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Registration number: 05976284

Gasparro Produce Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Gasparro Produce Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Gasparro Produce Limited

Company Information

Director

G Gasparro

Registered office

Pensham Fields Farm
Pensham
Pershore
Worcestershire
WR10 3HD

Accountants

Clement Rabjohns Limited
Chartered Accountants111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Gasparro Produce Limited

(Registration number: 05976284)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

527,902

420,232

Current assets

 

Stocks

6

73,327

80,577

Debtors

7

16,841

32,756

Cash at bank and in hand

 

245,046

340,293

 

335,214

453,626

Creditors: Amounts falling due within one year

8

(72,517)

(50,929)

Net current assets

 

262,697

402,697

Total assets less current liabilities

 

790,599

822,929

Creditors: Amounts falling due after more than one year

8

(21,833)

(31,667)

Provisions for liabilities

(64,568)

(61,624)

Net assets

 

704,198

729,638

Capital and reserves

 

Called up share capital

100

100

Retained earnings

704,098

729,538

Shareholders' funds

 

704,198

729,638

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 May 2025
 

.........................................
G Gasparro
Director

 

Gasparro Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pensham Fields Farm
Pensham
Pershore
Worcestershire
WR10 3HD
United Kingdom

These financial statements were authorised for issue by the director on 19 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the sale of goods in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Gasparro Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Tenants improvements

2% straight line

Plant and machinery

20% straight line

Fixtures, fittings and equipment

15% straight line

Motor vehicles

20% straight line

The tenants improvements are not depreciated as this category of assets represents an asset under construction during 2021.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line basis over 10 years

 

Gasparro Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2023 - 8).

 

Gasparro Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

100,000

100,000

At 31 December 2024

100,000

100,000

Amortisation

At 1 January 2024

100,000

100,000

At 31 December 2024

100,000

100,000

Carrying amount

At 31 December 2024

-

-

At 31 December 2023

-

-

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

155,410

771,903

30,439

957,752

Additions

21,482

219,110

-

240,592

Disposals

-

(79,650)

-

(79,650)

At 31 December 2024

176,892

911,363

30,439

1,118,694

Depreciation

At 1 January 2024

3,108

503,973

30,439

537,520

Charge for the year

3,108

111,944

-

115,052

Eliminated on disposal

-

(61,780)

-

(61,780)

At 31 December 2024

6,216

554,137

30,439

590,792

Carrying amount

At 31 December 2024

170,676

357,226

-

527,902

At 31 December 2023

152,302

267,930

-

420,232

Included within the net book value of land and buildings above is £170,675 (2023 - £152,302) in respect of tenant improvements.
 

 

Gasparro Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

73,327

80,577

7

Debtors

Note

2024
£

2023
£

Other debtors

 

-

2,074

Prepayments

 

16,808

21,816

Income tax asset

33

8,866

 

16,841

32,756

 

Gasparro Produce Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

53,500

31,667

Trade creditors

 

2,710

9,272

Taxation and social security

 

9,355

976

Accruals and deferred income

 

5,812

8,046

Other creditors

 

1,140

968

 

72,517

50,929

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

21,833

31,667

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

21,833

31,667

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

53,500

31,667