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Registration number: 02597350

Green Gourmet Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

Green Gourmet Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 29

 

Green Gourmet Limited

Company Information

Directors

A J Starkey

V Keble-Williams

M J Hanley

R Bussey

Company secretary

A J Starkey

Registered office

The Malthouse
Salmon Springs Industrial Estate
Painswick Road
Stroud
GL6 6NU

Bankers

Barclays Bank Plc
28 Regent Street
Swindon
SN1 1QB

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Green Gourmet Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the company is food innovation and developing products for the food service markets.

Fair review of the business

The company have reported a successful year, with the underlying performance of the business to plan in all sectors. The company has been focussing on innovation in product and process during the year which will allow the business to sustain its growth plan in the future.

The directors are pleased with the results for the year and consider the overall financial position of the business to be satisfactory. The directors consider that the business is well positioned for growth and view the future with optimism.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

20,472,207

20,592,772

Gross profit margin

%

30

20

Profit before tax

£

2,138,824

1,266,186

Net assets

£

3,983,364

2,882,022

Principal risks and uncertainties

The directors have considered the key risks facing the business and concluded as follows:

Price risk
The price of raw materials is a major risk which impacts the results of the company. Management monitor the changing price of raw materials to ensure the impact on the company is mitigated as far as possible.

Foreign exchange rate risk
The company has transactions denominated in foreign currencies. The company utilises forward exchange contracts to minimise both price and foreign exchange rate risk.

Key customers
The company is exposed to normal commercial uncertainties with customers and suppliers and these are regularly reviewed. The company also faces the risk of using few key distributors. Management monitor their customer base to mitigate this risk as far as possible.

Approved by the Board on 12 December 2024 and signed on its behalf by:


A J Starkey
Director

 

Green Gourmet Limited

Directors' Report for the Year Ended 30 June 2024

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

Directors of the company

The directors who held office during the year were as follows:

A J Starkey

N Humphries (resigned 29 October 2024)

V Keble-Williams

M J Hanley

R Bussey

Future developments

The directors are confident that the company will report continued growth and strong earnings performance.

Financial instruments

Objectives and policies

The company have a strong management structure which allows for the monitoring of business risks. Regular management meetings are held which address financial risk objectives and policies.

Price risk, credit risk, liquidity risk, cash flow risk and interest rate risk

Price risk
Price risk is the risk that price changes will cause financial losses for the company. Through careful monitoring of the company's market place and competitors the company's exposure to price risk is kept to a minimum.

Credit risk
The company offers certain of its customers credit. Before credit terms are agreed, an assessment of the customer’s credit rating is undertaken to ensure the company is not exposed to a major credit risk. Credit limits are set accordingly.

Liquidity risk
The directors monitor cash flows to ensure the company is able to meet its operational requirements. The financial statements have been prepared on the going concern basis and the directors are confident that the company will be able to meet its financial obligations over the next 12 months and beyond. It is expected that the company will continue in business for the foreseeable future and continued growth is anticipated.

Cash flow risk
Cash flow risk is the risk that inflows and outflows of cash and cash equivalents will not be sufficient to finance day-to-day operations of the company. The company manages cash flow by careful negotiation of terms with customers and suppliers to maintain available funds to meet its liabilities as they fall due.

Interest rate risk
The company utilises finance leases. Where possible, the company enters arrangements with fixed interest rates to mitigate interest rate risk.

Going concern

Forecasts have been prepared that reflect estimates of future performance that take into account changes in the economic environment. These forecasts indicate that the company will continue to operate within their existing facilities. At 30 June 2024, the company had net assets of £4,040,181 (2023: £2,882,022) and access to cash reserves of £2,356,893 (2023: £1,114,189). Based on forecasts prepared and the funds available, the directors believe that there are sufficient resources for the company to conduct business for at least 12 months post signing of the financial statements. As such the directors believe it is appropriate for the financial statements to be prepared on the going concern basis.

 

Green Gourmet Limited

Directors' Report for the Year Ended 30 June 2024

Directors' liabilities

The company maintained throughout the year, and at the date of approval of these financial statements, liability insurance for its directors and officers, This is a qualifying provision for the purposes of the Companies Act 2006.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Hazlewoods LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved by the Board on 12 December 2024 and signed on its behalf by:


A J Starkey
Director

 

Green Gourmet Limited

Statement of Directors' Responsibilities

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

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Green Gourmet Limited

Independent Auditor's Report to the Members of Green Gourmet Limited

Opinion

We have audited the financial statements of Green Gourmet Limited (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 company's affairs as at 30 June 2024 and of its 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 auditor 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 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

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:

 

Green Gourmet Limited

Independent Auditor's Report to the Members of Green Gourmet Limited

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 Statement of Directors' Responsibilities set out on page 5, 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.

Auditor’s 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

 

Green Gourmet Limited

Independent Auditor's Report to the Members of Green Gourmet Limited

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

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

Use of this report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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.





Rebecca Copping (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

13 December 2024

 

Green Gourmet Limited

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

20,472,207

20,592,772

Cost of sales

 

(14,326,143)

(16,449,947)

Gross profit

 

6,146,064

4,142,825

Administrative expenses

 

(3,996,251)

(2,830,604)

Other operating income

4

17,094

23,824

Operating profit

5

2,166,907

1,336,045

Other interest receivable and similar income

6

30,814

-

Interest payable and similar expenses

7

(58,897)

(69,859)

   

(28,083)

(69,859)

Profit before tax

 

2,138,824

1,266,186

Tax on profit

11

(508,391)

(247,685)

Profit for the financial year

 

1,630,433

1,018,501

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Green Gourmet Limited

(Registration number: 02597350)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

101,550

212,331

Tangible assets

13

604,617

444,661

Investments

14

10,810

10,000

 

716,977

666,992

Current assets

 

Stocks

15

2,603,327

1,900,812

Debtors

16

3,171,360

3,884,970

Cash at bank and in hand

 

2,356,893

1,114,189

 

8,131,580

6,899,971

Creditors: Amounts falling due within one year

18

(4,229,261)

(3,998,405)

Net current assets

 

3,902,319

2,901,566

Total assets less current liabilities

 

4,619,296

3,568,558

Creditors: Amounts falling due after more than one year

18

(301,910)

(549,971)

Provisions for liabilities

24

(334,022)

(136,565)

Net assets

 

3,983,364

2,882,022

Capital and reserves

 

Called up share capital

47

45

Share premium reserve

22

70,567

65,240

Other reserves

22

50

50

Retained earnings

22

3,912,700

2,816,687

Total equity

 

3,983,364

2,882,022

Approved and authorised by the Board on 12 December 2024 and signed on its behalf by:
 


R Bussey
Director

 

Green Gourmet Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

Total
£

At 1 July 2023

45

65,240

50

2,816,687

2,882,022

Profit for the year

-

-

-

1,630,433

1,630,433

Dividends

-

-

-

(534,420)

(534,420)

New share capital subscribed

2

5,327

-

-

5,329

At 30 June 2024

47

70,567

50

3,912,700

3,983,364

Share capital
£

Share premium
£

Other reserves
£

Retained earnings
£

Total
£

At 1 July 2022

45

59,913

50

2,102,940

2,162,948

Profit for the year

-

-

-

1,018,501

1,018,501

Dividends

-

-

-

(304,754)

(304,754)

New share capital subscribed

-

5,327

-

-

5,327

At 30 June 2023

45

65,240

50

2,816,687

2,882,022

 

Green Gourmet Limited

Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,630,433

1,018,501

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

282,190

247,904

Finance income

6

(30,814)

-

Finance costs

7

58,897

69,859

Income tax expense

11

508,391

247,685

 

2,449,097

1,583,949

Working capital adjustments

 

(Increase)/decrease in stocks

 

(702,515)

88,320

Decrease in trade debtors

 

713,610

501,407

Decrease in trade creditors

 

(187,348)

(1,234,271)

Increase in provisions

 

230,000

20,000

Cash generated from operations

 

2,502,844

959,405

Income taxes paid

11

(279,949)

(82,428)

Net cash flow from operating activities

 

2,222,895

876,977

Cash flows from investing activities

 

Acquisitions of tangible assets

(310,406)

(120,383)

Acquisition of investments in joint ventures and associates

14

(810)

-

Net cash flows from investing activities

 

(311,216)

(120,383)

Cash flows from financing activities

 

Interest paid

7

(58,897)

(69,859)

Interest received

 

30,814

-

Proceeds from issue of ordinary shares, net of issue costs

 

5,329

5,327

Repayment of bank borrowing

 

(246,753)

(246,753)

Payments to finance lease creditors

 

(14,141)

(6,336)

Dividends paid

23

(385,327)

(304,754)

Net cash flows from financing activities

 

(668,975)

(622,375)

Net increase in cash and cash equivalents

 

1,242,704

134,219

Cash and cash equivalents at 1 July

 

1,114,189

979,970

Cash and cash equivalents at 30 June

 

2,356,893

1,114,189

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

1

General information

The company is a private limited company limited by share capital incorporated and domiciled in England and Wales.

The address of its registered office is:
The Malthouse
Salmon Springs Industrial Estate
Painswick Road
Stroud
GL6 6NU

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (January 2022) and the Companies Act (2006).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is UK £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest £.

Group accounts not prepared
The financial statements present information about the company as an individual undertaking and not its group. Although the Companies Act 2006 required medium sized groups to prepare consolidated accounts, the company has not prepared them on the basis that the results and net assets of the subsidiary undertaking is not material to the group.

Going concern

Forecasts have been prepared that reflect estimates of future performance that take into account changes in the economic environment. These forecasts indicate that the company will continue to operate within their existing facilities. At 30 June 2024, the company had net assets of £3,983,364 (2023: £2,882,022) and access to cash reserves of £2,356,893 (2023: £1,114,189). Based on forecasts prepared and the funds available, the directors believe that there are sufficient resources for the company to conduct business for at least 12 months post signing of the financial statements. As such the directors believe it is appropriate for the financial statements to be prepared on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the product have transferred to the buyer, which is upon delivery of the product.

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

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

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


Judgements
No significant judgements have had to be made by management in preparing these financial statements.

Key sources of estimation uncertainty

Stock provision
In arriving at the stock provision in the balance sheet requires a degree of estimation of the likelihood of stock being able to be sold in excess of cost or net realisable value. The company make a provision against stock held based on the expectation that it will not be sold within the time frame of its expected shelf life and sold at a lower margin. The carrying amount as at 30 June 2024 is £2,941 (2023: £114,614).

Dilapidations provision
Determining the value of the dilapidations provision included in the balance sheet requires estimation of the future costs for restoring the premises to its original condition prior to occupancy, in accordance with the tenancy agreement. The dilapidations provision is based upon a schedule of costs prepared by a qualified surveyor, following a review of the property. The carrying amount as at 30 June 2024 is £300,000 (2023: £70,000).

Rebate accruals
Determining the value of rebate accruals at the year end requires a degree of estimation uncertainty of the sales figures for certain customers and end users for the period to the year end date. The accrual is made based on data provided to management from distributors to create an accrual based on sales data. The carrying amount as at 30 June 2024 is £1,301,654 (2023: £776,243).

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

33% straight line

Plant and machinery

10% - 33% straight line

Fixtures and fittings

20% - 50% straight line

Motor vehicles

33% straight line


Research and development
Research and development expenditure is written off as incurred.

Intangible assets

Computer software is shown at historical cost.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

33% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the standard cost method.

The cost of finished goods is measured at standard cost, as attained from the suppliers. Standard costs are reviewed and updated on a regular basis to ensure they are representative of the actual costs. The difference between the standard cost and the actual cost of inventories sold is recognised as a variance in cost of sales.

At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term, unless there is reasonable certainty that ownership will pass in which case these assets are depreciated over their useful lives. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using an average of prior year results and adjusted for market conditions. The directors have appropriately assessed the fair value and deem the adjustment to be immaterial in respect of the share based payment transactions.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.


Derivative financial instruments
Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024


Financial instruments

Classification
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other receivables and payables, loans from related parties and investments in non-puttable ordinary shares.

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

Debt instruments like loans and other receivables and payables are initially measured at the present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Recognition and measurement
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying value and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount recognised in the statement of financial position when there is an 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.

Impairment
At each reporting date non-financial assets not carried at fair value, such as property, plant and equipment are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less costs to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item is found to be impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

20,472,207

20,592,772

The analysis of the company's revenue for the year by market is as follows:

2024
£

2023
£

UK

15,961,518

17,773,882

Europe

4,510,689

2,818,890

20,472,207

20,592,772

 

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

17,094

23,824

The company received royalties in the year of £Nil (2023 - £7,443). The remaining other income relates to sundry items.

 

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

171,409

136,923

Amortisation expense

110,781

110,981

Research and development cost

5,000

8,560

Foreign exchange losses

-

5,917

Operating lease expense - property

35,000

35,000

Operating lease expense - other

61,328

63,744

 

6

Other interest receivable and similar income

2024
£

2023
£

Other interest income

10,012

-

Interest income on bank deposits

20,802

-

30,814

-

 

7

Interest payable and similar charges

2024
£

2023
£

Interest on bank overdrafts and borrowings

54,792

65,671

Interest on obligations under finance leases and hire purchase contracts

4,105

4,188

58,897

69,859

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,417,918

1,285,076

Social security costs

175,881

155,312

Pension costs, defined contribution scheme

92,952

48,822

1,686,751

1,489,210

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
 No.

2023
 No.

Finance and admin

9

9

Sales and marketing

16

15

25

24

 

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

431,286

286,851

Contributions paid to money purchase schemes

59,332

2,635

490,618

289,486

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Exercised share options

1

1

Accruing benefits under money purchase pension scheme

4

3

In respect of the highest paid director:

2024
£

2023
£

Remuneration

154,739

133,301

Company contributions to money purchase pension schemes

1,321

1,317

During the year the highest paid director exercised share options.

 

10

Auditor's remuneration

2024
£

2023
£

Audit of the financial statements

19,950

19,000


 

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

11

Income tax

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

540,934

227,239

Deferred taxation

Arising from origination and reversal of timing differences

(32,548)

22,160

Effect of tax rate change on opening balance

5

(1,714)

Total deferred taxation

(32,543)

20,446

Tax expense in the income statement

508,391

247,685

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

2,138,824

1,266,186

Corporation tax at standard rate

534,706

259,516

Fixed asset differences

424

(8,378)

Expenses not deductible for tax purposes

5,212

4,604

Decrease in UK and foreign current tax from adjustments for prior periods

(30,862)

(10,013)

Adjustments to tax charge in respect of previous periods - deferred tax

5

(1,714)

Remeasurement of deferred tax for changes in tax rates or laws

-

3,993

Other tax effects for reconciliation between accounting profit and tax expense (income)

(1,094)

(323)

Total tax charge

508,391

247,685

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

128,560

Short term timing differences

(94,538)

34,022

2023

Liability
£

Fixed asset timing differences

85,340

Short term timing differences

(18,775)

66,565

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

12

Intangible assets

Computer software
 £

Cost

At 1 July 2023 and 30 June 2024

405,968

Amortisation

At 1 July 2023

193,637

Amortisation charge

110,781

At 30 June 2024

304,418

Carrying amount

At 30 June 2024

101,550

At 30 June 2023

212,331

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

13

Tangible assets

Leasehold improvements
£

Plant and machinery
 £

Fixtures and fittings
 £

Motor vehicles
£

Total
£

Cost or valuation

At 1 July 2023

206,919

1,006,084

134,384

-

1,347,387

Additions

-

265,810

39,596

25,959

331,365

At 30 June 2024

206,919

1,271,894

173,980

25,959

1,678,752

Depreciation

At 1 July 2023

119,887

669,774

113,065

-

902,726

Charge for the year

41,384

110,848

17,014

2,163

171,409

At 30 June 2024

161,271

780,622

130,079

2,163

1,074,135

Carrying amount

At 30 June 2024

45,648

491,272

43,901

23,796

604,617

At 30 June 2023

87,032

336,310

21,319

-

444,661

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Plant and machinery

76,408

67,295

   
 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

14

Investments in subsidiaries, joint ventures and associates

2024
 £

2023
 £

Investments in subsidiaries

800

-

Shares in participating interests

10,010

10,000

10,810

10,000

Investments in subsidiaries

£

Cost

At 1 July 2023

-

Additions

800

At 30 June 2024

800

Carrying amount

At 30 June 2024

800

At 30 June 2023

-

Shares in participating interests

£

Cost

At 1 July 2023

10,000

Additions

10

At 30 June 2024

10,010

Carrying amount

At 30 June 2024

10,010

At 30 June 2023

10,000

Details of participating interests

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Green Gourmet Inc

United States of America

No par value

100%

0%

Participating interest

The Stroud Brewery Limited

England and Wales

Ordinary

18.75%

18.75%

Panelitix.Ai Ltd

England and Wales

Ordinary shares

20%

0%

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Subsidiary undertakings

Green Gourmet Inc

The principal activity of Green Gourmet Inc is the supply of hot snack products to the airline sector.
The registered address of Green Gourmet Inc. is Suite 5750,70 W. Madison Street, Chicago,Illinois,United States of America, 60602-4213.

Participating Interests

The Stroud Brewery Limited

The principal activity of The Stroud Brewery Limited is that of a brewery.
The registered address of The Stroud Brewery Limited is Stroud Brewery London Road, Thrupp, Stroud, Gloucestershire, GL5 2BY.

Panelitix.Ai Ltd

The principal activity of Panelitix.Ai Ltd is that of market research and public opinion polling.
The registered address of Panelitix.Ai Ltd is The Malthouse, Salmon Springs Industrial Estate, Painswick Road, Stroud, Gloucestershire, United Kingdom, GL6 6NU.

 

15

Stocks

2024
£

2023
£

Raw materials and packaging

182,574

271,006

Finished goods

2,420,753

1,629,806

2,603,327

1,900,812

 

16

Debtors

2024
£

2023
£

Trade debtors

2,905,383

3,534,149

Other debtors

142,845

264,851

Prepayments

123,132

85,970

3,171,360

3,884,970

Trade debtors of £2,728,525 (2023 - £3,334,863) have been pledged as collateral for the company's invoice discounting facility.

 

17

Cash and cash equivalents

2024
£

2023
£

Cash at bank

2,356,893

1,114,189

Cash at bank includes an invoice discounting facility in a surplus position of £5,572 (2023- £3,732). The facility is secured against particular trade debtors of the company, as disclosed in note 15 to these financial statements.

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

18

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

19

267,020

258,894

Trade creditors

 

1,007,236

1,920,209

Amounts due to subsidiary undertaking

29

800

-

Social security and other taxes

 

38,121

33,842

Outstanding defined contribution pension costs

 

9,040

4,103

Other payables

 

22,150

41,181

Accruals

 

2,396,671

1,512,938

Corporation tax liability

11

488,223

227,238

 

4,229,261

3,998,405

Due after one year

 

Loans and borrowings

19

301,910

549,971

 

19

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

246,753

246,753

Hire purchase contracts

20,267

12,141

267,020

258,894

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

246,754

493,507

Hire purchase contracts

55,156

56,464

301,910

549,971


Bank borrowings
Bank loans in the current year comprise a bank loan of £1,250,000 (2023 - £1,250,000) which is denominated in Sterling and bears interest at a rate of 3.30%. The loan is repayable in monthly instalments of £20,563, with the final instalment falling due in June 2026. The carrying amount of the loan at the year end is £493,507 (2023 - £740,260) with £246,753 (2023 - £246,753) falling due within one year.

Finance lease liabilities
Obligations under finance lease liabilities and hire purchase contracts are secured over the assets to which they relate.

Loan arrangement
In July 2023, the company arranged a new Trade Loan facility with the bank. The maximum draw down is £750,000, with a minimum finance cost of 2.5%. As at 30 June 2024, the amount drawn down on this loan is £Nil.

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

20

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

26,705

18,762

Later than one year and not later than five years

62,369

67,231

89,074

85,993

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

73,202

102,543

Later than one year and not later than five years

146,215

184,418

Later than five years

11,667

46,667

231,084

333,628

The amount of non-cancellable operating lease payments recognised as an expense during the year was £96,328 (2023 - £98,744).

 

21

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.10

413

41.30

405

40.50

'B' Ordinary shares of £0.10

23

2.30

23

2.30

'C' Ordinary shares of £0.10

23

2.30

23

2.30

'D' Ordinary shares of £0.10

10

1.00

-

-

 

469

47

451

45

During the year, 8 Ordinary shares with an aggregate nominal value of £0.80 were allotted by the company for total consideration of £5,328.

The different classes of shares referred to above above carry separate rights to dividends, but in all other significant respects, rank pari passu.

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

22

Reserves


Share capital
This represents the nominal value of the issued share capital of the company.

Share premium
This reserve contains the premium arising on the issue of the share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium.

Retained earnings
This reserve includes all current and prior period retained profits and losses, net of dividends paid and other adjustments.

Other reserves
Other reserves of £50 relate to a capital redemption reserve. This reserve represents the amount transferred in order to maintain the company's capital arising from the purchase of its own shares.

 

23

Dividends

2024

2023

£

£

Dividends declared

534,420

304,754

Dividends of £534,420 (2023 - £304,754) were declared in the year. Dividends of £385,327 (2023 - £304,754) have been paid in the year, £149,093 (2023 - £nil) remain unpaid at the year end date.

 

24

Provisions

Deferred tax
£

Dilapidation provision
£

Total
£

At 1 July 2023

66,565

70,000

136,565

Increase (decrease) in existing provisions

(32,543)

230,000

197,457

At 30 June 2024

34,022

300,000

334,022

The dilapidations provision of £300,000 (2023 - £70,000) relates to the costs the company expects to incur in restoring the leased premises to its condition prior to occupancy. The provision is management's best estimate of the expected cash outflows.

Details in relation to the deferred tax liability at 30 June 2024 have also been disclosed in note 11.

 

25

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £92,952 (2023 - £48,822).

Contributions totalling £9,040 (2023 - £4,103) were payable to the scheme at the end of the year and are included in creditors.

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

26

Share-based payments

On 8 August 2019 the Company introduced an Enterprise Management Incentive plan (EMI) share option plan for one employee of the Company.

The employee is entitled to exercise 8 share options each year as set out in the rules of the scheme. Each year, if the 8 options remained unexercised one month after each anniversary of the grant date, the options lapse.

The company awarded 40 options, of which 8 options were exercised during the year with none outstanding at the year end.

The exercise price of £666 per option is deemed to be consistent with fair value at the date of grant of the option.

 

27

Financial instruments

Categorisation of financial instruments

2024

2023

£

£

Financial liabilities measured at fair value through the profit and loss

43,564

22,401

Items of income, expense, gains or losses

2024

Income
£

Expense
£

Net gains
£

Net losses
£

Financial liabilities measured at fair value through profit or loss

-

-

-

21,163

Financial liabilities measured at amortised cost

-

54,792

-

-

-

54,792

-

21,163

2023

Income
£

Expense
£

Net gains
£

Net losses
£

Financial liabilities measured at fair value through profit or loss

-

-

-

22,401

Financial liabilities measured at amortised cost

-

54,958

-

-

-

54,958

-

22,401

The total interest expense for financial liabilities not measured at fair value through profit or loss is £4,105 (2023 - £4,188).

 

Green Gourmet Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

 

28

Analysis of net debt

At 1 July 2023

Cash flow

Acquired with subsidiary

Other non-cash changes

At 30 June 2024

£

£

£

£

£

Cash and cash equivalents

1,110,457

1,240,864

-

-

2,351,321

Invoice discounting asset

3,732

1,840

5,572

1,114,189

1,242,704

-

-

2,356,893

Bank loan

(740,260)

246,753

-

-

(493,507)

Finance lease and hire purchase contract

(68,605)

14,141

-

(20,959)

(75,423)

Net debt

305,324

1,503,598

-

(20,959)

1,787,963

 

29

Related party transactions


Summary of transactions with key management
Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 9 to the financial statements.

Companies under common control

During the year, the company made purchases from companies under common control of £15,000 (2023 - £575). At the year end, amounts owed from companies under common control were £nil (2023- £nil).

Subsidiary undertakings

The company has taken advantage of the exemptions available in FRS 102 from disclosing transactions with wholly owned members of the group. The creditor balance outstanding at year-end is shown in note 17.

 

30

Non adjusting events after the financial period

In October 2024, the company repurchased 13 Ordinary shares and 23 Ordinary B shares for consideration of £265,120, which have been subsequently cancelled.