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Registration number: 13690425

GFGB Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 September 2024

 

GFGB Holdings Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3 to 4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 38

 

GFGB Holdings Limited

Company Information

Director

D G Barnes

Registered office

Withgill Farm
Mitton
CLITHEROE
BB7 3LW

Auditors

Dodd & Co Audit Limited
Chartered Accountants & Registered Auditors
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

 

GFGB Holdings Limited

Strategic Report for the Year Ended 30 September 2024

The director presents his strategic report for the year ended 30 September 2024.

Principal activity

The principal activity of the group is investment activities

Fair review of the business

Results continued to grow and improve on the previous year due to a strong milk price. That, coupled with efficient cost controls in place despite nationwide cost increases ensured the additional income generated was reflected right through to profit before tax.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

16,847,752

13,954,032

Gross profit margin

%

31

50

Profit before tax

£

11,468,866

10,282,639

Net assets

£

45,291,168

35,697,383

Principal risks and uncertainties

The principal commercial risks to the business are the major components of production costs, price per litre of milk sold, legislative changes such as changes in subsidies received and customer requirements. The directors continually assess the position of the business, its operations and the impact of any potential or actual changes in environment. The business is considered to have sufficient working capital to react and adapt to any changes.

Approved and authorised by the director on 26 June 2025
 

.........................................
D G Barnes
Director

 

GFGB Holdings Limited

Director's Report for the Year Ended 30 September 2024

The director presents his report and the for the year ended 30 September 2024.

Director of the group

The director who held office during the year was as follows:

D G Barnes

Financial instruments

Objectives and policies

The group's director continually monitors and manage the finances of the company with a view to meeting future financial obligations as and when they become due as well as funding future developments projects. In addition, they aim to manage the company's liquid resources in such a way as to ensure that funds are available to cover any unexpected items of expenditure which may arise. The group has currency exposure in respect of its investments in overseas joint ventures and associates. The group does not use derivative financial instruments for any purpose.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors and creditors and certain other debtors and creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining large cash balances. All of the business' cash balances are held in such a way that achieves a competitive rate of interest where possible.

The majority of revenue and trade debtors are derived from milk sales and auction sales which, as is common with such transactions, receive the funds from such transactions relatively quickly after the point of sale. There are no sales transacted in foreign currency and very few on credit terms.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due within the set credit terms offered.

Future developments

Refer to Important non adjusting events after the balance sheet date for an indication of likely future developments.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.

Further details regarding the adoption of the going concern basis can be found in the accounting policies in note 1 to the financial statements.

 

GFGB Holdings Limited

Director's Report for the Year Ended 30 September 2024 (continued)

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Approved and authorised by the director on 26 June 2025
 

.........................................
D G Barnes
Director

 

GFGB Holdings Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

GFGB Holdings Limited

Independent Auditor's Report to the Members of GFGB Holdings Limited

Opinion

We have audited the financial statements of GFGB Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 30 September 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 auditor 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 director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

GFGB Holdings Limited

Independent Auditor's Report to the Members of GFGB Holdings Limited (continued)

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

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 director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

GFGB Holdings Limited

Independent Auditor's Report to the Members of GFGB Holdings Limited (continued)

the nature of the industry and sector, control environment and business performance including the design of the company’s remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

any matters we identified having obtained and reviewed the group’s documentation of their policies and procedures relating to:

-

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

the matters discussed among the audit engagement team and involving relevant internal specialists, including tax and pensions regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in relation to management override which, in common with all audits under ISAs (UK), we are required to perform specific procedures to respond to this risk.

We also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions legislation and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty. The key laws and regulations we considered in this context related to the Health and Safety Act and Employment Law.

As a result of performing the above, in response to the risks identified, we did not identify any key audit matters related to the potential risk of fraud or non-compliance with laws and regulations.

In addition to the above, our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

enquiring of management concerning actual and potential litigation and claims;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

reading minutes of meetings of those charged with governance, reviewing correspondence with HMRC; and

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

GFGB Holdings Limited

Independent Auditor's Report to the Members of GFGB Holdings Limited (continued)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

......................................
Steven Barnes FCA (Senior Statutory Auditor)
For and on behalf of Dodd & Co Audit Limited, Statutory Auditor

FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

26 June 2025

 

GFGB Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

3

16,847,752

13,954,032

Cost of sales

 

(11,611,629)

(6,950,356)

Gross profit

 

5,236,123

7,003,676

Administrative expenses

 

(2,451,148)

(2,255,725)

Other operating income

4

370,569

155,121

Operating profit

5

3,155,544

4,903,072

Gain on financial assets at fair value through profit and loss

 

1,282,221

225,095

Other interest receivable and similar income

6

323,074

487,457

Interest payable and similar expenses

7

(93)

(652)

   

1,605,202

711,900

Share of profit of equity accounted investees

 

6,708,120

4,667,667

Profit before tax

 

11,468,866

10,282,639

Tax on profit

11

(817,574)

(1,133,856)

Profit for the financial year

 

10,651,292

9,148,783

Profit/(loss) attributable to:

 

Owners of the company

 

10,651,292

9,148,783

The above results were derived from continuing operations.

 

GFGB Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 September 2024

2024
£

2023
£

Profit for the year

10,651,292

9,148,783

Foreign currency translation (losses)/gains

(1,057,507)

825,578

Total comprehensive income for the year

9,593,785

9,974,361

Total comprehensive income attributable to:

Owners of the company

9,593,785

9,974,361

 

GFGB Holdings Limited

(Registration number: 13690425)
Consolidated Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

11,284,052

1,154,120

Investments

14

24,238,804

18,588,291

Other financial assets

15

5,192,553

3,910,332

 

40,715,409

23,652,743

Current assets

 

Stocks

16

371,913

3,749,517

Debtors

17

5,444,661

1,237,859

Cash at bank and in hand

 

4,262,554

12,019,994

 

10,079,128

17,007,370

Creditors: Amounts falling due within one year

19

(5,383,277)

(4,824,207)

Net current assets

 

4,695,851

12,183,163

Total assets less current liabilities

 

45,411,260

35,835,906

Creditors: Amounts falling due after more than one year

19

(11,758)

(13,607)

Provisions for liabilities

20

(108,334)

(124,916)

Net assets

 

45,291,168

35,697,383

Capital and reserves

 

Called up share capital

22

10,130

10,130

Retained earnings

23

45,281,038

35,687,253

Equity attributable to owners of the company

 

45,291,168

35,697,383

Shareholders' funds

 

45,291,168

35,697,383

Approved and authorised by the director on 26 June 2025
 

.........................................
D G Barnes
Director

 

GFGB Holdings Limited

(Registration number: 13690425)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

10,260,198

-

Investments

14

2,579,725

2,579,725

Other financial assets

15

5,192,553

3,910,332

 

18,032,476

6,490,057

Current assets

 

Debtors

17

154,914

32,303

Cash at bank and in hand

 

3,609,708

11,376,967

 

3,764,622

11,409,270

Creditors: Amounts falling due within one year

19

(9,211,653)

(6,879,587)

Net current (liabilities)/assets

 

(5,447,031)

4,529,683

Net assets

 

12,585,445

11,019,740

Capital and reserves

 

Called up share capital

22

10,130

10,130

Retained earnings

12,575,315

11,009,610

Shareholders' funds

 

12,585,445

11,019,740

No profit and loss account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £1,565,705 (2023 - profit of £601,476).

Approved and authorised by the director on 26 June 2025
 

.........................................
D G Barnes
Director

 

GFGB Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 September 2024
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 October 2023

10,130

35,687,253

35,697,383

35,697,383

Profit for the year

-

10,651,292

10,651,292

10,651,292

Other comprehensive income

-

(1,057,507)

(1,057,507)

(1,057,507)

Total comprehensive income

-

9,593,785

9,593,785

9,593,785

At 30 September 2024

10,130

45,281,038

45,291,168

45,291,168

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 October 2022

10,130

25,712,892

25,723,022

25,723,022

Profit for the year

-

9,148,783

9,148,783

9,148,783

Other comprehensive income

-

825,578

825,578

825,578

Total comprehensive income

-

9,974,361

9,974,361

9,974,361

At 30 September 2023

10,130

35,687,253

35,697,383

35,697,383

 

GFGB Holdings Limited

Statement of Changes in Equity for the Year Ended 30 September 2024

Share capital
£

Retained earnings
£

Total
£

At 1 October 2023

10,130

11,009,610

11,019,740

Profit for the year

-

1,565,705

1,565,705

At 30 September 2024

10,130

12,575,315

12,585,445

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

10,130

10,408,134

10,418,264

Profit for the year

-

601,476

601,476

At 30 September 2023

10,130

11,009,610

11,019,740

 

GFGB Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 30 September 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

10,651,292

9,148,783

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

197,818

132,833

Financial instrument net gains (losses) through profit and loss

 

(1,282,221)

(225,095)

Finance income

6

(323,074)

(487,457)

Finance costs

7

93

652

Share of profit/loss of equity accounted investees

 

(6,708,120)

(4,667,667)

Income tax expense

11

817,574

1,133,856

Investment in subsidiary previously not consolidated

 

100

-

 

3,353,462

5,035,905

Working capital adjustments

 

Decrease/(increase) in stocks

16

3,377,604

(1,466,637)

(Increase)/decrease in trade debtors

 

(4,304,159)

246,793

(Decrease)/increase in trade creditors

 

(15,050)

64,748

Decrease in deferred income, including government grants

 

(2,199)

(2,630)

Cash generated from operations

 

2,409,658

3,878,179

Income taxes paid

 

(1,030,500)

(754,081)

Net cash flow from operating activities

 

1,379,158

3,124,098

Cash flows from investing activities

 

Interest received

66,630

207,956

Acquisitions of tangible assets

(10,327,750)

(617,782)

Dividend income

256,444

279,501

Acquisition of investments in subsidiaries

14

-

(100)

Acquisition of financial investments

 

-

(279,501)

Net cash flows from investing activities

 

(10,004,676)

(409,926)

Cash flows from financing activities

 

Interest paid

7

(42)

(601)

Other borrowing advances and repayments

 

868,171

1,473,006

Interest on preference shares

 

(51)

(51)

Net cash flows from financing activities

 

868,078

1,472,354

Net (decrease)/increase in cash and cash equivalents

 

(7,757,440)

4,186,526

Cash and cash equivalents at 1 October

 

12,019,994

7,833,468

Cash and cash equivalents at 30 September

 

4,262,554

12,019,994

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 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:
Withgill Farm
Mitton
CLITHEROE
BB7 3LW

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

Summary of disclosure exemptions

GFGB Holdings Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. GFGB Holdings Limited is the parent of a group that prepares publicly available consolidated financial statements. Exemptions have been taken in the separate company financial statements in relation to financial instruments, presentation of a cash flow statement and remuneration of key management personnel.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 September 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

Business combinations are accounted for by using the merger accounting method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The group’s business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The director's report further describes the financial position of the group; its cash flows, liquidity position and borrowing facilities; the group’s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposure to credit risk and liquidity risk.

The group’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the group has adequate resources to continue in operational existence for the foreseeable future. Therefore the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group 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 group's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Other grants

Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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 group operates and generates taxable income.

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

Included in land and buildings in the parent's individual financial statements is property rented to a subsidiary entity. In accordance with paragraph 16.4A of FRS 102, the company has chosen to account for the property within property, plant and equipment and apply the cost model in accordance with Section 17 of FRS 102.

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

Buildings

2% straight line basis to residual value and 10% reducing balance basis

Plant and equipment

20% and 25% reducing balance basis

Motor vehicles

25% reducing balance basis

Furniture, fittings and office equipment

33% straight line basis

No depreciation has been charged on certain buildings held by the group on the basis that these are being maintained and any residual value is expected to be at such a level that any depreciation charge would be highly immaterial.

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Merger accounting

Business combinations are accounted for by using the merger accounting method. Under merger accounting, the results and cash flows of the combining entities are brought together as if the merger had occurred at the beginning of the earliest period presented. Accordingly:

1. The assets and liabilities of the combining entities at their carrying values immediately before the combination, without any fair value adjustments.

2. The income and expenditure for of the combining entities are aggregated for the entire financial year, including any pre-combination results.

3. No goodwill is recognised as part of the combination.

Investments

In the parent company financial statements investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

In the group financial statements investments in associates and joint ventures are accounted for using the equity method. The carrying amount of the investment in associates and joint ventures is increased or decreased to recognise the group’s share of the profit or loss and other comprehensive income of the associate and joint venture, adjusted where necessary to ensure consistency with the accounting policies of the group (unless impracticable).

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Biological assets are recognised only when three recognition criteria have been fulfilled:
1. the entity has control over the asset as a result of past events;
2. it is probable that future economic benefits associated with the asset will flow to the entity; and
3. the fair value of cost or the asset can be measured reliably.

Biological assets including livestock is valued at fair value less any anticipated costs to sell. Fair value has been determined by the director based on market prices, factoring in the aged profile of the flying herd. Changes in fair value less costs to sell are recognises in profit or loss. Crop stock is valued at cost less any impairment.

Other consumables stocks are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Preference shares are classified as debt when the shares are redeemable in the future at the option of the holder.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

16,847,752

13,954,032

Turnover

16,847,752

13,954,032

Rent receivable

64,258

-

Contract work done

2,848

-

Grazing income

15,042

17,704

Basic payment scheme

47,480

59,674

Environmental subsidies

79,970

9,885

Government grants

2,199

2,630

Other income

158,772

65,228

Interest income on bank deposits

62,539

185,788

Other interest receivable

4,091

22,168

Dividend income

256,444

279,501

 

17,541,395

14,596,610

4

Exceptional items

Included in turnover and cost of sales in the profit and loss account in the current financial year are transactions relating to the sale of the dairy herd as part of a share farming agreement. Total turnover in respect of the sale of the dairy herd was £4,142,095, based on a third party professional market valuation undertaken.

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

197,818

132,833

Foreign exchange losses

49

55

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

62,539

185,788

Dividend income

256,444

279,501

Other finance income

4,091

22,168

323,074

487,457

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

42

601

Interest on preference shares

51

51

93

652

8

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2024
£

2023
£

Wages and salaries

749,471

681,052

Social security costs

69,199

58,664

Pension costs, defined contribution scheme

267,285

300,148

1,085,955

1,039,864

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

22

21

Administration and support

5

5

27

26

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

9

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

100,000

60,000

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

44,000

47,250

Included within the above are fees in relation to the audit of the parent company totalling £20,000 (2023 - £20,000).

11

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

834,156

1,079,025

Deferred taxation

Arising from origination and reversal of timing differences

(16,582)

54,831

Tax expense in the income statement

817,574

1,133,856

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 22%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

11,468,866

10,282,639

Corporation tax at standard rate

2,867,217

2,262,181

Tax increase from effect of capital allowances and depreciation

8,583

3,715

Effect of revenues exempt from taxation

(384,666)

(115,436)

Effect of expense not deductible in determining taxable profit (tax loss)

(1,643)

4,686

Decrease from effect of joint-ventures and associates results reported net of tax

(1,677,030)

(1,026,887)

Deferred tax expense relating to changes in tax rates or laws

5,113

5,597

Total tax charge

817,574

1,133,856

An increase in the UK headline corporation tax rate from 19% to 25% from 1 April 2023 was substantively enacted on 24 May 2021. Deferred tax has been recognised at the rates in which temporary timing differences are expected to reverse which equates to 25% (2023 - 25%).

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated tax depreciation

-

108,334

-

108,334

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

124,916

-

124,916

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £26,414 (2023 - £20,690).

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

12

Intangible assets

Group

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 October 2023

48,637

48,637

At 30 September 2024

48,637

48,637

Amortisation

At 1 October 2023

48,637

48,637

At 30 September 2024

48,637

48,637

Carrying amount

At 30 September 2024

-

-

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

13

Tangible assets

Group

Land and buildings
£

Plant and equipment
£

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 October 2023

2,309,888

1,516,743

49,309

9,364

3,885,304

Additions

10,260,198

35,331

31,500

721

10,327,750

At 30 September 2024

12,570,086

1,552,074

80,809

10,085

14,213,054

Depreciation

At 1 October 2023

1,662,455

1,033,130

27,073

8,526

2,731,184

Charge for the year

64,744

124,008

8,185

881

197,818

At 30 September 2024

1,727,199

1,157,138

35,258

9,407

2,929,002

Carrying amount

At 30 September 2024

10,842,887

394,936

45,551

678

11,284,052

At 30 September 2023

647,433

483,613

22,236

838

1,154,120

Included within the net book value of land and buildings above is £10,260,198 (2023 - £Nil) in respect of freehold land and buildings and £582,689 (2023 - £647,433) in respect of short leasehold land and buildings.
 

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Company

Land and buildings
£

Total
£

Cost or valuation

Additions

10,260,198

10,260,198

At 30 September 2024

10,260,198

10,260,198

Depreciation

Carrying amount

At 30 September 2024

10,260,198

10,260,198

Included within the net book value of land and buildings above is £10,260,198 (2023 - £Nil) in respect of freehold land and buildings.
 

14

Investments

Group

2024
£

2023
£

Investments in subsidiaries

-

100

Investments in joint ventures

24,238,804

18,588,191

24,238,804

18,588,291

Joint ventures

£

Valuation

At 1 October 2023

18,588,191

Share of profit in joint ventures

5,650,613

At 30 September 2024

24,238,804

Carrying amount

At 30 September 2024

24,238,804

At 30 September 2023

18,588,191

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Joint ventures

Pelpusztai Mezogazdasagi Korlatolt Felelossegu Tarsasag

8139 Szabadhídvég Pélpuszta puszta 10, Hungary

Ordinary

49.97%

49.97%

AGRO-PROFIT Novenytermeszto es Kereskedelmi Kolatolt Felelossegu Tarsasag

8139 Szabadhídvég Pélpuszta puszta 10, Hungary

Ordinary

12.5%

12.5%

Voting rights

Shares held in AGRO-PROFIT Novenytermeszto es Kereskedelmi Kolatolt Felelossegu Tarsasag represent 50% of the voting rights in the company.

Shares held in Pelpusztai Mezogazdasagi Korlatolt Felelossegu Tarsasag represent 50% of the voting rights in the company.

Joint venture undertakings

Pelpusztai Mezogazdasagi Korlatolt Felelossegu Tarsasag

The principal activity of Pelpusztai Mezogazdasagi Korlatolt Felelossegu Tarsasag is dairy farming.

AGRO-PROFIT Novenytermeszto es Kereskedelmi Kolatolt Felelossegu Tarsasag

The principal activity of AGRO-PROFIT Novenytermeszto es Kereskedelmi Kolatolt Felelossegu Tarsasag is arable farming.

Aggregate financial information of joint ventures

2024
£

2023
£

Group's share of profit or loss in joint ventures

6,708,120

4,667,667

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Company

2024
£

2023
£

Investments in subsidiaries

2,579,725

2,579,725

Subsidiaries

£

Cost

At 1 October 2023

2,579,725

Carrying amount

At 30 September 2024

2,579,725

At 30 September 2023

2,579,725

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Withgill Farm Limited

Withgill Farm, Mitton, Clitheroe, BB7 3LW, England

Ordinary A, B, C, D

100%

100%

Branton East Side Limited

Withgill Farm, Mitton, Clitheroe, BB7 3LW, England

Ordinary

100%

100%

Subsidiary undertakings

Withgill Farm Limited

The principal activity of Withgill Farm Limited is dairy farming.

Branton East Side Limited

The principal activity of Branton East Side Limited is arable farming.

For the year ending 30 September 2024 the subsidiary Branton East Side Limited was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

15

Other financial assets

Group and company

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

3,910,332

3,910,332

Fair value adjustments

1,282,221

1,282,221

At 30 September 2024

5,192,553

5,192,553

Carrying amount

At 30 September 2024

5,192,553

5,192,553

16

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Crop

296,664

120,000

-

-

Livestock

-

3,551,268

-

-

Consumables

75,249

78,249

-

-

371,913

3,749,517

-

-

Group


Reconciliation of stock movements - biological assets (livestock):

£

At 1 October 2023

3,551,268

Purchase of livestock

1,146,926

Birth of livestock

-

Sales of livestock

(4,805,337)

Death of livestock

-

Valuation changes

107,143

At 30 September 2024

-

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

17

Debtors

 

Group

Company

Current

2024
£

2023
£

2024
£

2023
£

Trade debtors

5,238,770

979,632

-

-

Amounts owed by group undertakings

-

29,900

154,900

29,900

Other debtors

78,468

200,159

14

403

Prepayments

46,494

28,168

-

2,000

Accrued income

80,929

-

-

-

 

5,444,661

1,237,859

154,914

32,303

18

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank

4,262,554

11,608,828

3,609,708

10,965,801

Short-term deposits

-

411,166

-

411,166

4,262,554

12,019,994

3,609,708

11,376,967

19

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

24

3,460,309

2,689,495

3,509,495

2,569,495

Trade creditors

 

1,014,460

864,643

-

916

Amounts due to group undertakings

 

-

-

5,611,881

4,254,381

Other payables

 

61,528

59,219

-

-

Accruals

 

396,819

563,995

54,875

27,450

Corporation tax liability

 

448,312

644,656

35,402

27,345

Deferred income

 

1,849

2,199

-

-

 

5,383,277

4,824,207

9,211,653

6,879,587

Due after one year

 

Deferred income

 

11,758

13,607

-

-

Included in other payables are arrears of fixed cumulative dividends of £75 (2023 - £50), arising following the issue of redeemable preference shares in 2021.

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

20

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 October 2023

124,916

124,916

Increase (decrease) in existing provisions

(16,582)

(16,582)

At 30 September 2024

108,334

108,334

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £267,285 (2023 - £300,148).

Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10,130

10,130

10,130

10,130

Redeemable preference shares of £1 each

2,569,495

2,569,495

2,569,495

2,569,495

2,579,625

2,579,625

2,579,625

2,579,625

Redeemable preference shares

The Redeemable preference shares are redeemable at the option of the company or holder. They are redeemable at £1 per share and carry no voting rights. The Redeemable preference shares have the rights to a fixed annual cumulative dividend of 0.001% on the nominal value of each share. If the cumulative dividend is 6 months in arrears, the holders are entitled to attend and vote at the company AGM. The holders are entitled to redeem the whole or part of the Redeemable preference shares after 6 months of the issue date. Redeemable preference shares are classified as a liability.

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Full rights regarding voting, payment of dividends and distributions.

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

23

Reserves

Group

Called up share capital

Represents the nominal value of shares which have been issued

Profit and loss account

Includes all prior and current period accumulated retained profits and losses

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Foreign currency translation gains/losses

(1,057,507)

(1,057,507)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Retained earnings
£

Total
£

Foreign currency translation gains/losses

825,578

825,578

24

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Redeemable preference shares

2,569,495

2,569,495

2,569,495

2,569,495

Other borrowings

890,814

120,000

940,000

-

3,460,309

2,689,495

3,509,495

2,569,495

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

25

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

91,200

91,200

This commitment relates to a farm business tenancy which is currently on a rolling one-year term between the group and its directors.

The amount of non-cancellable operating lease payments recognised as an expense during the year was £91,200 (2023 - £91,200).

26

Analysis of changes in net debt

Group

At 1 October 2023
£

Other cash flows
£

At 30 September 2024
£

Cash and cash equivalents

Cash at bank and in hand

12,019,994

(7,757,440)

4,262,554

Borrowings

Short term borrowings

(2,689,495)

(770,814)

(3,460,309)

 

9,330,499

(8,528,254)

802,245

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

27

Related party transactions

Group

Key management personnel

The director and senior management

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

48,990

60,977

Post-employment benefits

260,000

292,000

308,990

352,977

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

Interest
£

At 30 September 2024
£

D G Barnes

Loan

97,357

21,029

(118,688)

302

-

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

Interest
£

At 30 September 2023
£

D G Barnes

Loan

1,570,363

195,486

(1,690,623)

22,131

97,357

Director advances are repayable on demand.

Interest has been charged at a rate of 2.25% (2% to March 2023 and 2.25% from April 2023) on advances to directors.

Summary of transactions with joint ventures

Jointly controlled company with shares held by Withgill Farm Limited. Provision of consultancy services from the jointly controlled company.
 

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

Summary of transactions with other related parties

A farming partnership in which the director is a partner. The group is party to a Farming Business Tenancy with the partnership.

A farming partnership in which close family members of the director are partners. Sale of the dairy herd to the farming partnership during the year and subsequent commencement of share farming agreement in which the farming partnership receives a percentage of monthly gross milk sales output.

A company under significant influence from the director. The provision of finance facilities from the company.

Income and receivables from related parties

2024

Other related parties
£

Sale of property or other assets

4,142,095

Amounts receivable from related party

115,721

Expenditure with and payables to related parties

2024

Joint ventures
£

Key management
£

Other related parties
£

Rendering of services

547,460

-

521,229

Leases

-

-

91,200

547,460

-

612,429

Amounts payable to related party

215,631

765,814

-

2023

Joint ventures
£

Other related parties
£

Rendering of services

440,198

-

Leases

-

91,200

440,198

91,200

Amounts payable to related party

440,198

-

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

120,000

120,000

Advanced

5,000

5,000

At end of period

125,000

125,000

 

GFGB Holdings Limited

Notes to the Financial Statements for the Year Ended 30 September 2024 (continued)

2023

Other related parties
£

Total
£

At start of period

120,000

120,000

At end of period

120,000

120,000

Terms of loans from related parties

Loan repayable on demand with no interest charged on balances.

Company

Summary of transactions with subsidiaries

Branton East Side Limited

Land and buildings held by GFGB Holdings Limited have been let out to subsidiary undertaking Branton East Side Limited at nil cost.

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

940,000

28

Financial instruments

Group and company

Categorisation of financial instruments

2024
 £

2023
 £

Financial assets measured at fair value through profit or loss

5,192,553

3,910,332

Financial assets measured at fair value

Listed equity shares
Traded equity shares have been valued at a quoted market price in an active market.

The fair value is £5,192,553 (2023 - £3,910,332) and the change in value included in profit or loss is £1,282,221 (2023 - £225,095).

29

Ultimate controlling party

The ultimate controlling party is David George Barnes.