Company registration number SC030017 (Scotland)
GLEANER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
GLEANER LIMITED
COMPANY INFORMATION
Directors
M J Scott
S R Scott
D G Todd
G H Reaper
B Montgomery
Secretary
S H Leslie
Company number
SC030017
Registered office
Milnfield
Elgin
Morayshire
United Kingdom
IV30 1UU
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
GLEANER LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 40
GLEANER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

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

Section 172(1) Statement

The Board of Directors believe that they have acted in the way they consider to be both in good faith and would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act) in the decisions taken during the year ended 30 June 2024; and in so having regard, amongst other matters to; 

(a)    the likely consequences of any decision in the long term,

(b)    the interests of the Group’s employees

(c)    the need to foster the Group's business relationships with suppliers, customers and others,

(d)    the impact of the Group's operations on the community and the environment,

(e)    the desirability of the Group maintaining a reputation for high standards of business conduct, and 

(f)    the need to act fairly between members of the Group.

The Board has a business plan which is based around achieving our long-term goal of being regarded as a leading distributor of bulk petroleum fuels, lubricants, greases and the provision of boiler maintenance for both oil and gas.

The Board understands the importance of engaging with all its stakeholders and regularly discusses issues concerning employees, clients, suppliers, community and environment, regulators and shareholders which inform its decision making processes.

Inherently, there is an inter-dependency on the success of the company and the success of its stakeholders.

Employees

Our employees remain fundamental to the achievement of our business plan.  In addition to aiming to be a responsible employer in our approach to pay and benefits, we continue to engage with our team to ascertain which training and development opportunities should be made available to improve our team’s productivity and our individual employees’ potential within the business.

 

Customers

We continue to engage closely with our customers, who are mainly commercial and domestic. Our aim is ensure that our customers’ needs are met and in particular our products arrive on time and meet their specifications.

 

Suppliers

We value the supplier base as partners and our aim is to enter into and then develop strong, stable working relationships with them. We seek to be fair and transparent in our dealings with suppliers and we ensure that we honour our arrangements with them.

 

Environment and community

The Board continues to take sustainability and environmental responsibility very seriously. The Group encourages diversity and inclusion of employees of all backgrounds.

 

Governance and regulation

The Board’s intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards of business conduct and good governance expected of a business of our nature and size and in full alignment with the rules and regulations. In doing so, we believe we will achieve our long-term business strategy and also further develop our reputation in our sector.

Shareholders

The Board has a close working relationship with the shareholders and seeks to treat them fairly and equally, in order that they too benefit from the Group achieving its long term business strategy. The Board seeks to provide information relevant to the shareholders, including monthly management accounts and performance against key metrics set by the Board. 

GLEANER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Fair review of the business

The Group delivered another strong performance with all areas of the business meeting the Board’s expectations.

Revenue decreased to £131.5m from £139.4m in 2023 predominately due to oil pricing volatility, impacted by external world events. Whilst margins were able to be maintained, inflationary increases in administrative costs resulted in EBITDA for the year decreasing to £2.79m (2023 - £3.01m) and profit before tax decreasing to £1.87m (2023 - £2.1m).

During the financial year, the Group continued its strategy of investing in its vehicle fleet and new operating sites that complement its existing portfolio. This included the acquisition of Evelix filling station which was funded by the sale of its Cowdenbeath filling station.

The Group's balance sheet remained strong at the year at with net assets of £7.2m (2023 - £6.5m).

Overall, we are happy with the progress we have made in the year and now focus on building upon the successes through 2025/26 and beyond.

Principal Risks and Uncertainities

There are ongoing economic challenges present as a result of current geo-political matters. This has led to oil price volatility and significant inflationary pressures in the business on energy and labour costs amongst others.

 

Further uncertainties facing the Group are the impact of increasing regulation costs and increases in competition.

 

The Directors meet regularly to consider the principal risks and uncertainties and believe that our robust balance sheet and skilled workforce leave us in a strong position to meet these challenges.

 

Health and safety and environment

The nature of the group's activities are such that the highest standards of health and safety and environment are of the utmost importance. Every precaution is taken to minimise risk with regular and up to date training provided for all employees.

 

The health and safety committee meets quarterly, and regular updates are provided to the Board of Directors.

 

Finance and risk management

Objectives

Our financial risk management objectives are to ensure sufficient working capital and cash flow for the group and to ensure there is sufficient support for its growth strategy. This is achieved through careful management of our cash resources and by utilising overdraft, hire purchase and loan finance where necessary. Working capital and cash forecasts are monitored monthly to ensure they continue to meet the group's strategy. No treasury transactions of derivatives are entered into.

 

Risks

The company trades predominately in the UK and is subject to minimal forex risk. It also maintains a relatively low gearing position and is thus exposed to a lower level of interest rate risk. Appropriate credit checks and other procedures are carried out regularly to mitigate its credit risk.

 

Competitive risk assessment

The Group operates in a highly competitive environment but is not exposed to over reliance on a small number of customers.

GLEANER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Key performance indicators

The Group uses several key indicators (KPIs) to measure and manage performance and progress. Of these the Directors consider that turnover, gross profit, EBITDA and profit before tax to be the most representative of the Group’s annual performance as defined below.

 

 

 

 

2023/24

 

 

2022/23

 

 

2021/22

Turnover

£131.5M

£139.4M

£131.5M

Gross profit %

9.77%

9.21%

8.10%

EBITDA

£2.79M

£3.01M

£2.24M

Profit before tax

£1.81M

£2.10M

£1.30M

 

 

On behalf of the board

D G Todd
Director
21 March 2025
GLEANER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

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

Principal activities

The principal activity of the company and group continued to be that of distribution of petroleum fuel, lubricants, greases and the provision of boiler maintenance services for both oil and gas.

Directors

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

M J Scott
S R Scott
D G Todd
G H Reaper
B Montgomery
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £590,147 (2023: £516,200). The directors do not recommend payment of a further dividend.

Environmental matters

The company and group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The company and group have complied with all applicable legislation and regulations.

 

Going Concern

The financial statements have been prepared under the going concern basis. The group closely monitors and manages its funding position and cash in-flows and out-flows throughout the year to ensure that it has sufficient funds available to meet forecast requirements.

 

Management have produced forecasts up to 30 June 2026. These demonstrate the Group has sufficient resources available to enable it to meets its obligations as they fall due for a period of at least 12 months from the date of signing of these financial statements. As such, the directors are satisfied that the Group has adequate resources to continue to operate for the foreseeable future. For this reason they continue to adopt the going concern basis for preparing these financial statements.

Auditor

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

GLEANER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
Energy and carbon report

Streamlined Energy and Carbon Reporting (SECR) is presented in accordance with The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 which introduced energy and carbon reporting requirements for large unquoted companies in the UK. Large unquoted companies are obliged to report their UK energy use and associated GHG emissions as a minimum relating to gas, electricity, and transport fuel, as well as an intensity ratio and information relating to energy efficiency actions, through their annual reports.

 

The below noted summary table notes the relevant disclosures on this for the Group in respect of GHG emissions and energy use for the period covering 1 July 2023 to 30 June 2024.

 

 

Current Reporting Year

2023-2024

Previous Year

2022-2023

Energy consumption used to calculate emissions:

/kWh

 

Electricity –

439,382kWh

Gas -

nil kWh

Diesel –

5,221,370 kWh

Petrol – nil kWh

Employee Owned cars -

197,041 kWh

Electricity –

431,627kWh

Gas -

nil kWh

Diesel –

5,562,119 kWh

Petrol – nil kWh

Employee Owned cars - 218,306 kWh

Emissions from combustion

of gas tCO2e (Scope 1)

N/A tCO2e

N/A tCO2e

Emissions from combustion of fuel for transport purposes (Scope 1)

 

1,217.31 tCO2e

1,296.75 tCO2e

Emissions from business travel in rental cars or employee-owned vehicles where company is responsible for purchasing

the fuel (Scope 3)

45.94 tCO2e

36.28 tCO2e

Emissions from purchased electricity (Scope 2, location-based)

90.97 tCO2e

 

83.47 tCO2e

 

Total gross CO2e based on above

1,354.22 tCO2e

1,416.50 tCO2e

Intensity ratio: tCO2e gross figure based from mandatory fields above

tCO2e/GIA*

1,354.22 tCO2e/ £131.5M

 

0.01

1,416.50 tCO2e/ £139.4M

 

0.01

Methodology

GHG Reporting Protocol - Corporate Standard

GHG Reporting Protocol - Corporate Standard

GLEANER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -

Energy Efficiency Action

In the period covered by the report the Company has continued to:

 

During the period of the report the Company has agreed to:

Statement of directors' responsibilities

The directors are responsible for preparing the Annual 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The directors have truechosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial risk management and exposure to risks and uncertainties.

Statement of disclosure to auditor

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

On behalf of the board
D G Todd
Director
21 March 2025
GLEANER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLEANER LIMITED
- 7 -
Opinion

We have audited the financial statements of Gleaner Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

GLEANER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLEANER LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

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.

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

GLEANER LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLEANER LIMITED
- 9 -

Extent to which the audit was considered 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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 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.

Alan Brown (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
21 March 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
GLEANER LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
131,468,692
139,407,196
Cost of sales
(118,621,524)
(126,571,455)
Gross profit
12,847,168
12,835,741
Administrative expenses
(10,981,988)
(10,719,081)
Operating profit
4
1,865,180
2,116,660
Interest receivable and similar income
8
492,400
494,999
Interest payable and similar expenses
9
(542,646)
(515,034)
Profit before taxation
1,814,934
2,096,625
Tax on profit
10
(295,679)
(324,215)
Profit for the financial year
25
1,519,255
1,772,410
Profit for the financial year is attributable to:
- Owners of the parent company
1,519,255
1,772,012
- Non-controlling interests
-
398
1,519,255
1,772,410
GLEANER LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
£
£
Profit for the year
1,519,255
1,772,410
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(152,000)
(393,000)
Tax relating to other comprehensive income
(72,250)
(43,750)
Other comprehensive income for the year
(224,250)
(436,750)
Total comprehensive income for the year
1,295,005
1,335,660
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,295,005
1,335,262
- Non-controlling interests
-
398
1,295,005
1,335,660
GLEANER LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
20,908
27,878
Tangible assets
13
9,597,111
8,441,522
9,618,019
8,469,400
Current assets
Stocks
16
3,500,060
2,876,683
Debtors
17
11,781,289
10,301,374
Cash at bank and in hand
1,588,092
883,473
16,869,441
14,061,530
Creditors: amounts falling due within one year
18
(17,810,688)
(15,045,076)
Net current liabilities
(941,247)
(983,546)
Total assets less current liabilities
8,676,772
7,485,854
Creditors: amounts falling due after more than one year
19
(1,510,621)
(1,058,362)
Provisions for liabilities
Deferred tax liability
22
969,641
706,460
(969,641)
(706,460)
Net assets excluding pension surplus
6,196,510
5,721,032
Defined benefit pension surplus
23
1,028,080
811,500
Net assets
7,224,590
6,532,532
Capital and reserves
Called up share capital
24
2,000
2,000
Profit and loss reserves
25
7,222,590
6,536,602
Equity attributable to owners of the parent company
7,224,590
6,538,602
Non-controlling interests
-
(6,070)
7,224,590
6,532,532
GLEANER LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 13 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
21 March 2025
D G Todd
Director
Company registration number SC030017 (Scotland)
GLEANER LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
9,582,658
8,424,812
Investments
14
27,473
22,967
9,610,131
8,447,779
Current assets
Stocks
16
3,265,142
2,603,808
Debtors
17
11,949,523
10,734,256
Cash at bank and in hand
1,531,794
655,766
16,746,459
13,993,830
Creditors: amounts falling due within one year
18
(17,630,243)
(14,881,332)
Net current liabilities
(883,784)
(887,502)
Total assets less current liabilities
8,726,347
7,560,277
Creditors: amounts falling due after more than one year
19
(1,510,621)
(1,058,362)
Provisions for liabilities
Deferred tax liability
22
984,431
727,784
(984,431)
(727,784)
Net assets excluding pension surplus
6,231,295
5,774,131
Defined benefit pension surplus
23
1,028,080
811,500
Net assets
7,259,375
6,585,631
Capital and reserves
Called up share capital
24
2,000
2,000
Profit and loss reserves
25
7,257,375
6,583,631
Total equity
7,259,375
6,585,631

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,488,142 (2023 - £1,767,744 profit).

The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
21 March 2025
D G Todd
Director
Company registration number SC030017 (Scotland)
GLEANER LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 1 July 2022
2,000
5,717,540
5,719,540
(6,468)
5,713,072
Year ended 30 June 2023:
Profit for the year
-
1,772,012
1,772,012
398
1,772,410
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(393,000)
(393,000)
-
(393,000)
Tax relating to other comprehensive income
-
(43,750)
(43,750)
-
(43,750)
Total comprehensive income
-
1,335,262
1,335,262
398
1,335,660
Dividends
11
-
(516,200)
(516,200)
-
(516,200)
Balance at 30 June 2023
2,000
6,536,602
6,538,602
(6,070)
6,532,532
Year ended 30 June 2024:
Profit for the year
-
1,519,255
1,519,255
-
1,519,255
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(152,000)
(152,000)
-
(152,000)
Tax relating to other comprehensive income
-
(72,250)
(72,250)
-
(72,250)
Total comprehensive income
-
1,295,005
1,295,005
-
1,295,005
Dividends
11
-
(590,147)
(590,147)
-
(590,147)
Purchase of shares in subsidiary from non-controlling interest
-
(18,870)
(18,870)
6,070
(12,800)
Balance at 30 June 2024
2,000
7,222,590
7,224,590
-
0
7,224,590
GLEANER LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
2,000
5,768,837
5,770,837
Year ended 30 June 2023:
Profit for the year
-
1,767,744
1,767,744
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(393,000)
(393,000)
Tax relating to other comprehensive income
-
(43,750)
(43,750)
Total comprehensive income
-
1,330,994
1,330,994
Dividends
11
-
(516,200)
(516,200)
Balance at 30 June 2023
2,000
6,583,631
6,585,631
Year ended 30 June 2024:
Profit for the year
-
1,488,141
1,488,141
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(152,000)
(152,000)
Tax relating to other comprehensive income
-
(72,250)
(72,250)
Total comprehensive income
-
1,263,891
1,263,891
Dividends
11
-
(590,147)
(590,147)
Balance at 30 June 2024
2,000
7,257,375
7,259,375
GLEANER LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
403,867
251,448
Interest paid
(166,646)
(201,034)
Income taxes paid
(19,170)
(394)
Net cash inflow from operating activities
218,051
50,020
Investing activities
Purchase of tangible fixed assets
(1,291,800)
(1,956,703)
Proceeds from disposal of tangible fixed assets
1,035,459
124,840
Interest received
46,400
137,999
Net cash used in investing activities
(209,941)
(1,693,864)
Financing activities
Proceeds from new bank loans
-
1,000,000
Repayment of bank loans
(200,000)
(231,413)
Payment of finance leases obligations
(245,040)
(188,452)
Purchase of shares in subsidiary from non-controlling interest
(12,800)
-
Dividends paid to equity shareholders
(590,147)
(516,200)
Net cash (used in)/generated from financing activities
(1,047,987)
63,935
Net decrease in cash and cash equivalents
(1,039,877)
(1,579,909)
Cash and cash equivalents at beginning of year
880,777
2,460,686
Cash and cash equivalents at end of year
(159,100)
880,777
Relating to:
Cash at bank and in hand
1,588,092
883,473
Bank overdrafts included in creditors payable within one year
(1,747,192)
(2,696)
GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
1
Accounting policies
Company information

Gleaner Limited (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Milnfield, Elgin, IV30 1UU.

 

The group consists of Gleaner Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Gleaner Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.4
Going concern

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. In satisfaction of this responsibility the directors have considered the group's ability to meet its liabilities as they fall due.

 

The group's going concern assessment considers its principal risks and is dependent on a number of factors including financial performance and access to funding facilities.

 

The group meets its day to day working capital requirements through loan, overdraft facility and finance leases. The group closely monitors and manages its funding position and liquidity risk continuously to ensure that it has access to sufficient funds to meet forecast cash requirements. Additional funding is sought where necessary to meet the demands of the business.

 

The current and future financial position of the group, including its cash flows and liquidity, have been reviewed by the directors. The directors have prepared financial projections for a period of more than 12 months from the date of approval of these financial statements.

 

Following this review, the directors have a reasonable expectation that the group has adequate resources available to continue in operational existences for the foreseeable future.

 

As such, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from fuel sales is accounted for when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on delivery of the goods, 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.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

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

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% - 5% straight line
Plant and equipment
5% - 25% straight line
Computers
20% - 25% straight line
Motor vehicles
8.3% - 25% straight line

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

1.8
Fixed asset investments

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

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

1.9
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 21 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

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

1.12
Financial instruments

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

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -
Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

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

 

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

 

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

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
Taxation

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

Current tax

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

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

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

1.16
Retirement benefits

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

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 24 -
1.17
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of the defined benefit pension scheme

The valuation of the defined benefit pension obligation is inherently subjective due to among other factors, future inflation, mortality rates and salary increases. As a result the valuation of the obligation is subject to a significant degree of uncertainty and is made on assumptions which may not prove to be accurate, particularly in periods of market volatility and fluctuating inflation. The value of the defined benefit pension obligation is appraised each year by an independent external actuary. This estimate uses assumptions based on membership records for the year and known market trends.

 

The pension scheme net surplus is recognised in full as the Trust deed provides the company with the right to reduce or suspend future contributions through consultation with the actuary and trustee. It also provides the company with an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities in the event of any future winding up of scheme.

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Fuel distribution
103,618,581
110,665,544
Operation of filling stations
27,064,961
28,038,314
Other
785,150
703,338
131,468,692
139,407,196
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
131,466,655
139,401,075
Rest of the World
2,037
6,121
131,468,692
139,407,196
2024
2023
£
£
Other revenue
Interest income
492,400
494,999
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
757,386
773,735
Depreciation of tangible fixed assets held under finance leases
205,995
115,133
Profit on disposal of tangible fixed assets
(722,447)
(7,781)
Amortisation of intangible assets
6,970
6,970
Operating lease charges
282,511
317,444
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
55,350
51,250
Audit of the financial statements of the company's subsidiaries
9,450
8,750
64,800
60,000
GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Auditor's remuneration
(Continued)
- 26 -
For other services
Taxation compliance services
7,020
6,700
All other non-audit services
19,184
30,207
26,204
36,907
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Operations and distribution
138
134
132
128
Administration
41
38
41
38
Total
179
172
173
166

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,911,627
4,555,242
4,715,869
4,385,721
Social security costs
469,299
443,190
456,992
424,678
Pension costs
196,340
193,557
191,826
187,033
5,577,266
5,191,989
5,364,687
4,997,432
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
470,152
419,087
Company pension contributions to defined contribution schemes
32,899
21,291
503,051
440,378

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Directors' remuneration
(Continued)
- 27 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
245,780
224,687
Company pension contributions to defined contribution schemes
20,327
9,375
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
46,400
137,999
Interest on the net defined benefit asset
446,000
357,000
Total income
492,400
494,999
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
46,400
137,999
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
120,241
186,810
Other finance costs:
Interest on finance leases and hire purchase contracts
46,405
14,224
Net interest on the net defined benefit liability
376,000
314,000
Total finance costs
542,646
515,034
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
82,176
137,210
Adjustments in respect of prior periods
(49,678)
(159,724)
Total current tax
32,498
(22,514)
GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
2024
2023
£
£
(Continued)
- 28 -
Deferred tax
Origination and reversal of timing differences
213,357
205,198
Adjustment in respect of prior periods
49,824
141,531
Total deferred tax
263,181
346,729
Total tax charge
295,679
324,215

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

2024
2023
£
£
Profit before taxation
1,814,934
2,096,625
Expected tax charge based on the pro rated rate of corporation tax in the UK of 25.00% (2023: 20.50%)
453,734
429,808
Tax effect of expenses that are not deductible in determining taxable profit
11,042
6,214
Gains not taxable
(86,940)
-
0
Adjustments in respect of prior years
146
(18,193)
Permanent capital allowances in excess of depreciation
26,380
(14,167)
Tax relief on defined benefit contributions through SOCI
(110,250)
(116,417)
Adjust closing deferred tax to average rate
1,567
36,970
Taxation charge
295,679
324,215

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
72,250
43,750
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
590,147
516,200
GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
69,698
Amortisation and impairment
At 1 July 2023
41,820
Amortisation charged for the year
6,970
At 30 June 2024
48,790
Carrying amount
At 30 June 2024
20,908
At 30 June 2023
27,878
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
13
Tangible fixed assets
Group
Freehold land and buildings
Assets under construction
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
4,741,027
288,381
6,775,212
2,344
5,234,437
17,041,401
Additions
617,783
1,528,045
56,099
-
0
230,055
2,431,982
Disposals
(385,196)
-
0
-
0
-
0
(558,219)
(943,415)
Transfers
81,518
(1,314,211)
275,829
-
0
956,864
-
0
At 30 June 2024
5,055,132
502,215
7,107,140
2,344
5,863,137
18,529,968
Depreciation and impairment
At 1 July 2023
751,312
-
0
4,102,714
808
3,745,045
8,599,879
Depreciation charged in the year
105,517
-
0
432,324
574
424,966
963,381
Eliminated in respect of disposals
(101,072)
-
0
-
0
-
0
(529,331)
(630,403)
At 30 June 2024
755,757
-
0
4,535,038
1,382
3,640,680
8,932,857
Carrying amount
At 30 June 2024
4,299,375
502,215
2,572,102
962
2,222,457
9,597,111
At 30 June 2023
3,989,715
288,381
2,672,498
1,536
1,489,392
8,441,522
GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
13
Tangible fixed assets
(Continued)
- 30 -
Company
Freehold land and buildings
Assets under construction
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
4,741,027
288,381
6,708,072
5,147,461
16,884,941
Additions
617,783
1,528,045
51,531
230,055
2,427,414
Disposals
(385,196)
-
0
-
0
(558,219)
(943,415)
Transfers
81,518
(1,314,211)
275,829
956,864
-
0
At 30 June 2024
5,055,132
502,215
7,035,432
5,776,161
18,368,940
Depreciation and impairment
At 1 July 2023
751,312
-
0
4,046,786
3,662,031
8,460,129
Depreciation charged in the year
105,517
-
0
430,035
421,004
956,556
Eliminated in respect of disposals
(101,072)
-
0
-
0
(529,331)
(630,403)
At 30 June 2024
755,757
-
0
4,476,821
3,553,704
8,786,282
Carrying amount
At 30 June 2024
4,299,375
502,215
2,558,611
2,222,457
9,582,658
At 30 June 2023
3,989,715
288,381
2,661,286
1,485,430
8,424,812

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
154,340
286,721
154,340
286,721
Motor vehicles
1,712,413
516,683
1,712,413
516,683
1,866,753
803,404
1,866,753
803,404

 

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
27,473
22,967
GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Fixed asset investments
(Continued)
- 31 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
22,967
Additions
12,800
Impairment
(8,294)
At 30 June 2024
27,473
Carrying amount
At 30 June 2024
27,473
At 30 June 2023
22,967
15
Subsidiaries

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Silgo Lubricants Limited
(1)
Lubricants distributor
Ordinary
100.00

(1) Units 20,22,24 Juliet Way, Thurrock Commercial Centre, South Ockendon Essex, RM15 4YG.

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
3,500,060
2,876,683
3,265,142
2,603,808
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
10,832,684
9,174,984
10,612,465
8,952,455
Amounts owed by group undertakings
-
-
441,763
683,531
Other debtors
431,543
144,970
403,229
144,970
Prepayments and accrued income
517,062
981,420
492,066
953,300
11,781,289
10,301,374
11,949,523
10,734,256
GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
1,928,079
155,689
1,928,079
155,689
Obligations under finance leases
21
376,615
161,626
376,615
161,626
Trade creditors
14,773,152
13,586,278
14,663,549
13,513,754
Corporation tax payable
37,539
24,211
35,101
24,211
Other taxation and social security
144,555
161,546
144,555
132,922
Other creditors
310,433
113,075
310,433
84,348
Accruals and deferred income
240,315
842,651
171,911
808,782
17,810,688
15,045,076
17,630,243
14,881,332
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
519,113
747,007
519,113
747,007
Obligations under finance leases
21
991,508
311,355
991,508
311,355
1,510,621
1,058,362
1,510,621
1,058,362
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
700,000
900,000
700,000
900,000
Bank overdrafts
1,747,192
2,696
1,747,192
2,696
2,447,192
902,696
2,447,192
902,696
Payable within one year
1,928,079
155,689
1,928,079
155,689
Payable after one year
519,113
747,007
519,113
747,007

The bank loan facility is repayable in quarterly instalments across 5 years. The interest rate on the loan is base rate +2.5%.

 

The company has granted a Bond and Floating Charge over all assets of the company, supported by cross guarantees with its subsidiary in favour of the Royal Bank of Scotland plc.

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 33 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
376,591
161,626
376,591
161,626
In two to five years
991,532
311,355
991,532
311,355
1,368,123
472,981
1,368,123
472,981

Finance lease payments represent rentals payable by the company for certain tankers and pumps at filling stations. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Net obligations under finance leases are secured over the assets to which they relate.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,019,355
731,265
Tax losses
(2,486)
(14,444)
Other timing differences
(47,228)
(10,361)
969,641
706,460
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
1,020,963
732,707
Other timing differences
(36,532)
(4,923)
984,431
727,784
GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
22
Deferred taxation
(Continued)
- 34 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
706,460
727,784
Charge to profit or loss
263,181
256,647
Liability at 30 June 2024
969,641
984,431
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
196,340
193,557

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

Defined benefit schemes

The company sponsors the Scheme which is a defined benefit pension plan. It is a separate trustee administered entity holding assets to meet the long term pension liabilities. The last formal actuarial valuation of the Scheme was carried out as at 30 June 2022 and updated to 30 June 2024 by a qualified independent actuary. The major assumptions used by the actuary are shown below.

 

The results of the actuarial valuation as at 30 June 2023 showed a surplus of £1,082,000 (excluding deferred tax). Based on an updated assessment as at 30 June 2024, the Scheme continued to show a surplus of £1,371,000 (excluding deferred tax) and no deficit reduction contributions are required to be paid. However, following the buy in from Aviva the contribution have been reduced from £240k to £100k to cover expenses only.

 

The scheme was closed to new members on 1 July 2002 and to future accruals on 31 March 2007, from which date membership of a defined contribution plan was available.

 

During the year the company made contributions to the scheme totalling £371,000.

 

Events after reporting date changes

Subsequent to the year end, the Trustee of the Scheme, after discussion with their professional advisers, agreed to proceed with a buy in policy with Aviva, to cover the Scheme’s benefits in full, for both the pensioner and non-pensioner members. Following the buy in, the company’s deficit reduction contributions have now ceased. However, the company continues to pay an expense allowance.

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
23
Retirement benefit schemes
(Continued)
- 35 -
2024
2023
Key assumptions
%
%
Discount rate
5.00
5.50
Expected rate of increase of pensions in payment
2.60
2.70
Inflation assumption - RPI linked
3.25
3.40
Inflation assumption - CPI linked
2.60
2.70
Mortality assumptions
2024
2023
Years
Years
Retiring today
- Males
21.1
21.3
- Females
23.6
23.7
Retiring in 20 years
- Males
22.1
22.2
- Females
24.7
24.8
2024
2023

Amounts recognised in the profit and loss account

£
£
Net interest on defined benefit liability/(asset)
(70,000)
(43,000)
2024
2023

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
(424,000)
1,511,000
Less: calculated interest element
446,000
357,000
Return on scheme assets excluding interest income
22,000
1,868,000
Actuarial changes related to obligations
130,000
(1,475,000)
Total costs
152,000
393,000
GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
23
Retirement benefit schemes
(Continued)
- 36 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Present value of defined benefit obligations
7,042,000
7,135,000
7,042,000
7,135,000
Fair value of plan assets
(8,413,000)
(8,217,000)
(8,413,000)
(8,217,000)
Surplus in scheme
(1,371,000)
(1,082,000)
(1,371,000)
(1,082,000)
Related deferred tax liability
342,920
270,500
342,920
270,500
Total asset recognised
(1,028,080)
(811,500)
(1,028,080)
(811,500)
Comprising the following after all offsets permitted:
Scheme liabilities
-
-
-
-
Scheme surpluses
(1,028,080)
(811,500)
(1,028,080)
(811,500)
The pension scheme net surplus is recognised in full as the Trust deed provides the company with the right to reduce or suspend future contributions through consultation with the actuary and trustee. It also provides the company with an unconditional right to a refund of surplus assets assuming the full settlement of plan liabilities in the event of any future winding up of scheme.
Group
Company
2024
2024

Movements in the present value of defined benefit obligations

£
£
Liabilities at 1 July 2023
7,135,000
7,135,000
Benefits paid
(599,000)
(599,000)
Actuarial gains and losses
130,000
130,000
Interest cost
376,000
376,000
At 30 June 2024
7,042,000
7,042,000

The defined benefit obligations arise from plans which are wholly or partly funded.

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
23
Retirement benefit schemes
(Continued)
- 37 -
Group
Company
2024
2024

Movements in the fair value of plan assets

£
£
Fair value of assets at 1 July 2023
8,217,000
8,217,000
Interest income
446,000
446,000
Return on plan assets (excluding amounts included in net interest)
(22,000)
(22,000)
Benefits paid
(599,000)
(599,000)
Contributions by the employer
371,000
371,000
At 30 June 2024
8,413,000
8,413,000

The actual return on plan assets was a surplus of £424,000 (2023 - £1,511,000).

Fair value of plan assets at the reporting period end

Group
Company
2024
2023
2024
2023
£
£
£
£
Equity instruments
-
301,000
-
301,000
Government bonds
2,626,000
2,613,000
2,626,000
2,613,000
Corporate bonds
957,000
858,000
957,000
858,000
Cash and net current assets
1,156,000
374,000
1,156,000
374,000
Absolute return nominal
1,795,000
1,990,000
1,795,000
1,990,000
Absolute return real
1,879,000
2,081,000
1,879,000
2,081,000
8,413,000
8,217,000
8,413,000
8,217,000
24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,000
2,000
2,000
2,000

All shares rank equally in all respects and have the right to vote, to participate in the payment of dividends and participate in a return of capital.

 

None of the shares are redeemable or are liable to be redeemed.

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 38 -
25
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
6,536,602
5,717,540
6,583,631
5,768,837
Profit for the year
1,519,255
1,772,012
1,488,141
1,767,744
Dividends
(590,147)
(516,200)
(590,147)
(516,200)
Actuarial differences recognised in other comprehensive income
(152,000)
(393,000)
(152,000)
(393,000)
Tax on actuarial differences
(72,250)
(43,750)
(72,250)
(43,750)
Acquisition of shares from non-controlling interest
(18,870)
-
-
-
At the end of the year
7,222,590
6,536,602
7,257,375
6,583,631
26
Operating lease commitments
Lessee

Significant leasing arrangements relate to the lease of property on fixed rental payments which do not have a fixed expiry date and are therefore assumed to be leased on a 1 year rolling basis.

 

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
219,460
264,587
157,793
179,407
Between two and five years
249,084
314,510
249,084
252,603
In over five years
31,005
48,904
31,005
48,904
499,549
628,001
437,882
480,914
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2024
2023
2024
2023
£
£
£
£
Acquisition of tangible fixed assets
2,666,457
1,946,268
2,666,457
1,946,268
GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 39 -
28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
-
-
4,020
25,517
Company
Entities over which the company has control, joint control or significant influence
1,041,050
988,916
184,468
328,738
Other related parties
-
-
4,020
25,517

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Company
Entities over which the company has control, joint control or significant influence
441,763
683,531
Other information

Key management personnel are considered to be the directors of the company. Remuneration in respect of the directors can be seen in note 7 to these financial statements,

 

29
Directors' transactions

Dividends totalling £590,147 (2023 - £516,200) were paid in the year in respect of shares held by the company's directors, of which £259,955 remained payable at the year end.

 

 

30
Controlling party

Throughout the current year the company was under the control of M J Scott, who owned 75% of the company's shares.

GLEANER LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 40 -
31
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,519,255
1,772,410
Adjustments for:
Taxation charged
295,679
324,215
Finance costs
542,646
515,034
Investment income
(492,400)
(494,999)
Gain on disposal of tangible fixed assets
(722,447)
(7,781)
Amortisation and impairment of intangible assets
6,970
6,970
Depreciation and impairment of tangible fixed assets
963,381
888,868
Pension scheme non-cash movement
(371,000)
(525,000)
Movements in working capital:
(Increase)/decrease in stocks
(623,377)
484,451
Increase in debtors
(1,479,745)
(285,733)
Increase/(decrease) in creditors
764,905
(2,426,987)
Cash generated from operations
403,867
251,448
32
Analysis of changes in net debt - group
1 July 2023
Cash flows
New finance leases
30 June 2024
£
£
£
£
Cash at bank and in hand
883,473
704,619
-
1,588,092
Bank overdrafts
(2,696)
(1,744,496)
-
(1,747,192)
880,777
(1,039,877)
-
(159,100)
Borrowings excluding overdrafts
(900,000)
200,000
-
(700,000)
Obligations under finance leases
(472,981)
245,040
(1,140,182)
(1,368,123)
(492,204)
(594,837)
(1,140,182)
(2,227,223)
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