REGISTERED NUMBER: 10836500 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
GERALD MCDONALD (HOLDINGS) LIMITED |
REGISTERED NUMBER: 10836500 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
GERALD MCDONALD (HOLDINGS) LIMITED |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
GERALD MCDONALD (HOLDINGS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Glenn Armon-Jones ACA FCCA |
INDEPENDENT AUDITORS: |
Jackson House |
Station Road |
Chingford |
London |
E4 7BU |
BANKER: |
Leicester |
Leicestershire |
LE87 2BB |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The group continued to grow organically in the UK alongside with the provision of necessary support to the wholly owned subsidiary Gerald McDonald Asia Limited. Management is pleased to report another successful year, despite challenges. |
The profit for the year before taxation amounted to £2.8m an increase from the previous year's £2.3m The directors deem these results to be satisfactory. We are pleased to announce a sales growth of £971K, representing a 2.6% increase from £37.6m to £38.6m, accompanied by net profits of £3.1m, aligning with our expectations. Notably, our previous investment in automation had reduced the dependency on labour and associated costs. It is crucial to highlight that our successes are attributed to the dedication of our exceptional team and their collective effort. |
The business has made significant progress, achieving sales growth and experiencing increase in both profits and gross profit margins. These outcomes are commendable considering the prevailing challenges in society and the economy, marked by the Ukraine war, impacting energy and commodity markets. The additional strain from the UK's independent status with Europe has intensified inflationary pressures on costs. However, prudent management, ensuring the procurement of top-quality produce delivered on time through an intact sea and land supply chain, has mitigated these challenges diligently. |
Given the business's straightforward nature and the principal shareholder's daily involvement in management, the directors believe that a detailed analysis using key performance indicators is unnecessary for understanding the business's development, performance, or position. Quarterly management accounts are prepared and reviewed against the previous quarter to ensure alignment with the directors expectations. |
The directors have considered the status of the group as a going concern and are satisfied it will continue in business for the foreseeable future. To reach this conclusion the directors considered the business activities of the company and group and the principal risks and uncertainties as set out below, with particular regard to the impact of the current economic environment. The group continued to trade profitably throughout the pandemic and current economic downturn due to war and inflation. The group continued to source, store, package and transport product from suppliers to customers through its existing logistics partners and by establishing a safe working environment to enable colleagues to continue working. |
PRINCIPAL RISKS AND UNCERTAINTIES |
FINANCIAL RISK MANAGEMENT |
The group's financial instruments comprise cash and other items such as trade debtors and creditors arising directly from operations. The main objective of the group's policy towards its financial instruments is to maximise returns on cash balances, manage working capital requirements, maintain an excellent relationship with the group's bankers and finance ongoing operations. |
The directors' policy is to maintain a strong capital base to underpin the future development of the business. Operations are financed through retained reserves and management of working capital. |
MARKET RISK |
There is a market risk attributable to natural products arising from fluctuations in market prices, depending on the size of the harvest. The group manages this risk by dealing with reputable suppliers, buying and selling back to back where possible and by the directors' great experience of the market. |
CURRENCY RISK |
Currency risk is inevitable due to the group's imports and exports. To mitigate this risk the group sells to its major customers in the same currency, and the group uses currency forward rate agreements to manage its exposure to fluctuations in foreign exchange rates. |
INTEREST RATE RISK |
The bank loans and overdraft facilities have been negotiated at commercially acceptable interest rate levels. This ensures that the interest rate risk is minimised. |
CREDIT RISK |
References are taken up on all new customers and an Experian report is obtained. The company exercises tight credit control procedures and no deliveries are made to customers who have exceeded credit terms by an unacceptable time, which ensures credit risk is minimised. |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
FUTURE DEVELOPMENTS |
The group are discussing further investments in the juice production area. The directors are looking at various options to increase output in the future. The directors aim to maintain the management policies which have resulted in the group's growth in recent years and to invest in projects which will drive efficiency and profitability. |
The directors continue to assess the impact of the UK's decision to leave the EU to ensure that the group remains competitive in both domestic and international markets. |
As a resilient, flexible and outward looking business, the group are preparing for both the challenges and opportunities from the UK's exit of the EU. Our board also wants to ensure that the succession of our talent and progress continues and that we remain competitive and fully compliant. The group will continue to focus on Asian and other global markets in future. The group is closely monitoring its supply chains and post BREXIT era and seeking further opportunities. The supply chain risk has been mitigated by performing full reviews of supply chains to ensure suppliers are able to meet our production demands. There have been no significant supply chain issues noted due to the industry being an essential service. |
The directors have fully evaluated the effect of the Ukraine war and post COVID-19 pandemic impact on the business; revised forecasts have been prepared and presented to the board with the initial impact being positive on the whole. Although, there were some losses in product sales mix, demand for our products remained unaffected largely due to us being operated within the food industry. |
QUALITY CONTROL PROCEDURES |
The group hold various certifications such as BRC, Halal, Kosher and Organic Food. These certifications are subject to strict quality control and conformity procedures. To maintain the conformity and compliance, the group have food safety controls and procedures in place that are embedded in the group's operations. These are monitored by management on a regular basis. Management takes appropriate action if any issues are identified. |
COMMERCIAL RELATIONSHIPS |
The group's business activity is centred on a core base of close commercial relationships. Any risk to the loss of these contracts is managed through regular reviews and contact with their relationship manager to ensure that the group responds to their needs and delivers the service levels that they expect. |
REGULATORY COMPLIANCE |
The laws and regulations governing the industry in which the group operates have become increasingly complex across various jurisdictions and a wide variety of areas such as food safety, labour laws, employment laws, health and safety and GDPR. |
Failing to comply with regulatory requirements could result in the group having to suspend or permanently cease activities. The board, in consultation with external experts, monitors the compliance of the group, to ensure and keep up to date with the regulatory changes occurring within the industry. |
ON BEHALF OF THE BOARD: |
19 March 2025 |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 will be £ 1,500 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
STATUTORY INFORMATION |
Some of the information required to be disclosed under the Director's report are set out in the Strategic report in accordance with S.414C (11) CA 2006. |
DIRECTORS’ INDEMNITY |
As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The company also maintained Directors' and Officers' liability insurance during the year in respect of itself and its directors. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
AUDITORS |
The auditors, Barrow LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GERALD MCDONALD (HOLDINGS) LIMITED |
Opinion |
We have audited the financial statements of Gerald McDonald (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 30 June 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GERALD MCDONALD (HOLDINGS) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Extent to which the audit was capable of detecting irregularities, including fraud |
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. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Members that presented a risk of material misstatement due to fraud. |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with Companies Act 2006, the accounting standards, the Financial Conduct Authority's and tax regulations. |
We focused on laws and regulations that could give rise to material misstatement in the financial statements. Our tests included, but were not limited to: |
- Agreement of the financial statement disclosures to underlying supporting documentation; |
- Enquiries of management, the company directors, and those responsible for legal and compliance procedures.; and |
- Review of the minutes of board meetings throughout the period. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GERALD MCDONALD (HOLDINGS) LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Jackson House |
Station Road |
Chingford |
London |
E4 7BU |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER | 4 | 38,621,093 | 37,649,755 |
Cost of sales | (33,789,143 | ) | (33,625,469 | ) |
GROSS PROFIT | 4,831,950 | 4,024,286 |
Administrative expenses | (2,120,053 | ) | (1,716,961 | ) |
2,711,897 | 2,307,325 |
Other operating income | 12,674 | 10,906 |
OPERATING PROFIT | 6 | 2,724,571 | 2,318,231 |
Interest receivable and similar income | 7 | 145,768 | 20,756 |
PROFIT BEFORE TAXATION | 2,870,339 | 2,338,987 |
Tax on profit | 8 | (754,359 | ) | (575,024 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
2,115,980 |
1,763,963 |
Profit attributable to: |
Owners of the parent | 2,115,980 | 1,763,963 |
Total comprehensive income attributable to: |
Owners of the parent | 2,115,980 | 1,763,963 |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
CONSOLIDATED BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 3,094,026 | 2,914,663 |
Investments | 12 | 1 | 1 |
3,094,027 | 2,914,664 |
CURRENT ASSETS |
Stocks | 13 | 7,929,196 | 7,039,307 |
Debtors | 14 | 7,414,404 | 7,942,678 |
Cash at bank and in hand | 6,646,628 | 6,479,836 |
21,990,228 | 21,461,821 |
CREDITORS |
Amounts falling due within one year | 15 | (6,614,654 | ) | (7,976,890 | ) |
NET CURRENT ASSETS | 15,375,574 | 13,484,931 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 18,469,601 | 16,399,595 |
PROVISIONS FOR LIABILITIES | 18 | (92,309 | ) | (136,783 | ) |
NET ASSETS | 18,377,292 | 16,262,812 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 10,000 | 10,000 |
Capital redemption reserve | 20 | 200,000 | 200,000 |
Retained earnings | 20 | 18,167,292 | 16,052,812 |
SHAREHOLDERS' FUNDS | 18,377,292 | 16,262,812 |
The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by: |
S D Crawford - Director |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
COMPANY BALANCE SHEET |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 692,164 | 688,986 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 | 10,000 | 14,455,516 | 200,000 | 14,665,516 |
Changes in equity |
Dividends | - | (166,667 | ) | - | (166,667 | ) |
Total comprehensive income | - | 1,763,963 | - | 1,763,963 |
Balance at 30 June 2023 | 10,000 | 16,052,812 | 200,000 | 16,262,812 |
Changes in equity |
Dividends | - | (1,500 | ) | - | (1,500 | ) |
Total comprehensive income | - | 2,115,980 | - | 2,115,980 |
Balance at 30 June 2024 | 10,000 | 18,167,292 | 200,000 | 18,377,292 |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2024 |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 924,760 | 1,648,935 |
Tax paid | (455,813 | ) | (507,742 | ) |
Net cash from operating activities | 468,947 | 1,141,193 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (412,940 | ) | - |
Interest received | 145,768 | 20,756 |
Net cash from investing activities | (267,172 | ) | 20,756 |
Cash flows from financing activities |
Amount introduced by directors | - | 160 |
Amount withdrawn by directors | (33,483 | ) | (55,036 | ) |
Equity dividends paid | (1,500 | ) | (166,667 | ) |
Net cash from financing activities | (34,983 | ) | (221,543 | ) |
Increase in cash and cash equivalents | 166,792 | 940,406 |
Cash and cash equivalents at beginning of year |
2 |
6,479,836 |
5,539,430 |
Cash and cash equivalents at end of year | 2 | 6,646,628 | 6,479,836 |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.24 | 30.6.23 |
£ | £ |
Profit before taxation | 2,870,339 | 2,338,987 |
Depreciation charges | 233,576 | 210,063 |
Finance income | (145,768 | ) | (20,756 | ) |
2,958,147 | 2,528,294 |
Increase in stocks | (889,889 | ) | (1,806,621 | ) |
Decrease/(increase) in trade and other debtors | 528,274 | (962,438 | ) |
(Decrease)/increase in trade and other creditors | (1,671,772 | ) | 1,889,700 |
Cash generated from operations | 924,760 | 1,648,935 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 6,646,628 | 6,479,836 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 6,479,836 | 5,539,430 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 6,479,836 | 166,792 | 6,646,628 |
6,479,836 | 166,792 | 6,646,628 |
Total | 6,479,836 | 166,792 | 6,646,628 |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Gerald McDonald (Holdings) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value. |
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group and Company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The parent company is included in the consolidated financial statements and is considered to be a qualifying entity under FRS102 paragraph 1.8 to 1.12. The following exemption available under FRS102 in respect of certain disclosures for the parent company's financial statements have been applied: |
No separate parent company cash flow statement with related notes is included. |
Basis of consolidation |
The Group financial statements incorporate the financial statements of the Company and entity controlled by the Company (its subsidiary) prepared to 30 June each year. Control is achieved where the Company is exposed to, or has the rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration the existence and effect of potential voting rights that currently are exercisable or convertible. |
The consolidated financial statements comprise the Company and the results, cash flows and changes in equity of the wholly owned subsidiary. All intra-group transactions and balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. |
In preparing these consolidated financial statements, the group is required to determine whether the transaction falls within the scope of business combinations in order to determine the appropriate basis for disclosure. It is the directors' view that the transaction falls within the scope exclusion of acquisition accounting, and as such an alternative accounting policy must be selected. In the opinion of the directors, there are no other clauses that specifically apply to these arrangements. |
In reviewing the scope of the merger and group formation, the directors have determined the selection of an accounting policy of FRS102 section 19 Business Combinations and Goodwill (merger accounting method) which, will provide the most relevant, reliable and representative accounting treatment, which reflects the economic substance of the transaction. |
In applying merger accounting when preparing these consolidated financial statements, to the extent the carrying value of the assets and liabilities acquired under merger accounting is different to the cost of investment, the difference is recorded in equity within the merger reserve. Under merger accounting the results of the Group entities are combined from the beginning of the comparative period before the merger occurred. Comparatives are restated on a combined basis and adjustments made as necessary to achieve consistency of accounting principles. |
A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity it accounts for that entity as a subsidiary. |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
An associate is an entity, being neither a subsidiary nor a joint venture, in which the Group holds a long-term interest and where the Group has significant influence. The Group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes. |
The group principal area of activities are that of the importation, manufacturing and distribution of citrus, fruit juices, oil, derivatives, flavours, herbs & spices and aroma chemicals. The group also operates within three geographical markets, the United Kingdom, Rest of Europe and Rest of the World. |
The following criteria must also be met before revenue is recognised: |
- The group has transferred to the buyer the significant risks and rewards of ownership of the goods; |
- The group 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 economic benefits associated with the transaction will flow to the entity; and |
- The costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change in pattern by which the tangible fixed assets are expected to generate future economic benefits. |
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write each asset down to its estimated residual value over its expected useful life. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset as follows. |
Freehold property - 2% on cost of the buildings element |
Plant and machinery - 10% on cost |
Computer hardware & software - 33% on cost |
Investments in subsidiaries |
Investments in subsidiaries are carried at cost, less any provision required for diminution in value, as these shares are not publicly traded and the directors do not consider that fair value can be measured reliably. The assessment of impairment is undertaken by comparing the net book value of the investments against their expected disposal valuation. |
Investment in associate |
Investment in an associate is held at cost less accumulated impairment losses. |
Stocks |
Cost is calculated on a first in first out basis so that the quantities in hand represents the latest purchases. Net realisable value is based on estimated selling price less further costs expected to be incurred on completion and disposal. |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Research and development expenditure is written off as incurred, except that development expenditure incurred on an individual project is capitalised as an intangible asset when the group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the asset and the ability to measure reliably the expenditure during development. Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised evenly over the period of expected future benefit. During the period of development the asset is tested for impairment annually. |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Forward foreign exchange contracts |
The group's activities expose it to foreign currency exchange rate risk. The group uses currency forward rate agreements to mitigate this risk, and not for speculative purposes. As such, previously these arrangements were not recognised in the balance sheet. In accordance with FRS 102, the Group adopted the policy, not to apply hedge accounting in respect of forward foreign exchange contracts held to manage the cash flow exposures of forecast transactions denominated in foreign currencies. |
Derivatives (forward foreign exchange contracts) are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Going concern |
In preparing these accounts, the directors believe it is appropriate to adopt the going concern assumption based on the continued profitability of the company and their forecasts that the company will continue to have sufficient resources for its ongoing operations. |
Impairment |
At each reporting date, tangible fixed assets and investments are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit or loss. |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect 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. These estimates and assumptions are based on historical experience and other factors that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements: |
Allowance for doubtful debts |
Management undertakes a review of all new customers and a periodic review of existing customers to determine whether specific risks of default exist. Beyond identification of specific risks, management undertakes periodic reviews into the calculation of allowances for doubtful debts to ensure historic trends continue to provide a basis for determining a reliable estimate for doubtful debts. |
Development expenditure |
Development expenditures are capitalised in accordance with the accounting policy. Initial capitalisation of costs is based on management's judgement that technical and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. In the director's opinion, there is an element of judgement and estimate for which the outcome is dependent on future events. |
Taxation |
The company establishes provisions based on reasonable estimates, in order to comply with applicable tax legislation. Management estimation is required to determine the amount of deferred tax assets, that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax rates applicable at the time. The group also qualifies and applies for the research and development credits which is always subject to HMRC scrutiny and approval and may change from the original estimate. In line with the accounting policy the research and development credits are included within the operating profit in the year when credits are received. |
Determining residual values and useful economic lives of fixed assets |
The company depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of the asset is based on historic performance as well as expectations of future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
30.6.24 | 30.6.23 |
£ | £ |
United Kingdom | 31,522,462 | 28,986,720 |
Europe | 5,598,494 | 7,769,966 |
Rest of the world | 1,500,137 | 893,069 |
38,621,093 | 37,649,755 |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
5. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries | 2,789,258 | 2,505,294 |
Social security costs | 373,059 | 301,802 |
Other pension costs | 247,895 | 189,669 |
3,410,212 | 2,996,765 |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Office and management | 14 | 14 |
Sales | 11 | 11 |
Warehouse and production | 24 | 24 |
The average number of employees by undertakings that were proportionately consolidated during the year was 49 (2023 - 49 ) . |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration | 929,092 | 722,253 |
Directors' pension contributions to money purchase schemes | 143,006 | 85,709 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 6 | 6 |
Information regarding the highest paid director is as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Emoluments etc | 271,140 | 157,947 |
Pension contributions to money purchase schemes | 59,400 | 14,809 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.6.24 | 30.6.23 |
£ | £ |
Hire of plant and machinery | 61,568 | 68,396 |
Car leasing | 42,060 | 29,187 |
Depreciation - owned assets | 233,577 | 210,062 |
(Gains)/losses on foreign exchange transactions | 55,585 | 23,287 |
Auditors remuneration | 31,000 | 35,500 |
Exceptional bad debt provision | (14,765 | ) | (51,131 | ) |
The exceptional bad debt provision of (£14,765) (2023 - (£51,131)) relates to recoveries made in respect of trade balances due from Agres srl, a company in which Gerald McDonald & Company Limited holds a 33% stake. |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
30.6.24 | 30.6.23 |
£ | £ |
Other interest receivable | 145,768 | 20,756 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax | 798,833 | 520,289 |
Deferred tax | (44,474 | ) | 54,735 |
Tax on profit | 754,359 | 575,024 |
UK corporation tax has been charged at 25 % (2023 - 21.57 %). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.24 | 30.6.23 |
£ | £ |
Profit before tax | 2,870,339 | 2,338,987 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 21.570 %) |
717,585 |
504,519 |
Effects of: |
Expenses not deductible for tax purposes | 26,190 | 4,150 |
Capital allowances in excess of depreciation | (12,345 | ) | - |
Depreciation in excess of capital allowances | - | 13,989 |
Adjustments to tax charge in respect of previous periods | 22,929 | 52,366 |
Total tax charge | 754,359 | 575,024 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
30.6.24 | 30.6.23 |
£ | £ |
Ordinary shares of £10000 each |
Interim | 1,500 | 40,000 |
Share capital A shares of 6080 each |
Interim | - | 126,667 |
1,500 | 166,667 |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 July 2023 | 2,121,603 | 3,830,315 | 5,951,918 |
Additions | - | 412,940 | 412,940 |
At 30 June 2024 | 2,121,603 | 4,243,255 | 6,364,858 |
DEPRECIATION |
At 1 July 2023 | 49,676 | 2,987,579 | 3,037,255 |
Charge for year | 49,676 | 183,901 | 233,577 |
At 30 June 2024 | 99,352 | 3,171,480 | 3,270,832 |
NET BOOK VALUE |
At 30 June 2024 | 2,022,251 | 1,071,775 | 3,094,026 |
At 30 June 2023 | 2,071,927 | 842,736 | 2,914,663 |
Included in cost of land and buildings is freehold land of £668,600 (2023 - £668,600) which is not depreciated. |
Company |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Included in cost of land and buildings is freehold land of £ 668,600 (2023 - £ 668,600 ) which is not depreciated. |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in other |
participating |
interests |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 287,943 |
PROVISIONS |
At 1 July 2023 |
and 30 June 2024 | 287,942 |
NET BOOK VALUE |
At 30 June 2024 | 1 |
At 30 June 2023 | 1 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Cranes Farm Road, Basildon, Essex, SS14 3GT |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: Cranes Farm Road, Basildon, Essex, SS14 3GT |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 6N-16 Kfm 6-9 Koyo-Cho Naka Higashinada-Ku, Kobe, Japan |
Nature of business: |
% |
Class of shares: | holding |
30.6.24 | 30.6.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
13. | STOCKS |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Stocks | 7,929,196 | 7,039,307 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors | 7,033,763 | 7,442,852 |
Other debtors | 16,610 | 73,533 |
Prepayments and accrued income | 364,031 | 426,293 |
7,414,404 | 7,942,678 |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Trade creditors | 4,212,540 | 5,455,766 |
Other creditors | 22,428 | 16,504 | - | 1,500 |
Amounts owed to group undertakings | - | - |
Corporation tax | 863,309 | 520,289 |
Social security and other taxes | 794,486 | 583,810 |
Directors' current accounts | - | 33,483 | - | - |
Accruals and deferred income | 721,891 | 1,367,038 |
6,614,654 | 7,976,890 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
30.6.24 | 30.6.23 |
£ | £ |
Within one year | 3,787 | 33,014 |
Between one and five years | 100,539 | 24,017 |
In more than five years | 1,245 | 10,889 |
105,571 | 67,920 |
17. | FINANCIAL INSTRUMENTS |
The group utilises currency derivatives to hedge future transactions and cash flows. The group is party to a variety of foreign currency forward contracts in the management of its exchange rate exposures. The instruments purchased are primarily denominated in the currencies of the group's principal markets. |
At the balance sheet date, the total nominal amount of outstanding foreign exchange forward contracts that the group has committed to were £1,050,000 (€889,800) (2023 - £859,518 (€987,500)). |
18. | PROVISIONS FOR LIABILITIES |
Group | Company |
30.6.24 | 30.6.23 | 30.6.24 | 30.6.23 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 92,309 | 136,783 |
Group |
Deferred |
tax |
£ |
Balance at 1 July 2023 | 136,783 |
Credit to Statement of Comprehensive Income during year | (44,474 | ) |
Balance at 30 June 2024 | 92,309 |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
18. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Credit to Income Statement during year | ( |
) |
Balance at 30 June 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1000 | 0 | 2,396 | 2,396 |
Share capital A | 6080 | 6,080 | 6,080 |
Share capital B | £1524 | 1,524 | 1,524 |
10,000 | 10,000 |
20. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 16,052,812 | 200,000 | 16,252,812 |
Profit for the year | 2,115,980 | 2,115,980 |
Dividends | (1,500 | ) | (1,500 | ) |
At 30 June 2024 | 18,167,292 | 200,000 | 18,367,292 |
Company |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
At 30 June 2024 |
21. | PENSION COMMITMENTS |
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund. |
The group made contributions in respect of staff and directors totalling £246,982 (2023 - £179,031) to money purchase schemes in the period. There were £17,500 (2023 - £26,251) outstanding charges at either balance sheet date. |
GERALD MCDONALD (HOLDINGS) LIMITED (REGISTERED NUMBER: 10836500) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Within the creditor under one year, there is an amount of £Nil (2023 - £33,483) due to a Director of the company. No interest is charged by the Director on this amount. |
23. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is G A McDonald. |
G A McDonald is deemed to be the ultimate controlling party by virtue of his major shareholdings in the group and company. |
24. | UNCONSOLIDATED SUBSIDIARY |
Gerald McDonald & Company Limited's wholly owned subsidiary Gerald McDonald Asia Limited incorporated in Japan was excluded from these consolidated financial statements by taking advantage of section 405 provisions of CA 2006. |