|
G. & M. PAUL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 1 MAY 2026
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Capital redemption reserve
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Share based payment reserve
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Comprehensive expense for the period
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Total comprehensive expense for the period
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Contributions by and distributions to owners
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Share-based payments credit
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Total transactions with owners
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Comprehensive expense for the period
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Total comprehensive expense for the period
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Contributions by and distributions to owners
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Share-based payments credit
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Total transactions with owners
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The notes on pages 23 to 50 form part of these financial statements.
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- 20 -
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G. & M. PAUL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 1 MAY 2026
Cash flows from operating activities
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Profit for the financial period
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Amortisation of intangible assets
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Depreciation of tangible assets
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(Profit)/Loss on disposal of tangible assets
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Decrease/(increase) in stocks
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Decrease/(increase) in debtors
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(Decrease)/increase in creditors
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Movement in financial instruments
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Share based payment expense
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Loss on disposal of associate
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash used in investing activities
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- 21 -
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G. & M. PAUL LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2026
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Cash flows from financing activities
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Repayment of finance leases
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Movements on invoice discounting
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Net cash (used in)/generated from financing activities
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Net increase/(decrease) in cash and cash equivalents
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Cash and cash equivalents at beginning of period
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Cash and cash equivalents at the end of period
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Cash and cash equivalents at the end of period comprise:
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The notes on pages 23 to 50 form part of these financial statements.
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- 22 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
G. & M. Paul Limited (the 'Company') is a private company, limited by shares, and incorporated in England and Wales, registered number 02940967. The address of the registered office is Myrefield House Lee Lane, Millhouse Green, Sheffield, S36 9NN. The address of the Group's principal place of business is Staden Business Park, Staden Lane, Buxton, SK17 9RZ.
The principal activity of the Group is that of the wholesale of dairy products.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The financial statements have been prepared up to and including 1 May 2026.
The following principal accounting policies have been applied:
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Financial reporting standard 102 - reduced disclosure exemptions
|
The Parent Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
- 23 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
We remain alert to the rapidly changing landscape and will adapt quickly as matters emerge.
Already the investments, developments and strategic route map is powering our growth into 2025/26 and continued success is already being delivered, through what has surely been one of the greatest challenges of this century.
A prudent approach has been taken to Christmas, based on the triple threats of labour challenges, inflationary impacts and the less predictable behaviours of a consumer under economic stress, with volumes of single issue activity severely curtailed
The Group has prepared a fully costed recession plan, as an adjunct to its post-COVID recovery plan which may now take a slower time to implement, and has no known concerns about continuing strongly in 26-27.
The Director considers that, based upon the information available, financial projections and the existence of debt facilities available, the Group will have adequate resources to continue in operational existence for the foreseeable future (being at least 12 months from the approval of these accounts) and consider it appropriate to adopt the going concern basis in preparing the financial statements.
- 24 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP, rounded to the nearest £.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Group has transferred the significant risks and rewards of ownership to the buyer;
∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Group will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
- 25 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
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Operating leases: the Group as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
- 26 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
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Current and deferred taxation
|
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Research and development tax credits are recognised on an accruals basis.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
- 27 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.
Depreciation is provided on the following basis:
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10 years from commencement of the lease agreement
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10% Reducing balance basis
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25% Reducing balance basis
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10 - 25% on Reducing balance basis
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
- 28 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Income Statement includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of Comprehensive Income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
- 29 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
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Provisions for liabilities
|
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
- 30 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
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Financial instruments (continued)
|
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
- 31 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
2.Accounting policies (continued)
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Financial instruments (continued)
|
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
The critical judgements that the Director has made in the process of applying the Group's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the Director has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairment identified during the current financial year.
Key sources of estimation uncertainty
The Director does not believe there are any key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
- 32 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
Analysis of turnover by country of destination:
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The operating profit is stated after (crediting)/charging:
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Other operating lease rentals
|
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Defined contribution pension scheme
|
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(Profit)/Loss on disposal of fixed assets
|
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|
|
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- 33 -
|
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
|
|
Share-based payments credit
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See note 28 for further details on the share-based payments.
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Fees payable to the Group's auditor for the audit of the Group's annual financial statements
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Fees payable to the Group's auditor in respect of:
|
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|
Taxation compliance services
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All non-audit services not included above
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- 34 -
|
|
G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
|
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Staff costs, including Director's remuneration, were as follows:
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Cost of defined contribution scheme
|
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The average monthly number of employees, including the Directors, during the period was as follows:
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Sales, administration and management
|
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During the period retirement benefits were accruing to no Directors (2025 - Nil) in respect of defined contribution pension schemes.
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The highest paid Director received remuneration of £293,417 (2025 - £234,013).
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|
|
The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £Nil (2025 - £Nil).
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- 35 -
|
|
G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
|
|
Interest payable and similar expenses
|
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Finance leases and hire purchase contracts
|
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(Loss)/profit arising on fair value of derivative instruments
|
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Current tax on profits for the year
|
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Adjustments in respect of prior periods
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Origination and reversal of timing differences
|
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Adjustments in respect of prior periods
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- 36 -
|
|
G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
13.Taxation (continued)
|
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Factors affecting tax charge for the period
|
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The tax assessed for the period is higher than (2025 - lower than) the standard rate of corporation tax in the UK of25% (2025 -25%). The differences are explained below:
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Profit on ordinary activities before tax
|
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%)
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Expenses not deductible for tax purposes
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Capital allowances for period in excess of depreciation
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Adjustments to deferred tax charge in respect of prior periods
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Income not taxable for tax purposes
|
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Adjustments to tax charge in respect of prior periods
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Other differences leading to an increase in the tax charge
|
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Movement in deferred tax not recognised
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Total tax charge for the period
|
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Factors that may affect future tax charges
|
There were no factors that may affect future tax charges.
- 37 -
|
|
G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
- 38 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
14.Intangible assets (continued)
- 39 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Charge for the year on financed assets
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- 40 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
15.Tangible fixed assets (continued)
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Included in freehold property is freehold land of £335,534 (2025 - £335,534) which is not depreciated.
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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- 41 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Investments in associates
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Investments in subsidiary companies
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- 42 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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The following were subsidiary undertakings of the Company:
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Bradbury & Son (Buxton) Limited
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Unit 2 Staden Lane, Buxton, Derbyshire, SK17 9RZ
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Northumberland Cheese Company Limited *
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Make Me Rich Farm, Blagdon, Seaton Burn, Northumberland, NE13 6BZ
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Bradbury Cheese (EU) Limited *
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PMC2, Penrose Wharf Business Centre, Penrose Quay, Cork City, Cork, Ireland, T23 XN53
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*held indirectly
Exemption has been taken by Northumberland Cheese Company Limited from the requirements relating to the audit of accounts under Section 479A of the Companies Act 2006.
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The following was an associate of the Company:
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Yorkshire Pecorino Cheese Limited
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1 Adel Garth, Leeds, England, LS16 8JU
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During the year, the Group disposed of its investment in Fielding Cottage Cheese Limited for consideration of £Nil. A loss of £25,000 has been recognised in the consolidated statement of comprehensive income.
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Raw materials and consumables
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Finished goods and goods for resale
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
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During the year, an impairment of £140,000 (2025: £80,000) was recognised against the value of stock.
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- 43 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Prepayments and accrued income
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Cash and cash equivalents
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- 44 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Invoice discounting creditor
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Accruals and deferred income
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Financial instruments (note 23)
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The invoice discounting facility is secured by a first legal mortgage over the Group's freehold land and property and by a fixed and floating charge over all current and future assets of the Group. A cross guarantee exists between group companies.
Amounts owed to group undertakings are interest free, unsecured and repayable on demand.
The hire purchase contract liabilities are secured on the assets to which they relate.
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Government grants received
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The hire purchase contract liabilities are secured on the assets to which they relate.
- 45 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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The hire purchase contract liabilities are secured on the assets to which they relate.
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Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio
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Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio comprise forward contracts.
The derivative financial instruments relate to forward contracts held to hedge against foreign currency contracts between the Group and its customers.
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- 46 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Charged to profit or loss
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Charged to profit or loss
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Fixed asset timing differences
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Short term timing differences
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Asset - due within one year
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- 47 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Allotted, called up and fully paid
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10,000 (2025 - 10,000) Ordinary shares of £1.00 each
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Capital redemption reserve
The capital redemption reserve represents the nominal value of shares repurchased.
Foreign exchange reserve
The foreign exchange reserve represents historical exchange movements on opening balances in the Consolidated Statement of Financial Position.
Share-based payment reserve
Share-based payment reserves represents the fair value of share options which have not yet vested.
Profit and loss account
The profit and loss account represents the cumulative profits and losses of the Group, less dividends declared.
- 48 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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In the prior periods G. & M. Paul Limited granted EMI (Enterprise Management Incentive) share options to certain employees of Bradbury & Son (Buxton) Limited.
Options are exercisable at a price equal to the estimated fair value of the Group’s shares on the date of grant. If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the employee leaves the Group before the options vest.
The fair value of the share options granted was determined using the Black Scholes option pricing model, which in the opinion of the directors provides the most appropriate estimate of the fair value of the options at the grant date.
The Group has recognised a credit to the Statement of Comprehensive Income of £65,064 (2025 - £169,896) related to equity-settled share-based payments.
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The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £235,428 (2025 - £251,449). Contributions totalling £43,441 (2025 - £131,304) were payable to the fund at the reporting date and are included in creditors.
- 49 -
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G. & M. PAUL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2026
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Commitments under operating leases
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At 1 May 2026 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The Group has taken advantage of the exemption in Section 33 of Financial Reporting Standard 102 (Related Party Disclosures) from the requirement to disclose transactions with group companies.
At the year end an amount of £93,786 (2025 - £76,830) was owed by the Director of the Company. The loan is interest free and repayable on demand and included within other debtors.
Total remuneration received by key management personnel amounted to £666,370 (2025 - £986,842).
Rent totalling £90,356 (2025 - £70,613) was paid to the G & M Paul Pension Fund. Amounts due to G & M Paul Pension Fund at the balance sheet date was £49,640 (2025 - £Nil).
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The ultimate controlling party is G Paul.
- 50 -
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