| REGISTERED NUMBER: 02059336 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Audited Consolidated Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Peter Gilding & Co. Limited |
| REGISTERED NUMBER: 02059336 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Audited Consolidated Financial Statements |
| for the Year Ended 31 October 2024 |
| for |
| Peter Gilding & Co. Limited |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 5 |
| Report of the Independent Auditors | 7 |
| Consolidated Income Statement | 10 |
| Consolidated Other Comprehensive Income | 11 |
| Consolidated Balance Sheet | 12 |
| Company Balance Sheet | 13 |
| Consolidated Statement of Changes in Equity | 14 |
| Company Statement of Changes in Equity | 15 |
| Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Cash Flow Statement | 17 |
| Notes to the Consolidated Financial Statements | 18 |
| Peter Gilding & Co. Limited |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Military House |
| 24 Castle Street |
| Chester |
| Cheshire |
| CH1 2DS |
| BANKERS: | Barclays Bank plc |
| 48B & 50 Lord Street |
| Liverpool |
| L2 1TD |
| SOLICITORS: |
| 4 St Paul's Square |
| Old Hall St |
| Liverpool |
| L3 9SJ |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Group Strategic Report |
| for the Year Ended 31 October 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 October 2024. |
| REVIEW OF BUSINESS |
| A summary of the results of the business is shown below. |
| The key financial highlights are as below |
| 2024 | 2023 | 2022 | 2021 | 2020 |
| £'000 | £'000 | £'000 | £'000 | £'000 |
| Turnover | 23,414 | 45,696 | 52,718 | 56,152 | 55,524 |
| Turnover growth | (48.8)% | (12.8)% | (6.1)% | 1.1% | (3.8)% |
| Gross profit margin | 17.5% | 14.94% | 13.21% | 11.53% | 10.56% |
| Profit/(loss) before tax | 829.4 | 814.4 | 384.3 | (89.4) | (389.4) |
| The current year was the first full year following being de-listed as a supplier by Aldi (UK) Limited in 2023. |
| The Company undertook and completed a full restructure at the end of 2023, making a considerable number of employees redundant, and putting the company in the right shape to face the challenges ahead. |
| The Directors believe the necessary, if difficult, steps were taken and have been evident in the success in the current year. |
| During the year inflationary pressures and the cost of living crisis impacted the whole supply chain. |
| Brexit effects still continue to be felt, primarily in additional administration and also via inflationary pressures in the supply chain. |
| Strong relationships with vendors, shippers and hauliers have enabled Peter Gilding & Co. Limited to transition smoothly and keep disruption of the supply chain to a minimum. The Directors believe that in the medium term, supply issues will inevitably occur which are set out in the Principal Risks and Uncertainties section below. |
| Global oversupply of product continued into the current year having a negative impact upon sales values and margins. Supermarket price wars have had impacted sales on the wholesale markets in the period. |
| The Company provides high quality service to both its suppliers and customers and is fully accredited to BRC Standards. |
| The Company is also certified with The Soil Association to store and pack organic produce. |
| PGCL are in an ideal geographic location being able to serve the whole of the UK both for incoming and outgoing product quickly, efficiently and cost effectively. |
| The Company has heavily invested in solar panels to reduce its "carbon footprint" and help towards its own carbon offsetting goals. The Company is looking to further invest in solar panels in the new year. |
| The Directors would like to acknowledge the enthusiasm and contribution made by all their staff in reaching the result for 2024 and to thank the staff, both past and present, for their contributions to the company in the current and previous years. |
| PERFORMANCE MANAGEMENT |
| Annual budgets and long-term financial plans are developed by the Directors to target improved performance in all areas of the business. On a monthly basis, the Directors review the performance of the Company by comparing actual results against budget expectations and prior year achievements and analysing the results where necessary. Particular emphasis is placed upon monitoring turnover, operating costs, cash flows and working capital levels. In addition, other KPIs are monitored by the Directors as listed below: |
| Profit ratios: gross profit margin, net profit margin and return on capital employed (ROCE) |
| Liquidity ratios: current ratio, debtor cover, free cash flow generated. |
| Activity ratios: debtor days, creditor days and stock turnover. |
| Capital ratios: total assets/total liabilities. |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Group Strategic Report |
| for the Year Ended 31 October 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| There are a number of potential risks and uncertainties, which could have a material impact on the Company's long-term performance and cause actual results to materially differ from expected and historic results. |
| The risk management process seeks to enable the early identification, evaluation and effective management of the key risks facing the company at an operational level and to operate internal controls that adequately mitigate these risks. |
| The Directors have identified the following to be the principal risks and uncertainties that could have the most significant impact upon the company's value generation. |
| RISK AREA NATURE OF RISK MITIGATION |
| Operational Risk: |
| Competitor environment and customer risk. There is strong competition within the market in which the Company operates. The loss of all or part of the Company's business with one or all of its major customers would adversely impact on the Company's results. The Company manages this risk by maintaining strong customer and supplier relationships. Delivering high levels of service and quality supports this process. The monitoring of KPIs including service levels and customer complaints enables the business to ensure it offers strong customer service, quality products, low costs and innovative product development. |
| Cost and supply of produce. The cost and supply of produce is largely influenced by the environment in which the produce originates. Changes in price would impact the core profitability of the Company's business and any related shortage in supply will impact upon the business' ability to maintain its service levels to customers. The Company maintains high level of expertise in its buying team, enabling it to monitor produce sources on a global basis and to negotiate forward supply contracts, where appropriate, on favourable terms, with key vendors. The team also cultivates close relationships with major vendors to ensure continuity of supply at competitive prices. In addition, the Company has a strong wholesale department resulting in a fully comprehensive package to the supplier. |
| State of the economy. The global economic recovery continues at a slow pace. A relapse could adversely impact sales or sales mix and, ultimately, lower profitability and cash flow. Although the Company cannot directly influence the general economic conditions or consumer spending, the Company has the ability to adapt very quickly to changes in customer trends. |
| Brexit. Brexit's implications are that the Company potentially faces several more risks. Brexit has changed the regulatory framework in which the Company operates. How the Company is mitigating currency fluctuations is detailed below. As Britain ceased to be a member of the 'single market', this resulted in more paperwork and costs relating to importation of goods from the E.U. The Company already has a procedure for non-E.U. imports that it uses and will have to recover the additional costs within sales prices. |
| Financial Risk: |
| Credit. A large proportion of the sales are made on credit terms. Granting of credit to inappropriate parties or the failure to collect debts on a timely basis could leave the Company exposed to losses. The Company maintains strong relationships with its customers and has established credit control parameters. Credit evaluations are performed on all customers requiring credit and outstanding debts are continuously monitored. The Company maintains credit insurance and adheres to all credit parameters set by the insurer. |
| Currency fluctuations. The Company is exposed to foreign currency risk on purchases of imported produce denominated in foreign currencies. The Company actively manages its exposure by constant review of the currency markets and also by the use of forward contracts when appropriate. During the year the company sought to further mitigate its risk by setting up a series of 'natural hedges'. |
| Liquidity and access to funding The Company needs access to funding for current business and future growth. The Company maintains a strong, long-term relationship with its banker. Debt requirements, along with appropriate headroom, are periodically reviewed, in conjunction with Barclays. CAPEX is funded, where possible, from internally generated cash flows. |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Group Strategic Report |
| for the Year Ended 31 October 2024 |
| Human resources: |
| Loss of key personnel. The company is reliant upon attracting and successfully holding onto the best personnel. The Company aims to mitigate the loss of key personnel by offering competitive remuneration packages and ensuring that good performance is recognised and rewarded. The company operates strong recruitment processes and aims to develop talent within the company. |
| EMPLOYMENT POLICY |
| We believe the employees are one of the most valuable assets to any company. We have a very low staff turnover and pride ourselves in treating our staff well and this is key to this family business. We offer training in a variety of disciplines. We also endeavour, whenever possible to promote from within the current workforce and external recruitment is seldom necessary. We retain our staff by providing a first class working environment and rewarding them with regular bonuses, subject to the results and future plans of the company. These bonuses are both discretionary and performance related. |
| Harassment - a zero tolerance policy exists towards sexual, physical or mental harassment in the workplace. It is expected that incidents of harassment be reported to the appropriate line manager and human resources manager. |
| Equal opportunities - the Company is committed to offering equal opportunities to all individuals within the Company through recruitment, training, and career development. Full and fair consideration is given to applicants with disabilities and every effort is made to give employees who become disabled while employed by PGCL, an opportunity for retraining. |
| ON BEHALF OF THE BOARD: |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Report of the Directors |
| for the Year Ended 31 October 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 October 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of importation into the United Kingdom of fruit and horticultural produce for sale direct to outlets and wholesale markets and to provide service facilities for the multiples. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 October 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report. |
| Other changes in directors holding office are as follows: |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Report of the Directors |
| for the Year Ended 31 October 2024 |
| 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 group'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 group's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Peter Gilding & Co. Limited |
| Opinion |
| We have audited the financial statements of Peter Gilding & Co. Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 October 2024 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 |
| Peter Gilding & Co. Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company 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 five, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| 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: |
| - Enquiry of management, those charged with governance around actual and potential litigation and claims |
| - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
| - Auditing the risk of management override of controls. including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. |
| - Challenging assumptions and judgements made by management in its significant accounting estimate in particular: |
| - Depreciation - we carried out a review and recalculation of depreciation to assess its appropriateness for inclusion within the financial statements |
| - Accruals and Prepayments - we reviewed a sample of accruals and prepayments in the year to determine that these were applied correctly |
| - Tax Provision - we carried out a review of the tax computations and ensured it was applied correctly |
| - Bad Debt Provision - we reviewed the bad debt provision and bad debts provided for and ensured that the bad debt policy was applied consistently. |
| - Identifying and testing journals entries, in particular any journal entries posted with unusual account combinations. |
| 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 |
| Peter Gilding & Co. Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Military House |
| 24 Castle Street |
| Chester |
| Cheshire |
| CH1 2DS |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Consolidated |
| Income Statement |
| for the Year Ended 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 23,414,385 | 45,696,712 |
| Cost of sales | 19,313,741 | 38,867,646 |
| GROSS PROFIT | 4,100,644 | 6,829,066 |
| Distribution costs | 740,563 | 1,538,281 |
| Administrative expenses | 2,894,009 | 4,055,163 |
| 3,634,572 | 5,593,444 |
| 466,072 | 1,235,622 |
| Other operating income | 213,891 | 106,065 |
| OPERATING PROFIT | 5 | 679,963 | 1,341,687 |
| Costs of fundamental |
| reorganisation | 6 | - | 510,730 |
| 679,963 | 830,957 |
| Interest receivable and similar income | 163,292 | 106,963 |
| 843,255 | 937,920 |
| Amounts written off investments | 7 | - | 100,039 |
| 843,255 | 837,881 |
| Interest payable and similar expenses | 8 | 13,832 | 23,489 |
| PROFIT BEFORE TAXATION | 829,423 | 814,392 |
| Tax on profit | 9 | 246,802 | 227,030 |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 582,621 | 587,362 |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Consolidated |
| Other Comprehensive Income |
| for the Year Ended 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 582,621 | 587,362 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
582,621 |
587,362 |
| Total comprehensive income attributable to: |
| Owners of the parent | 582,621 | 587,362 |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Consolidated Balance Sheet |
| 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 | 6,138,968 | 6,089,888 |
| Investments | 12 | - | - |
| 6,138,968 | 6,089,888 |
| CURRENT ASSETS |
| Stocks | 13 | 896,979 | 684,737 |
| Debtors | 14 | 2,182,913 | 2,140,429 |
| Cash at bank and in hand | 3,896,566 | 4,534,593 |
| 6,976,458 | 7,359,759 |
| CREDITORS |
| Amounts falling due within one year | 15 | 6,833,569 | 8,022,991 |
| NET CURRENT ASSETS/(LIABILITIES) | 142,889 | (663,232 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
6,281,857 |
5,426,656 |
| PROVISIONS FOR LIABILITIES | 17 | 322,180 | 49,600 |
| NET ASSETS | 5,959,677 | 5,377,056 |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 9,375 | 9,375 |
| Retained earnings | 19 | 5,950,302 | 5,367,681 |
| SHAREHOLDERS' FUNDS | 5,959,677 | 5,377,056 |
| The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2025 and were signed on its behalf by: |
| A B Gilding - Director |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Company Balance Sheet |
| 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 11 |
| Investments | 12 |
| CURRENT ASSETS |
| Stocks | 13 |
| Debtors | 14 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 17 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 533,658 | 522,809 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 October 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 November 2022 | 9,375 | 4,780,319 | 4,789,694 |
| Changes in equity |
| Total comprehensive income | - | 587,362 | 587,362 |
| Balance at 31 October 2023 | 9,375 | 5,367,681 | 5,377,056 |
| Changes in equity |
| Total comprehensive income | - | 582,621 | 582,621 |
| Balance at 31 October 2024 | 9,375 | 5,950,302 | 5,959,677 |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 October 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 November 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 October 2024 |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Consolidated Cash Flow Statement |
| for the Year Ended 31 October 2024 |
| 31.10.24 | 31.10.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | (88,932 | ) | 942,655 |
| Interest paid | (13,832 | ) | (22,981 | ) |
| Interest element of hire purchase or finance lease rental payments paid |
- |
(508 |
) |
| Tax paid | (291,613 | ) | (134,244 | ) |
| Net cash from operating activities | (394,377 | ) | 784,922 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (400,594 | ) | (1,500 | ) |
| Sale of tangible fixed assets | - | 2,000 |
| Interest received | 163,292 | 106,963 |
| Net cash from investing activities | (237,302 | ) | 107,463 |
| Cash flows from financing activities |
| Loan repayments in year | - | (48,616 | ) |
| Capital repayments in year | - | (3,143 | ) |
| Amount introduced by directors | 6,530 | - |
| Amount withdrawn by directors | (12,878 | ) | (1,740 | ) |
| Net cash from financing activities | (6,348 | ) | (53,499 | ) |
| (Decrease)/increase in cash and cash equivalents | (638,027 | ) | 838,886 |
| Cash and cash equivalents at beginning of year |
2 |
4,534,593 |
3,695,707 |
| Cash and cash equivalents at end of year | 2 | 3,896,566 | 4,534,593 |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Notes to the Consolidated Cash Flow Statement |
| for the Year Ended 31 October 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Profit before taxation | 829,423 | 814,392 |
| Depreciation charges | 351,514 | 412,126 |
| Amounts written off investments | - | 100,039 |
| Finance costs | 13,832 | 23,489 |
| Finance income | (163,292 | ) | (106,963 | ) |
| 1,031,477 | 1,243,083 |
| (Increase)/decrease in stocks | (212,242 | ) | 500,620 |
| (Increase)/decrease in trade and other debtors | (769 | ) | 1,259,691 |
| Decrease in trade and other creditors | (907,398 | ) | (2,060,739 | ) |
| Cash generated from operations | (88,932 | ) | 942,655 |
| 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 31 October 2024 |
| 31.10.24 | 1.11.23 |
| £ | £ |
| Cash and cash equivalents | 3,896,566 | 4,534,593 |
| Year ended 31 October 2023 |
| 31.10.23 | 1.11.22 |
| £ | £ |
| Cash and cash equivalents | 4,534,593 | 3,695,707 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.11.23 | Cash flow | At 31.10.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 4,534,593 | (638,027 | ) | 3,896,566 |
| 4,534,593 | (638,027 | ) | 3,896,566 |
| Total | 4,534,593 | (638,027 | ) | 3,896,566 |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Peter Gilding & Co. Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are presented in sterling which is the functional currency of the company, rounded to the nearest £1. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold buildings | - |
| Plant and machinery | - |
| Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the 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. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Wages and salaries | 1,903,942 | 3,936,601 |
| Social security costs | 137,052 | 194,540 |
| Other pension costs | 119,470 | 177,105 |
| 2,160,464 | 4,308,246 |
| The average number of employees during the year was as follows: |
| 31.10.24 | 31.10.23 |
| Office, trading and management |
| The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
| 4. | DIRECTORS' EMOLUMENTS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Directors' remuneration | 203,433 | 368,864 |
| Directors' pension contributions to money purchase schemes | 66,178 | 37,664 |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 4. | DIRECTORS' EMOLUMENTS - continued |
| Information regarding the highest paid director is as follows: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Emoluments etc | 89,627 | 167,000 |
| Pension contributions to money purchase schemes | 37,665 | - |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Depreciation - owned assets | 351,514 | 412,125 |
| Auditors' remuneration | 11,400 | 12,300 |
| Taxation compliance services | 4,000 | 3,600 |
| Other non- audit services | 4,025 | 2,600 |
| Foreign exchange differences | (24,951 | ) | (93,500 | ) |
| 6. | EXCEPTIONAL ITEMS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Costs of fundamental |
| reorganisation | - | (510,730 | ) |
| 7. | AMOUNTS WRITTEN OFF INVESTMENTS |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Amounts written off |
| investments | - | 100,039 |
| 8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Bank interest | 2,068 | 9,341 |
| Bank loan interest | 11,764 | 13,640 |
| Hire purchase | - | 508 |
| 13,832 | 23,489 |
| 9. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | (25,778 | ) | 291,613 |
| Deferred tax | 272,580 | (64,583 | ) |
| Tax on profit | 246,802 | 227,030 |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 10. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 11. | TANGIBLE FIXED ASSETS |
| Group |
| Freehold | Plant and |
| buildings | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 | 7,569,727 | 3,315,816 | 10,885,543 |
| Additions | 70,432 | 330,162 | 400,594 |
| At 31 October 2024 | 7,640,159 | 3,645,978 | 11,286,137 |
| DEPRECIATION |
| At 1 November 2023 | 1,846,546 | 2,949,109 | 4,795,655 |
| Charge for year | 123,200 | 228,314 | 351,514 |
| At 31 October 2024 | 1,969,746 | 3,177,423 | 5,147,169 |
| NET BOOK VALUE |
| At 31 October 2024 | 5,670,413 | 468,555 | 6,138,968 |
| At 31 October 2023 | 5,723,181 | 366,707 | 6,089,888 |
| Company |
| Freehold | Plant and |
| buildings | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 12. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST OR VALUATION |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Cost or valuation at 31 October 2024 is represented by: |
| Shares in |
| group |
| undertakings |
| £ |
| Cost | 2 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Aggregate capital and reserves |
| Registered office: Caddick Road, Knowsley Business Park, Prescot, Merseyside, L34 9HP. |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.10.24 | 31.10.23 |
| £ | £ |
| Aggregate capital and reserves | ( |
) |
| Profit for the year |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 13. | STOCKS |
| Group | Company |
| 31.10.24 | 31.10.23 | 31.10.24 | 31.10.23 |
| £ | £ | £ | £ |
| Finished goods | 896,979 | 684,737 |
| 14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.10.24 | 31.10.23 | 31.10.24 | 31.10.23 |
| £ | £ | £ | £ |
| Trade debtors | 1,825,515 | 1,906,722 |
| Amounts owed by group undertakings | - | - |
| Tax | 58,285 | 16,570 |
| VAT | 100,570 | - |
| Prepayments | 198,543 | 217,137 |
| 2,182,913 | 2,140,429 |
| 15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.10.24 | 31.10.23 | 31.10.24 | 31.10.23 |
| £ | £ | £ | £ |
| Trade creditors | 5,830,495 | 6,374,163 |
| Amounts owed to group undertakings | - | - |
| Tax | 15,953 | 291,629 |
| Social security and other taxes | 75,268 | 377,416 |
| VAT | - | 53,010 | - | - |
| Directors' current accounts | 31,156 | 37,504 | 31,156 | 37,504 |
| Accrued expenses | 880,697 | 889,269 |
| 6,833,569 | 8,022,991 |
| 16. | SECURED DEBTS |
| The company's banking facilities are secured by a charge over the freehold property of the company under the terms of a standard bank form and by fixed and floating charges over the assets of the group. |
| 17. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 31.10.24 | 31.10.23 | 31.10.24 | 31.10.23 |
| £ | £ | £ | £ |
| Deferred tax |
| Accelerated capital allowances | 322,180 | 49,600 |
| Peter Gilding & Co. Limited (Registered number: 02059336) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 17. | PROVISIONS FOR LIABILITIES - continued |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 | 49,600 |
| Provided during year | 272,580 |
| Balance at 31 October 2024 | 322,180 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Provided during year |
| Balance at 31 October 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.10.24 | 31.10.23 |
| value: | £ | £ |
| Ordinary | £1 | 9,375 | 9,375 |
| 19. | RESERVES |
| Group |
| Retained |
| earnings |
| £ |
| At 1 November 2023 | 5,367,681 |
| Profit for the year | 582,621 |
| At 31 October 2024 | 5,950,302 |
| Company |
| Retained |
| earnings |
| £ |
| At 1 November 2023 |
| Profit for the year |
| At 31 October 2024 |
| 20. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is Mr P B Gilding. |