IRIS Accounts Production v25.1.0.734 00503044 Board of Directors 23.3.23 22.3.24 22.3.24 The principal activity of the company during the year continued to be that of supermarket proprietors and wholesale grocers. The company also trades in syndicated property units and loans. true false true true false false false true false Fair value model Ordinary 0.50000 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REGISTERED NUMBER: 00503044 (England and Wales)






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: Mr M A Proudfoot
Mr I A Proudfoot
Mr D P Armstrong
Mr M A Proudfoot
Mrs V Aston





REGISTERED OFFICE: Blinking Sike, Caxton Way
Eastfield Business Park
Eastfield
Scarborough
North Yorkshire
YO11 3YT





REGISTERED NUMBER: 00503044 (England and Wales)





AUDITORS: SMH Jolliffe Cork Audit Ltd
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:





Mr M A Proudfoot - Director


17 April 2025

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 £ 150,497 .

DIRECTORS
The directors shown below have held office during the whole of the period from 23 March 2023 to the date of this report.

Mr M A Proudfoot
Mr I A Proudfoot
Mr D P Armstrong
Mr M A Proudfoot
Mrs V Aston

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:




Mr M A Proudfoot - Director


17 April 2025

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.




Claire Lawton FCA DChA (Senior Statutory Auditor)
for and on behalf of SMH Jolliffe Cork Audit Ltd
Accountants & Statutory Auditors
33 George Street
Wakefield
West Yorkshire
WF1 1LX

17 April 2025

G.W.Proudfoot Limited (Registered number: 00503044)

Income Statement
for the year ended 22 March 2024

2024 2023
Notes £ £ £

TURNOVER 3 19,944,153 19,596,582

Cost of sales 14,787,656 14,760,543
GROSS PROFIT 5,156,497 4,836,039

Administrative expenses 4,823,946 4,613,348
332,551 222,691

Other operating income 4 195,102 201,832
OPERATING PROFIT 6 527,653 424,523

Fair value adjustment on investments 8 86,472 3,516
441,181 421,007

Income from fixed asset investments 2,091 378
Interest receivable and similar income 106,358 23,768
108,449 24,146
549,630 445,153

Interest payable and similar charges 9 335 335
PROFIT BEFORE TAXATION 549,295 444,818

Tax on profit 10 128,599 80,253
PROFIT FOR THE FINANCIAL YEAR 420,696 364,565

G.W.Proudfoot Limited (Registered number: 00503044)

Other Comprehensive Income
for the year ended 22 March 2024

2024 2023
Notes £ £

PROFIT FOR THE YEAR 420,696 364,565


OTHER COMPREHENSIVE INCOME

Deferred tax on freehold property
revaluations - (74,619 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

-

(74,619

)
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

420,696

289,946

G.W.Proudfoot Limited (Registered number: 00503044)

Balance Sheet
22 March 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Intangible assets 12 - -
Tangible assets 13 9,129,027 9,695,032
Investments 14 267,602 337,574
Investment property 15 1,104,479 582,104
10,501,108 10,614,710

CURRENT ASSETS
Stocks 16 1,556,776 1,699,395
Debtors 17 1,397,592 172,923
Cash at bank and in hand 2,704,903 3,927,226
5,659,271 5,799,544
CREDITORS
Amounts falling due within one year 18 1,909,071 2,388,375
NET CURRENT ASSETS 3,750,200 3,411,169
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,251,308

14,025,879

CREDITORS
Amounts falling due after more than one year 19 (2,455 ) (4,921 )

PROVISIONS FOR LIABILITIES 22 (426,687 ) (468,991 )
NET ASSETS 13,822,166 13,551,967

G.W.Proudfoot Limited (Registered number: 00503044)

Balance Sheet - continued
22 March 2024

2024 2023
Notes £ £ £

CAPITAL AND RESERVES
Called up share capital 23 26,403 26,403
Share premium 24 567,664 567,664
Revaluation reserve 24 1,699,546 1,699,546
Capital redemption reserve 24 3,597 3,597
Retained earnings 24 11,524,956 11,254,757
SHAREHOLDERS' FUNDS 13,822,166 13,551,967

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2025 and were signed on its behalf by:





Mr M A Proudfoot - Director


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 26,403 11,040,689 567,664

Changes in equity
Dividends - (150,497 ) -
Total comprehensive income - 364,565 -
Balance at 22 March 2023 26,403 11,254,757 567,664

Changes in equity
Dividends - (150,497 ) -
Total comprehensive income - 420,696 -
Balance at 22 March 2024 26,403 11,524,956 567,664
Capital
Revaluation redemption Total
reserve reserve equity
£ £ £
Balance at 23 March 2022 1,774,165 3,597 13,412,518

Changes in equity
Dividends - - (150,497 )
Total comprehensive income (74,619 ) - 289,946
Balance at 22 March 2023 1,699,546 3,597 13,551,967

Changes in equity
Dividends - - (150,497 )
Total comprehensive income - - 420,696
Balance at 22 March 2024 1,699,546 3,597 13,822,166

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 (563,121 ) 646,983
Interest element of hire purchase payments paid (335 ) (335 )
Tax paid (21,135 ) (82,652 )
Net cash from operating activities (584,591 ) 563,996

Cash flows from investing activities
Purchase of tangible fixed assets (110,936 ) (395,232 )
Purchase of fixed asset investments (16,500 ) (27,000 )
Interest received 106,358 23,768
Dividends received 2,091 378
Net cash from investing activities (18,987 ) (398,086 )

Cash flows from financing activities
Capital repayments in year (2,466 ) (3,747 )
Amount withdrawn by directors (465,782 ) (148,928 )
Equity dividends paid (150,497 ) (150,497 )
Net cash from financing activities (618,745 ) (303,172 )

Decrease in cash and cash equivalents (1,222,323 ) (137,262 )
Cash and cash equivalents at beginning of
year

2

3,927,226

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 549,295 444,818
Depreciation charges 219,111 202,201
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 78,074 (167,969 )
Increase in trade and other debtors (1,224,669 ) (25,950 )
(Decrease)/increase in trade and other creditors (163,290 ) 214,178
Cash generated from operations (563,121 ) 646,983

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 (1,222,323 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 50% on cost, 33% on cost, 20% on cost and 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 100% on cost, 50% on cost, 33% on cost and 20% on cost

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
£ £
Grocery sales (net of vat) 19,944,153 19,534,322
Syndicated property units - 62,260
19,944,153 19,596,582

4. OTHER OPERATING INCOME
2024 2023
£ £
Rents received 72,654 91,136
National Lottery and other
commissions 27,947 24,232
Post office salaries received 94,501 86,464
195,102 201,832

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 2,687,138 2,630,113
Social security costs 184,898 178,444
Other pension costs 46,143 41,128
2,918,179 2,849,685

The average number of employees during the year was as follows:
2024 2023

Directors 5 5
Administration 16 16
Others 140 143
161 164

2024 2023
£ £
Directors' remuneration 148,520 148,496

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 - 2

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Depreciation - owned assets 217,661 200,268
Depreciation - assets on hire purchase contracts 1,450 1,933

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 (86,472 ) (3,516 )

9. INTEREST PAYABLE AND SIMILAR CHARGES
2024 2023
£ £
Hire purchase 335 335

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 180,905 29,881
(Over)/under provision in
prior years (10,002 ) 6,731
Total current tax 170,903 36,612

Deferred tax (42,304 ) 43,641
Tax on profit 128,599 80,253

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 549,295 444,818
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
19%)

137,324

84,515

Effects of:
Expenses not deductible for tax purposes 1,058 4,669
Capital allowances in excess of depreciation - (39,226 )
Adjustments to tax charge in respect of previous periods (10,002 ) 6,731
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 ) - (74,619 )

11. DIVIDENDS
2024 2023
£ £
Interim 150,497 150,497

12. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 23 March 2023
and 22 March 2024 110,000
AMORTISATION
At 23 March 2023
and 22 March 2024 110,000
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 8,666,919 3,332,829 140,871 228,780 12,369,399
Additions - 109,743 - 1,193 110,936
Reclassification/transfer (457,830 ) - - - (457,830 )
At 22 March 2024 8,209,089 3,442,572 140,871 229,973 12,022,505
DEPRECIATION
At 23 March 2023 - 2,375,548 116,075 182,744 2,674,367
Charge for year - 196,052 9,157 13,902 219,111
At 22 March 2024 - 2,571,600 125,232 196,646 2,893,478
NET BOOK VALUE
At 22 March 2024 8,209,089 870,972 15,639 33,327 9,129,027
At 22 March 2023 8,666,919 957,281 24,796 46,036 9,695,032

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 15,872
DEPRECIATION
At 23 March 2023 10,073
Charge for year 1,450
At 22 March 2024 11,523
NET BOOK VALUE
At 22 March 2024 4,349
At 22 March 2023 5,799

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 337,574
Additions 16,500
Revaluations (86,472 )
At 22 March 2024 267,602
NET BOOK VALUE
At 22 March 2024 267,602
At 22 March 2023 337,574


15. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 23 March 2023 582,104
Reclassification/transfer 522,375
At 22 March 2024 1,104,479
NET BOOK VALUE
At 22 March 2024 1,104,479
At 22 March 2023 582,104

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 1,556,776 1,699,395

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 9,122 4,202
Short term syndication loans 1,200,000 -
Prepayments 188,470 168,721
1,397,592 172,923

18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 20) 2,466 2,466
Trade creditors 1,360,673 1,517,077
Tax 179,649 29,881
Social security and other taxes 37,594 34,716
VAT 79,346 89,276
Directors' current accounts 215,212 680,994
Accruals and deferred income 34,131 33,965
1,909,071 2,388,375

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 20) 2,455 4,921

20. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 2,466 2,466
Between one and five years 2,455 4,921
4,921 7,387

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 468,991
Accelerated capital allowances (20,686 )
Revaluation of investments (21,618 )
Balance at 22 March 2024 426,687

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
52,806 Ordinary 50p 26,403 26,403

24. RESERVES
Capital
Retained Share Revaluation redemption
earnings premium reserve reserve Totals
£ £ £ £ £

At 23 March 2023 11,254,757 567,664 1,699,546 3,597 13,525,564
Profit for the year 420,696 420,696
Dividends (150,497 ) (150,497 )
At 22 March 2024 11,524,956 567,664 1,699,546 3,597 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.