270)
(2,445,178)

Net book value
3,920,399
4,208,491


14.


FIXED ASSET INVESTMENTS





Investments in associates
Unlisted investments
Loans to associates
Total

£
£
£
£



Cost or valuation


At 1 May 2023
140
30,010
500,050
530,200



At 30 April 2024
140
30,010
500,050
530,200




Page 29

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

PARTICIPATING INTERESTS


The companies listed below were participating interests of the company:
Prime Produce Limited
At its most recently filed financial year end of 31 March 2024 the company had shareholder funds in deficit of £206,462 and a loss after tax for that year of £407,299. Gaskains Limited uses this company to pack its top fruit. The company's registered office is Hearts of Oak House, Pembroke Road, Sevenoaks, Kent, TN13 1XR.
Soles Hill Farm Limited
Whilst Gaskains Limited has a 90% beneficial holding in Soles Hill Farm Limited its participation in that company is subject to a shareholders' agreement which requires the mutual agreement of all shareholders in all matters. As a consequence Gaskains Limited does not control Soles Hill Farm Limited. Gaskains Limited uses this company to market its top fruit. For its financial year ended 30 April 2024 the company had shareholders funds of £323,976 and a profit after tax of £164,470 for the year. The company's registered office is the same as for Gaskains Limited.


ASSOCIATES


The following were associates of the Company:


Name

Principal activity

Class of shares

Holding

Prime Produce Limited
Fruit packing
Ordinary
50%
Soles Hill Farm Limited
Fruit marketing
Ordinary
90%


15.


INVESTMENT PROPERTY


Freehold investment property

£



Valuation


At 1 May 2023
2,104,833



At 30 April 2024
2,104,833

The 2024 valuations were made by the directors, on an open market value for existing use basis.




Page 30

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


STOCKS

2024
2023
£
£

Raw materials and consumables
56,075
38,981

Work in progress (goods to be sold)
40,801
40,912

Finished goods and goods for resale
139,929
181,037

236,805
260,930



17.


DEBTORS

2024
2023
£
£


Trade debtors
1,699,293
855,248

Amounts owed by joint ventures and associated undertakings
151,587
282,541

Other debtors
621,920
615,419

Prepayments and accrued income
904,816
1,033,478

3,377,616
2,786,686



18.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
5,914
2,901

Less: bank overdrafts
(2,149,223)
(1,349,184)

(2,143,309)
(1,346,283)


Page 31

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


CREDITORS: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
2,149,223
1,349,184

Bank loans
320,328
323,419

Trade creditors
1,239,393
877,092

Amounts owed to other participating interests
2,448
1,409

Other taxation and social security
932
508

Obligations under finance lease and hire purchase contracts
-
40,636

Other creditors
53,881
36,900

Accruals and deferred income
1,094,664
1,396,504

4,860,869
4,025,652


The following liabilities were secured:

2024
2023
£
£



Bank overdrafts & loans
2,469,551
1,672,603

Hire purchase
-
40,636

2,469,551
1,713,239

Details of security provided:

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.

Page 32

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


CREDITORS: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,975,361
5,299,592


The following liabilities were secured:

2024
2023
£
£



Bank Loans
4,975,361
5,299,592

Details of security provided:

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.


21.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
320,328
323,419

Amounts falling due 1-2 years

Bank loans
352,303
322,726

Amounts falling due 2-5 years

Bank loans
3,552,148
3,613,106

Amounts falling due after more than 5 years

Bank loans
1,070,911
1,363,760

5,295,690
5,623,011


Page 33

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


FINANCIAL INSTRUMENTS

2024
2023
£
£

Financial assets


Financial assets that are equity instruments measured at cost less impairment
30,150
30,150


Financial liabilities


Financial liabilities measured at amortised cost
(7,444,912)
(6,972,195)


Financial assets that are equity instruments measured at cost less impairment comprise the company's shareholdings in its participating interests.


Financial liabilities measured at amortised cost comprise bank borrowings.


23.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(410,000)
(660,000)


Charged to the profit and loss account
300,000
-


Charged to other comprehensive income
(270,000)
250,000



At end of year
(380,000)
(410,000)

The deferred tax balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(70,000)
(100,000)

Tax losses carried forward
1,060,000
790,000

Property revaluation
(1,370,000)
(1,100,000)

(380,000)
(410,000)

Comprising:

Liability
(380,000)
(410,000)


Page 34

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


SHARE CAPITAL

2024
2023
£
£
Allotted, called up and fully paid



75,000 (2023 - 75,000) Ordinary shares of £1.00 each
75,000
75,000



25.


PENSION COMMITMENTS

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.


26.


COMMITMENTS UNDER OPERATING LEASES

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
88,189
68,772

Later than 1 year and not later than 5 years
120,572
149,091

Later than 5 years
2,330
-

211,091
217,863


27.


GRANTS

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.


28.


CONTROLLING PARTY

Throughout the current and preceding year the company was under the control of C E W Gaskain Esq.

Page 35

 
GASKAINS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

29.


RELATED PARTY TRANSACTIONS

The table below shows the transactions and balances with related parties.  Those with "parties influenced by this company" are primarily with the company's two associates which handle the packing and marketing of top fruit for Gaskains Limited.
Included below is an amount of £410,000 
(2023 - £410,000) due to the company from a director.  Nothing was repaid during either period.  The loan is repayable on demand.  No interest was charged.
None of the balances below are secured or guaranteed.  No impairment charge has been recognised.  All are due to be settled by payment rather than some other form of consideration.  


2024
2023
£
£

Paid to controlling parties and directors, including remuneration
209,874
189,644
Paid to parties influenced by this company
2,973,753
2,544,862
Received from parties influenced by this company
91,382
66,375
Owed by controlling parties and directors
410,000
410,000
Owed by parties influenced by this company
1,939,594
1,392,274
Owed to parties influenced by this company
861,356
439,655

The company has given a guarantee for an associate company, Prime Produce Limited, for £850,000.

 
Page 36