Gilfresh Produce Limited iXBRL

Gilfresh Produce Limited

Reports and Financial Statements

for the financial year ended 31 March 2025

Gilfresh Produce Limited

DIRECTORS AND OTHER INFORMATION


Directors	Mr. William Gilpin
	Mr. Thomas Gilpin
	Mrs. Ruth Gilpin


Company Secretary	Mrs. Ruth Gilpin


Company Registration Number	NI065949


Registered Office and Business Address	56 Creenagh Road
	Loughgall
	Co. Armagh
	BT61 8PZ
	Northern Ireland


Independent Auditors	John MacMahon & Co.
	Chartered Accountants and Registered Auditors
	112 Camlough Road
	Newry
	Co. Down
	BT35 7EE
	Northern Ireland


Bankers	Danske Bank
	Donegall Square West
	Belfast
	Co. Antrim
	BT1 6JS
	Northern Ireland

Gilfresh Produce Limited

STRATEGIC REPORT

for the financial year ended 31 March 2025

The directors present their strategic report on the company for the financial year ended 31 March 2025.

Review of the Company's Business

The directors are satisfied with the financial performance for the year ended 31 March 2025, particularly in light of the challenging macroeconomic environment. The company sustained strong trading activity, achieving an increase in turnover compared with the prior period (based on annualised 12-month figures). While the gross profit margin decreased slightly by 0.13%, this outcome was anticipated due to inflationary pressures and higher operating costs. Overall, the results reflect the resilience of the business and reinforce the directors’ confidence in the company’s ability to continue progressing from a position of strength.

The directors are pursuing their strategy of growth by successfully targeting new markets and new customers, and retaining both new and existing customers through excellent customer service levels. They also aim to maximise the profitability from all revenues by continuous improvement of processes within each department of the company, generating cost savings which contribute to the bottom line.

Principal Risks and Uncertainties

The company is subject to a number of risks and uncertainties, the most important of which, along with the mitigating actions against same are;

Credit risk

The company supplies goods to customers on credit and is therefore exposed to the usual credit and cash flow risks associated with same. The company manages these risks through robust credit control procedures.

Foreign currency exchange risk

The company conducts sales in both Sterling and Euro, therefore the company is exposed to the movement in exchange rates between these currencies. For the exposure which cannot be hedged internally, the company continuously monitors market information to assess the risk and acts accordingly.

Supply chain risk

A significant portion of the company’s costs relate to the procurement of high quality raw material throughout seasonal changes and varying climate conditions. Although the directors monitor these carefully, fluctuations, availability and costs can be largely outside the company’s control.

Inflation risk

During the financial period, the directors noted continuing pressures on key costs due to persistent global inflation. The directors monitor costs as part of their standard controls. The directors will consider all options available to them to limit the risk of inflation whilst remaining competitive in the market. They continue to assess the situation on an ongoing basis.

Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity and cashflow is available to meet foreseeable needs.

Food hygiene and safety risk

Food hygiene and safety is critical to the company. The directors ensure the maintenance of excellence in food hygiene and safety at all stages of production through extensive systems and procedures.

Development and Performance

The directors aim for year-on-year operational improvements and are committed to a long-term strategy of efficiency savings and cost management in order to achieve continuous financial improvement and improvement of cash flow. They are pleased with the results achieved and consider the gross profit margin of 12.99% and the net profit after tax percentage of 2.99% to be a satisfactory result given the challenging period for the industry at large.

Financial Key Performance Indicators

The key performance indicators for the company are formally reviewed by the senior management team on a monthly basis.

KPIs

The KPIs during the financial year were as follows:


	2025	2024
	£	£
Turnover	35,378,652	38,471,636
Gross profit	4,595,867	5,125,133
Profit on ordinary activities before taxation	1,057,736	1,156,435


On behalf of the board



___________________________
Mr. William Gilpin
Director

26 September 2025

Gilfresh Produce Limited

DIRECTORS' REPORT

for the financial year ended 31 March 2025

The directors present their report and the audited financial statements for the financial year ended 31 March 2025.

Principal Activity

The principal activity of the company is the processing of whole and prepared vegetables.

Results and Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £755,345 (2024 - £884,868).

The directors do not recommend payment of a dividend.

Directors

The directors who served during the financial year are as follows:

Mr. William Gilpin

Mr. Thomas Gilpin

Mrs. Ruth Gilpin

There were no changes in shareholdings between 31 March 2025 and the date of signing the financial statements.

Future Developments

The company plans, at a minimum, to continue its present activities and current trading levels, especially in the face of global inflationary pressures. Employees are kept as fully informed as practicable about developments within the business.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

-select suitable accounting policies and apply them consistently;

-make judgements and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of Information to Auditor

Each persons who are directors at the date of approval of this report confirms that:

In so far as the directors are aware:

-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and

-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

The auditors, John MacMahon & Co., (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

Schedule 7 Disclosure

Items (principal risks and uncertainties) that require disclosure in the Director's Report under schedule 7 are set out in the Strategic Report in accordance with sect 414C (11) Companies Act 2006.

On behalf of the board

___________________________

Mr. William Gilpin

Director

26 September 2025

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Gilfresh Produce Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Gilfresh Produce Limited ('the company') for the financial year ended 31 March 2025 which comprise the Profit and Loss Account, the Balance Sheet, the Reconciliation of Shareholders' Funds, the Cash Flow Statement and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the financial 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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

the Strategic Report and the Directors' 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 any material misstatements in the Strategic Report and the Directors' 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; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors for the financial statements

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 they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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:

An appropriate materiality level was determined and used to assess the risks of material misstatement in the financial statements and areas of highest risk. Steps were taken to determine how fraud may occur by enquiring of management of its own consideration of fraud and identifying procedures taken to mitigate such risks. Consideration was also given to the possibility of financial pressures, opportunity, and motivations for fraud. In doing so we assessed the risk of management override of internal controls by testing manual journals and assessing for evidence of bias which may result in material misstatement. Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management.

Audit tests were designed with a focus on areas where management are required to make subjective judgements. This includes the review of significant accounting estimates for reasonability and an independent assessment of the risks around future events that are inherently uncertain. As part of the planning process, we identified the internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management. We made enquiries of management with regards to compliance with relevant laws and regulations (including but not limited to employment and taxation laws). Records and files were examined over the course of the audit with a mind to ensure cases of non-compliance were identified.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our 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.

__________________________________

John MacMahon (Senior Statutory Auditor)

for and on behalf of

JOHN MACMAHON & CO.

Chartered Accountants and Registered Auditors

112 Camlough Road

Newry

Co. Down

BT35 7EE

Northern Ireland

26 September 2025

Gilfresh Produce Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Gilfresh Produce Limited

PROFIT AND LOSS ACCOUNT

for the financial year ended 31 March 2025

	2025	2024
Notes	£	£

Turnover	5	35,378,652	38,471,636

Cost of sales		(30,782,785)	(33,346,503)
		─────────	─────────
Gross profit		4,595,867	5,125,133

Administrative expenses		(3,500,618)	(3,864,156)
Other operating income		43,954	61,762
		─────────	─────────
Operating profit	6	1,139,203	1,322,739

Interest payable and similar charges	7	(81,467)	(166,305)
		─────────	─────────
Profit on ordinary activities before taxation		1,057,736	1,156,434

Tax on profit on ordinary activities	9	(302,391)	(271,566)
		─────────	─────────
Profit for the financial year		755,345	884,868
		─────────	─────────
Total comprehensive income		755,345	884,868
		═════════	═════════

Gilfresh Produce Limited

Company Registration Number: NI065949

BALANCE SHEET

as at 31 March 2025

		2025	2024
	Notes	£	£

Fixed Assets

Tangible assets	10	7,746,615	7,732,187
Investments		-	86
		─────────	─────────

Current Assets

Stocks

1,071,054

905,192

Debtors

5,292,954

3,372,782

Cash and cash equivalents

305,344

350,992

─────────

6,669,352

4,628,966

─────────

Creditors: amounts falling due within one year

(6,539,965)

(5,421,652)

─────────

Net Current Assets/(Liabilities)

129,387

(792,686)

─────────

Total Assets less Current Liabilities

7,876,002

6,939,587

Creditors:

amounts falling due after more than one year

(575,032)

(457,661)

Provisions for liabilities

(173,234)

(85,105)

Government grants

(75,285)

(99,715)

─────────

Net Assets

7,052,451

6,297,106

═════════

Capital and Reserves

Called up share capital

4,500,400

4,500,400

Retained earnings

2,552,051

1,796,706

─────────

Equity attributable to owners of the company

7,052,451

6,297,106

═════════

Approved by the Board and authorised for issue on 26 September 2025 and signed on its behalf by



________________________________
Mr. William Gilpin
Director

Gilfresh Produce Limited

RECONCILIATION OF SHAREHOLDERS' FUNDS

as at 31 March 2025

	Called up	Retained	Total
	share	earnings
	capital
	£	£	£

At 1 December 2022	4,500,400	911,838	5,412,238
	─────────	─────────	─────────
Profit for the financial period	-	884,868	884,868
	─────────	─────────	─────────
At 31 March 2024	4,500,400	1,796,706	6,297,106
	─────────	─────────	─────────
Profit for the financial year	-	755,345	755,345
	─────────	─────────	─────────
At 31 March 2025	4,500,400	2,552,051	7,052,451
	═════════	═════════	═════════

Gilfresh Produce Limited

CASH FLOW STATEMENT

for the financial year ended 31 March 2025

	2025	2024
Notes	£	£

Cash flows from operating activities

Profit for the financial year

755,345

884,868

Adjustments for:

Interest payable and similar charges

81,467

166,305

Tax on profit on ordinary activities

302,391

271,566

Depreciation

530,688

641,705

Profit/loss on disposal of tangible assets

18,656

(1,715)

Amortisation of Government Grants

(24,429)

(44,065)

─────────

1,664,118

1,918,664

Movements in working capital:

Movement in stocks

(165,862)

(306,411)

Movement in debtors

(1,920,172)

(485,028)

Movement in creditors

336,108

457,789

─────────

Cash (used in)/generated from operations

(85,808)

1,585,014

Interest paid

(81,467)

(166,305)

Tax paid

(118,112)

─────────

Net cash (used in)/generated from operating activities

(285,387)

1,418,709

─────────

Cash flows from investing activities

Payments to acquire tangible assets

(198,597)

(301,880)

Receipts from sales of tangible assets

16,500

3,000

Payments on acquisition of group interests

(86)

─────────

Net cash used in investment activities

(182,097)

(298,966)

─────────

Cash flows from financing activities

Capital element of hire purchase contracts		(258,570)	(382,907)
Advances from connected parties		-	(326,338)
Government grants		-	46,490
		─────────	─────────
Net cash used in financing activities		(258,570)	(662,755)
		─────────	─────────

Net (decrease)/increase in cash and cash equivalents		(726,054)	456,988
Cash and cash equivalents at beginning of financial year		(1,072,511)	(1,529,499)
		─────────	─────────
Cash and cash equivalents at end of financial year	13	(1,798,565)	(1,072,511)
		═════════	═════════

Gilfresh Produce Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 March 2025

General Information

Gilfresh Produce Limited is a private company limited by shares, incorporated and registered in Northern Ireland. The registered number of the company is NI065949. The registered office of the company is 56 Creenagh Road, Loughgall, Co. Armagh, BT61 8PZ, Northern Ireland which is also the principal place of business of the company.

The financial statements have been presented in Pound Sterling (£) which is the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 March 2025 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax. Revenues are recognised when substantially all of the risks and rewards of ownership are trasnferred to the customer, this usually occurs on delivery of the goods to the customer.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Land and buildings freehold

2% Straight Line

Plant and machinery

7.5% Straight Line

Fixtures, fittings and equipment

20% Straight Line

Motor vehicles

20% Straight Line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. Costs include all costs that are directly attributable in bringing the asset into working condition for its intended use.

Leasing and hire purchases

Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.

Investments

Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the financial year in which it is receivable.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out or weighted average basis dependant on the stock classification. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within Creditors.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Government grants

Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.

Share capital of the company

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Preference share capital

The dividend rights of the preference shares are non-cumulative and payment is at the discretion of the company. The preference shares carry no voting rights at meetings. Based on their characteristics the preference shares are considered to be presented as equity and not liabilities.

Significant accounting judgements and key sources of estimation uncertainty

The preparation of financial statements under FRS 102 requires estimates and assumptions to be made that affect both the value at which certain assets and liabilities are held at the balance sheet date and the amounts of revenue and expenditure recorded in the period. The directors believe the accounting policies chosen are appropriate to the particular circumstances and that the estimates, judgements and assumptions involved in the preparation of the financial statements are reasonable.

Accounting estimates made by management are based on information available to management at the time each estimate is made. Accordingly, actual outcomes may differ materially from current expectations. The estimates for which there is a significant risk of material adjustment to the financial statements are as follows;

Depreciation and amortisation

The directors exercise judgement in the determination of the useful economic lives and residual values of all classes of fixed assets. These assets are then depreciated over their useful economic lives to their residual values.

Provision for doubtful debt

The directors review recovery of trade debtors on a continuous basis for any indications of impairment. If such conditions are apparent and it is unlikely, due to deteriorated creditworthiness of the customer, that the debt will be paid whether wholly or in part, a provision will be made to counteract this.

Period of financial statements

The comparative figures relate to the 16 month period ended 31 March 2024.

Turnover

The turnover for the financial year is analysed as follows:

2025

2024

United Kingdom

22,183,778

23,822,618

Europe

13,013,014

14,445,985

Other sales

181,860

203,033

─────────

35,378,652

38,471,636

═════════

Turnover attributable to geographical markets outside the United Kingdom amounted to 37% for the financial year.


6.	Operating profit	2025	2024
		£	£
	Operating profit is stated after charging/(crediting):
	Depreciation of tangible assets	530,688	641,705
	Loss/(profit) on disposal of tangible assets	18,656	(1,715)
	Loss on foreign currencies	8,705	14,089
	Auditor's remuneration
	- audit services	15,000	17,250
	Government grants received	(19,525)	(17,697)
	Amortisation of Government grants	(24,429)	(44,065)
		═════════	═════════


7.	Interest payable and similar charges	2025	2024
		£	£

	On bank loans and overdrafts	18,489	87,169
	Hire purchase interest	62,978	79,136
		─────────	─────────
		81,467	166,305
		═════════	═════════

Employees and remuneration

Number of employees

The average number of persons employed (including executive directors) during the financial year was as follows:

2025

2024

Number

Number

Administration

Production

108

─────────

145

162

═════════

The staff costs (inclusive of directors' salaries) comprise:

2025

2024

Wages and salaries

6,718,558

7,289,199

Social security costs

666,787

637,723

Pension costs

134,137

133,960

─────────

7,519,482

8,060,882

═════════

Tax on profit on ordinary activities

2025

2024

(a) Analysis of charge in the financial year

Current tax:

Corporation tax at 25.00% (2024 - 22.31%) (Note 9 (b))

214,262

118,326

─────────

Deferred tax:

Origination and reversal of timing differences

88,129

153,240

─────────

Total deferred tax

88,129

153,240

═════════

Tax on profit on ordinary activities (Note 9 (b))

302,391

271,566

═════════

(b) Factors affecting tax charge for the financial year

The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2024 - 22.31%). The differences are explained below:

2025

2024

Profit taxable at 25.00%

1,057,736

1,156,434

═════════

Profit on ordinary activities before tax

multiplied by the standard rate of corporation tax

in the United Kingdom at 25.00% (2024 - 22.31%)

264,434

258,000

Effects of:

Expenses not deductible for tax purposes

197

Capital allowances for period in excess of depreciation

(50,172)

(57,557)

Utilisation of tax losses

(83,752)

Deferred tax

88,129

153,240

Taxable RDEC

1,438

─────────

Total tax charge for the financial year (Note 9 (a))

302,391

271,566

═════════

From 1st April 2023, the main rate of Corporation tax in United Kingdom increased from 19% to 25%. As the comparative financial year straddled this date, the taxable profit has apportioned accordingly, giving rise to an effective tax rate of 22.3%.


10.	Tangible assets
		Land and	Plant and	Fixtures,	Motor	Total
		buildings	machinery	fittings and	vehicles
		freehold		equipment
		£	£	£	£	£
	Cost
	At 1 April 2024	2,908,134	5,760,754	58,153	48,731	8,775,772
	Additions	61,539	457,542	61,191	-	580,272
	Disposals	-	(45,000)	-	-	(45,000)
		─────────	─────────	─────────	─────────	─────────
	At 31 March 2025	2,969,673	6,173,296	119,344	48,731	9,311,044
		─────────	─────────	─────────	─────────	─────────
	Depreciation
	At 1 April 2024	135,713	861,682	23,448	22,742	1,043,585
	Charge for the financial year	58,548	445,638	16,756	9,746	530,688
	On disposals	-	(9,844)	-	-	(9,844)
		─────────	─────────	─────────	─────────	─────────
	At 31 March 2025	194,261	1,297,476	40,204	32,488	1,564,429
		─────────	─────────	─────────	─────────	─────────
	Net book value
	At 31 March 2025	2,775,412	4,875,820	79,140	16,243	7,746,615
		═════════	═════════	═════════	═════════	═════════
	At 31 March 2024	2,772,421	4,899,072	34,705	25,989	7,732,187
		═════════	═════════	═════════	═════════	═════════

11.

Stocks

2025

2024

Finished goods and goods for resale

1,071,054

905,192

═════════

The replacement cost of stock did not differ significantly from the figures shown.


12.	Debtors	2025	2024
		£	£

	Trade debtors	4,338,852	3,132,529
	Amounts owed by related parties	665,360	-
	Other debtors	87,511	49,150
	Taxation (Note 16)	155,640	148,159
	Prepayments and accrued income	45,591	42,944
		─────────	─────────
		5,292,954	3,372,782
		═════════	═════════


13.	Cash and cash equivalents	2025	2024
		£	£

	Cash and bank balances	246,167	350,992
	Cash equivalents	59,177	-
		─────────	─────────
		305,344	350,992
	Bank overdrafts	(2,103,909)	(1,423,503)
		─────────	─────────
		(1,798,565)	(1,072,511)
		═════════	═════════


14.	Creditors	2025	2024
	Amounts falling due within one year	£	£

	Bank overdrafts	2,103,909	1,423,503
	Net obligations under finance leases
	and hire purchase contracts	236,124	230,390
	Trade creditors	2,681,897	3,061,423
	Amounts owed to related parties (Note 22)	800,001	-
	Taxation (Note 16)	357,767	230,470
	Other creditors	53,900	43,996
	Accruals:
	Pension accrual	24,018	23,544
	Other accruals	282,349	408,326
		─────────	─────────
		6,539,965	5,421,652
		═════════	═════════


15.	Creditors	2025	2024
	Amounts falling due after more than one year	£	£

	Finance leases and hire purchase contracts	575,032	457,661
		═════════	═════════


	Net obligations under finance leases
	and hire purchase contracts
	Repayable within one year	236,124	230,390
	Repayable between one and five years	575,032	457,661
		─────────	─────────
		811,156	688,051
		═════════	═════════


16.	Taxation	2025	2024
		£	£

	Debtors:
	VAT	155,640	148,159
		═════════	═════════
	Creditors:
	Corporation tax	214,391	118,326
	PAYE / NI	143,376	112,144
		─────────	─────────
		357,767	230,470
		═════════	═════════

17.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Total

Total

allowances

2025

2024

At financial year start

85,105

85,105

(68,135)

Charged to profit and loss

88,129

88,129

60,624

Utilised during the financial year

92,616

─────────

At financial year end

173,234

85,105

═════════

18.

Pension costs - defined contribution

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Pension costs amounted to £134,137 (2024 - £133,960).

Unpaid contributions at 31 March 2025 totalled £24,018 (2024: £23,544). They are included in creditors: amounts falling due within one year.


19.	Government Grants Deferred	2025	2024
		£	£

	At 1 April 2024	340,780	132,589
	Increase in financial year	-	46,490
		─────────	─────────

	At 31 March 2025	340,780	179,079
		─────────	─────────
	Amortisation
	At 1 April 2024	(241,066)	(35,299)
	Amortised in financial year	(24,429)	(44,065)
		─────────	─────────

	At 31 March 2025	(265,495)	(79,364)
		─────────	─────────
	Net book value
	At 31 March 2025	75,285	99,715
		═════════	═════════
	At 1 April 2024	99,714	97,290
		═════════	═════════

20.

Share capital

2025

2024

Description

Number of shares

Value of units

Allotted, called up and fully paid

Ordinary Shares Class 1

400

£1.00 each

400

400

Redeemable Preferance Shares

4,500,000

£1.00 each

4,500,000

4,500,000

─────────

4,500,400

4,500,400

═════════

Prescribed particulars for shares are as follows;

Ordinary Shares

Each share is entitled to one vote in any circumstance. Each share has equal rights to dividends.

Preference Shares

The redeemable preference shares may be redeemed by the holder at any time at their par value. In the event of insolvency or winding up, the holders of the redeemable preference shares shall be entitled to payment in advance of the holders of the ordinary shares. The redeemable preference shares carry no voting rights and no rights to capital distribution on a winding up.


21.	Directors' remuneration	2025	2024
		£	£

	Remuneration	40,000	46,667
		═════════	═════════

22.

Related party transactions

In the financial period ended 31 March 2025, Gilfresh Produce Limited during the year entered into transactions with entities under common control. These transactions comprised sales and purchases of goods and services, together with the reallocation of shared costs.

The total value of sales and services to related parties during the year was £ 728,116 and purchases of goods and shared services from related parties amounted to £ 4,941,656. At 31 March 2025, amounts due from related parties were £665,360 and amounts due to related parties were £800,001, which are included in debtors and creditors amount due within one year respectively.

In the opinion of the directors, all transactions were undertaken in the normal course of business. Year-end balances are unsecured, interest free, and repayable on demand.


23	Reconciliation of Net Cash Flow to Movement in Net Debt
		Opening	Cash	Other	Closing
		balance	flows	changes	balance

		£	£	£	£

	Finance lease and hire purchase	(688,051)	258,570	(381,675)	(811,156)
		─────────	─────────	─────────	─────────
	Total liabilities from financing activities	(688,051)	258,570	(381,675)	(811,156)
		═════════	═════════	═════════	─────────
	Total Cash and cash equivalents (Note 13)				(1,798,565)
					─────────
	Total net debt				(2,609,721)
					═════════

24.

Government grants

The company availed of government grants totalling £19,525 in relation to capital expenditure and employment costs.


25.	Investment Disposal	2025	2024
		£	£

	Investments	-	86
		═════════	═════════

	On 15 August 2024, the company disposed of its entire shareholding in Gilfresh Farms Limited to William Gilpin, a director of the company.