Company registration number 07039530 (England and Wales)
GT Produce Limited
Annual Report And Financial Statements
For The Year Ended 31 October 2024
GT PRODUCE LIMITED
GT Produce Limited
COMPANY INFORMATION
Directors
Mr R J Thompson
Mr D C Thompson
Mr A A Colburn
Mr R Harland
Mr K J B Weiss
(Appointed 30 December 2024)
Company number
07039530
Registered office
Yorkshire Produce Centre
Pontefract Lane
Leeds
LS9 0PX
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
GT PRODUCE LIMITED
GT Produce Limited
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22
GT PRODUCE LIMITED
GT Produce Limited
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -

The directors present the strategic report for the year ended 31 October 2024.

Fair Review of the Business and Performance

The directors are pleased to report that GT Produce Limited has had a successful year.

The company saw an increase in sales of 17.0% and an increase in gross profit of 35.2% compared to 2023.

The directors are pleased with the performance during the year and consider the company to be in a good financial position at the year end. The directors will continue to look at opportunities to grow the business, but their focus for 2025 is on ensuring continued profitability, organic growth, and improved operational efficiencies.

Principal risks and uncertainties

We aim to present a balanced and comprehensive review of the developments and performance of our business during the period and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

The group’s business may be affected by the fluctuations in the price of fruit and vegetables for its wholesale activities. To ensure that profit margins are maintained, the directors ensure that profit margins are closely monitored.

The group may be affected by the financial stability of customers, and, where considered necessary, the directors closely monitor customer balances and restrict the customer credit.

Key performance indicators

We monitor a wide range of KPIs, both financial and non-financial, on a regular basis. We consider the KPIs that communicate the financial performance and strength of the company are the turnover and profit margin.

Compared with 2023, the company’s turnover increased by £3.45m. The gross profit margin increased from 7.2% in 2023 to 8.3% in 2024.

 

 

On behalf of the board

Mr R J Thompson
Director
6 May 2025
GT PRODUCE LIMITED
GT Produce Limited
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 October 2024.

Principal activities

The principal activity of the company continued to be that of the wholesale of fruit and vegetables.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Mr R J Thompson
Mr D C Thompson
Mr F J Beckley
(Resigned 31 December 2023)
Mr A A Colburn
Mr R Harland
Mr K J B Weiss
(Appointed 30 December 2024)
Post reporting date events

The company declared £30,501 of dividends to the Employee Ownership Trust, this was agreed with the Directors at the board meeting dated 14 November 2024.

Auditor

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

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 company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr R J Thompson
Director
6 May 2025
GT PRODUCE LIMITED
GT Produce Limited
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -

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 company and of the profit or loss of the company 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 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.

GT PRODUCE LIMITED
GT Produce Limited
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GT PRODUCE LIMITED
- 4 -
Opinion

We have audited the financial statements of GT Produce Limited (the 'company') for the year ended 31 October 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity 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 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 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:

GT PRODUCE LIMITED
GT Produce Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GT PRODUCE LIMITED
- 5 -
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 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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.

GT PRODUCE LIMITED
GT Produce Limited
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GT PRODUCE LIMITED
- 6 -

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.

Jessica Lawrence
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
6 May 2025
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
GT PRODUCE LIMITED
GT Produce Limited
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
23,802,164
20,348,299
Cost of sales
(21,814,422)
(18,878,073)
Gross profit
1,987,742
1,470,226
Administrative expenses
(1,595,378)
(1,331,084)
Other operating income
12,800
12,800
Exceptional item
4
-
0
112,789
Operating profit
5
405,164
264,731
Interest payable and similar expenses
8
(4,269)
(4,301)
Profit before taxation
400,895
260,430
Tax on profit
9
(108,458)
(31,218)
Profit for the financial year
292,437
229,212

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GT PRODUCE LIMITED
GT Produce Limited
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
295,079
382,735
Current assets
Stocks
11
108,854
97,276
Debtors
12
2,560,904
2,394,525
Cash at bank and in hand
224,102
9,553
2,893,860
2,501,354
Creditors: amounts falling due within one year
13
(1,985,407)
(1,950,349)
Net current assets
908,453
551,005
Total assets less current liabilities
1,203,532
933,740
Creditors: amounts falling due after more than one year
14
-
0
(3,677)
Provisions for liabilities
Deferred tax liability
17
58,032
77,000
(58,032)
(77,000)
Net assets
1,145,500
853,063
Capital and reserves
Called up share capital
19
100
100
Profit and loss reserves
1,145,400
852,963
Total equity
1,145,500
853,063
The financial statements were approved by the board of directors and authorised for issue on 6 May 2025 and are signed on its behalf by:
Mr R J Thompson
Director
Company Registration No. 07039530
GT PRODUCE LIMITED
GT Produce Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
100
623,751
623,851
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
229,212
229,212
Balance at 31 October 2023
100
852,963
853,063
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
292,437
292,437
Balance at 31 October 2024
100
1,145,400
1,145,500
GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 10 -
1
Accounting policies
Company information

GT Produce Limited is a private company limited by shares incorporated in England and Wales. The registered office is Yorkshire Produce Centre, Pontefract Lane, Leeds, LS9 0PX.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include the certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has also taken advantage of the exemption conferred by section 33.11 of FRS 102 allowing it not to disclose transactions and balance within its group, on the grounds that those entities are related by virtue of having the same control as defined in 33.11(b).

 

The ultimate parent company is Gilbert Thompson (Leeds) Limited, which is the smallest and largest group into which these financial statements are consolidated. The registered office of Gilbert Thompson (Leeds) Limited is Yorkshire Produce Centre, Pontefract Lane, Leeds, West Yorkshire, LS9 0PX.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Turnover from the sale of fruit and vegetables is recognised when the significant risks and rewards of ownership of the fruit and vegetables have passed to the buyer (usually on dispatch 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.

GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 11 -
1.4
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.

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:

Plant and equipment
20% Reducing Balance
Fixtures and fittings
10% Reducing Balance
Computer equipment
33% Straight Line
Motor vehicles
20% 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 credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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 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 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.

1.6
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.

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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 12 -
1.8
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

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 company 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 company after deducting all of its liabilities.

GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 13 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 14 -
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 when the company has 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.

1.11
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.

1.12
Retirement benefits

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

1.13
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 leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 15 -
1.15
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 company’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.

After review the Directors consider that there are no critical estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Produce wholesale
23,802,164
20,348,299
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
23,802,164
20,348,299
2024
2023
£
£
Other significant revenue
Grants received
12,800
12,800
4
Exceptional item
2024
2023
£
£
Expenditure
Intercompany loan write off
-
(112,789)
GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 16 -
5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
146
134
Government grants
(12,800)
(12,800)
Fees payable to the company's auditor for the audit of the company's financial statements
21,770
13,745
Depreciation of owned tangible fixed assets
97,563
49,970
Depreciation of tangible fixed assets held under finance leases
35,962
37,024
Profit on disposal of tangible fixed assets
-
(13)
Operating lease charges
486,087
424,355
6
Employees

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

2024
2023
Number
Number
Directors
5
5
Direct
61
56
Administration
2
4
Management
1
1
Total
69
66

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,409,286
1,985,513
Social security costs
223,587
172,580
Pension costs
95,134
91,047
2,728,007
2,249,140
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
200,671
216,526
Company pension contributions to defined contribution schemes
21,373
20,165
222,044
236,691

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

GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Directors' remuneration
(Continued)
- 17 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
124,938
86,382
Company pension contributions to defined contribution schemes
5,522
11,480
8
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
4,269
4,301
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
121,102
43,343
Adjustments in respect of prior periods
6,324
-
0
Total current tax
127,426
43,343
Deferred tax
Origination and reversal of timing differences
(18,968)
(12,125)
Total tax charge
108,458
31,218

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
400,895
260,430
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.50%)
100,224
58,597
Tax effect of expenses that are not deductible in determining taxable profit
1,979
745
Permanent capital allowances in excess of depreciation
-
0
(23,442)
Deferred tax adjustments in respect of prior years
6,324
(12,125)
Other
(69)
7,443
Taxation charge for the year
108,458
31,218
GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 18 -
10
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023
88,530
308,780
44,563
361,850
803,723
Additions
2,873
-
0
1,783
5,251
9,907
At 31 October 2024
91,403
308,780
46,346
367,101
813,630
Depreciation and impairment
At 1 November 2023
17,761
164,471
31,304
207,452
420,988
Depreciation charged in the year
14,315
14,431
8,086
60,731
97,563
At 31 October 2024
32,076
178,902
39,390
268,183
518,551
Carrying amount
At 31 October 2024
59,327
129,878
6,956
98,918
295,079
At 31 October 2023
70,769
144,309
13,259
154,398
382,735

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

2024
2023
£
£
Motor vehicles
24,522
60,484
24,522
60,484
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
108,854
97,276
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,607,288
1,509,905
Amounts owed by group undertakings
748,316
578,503
Other debtors
189,118
233,810
Prepayments and accrued income
16,182
72,307
2,560,904
2,394,525
GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
15
-
0
35,566
Obligations under finance leases
16
3,677
39,387
Trade creditors
1,371,051
1,482,689
Amounts owed to group undertakings
-
0
66,808
Corporation tax
117,415
33,282
Other taxation and social security
47,794
64,428
Other creditors
5,144
9,163
Accruals and deferred income
440,326
219,026
1,985,407
1,950,349

The bank overdraft is secured by way of a cross multilateral loan and overdraft guarantee as detailed in note 20.

 

£3,677 (2023 - £39,387) included in obligations under finance leases is secured on assets held under hire purchase agreements.

14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
-
0
3,677

£Nil (2023 - £3,677) is secured on assets held under hire purchase agreements.

15
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
-
0
35,566
Payable within one year
-
0
35,566

The bank overdraft is secured by way of a cross group multilateral loan and overdraft guarantee as detailed in note 20.

GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
3,677
43,655
In two to five years
-
0
4,074
3,677
47,729
Less: future finance charges
-
0
(4,665)
3,677
43,064

Finance lease payments represent rentals payable by the company for certain items of motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets.

17
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
58,032
77,000
2024
Movements in the year:
£
Liability at 1 November 2023
77,000
Credit to profit or loss
(18,968)
Liability at 31 October 2024
58,032
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
95,134
91,047

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 21 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
20
Financial commitments, guarantees and contingent liabilities

The company is subject to a cross group multilateral loan guarantee in favour of HSBC. At 31 October 2024 the net total amounted to £2,755,967 (2023 - £3,119,154).

21
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
239,524
74,293
Between two and five years
444,866
178,502
684,390
252,795
22
Events after the reporting date

The company declared £30,501 of dividends to the Employee Ownership Trust, this was agreed with the Directors at the board meeting dated 14 November 2024.

23
Directors' transactions

Interest free loans have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Daniel Thompson
-
-
2,000
2,000
Andrew Colburn
-
23,667
1,797
25,464
23,667
3,797
27,464
GT PRODUCE LIMITED
GT Produce Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
24
Ultimate controlling party

The company’s immediate parent company is Gilbert Thompson (Leeds) Limited whose registered office Yorkshire Produce Centre, Pontefract Lane, Leeds, LS9 0PX, which is a company incorporated in England and Wales.   This is the largest and smallest group in which the results of the company are consolidated.  The consolidated accounts are available on at Companies House, Crown Way, Cardiff, CA14 3UZ.

 

The ultimate controlling party is Gilbert Thompson Trustees Limited.

 

 

2024-10-312023-11-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr R J ThompsonMr D C ThompsonMr F J BeckleyMr A A ColburnMr R HarlandMr K J B Weiss070395302023-11-012024-10-3107039530bus:Director12023-11-012024-10-3107039530bus:Director22023-11-012024-10-3107039530bus:Director42023-11-012024-10-3107039530bus:Director52023-11-012024-10-3107039530bus:Director62023-11-012024-10-3107039530bus:Director32023-11-012024-10-3107039530bus:RegisteredOffice2023-11-012024-10-31070395302024-10-31070395302022-11-012023-10-310703953012023-11-012024-10-310703953012022-11-012023-10-3107039530core:RetainedEarningsAccumulatedLosses2022-11-012023-10-3107039530core:RetainedEarningsAccumulatedLosses2023-11-012024-10-31070395302023-10-3107039530core:PlantMachinery2024-10-3107039530core:FurnitureFittings2024-10-3107039530core:ComputerEquipment2024-10-3107039530core:MotorVehicles2024-10-3107039530core:PlantMachinery2023-10-3107039530core:FurnitureFittings2023-10-3107039530core:ComputerEquipment2023-10-3107039530core:MotorVehicles2023-10-3107039530core:CurrentFinancialInstrumentscore:WithinOneYear2024-10-3107039530core:CurrentFinancialInstrumentscore:WithinOneYear2023-10-3107039530core:Non-currentFinancialInstrumentscore:AfterOneYear2024-10-3107039530core:Non-currentFinancialInstrumentscore:AfterOneYear2023-10-3107039530core:CurrentFinancialInstruments2024-10-3107039530core:CurrentFinancialInstruments2023-10-3107039530core:ShareCapital2024-10-3107039530core:ShareCapital2023-10-3107039530core:RetainedEarningsAccumulatedLosses2024-10-3107039530core:RetainedEarningsAccumulatedLosses2023-10-3107039530core:ShareCapital2022-10-3107039530core:RetainedEarningsAccumulatedLosses2022-10-31070395302022-10-3107039530core:ShareCapitalOrdinaryShareClass12024-10-3107039530core:ShareCapitalOrdinaryShareClass12023-10-3107039530core:PlantMachinery2023-11-012024-10-3107039530core:FurnitureFittings2023-11-012024-10-3107039530core:ComputerEquipment2023-11-012024-10-3107039530core:MotorVehicles2023-11-012024-10-3107039530dpl:Item12022-11-012023-10-3107039530core:UKTax2023-11-012024-10-3107039530core:UKTax2022-11-012023-10-3107039530core:PlantMachinery2023-10-3107039530core:FurnitureFittings2023-10-3107039530core:ComputerEquipment2023-10-3107039530core:MotorVehicles2023-10-31070395302023-10-3107039530core:Non-currentFinancialInstruments2024-10-3107039530core:Non-currentFinancialInstruments2023-10-3107039530core:WithinOneYear2024-10-3107039530core:WithinOneYear2023-10-3107039530core:BetweenTwoFiveYears2024-10-3107039530core:BetweenTwoFiveYears2023-10-3107039530bus:OrdinaryShareClass12023-11-012024-10-3107039530bus:OrdinaryShareClass12024-10-3107039530bus:OrdinaryShareClass12023-10-3107039530bus:PrivateLimitedCompanyLtd2023-11-012024-10-3107039530bus:FRS1022023-11-012024-10-3107039530bus:Audited2023-11-012024-10-3107039530bus:FullAccounts2023-11-012024-10-31xbrli:purexbrli:sharesiso4217:GBP