REGISTERED NUMBER: |
G.W.Proudfoot Limited |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 22 March 2024 |
REGISTERED NUMBER: |
G.W.Proudfoot Limited |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 22 March 2024 |
G.W.Proudfoot Limited (Registered number: 00503044) |
Contents of the Financial Statements |
for the year ended 22 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 18 |
G.W.Proudfoot Limited |
Company Information |
for the year ended 22 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Accountants & Statutory Auditors |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
G.W.Proudfoot Limited (Registered number: 00503044) |
Strategic Report |
for the year ended 22 March 2024 |
The directors present their strategic report for the year ended 22 March 2024. |
PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS |
The company operates out of 5 sites within the Scarborough area, predominately retailing Groceries as well as an array of Home and Garden goods. The company holds a portfolio of property that is leased to third parties, with the properties located within a close proximity to the company's trading stores. |
Key Performance Indicators |
The Company's key performance indicators in respect of all operations during the year were as follows (Comparative information is for the year ended 22nd March 2023): |
Core Retail |
2024 |
2023 |
YOY Change |
Turnover | £19.9m | £19.6m | +1.77% |
Gross profit | £5.2m | £4.8m | +6.62% |
Gross profit % | 25.85% | 24.68% | +1.17% |
Operating profit | £0.53m | £0.42m | +24.29% |
Grocery sales year on year increased on a like for like basis (+2%). |
The company continues to embark on a substantial program of capital expenditure with the goal of creating better efficiencies across daily operations and providing best in class facilities to better serve our local communities. The aforementioned expenditure is critical in the continuing success of the company's retail operations, ensuring that our sites remain at the forefront of food retailing and adapting to our customers ever changing needs. |
The directors are currently working on a significant program of works to refurbish the groups largest 15,000sqft supermarket, with a start date scheduled for September 2024. Works are schedule to be completed before December 2024. The plans will transform the site, with considerable focus being placed on the stores productions departments and chilled offering. Substantial investment and consideration has been placed on the replacement of key mechanical plant equipment to ensure less consumption of power as well as a much reduced carbon footprint. The works will bring to a close a multi-year capital expenditure program that has seen all stores within the Proudfoot estate refurbished with an efficient and modern design. The company finds itself in a strong position to assess future opportunities and target sustainable growth. Proudfoot continues to actively seek new opportunities for additional retails sites. |
The company continues to invest in its operating infrastructure and IT systems to ensure the smoothing running and increased efficiencies. The directors believe this to be an essential attribute to facilitate future expansion plans. The internal enhancement of the groups IT systems plays a key role in the future growth of sales as multiple new utilities have been designed and introduced to help improve reporting and analysis with a focus on ensuring that retail space is fully utilised. |
Proudfoot's commitment to strengthening its local supply chain continues, with over £2.5m of annual purchases attributed to locally sourced product. |
Proudfoot remain dedicated to working with local good causes and charities across the communities that it serves. During the calendar year of 2023, Proudfoot donated £22,880 to 42 local organisations via the Making A Difference Locally Charity. As reported previously the company implemented a plastic bag charge, in which proceeds are donated to local charities. Since the carrier bag charge was introduced, the company through the continued support of its customers have been able to raise and donate over £80,000 to date. |
G.W.Proudfoot Limited (Registered number: 00503044) |
Strategic Report |
for the year ended 22 March 2024 |
Proudfoot bases its core strategies around providing best in class customer service while ensuring its offering remains relevant and adaptable to its customers changing needs. The directors continue to ensure Proudfoot's operations remain as efficient as possible to enable the company to offer best value to its customer, especially with the current volatility in food inflation. The directors continually review and remove unnecessary cost from the businesses operations to ensure sustainability and efficiency going forward. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors consider the main risks and uncertainties affecting the company as competition from national supermarket chains and the current economic climate. The current climate continues to be highly competitive as the demands of the general customer changes and a real cost of living crisis becomes more prevalent. Proudfoot continues to invest in its stores, structure and retail offering to combat the aforementioned risks and adjust to the changing needs of the communities it serves. |
FINANCIAL RISK MANAGEMENT |
The company's operations expose it to a variety of financial risks that include market prices and liquidity. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company. |
Price Risk |
The company is exposed to commodity price risk as a result of its operations. Global external factors such as Brexit and the Ukraine-Russia war has created considerable uncertainty in the market which resulted in shortages of goods and fuel. This has contributed to steep food inflation and erratic shortages across the UK market and supply chain. |
Liquidity Risk |
The company manages liquidity risk by monitoring and retaining adequate cash available for daily operations and capital expenditure. |
Property Risk |
The company has a number of properties that are not used for its own retail activities, which are leased to third parties. All properties are monitored to ensure an acceptable level of return is generated. All leases are subject to regular rent reviews. |
The company's commercial property portfolio is susceptible to the risks attached to the risks highlighted above and the possible effects they may have on the market as a whole. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The directors have considered the financial risk management objectives and policies appropriate to the company and such information is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company. |
The directors are confident that the funding in place is more than adequate for the company's working capital requirements. All sales and purchases are made in sterling, therefore the company is not exposed to any significant currency risks. The directors are satisfied that credit risk is adequately managed and the level of bad debts is consistent with the nature of the industry. |
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. |
ON BEHALF OF THE BOARD: |
G.W.Proudfoot Limited (Registered number: 00503044) |
Report of the Directors |
for the year ended 22 March 2024 |
The directors present their report with the financial statements of the company for the year ended 22 March 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 22 March 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 23 March 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 company'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 company's auditors are aware of that information. |
G.W.Proudfoot Limited (Registered number: 00503044) |
Report of the Directors |
for the year ended 22 March 2024 |
AUDITORS |
The auditors, SMH Jolliffe Cork Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
G.W.Proudfoot Limited |
Opinion |
We have audited the financial statements of G.W.Proudfoot Limited (the 'company') for the year ended 22 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 22 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the 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 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 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 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 |
G.W.Proudfoot Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
G.W.Proudfoot Limited |
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: |
Our approach to identifying and assessing the risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with the Directors and other informed management which we considered may have a direct material effect on the financial statements or the operations of the company and thereafter, the audit team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and; |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
- | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | enquiring of management as to actual and potential litigation and claims and reviewing correspondence with HMRC and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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 |
G.W.Proudfoot Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Accountants & Statutory Auditors |
33 George Street |
Wakefield |
West Yorkshire |
WF1 1LX |
G.W.Proudfoot Limited (Registered number: 00503044) |
Income Statement |
for the year ended 22 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
332,551 | 222,691 |
Other operating income | 4 |
OPERATING PROFIT | 6 |
Fair value adjustment on investments | 8 |
441,181 | 421,007 |
Income from fixed asset investments |
Interest receivable and similar income |
108,449 | 24,146 |
549,630 | 445,153 |
Interest payable and similar charges | 9 |
PROFIT BEFORE TAXATION |
Tax on profit | 10 |
PROFIT FOR THE FINANCIAL YEAR |
G.W.Proudfoot Limited (Registered number: 00503044) |
Other Comprehensive Income |
for the year ended 22 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Deferred tax on freehold property |
revaluations | ( |
) |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
G.W.Proudfoot Limited (Registered number: 00503044) |
Balance Sheet |
22 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 12 |
Tangible assets | 13 |
Investments | 14 |
Investment property | 15 |
CURRENT ASSETS |
Stocks | 16 |
Debtors | 17 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 19 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
NET ASSETS |
G.W.Proudfoot Limited (Registered number: 00503044) |
Balance Sheet - continued |
22 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Share premium | 24 |
Revaluation reserve | 24 |
Capital redemption reserve | 24 |
Retained earnings | 24 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
G.W.Proudfoot Limited (Registered number: 00503044) |
Statement of Changes in Equity |
for the year ended 22 March 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 23 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 22 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 22 March 2024 |
Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 23 March 2022 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income | ( |
) |
Balance at 22 March 2023 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 22 March 2024 |
G.W.Proudfoot Limited (Registered number: 00503044) |
Cash Flow Statement |
for the year ended 22 March 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest element of hire purchase payments paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (16,500 | ) | (27,000 | ) |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Capital repayments in year | ( |
) | ( |
) |
Amount withdrawn by directors | (465,782 | ) | (148,928 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
4,064,488 |
Cash and cash equivalents at end of year | 2 | 2,704,903 | 3,927,226 |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Cash Flow Statement |
for the year ended 22 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Fair value adjustment | 86,472 | 3,516 |
Finance costs | 335 | 335 |
Finance income | (108,449 | ) | (24,146 | ) |
746,764 | 626,724 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
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 22 March 2024 |
22.3.24 | 23.3.23 |
£ | £ |
Cash and cash equivalents | 2,704,903 | 3,927,226 |
Year ended 22 March 2023 |
22.3.23 | 23.3.22 |
£ | £ |
Cash and cash equivalents | 3,927,226 | 4,064,488 |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Cash Flow Statement |
for the year ended 22 March 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 23.3.23 | Cash flow | At 22.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,927,226 | (1,222,323 | ) | 2,704,903 |
3,927,226 | ( |
) | 2,704,903 |
Debt |
Finance leases | (7,387 | ) | 2,466 | (4,921 | ) |
(7,387 | ) | 2,466 | (4,921 | ) |
Total | 3,919,839 | (1,219,857 | ) | 2,699,982 |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements |
for the year ended 22 March 2024 |
1. | STATUTORY INFORMATION |
G.W.Proudfoot Limited is a |
The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. Estimates and Judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The items in the financial statements where these judgements and estimates have been made include: |
(i) Useful economic lives of tangible assets |
The annual amortisation and depreciation charges for intangible and tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
(ii) Stock provisions |
When calculating the stock provisions, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. |
(iii) Impairment of investments and financial loans |
The company makes an estimate of the recoverable value of investments and financial loans when no external valuation is readily available. When assessing the impairment of these items, management considers factors including the expected future returns and historical experience. |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Revenue recognition |
Turnover represents: |
(i) Sales of goods - retail |
Sales of goods in-store cash from customers and excludes VAT. It is net of returns, colleague discounts, coupons, vouchers and the free element of multi-save transactions. |
(ii)Syndicated property units |
Income from the sale of syndicated property units is recognised upon completion of the transaction. |
Other operating income represents: |
(iii) Rental income |
Rental income is recognised on an accruals basis. |
(iv) Interest income |
Interest income is recognised using the effective interest rate method. |
Interest income in respect of financial loans is recognised upon maturity of loan. |
(v) Dividend income |
Dividend income is recognised when the right to receive payment is established. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, was amortised evenly over its estimated useful life of three years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Fixed assets are initially recorded at cost. |
Land included in Freehold land and property is not depreciated. |
The company has adopted a revaluation model for its freehold property whose fair value can be measured reliably without undue cost or effort. The freehold property has been measured a fair value at each reporting date with changes in fair value recognised in the statement of Other Comprehensive Income. |
Fair value has been determined by the directors having taken the appropriate professional advice and based on similar properties in the local area. |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property whose fair value can be measured reliably without undue cost or effort has been measured a fair value at each reporting date with changes in fair value recognised in the income statement. |
Fair value has been determined by the directors having taken the appropriate professional advice and based on similar properties in the local area. |
Stocks |
Stocks are valued at the lower of cost or net realisable value as determined primarily by the retail method of accounting. The retail method of accounting results in stock being valued at the lower of cost or net realisable value since permanent markdowns are immediately recorded as a reduction of the retail value of the stocks. |
Distribution stocks are valued at the lower of cost and net realisable, after making due allowance for obsolete and slow moving items. |
Syndicated property stocks are stated at cost. |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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. |
The company has no 'Other financial assets'. |
Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors and hire purchase contracts, 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 receipts discounted at a market rate of interest. |
The company has no 'Other financial liabilities'. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Operating lease commitments |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. |
Fixed asset investments |
The basis of valuation for each category of fixed asset investment is as follows: |
(i) Pooled investment funds |
Pooled investment funds are valued by reference to bid prices at the close of business on the reporting date. |
(ii) Syndicated property units |
The fair value of the Syndicated property units is determined by the in-house professional valuers of the administrators of the Syndicated property units. |
(iii) Other fixed asset investments |
Other fixed asset investments are initially recorded at cost less impairment for any diminution in value which is expected to be permanent. |
Where the fair value can be measured reliably without undue cost or effort then the fixed asset investment has been measured a fair value at each reporting date with changes in fair value recognised in the income statement. |
Syndication loans |
Syndication loans are recorded at the amount advanced less any capital repayments received in the period. The loans are repayable in accordance with the terms of the loan agreement;, interest is recognised upon each repayment of a proportion of the amount advanced. |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
4. | OTHER OPERATING INCOME |
2024 | 2023 |
£ | £ |
Rents received |
National Lottery and other |
commissions |
Post office salaries received |
195,102 | 201,832 |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors | 5 | 5 |
Administration | 16 | 16 |
Others | 140 | 143 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
7. | AUDITORS' REMUNERATION |
2024 | 2023 |
Fees payable to the company's auditor in respect of: | £ | £ |
Audit of the company's financial statements | 19,800 | 18,500 |
Services relating to taxation | 2,275 | 2,225 |
Other services | 38,159 | 39,635 |
60,234 | 60,360 |
8. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Fair value adjustment on investments | ( |
) | ( |
) |
9. | INTEREST PAYABLE AND SIMILAR CHARGES |
2024 | 2023 |
£ | £ |
Hire purchase |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
10. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
(Over)/under provision in |
prior years | (10,002 | ) | 6,731 |
Total current tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
Adjustments to deferred tax in respect of previous periods | 1,653 | - |
Other timing differences | (360 | ) | (13,262 | ) |
Deferred tax rate change | - | 36,826 |
Current tax rate change | (1,074 | ) | - |
Total tax charge | 128,599 | 80,253 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 22 March 2024. |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
10. | TAXATION - continued |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Deferred tax on freehold property |
revaluations | ( |
) | - | (74,619 | ) |
(74,619 | ) | - | (74,619 | ) |
11. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Interim |
12. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 23 March 2023 |
and 22 March 2024 |
AMORTISATION |
At 23 March 2023 |
and 22 March 2024 |
NET BOOK VALUE |
At 22 March 2024 |
At 22 March 2023 |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
13. | TANGIBLE FIXED ASSETS |
Freehold | Fixtures |
land & | and | Motor | Computer |
property | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 23 March 2023 |
Additions |
Reclassification/transfer | ( |
) | ( |
) |
At 22 March 2024 |
DEPRECIATION |
At 23 March 2023 |
Charge for year |
At 22 March 2024 |
NET BOOK VALUE |
At 22 March 2024 |
At 22 March 2023 |
The freehold properties are stated at their fair value at the balance sheet date. The fair value has been considered by reference to the market value of the properties and has been determined by the directors after taking the appropriate professional advice. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 23 March 2023 |
and 22 March 2024 |
DEPRECIATION |
At 23 March 2023 |
Charge for year |
At 22 March 2024 |
NET BOOK VALUE |
At 22 March 2024 |
At 22 March 2023 |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
14. | FIXED ASSET INVESTMENTS |
Pooled |
investment |
funds |
£ |
COST OR VALUATION |
At 23 March 2023 |
Additions |
Revaluations | ( |
) |
At 22 March 2024 |
NET BOOK VALUE |
At 22 March 2024 |
At 22 March 2023 |
15. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 23 March 2023 |
Reclassification/transfer | 522,375 |
At 22 March 2024 |
NET BOOK VALUE |
At 22 March 2024 |
At 22 March 2023 |
The investment properties are stated at their fair value at the balance sheet date. The fair value has been considered by reference to the market value of the properties and has been determined by the directors after taking the appropriate professional advice. |
16. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
17. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Short term syndication loans | 1,200,000 | - |
Prepayments |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 20) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 79,346 | 89,276 |
Directors' current accounts | 215,212 | 680,994 |
Accruals and deferred income |
19. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 20) |
20. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 4,921 | 7,387 |
Obligations under hire purchase are secured against the asset to which they relate. |
22. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 426,687 | 468,991 |
Deferred tax |
£ |
Balance at 23 March 2023 |
Accelerated capital allowances | (20,686 | ) |
Revaluation of investments | (21,618 | ) |
Balance at 22 March 2024 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 50p | 26,403 | 26,403 |
24. | RESERVES |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 23 March 2023 | 13,525,564 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 22 March 2024 | 13,795,763 |
Included within retained earnings at 22 March 2024 is an amount of £22,164 (2023: £87,018) which is non-distributable. This relates to an accumulated increase in the fair value of investments held by the Company. |
G.W.Proudfoot Limited (Registered number: 00503044) |
Notes to the Financial Statements - continued |
for the year ended 22 March 2024 |
25. | RELATED PARTY DISCLOSURES |
The company was under the control of Mr M A Proudfoot and Mr I A Proudfoot throughout the current and previous year. |