IRIS Accounts Production v24.3.2.46 10836500 Board of Directors 30.6.24 1.7.23 30.6.24 30.6.24 merchants of spice, citrus and other fruit juices, oil and derivatives and flavour and aroma chemicals. true true true false true true false false false false false true false Ordinary 1.00000 Share capital A 1.00000 Share capital B 1,524.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh108365002023-06-30108365002024-06-30108365002023-07-012024-06-30108365002022-06-30108365002022-07-012023-06-30108365002023-06-3010836500ns15:EnglandWales2023-07-012024-06-3010836500ns14:PoundSterling2023-07-012024-06-3010836500ns10:Director12023-07-012024-06-3010836500ns10:Consolidated2024-06-3010836500ns10:ConsolidatedGroupCompanyAccounts2023-07-012024-06-3010836500ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3010836500ns10:Consolidatedns10:FRS1022023-07-012024-06-3010836500ns10:Consolidatedns10:Audited2023-07-012024-06-3010836500ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3010836500ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3010836500ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3010836500ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-07-012024-06-3010836500ns10:FullAccounts2023-07-012024-06-3010836500ns5:Subsidiary12023-07-012024-06-3010836500ns5:Subsidiary22023-07-012024-06-3010836500ns5:Subsidiary32023-07-012024-06-3010836500ns10:OrdinaryShareClass12023-07-012024-06-3010836500ns10:OrdinaryShareClass22023-07-012024-06-3010836500ns10:OrdinaryShareClass32023-07-012024-06-3010836500ns10:Consolidated2023-07-012024-06-3010836500ns10:Director22023-07-012024-06-3010836500ns10:Director42023-07-012024-06-3010836500ns10:Director52023-07-012024-06-3010836500ns10:RegisteredOffice2023-07-012024-06-3010836500ns10:Director32023-07-012024-06-3010836500ns10:Consolidated2022-07-012023-06-3010836500ns5:CurrentFinancialInstruments2024-06-3010836500ns5:CurrentFinancialInstruments2023-06-3010836500ns5:ShareCapital2024-06-3010836500ns5:ShareCapital2023-06-3010836500ns5:RetainedEarningsAccumulatedLosses2024-06-3010836500ns5:RetainedEarningsAccumulatedLosses2023-06-3010836500ns5:ShareCapital2022-06-3010836500ns5:RetainedEarningsAccumulatedLosses2022-06-3010836500ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3010836500ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3010836500ns5:LandBuildings2023-06-3010836500ns5:PlantMachinery2023-06-3010836500ns5:LandBuildings2023-07-012024-06-3010836500ns5:PlantMachinery2023-07-012024-06-3010836500ns5:LandBuildings2024-06-3010836500ns5:PlantMachinery2024-06-3010836500ns5:LandBuildings2023-06-3010836500ns5:PlantMachinery2023-06-3010836500ns5:CostValuation2023-06-3010836500ns5:Subsidiary112023-07-012024-06-3010836500ns5:Subsidiary12024-06-3010836500ns5:Subsidiary12023-06-3010836500ns5:Subsidiary12022-07-012023-06-30108365003ns5:Subsidiary22023-07-012024-06-3010836500ns5:Subsidiary242023-07-012024-06-3010836500ns5:Subsidiary22024-06-3010836500ns5:Subsidiary22023-06-3010836500ns5:Subsidiary22022-07-012023-06-3010836500ns5:Subsidiary352023-07-012024-06-3010836500ns5:Subsidiary32024-06-3010836500ns5:Subsidiary32023-06-3010836500ns5:Subsidiary32022-07-012023-06-3010836500ns5:AcceleratedTaxDepreciationDeferredTax2024-06-3010836500ns5:AcceleratedTaxDepreciationDeferredTax2023-06-3010836500ns5:DeferredTaxation2023-06-3010836500ns5:DeferredTaxation2023-07-012024-06-3010836500ns5:DeferredTaxation2024-06-3010836500ns10:OrdinaryShareClass12024-06-3010836500ns10:OrdinaryShareClass22024-06-3010836500ns10:OrdinaryShareClass32024-06-3010836500ns5:RetainedEarningsAccumulatedLosses2023-06-30
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: G A McDonald
S D Crawford
M G McDonald
M E McDonald


REGISTERED OFFICE: Cranes Farm Road
Basildon
Essex
SS14 3GT


REGISTERED NUMBER: 10836500 (England and Wales)


SENIOR STATUTORY AUDITOR: Glenn Armon-Jones ACA FCCA


INDEPENDENT AUDITORS: Barrow LLP
Jackson House
Station Road
Chingford
London
E4 7BU


BANKER: Barclays Bank Plc
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:





S D Crawford - Director


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.

G A McDonald
A C B Moss
S D Crawford
M G McDonald
M E McDonald

Other changes in directors holding office are as follows:

A C B Moss ceased to be a director after 30 June 2024 but prior to the date of this report.

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:





S D Crawford - Director


19 March 2025

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.




Glenn Armon-Jones ACA FCCA (Senior Statutory Auditor)
for and on behalf of Barrow LLP
Jackson House
Station Road
Chingford
London
E4 7BU

19 March 2025

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 2,115,980 1,763,963

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 2,696,763 2,542,007
Investments 12 5,000 5,000
2,701,763 2,547,007

CURRENT ASSETS
Cash at bank and in hand 109,481 6,588

CREDITORS
Amounts falling due within one year 15 (1,554,970 ) (1,924,910 )
NET CURRENT LIABILITIES (1,445,489 ) (1,918,322 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,256,274 628,685

PROVISIONS FOR LIABILITIES 18 (31,791 ) (96,366 )
NET ASSETS 1,224,483 532,319

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Retained earnings 20 1,214,483 522,319
SHAREHOLDERS' FUNDS 1,224,483 532,319

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 19 March 2025 and were signed on its behalf by:





S D Crawford - Director


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 10,000 - 10,000

Changes in equity
Dividends - (166,667 ) (166,667 )
Total comprehensive income - 688,986 688,986
Balance at 30 June 2023 10,000 522,319 532,319

Changes in equity
Total comprehensive income - 692,164 692,164
Balance at 30 June 2024 10,000 1,214,483 1,224,483

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
49 49

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 2,121,603 532,217 2,653,820
Additions - 286,900 286,900
At 30 June 2024 2,121,603 819,117 2,940,720
DEPRECIATION
At 1 July 2023 49,676 62,137 111,813
Charge for year 49,676 82,468 132,144
At 30 June 2024 99,352 144,605 243,957
NET BOOK VALUE
At 30 June 2024 2,022,251 674,512 2,696,763
At 30 June 2023 2,071,927 470,080 2,542,007

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 5,000
NET BOOK VALUE
At 30 June 2024 5,000
At 30 June 2023 5,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Gerald McDonald & Company Limited
Registered office: Cranes Farm Road, Basildon, Essex, SS14 3GT
Nature of business: Juice, Citrus, Flavour and Aroma Merchant
%
Class of shares: holding
5,000 Ordinary shares 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 16,373,614 14,959,662
Profit for the year 2,415,452 1,722,835

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

Gerald McDonald (Herbs & Spices) Limited
Registered office: Cranes Farm Road, Basildon, Essex, SS14 3GT
Nature of business: Spice merchants
%
Class of shares: holding
250 Ordinary shares 100.00
10,576 cumulative preference 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 843,472 835,108
Profit for the year 8,364 18,811

Gerald McDonald Asia Limited
Registered office: 6N-16 Kfm 6-9 Koyo-Cho Naka Higashinada-Ku, Kobe, Japan
Nature of business: Juice merchant
%
Class of shares: holding
100 Ordinary shares 100.00
30.6.24 30.6.23
£    £   
Aggregate capital and reserves 19,119 284,779
Profit for the year 17,906 73,309


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 - - 1,491,549 1,863,989
Corporation tax 863,309 520,289 59,421 59,421
Social security and other taxes 794,486 583,810 4,000 -
Directors' current accounts - 33,483 - -
Accruals and deferred income 721,891 1,367,038 - -
6,614,654 7,976,890 1,554,970 1,924,910

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 31,791 96,366

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 96,366
Credit to Income Statement during year (64,575 )
Balance at 30 June 2024 31,791

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
3,802 Ordinary £1000 0 2,396 2,396
5,436 Share capital A 6080 6,080 6,080
1,524 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 522,319
Profit for the year 692,164
At 30 June 2024 1,214,483


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.