GDR Food Technology Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC451576 (Scotland)

Unaudited Financial Statements

for the Period

29 July 2018 to 3 August 2019

for

GDR FOOD TECHNOLOGY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Beattie

G D McGhee

R G Stebbings

REGISTERED OFFICE:

10 Keppochhill Drive

Glasgow

G21 1HX

REGISTERED NUMBER:

SC451576 (Scotland)

ACCOUNTANTS:

WDM Associates

Oakfield House

378 Brandon Street

Motherwell

ML1 1XA

FIXED ASSETS

Tangible assets

4

3,304,725

164,417

CURRENT ASSETS

Stocks

139,696

103,338

Debtors

5

360,902

370,303

Cash at bank and in hand

5,952

10,543

506,550

484,184

CREDITORS

Amounts falling due within one year

6

(584,606

)

(348,322

)

NET CURRENT (LIABILITIES)/ASSETS

(78,056

)

135,862

TOTAL ASSETS LESS CURRENT LIABILITIES

3,226,669

300,279

CREDITORS

Amounts falling due after more than one year

7

(481,465

)

(233,437

)

PROVISIONS FOR LIABILITIES

9

(210,117

)

-

NET ASSETS

2,535,087

66,842

CAPITAL AND RESERVES

Called up share capital

329,670

142,857

Share premium

2,420,010

-

Retained earnings

(214,593

)

(76,015

)

SHAREHOLDERS' FUNDS

2,535,087

66,842

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 3 August 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 3 August 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2020 and were signed on its behalf by:

G D McGhee - Director

R G Stebbings - Director

1.	STATUTORY INFORMATION

GDR Food Technology Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

25% on reducing balance

Plant and machinery

-

25% on cost and 12.5% on cost

Computer equipment

-

50% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Basic financial instruments

Basic financial instruments, which include trade and other debtors and cash and bank balances, are initially

measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted

or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates

and laws that have been enacted or substantively enacted by the period end and that are expected to apply

to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of

the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 37 (2018 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 29 July 2018

27,315

255,765

11,524

294,604

Additions

1,173,558

1,976,179

42,860

3,192,597

At 3 August 2019

1,200,873

2,231,944

54,384

3,487,201

DEPRECIATION

At 29 July 2018

17,808

103,583

8,796

130,187

Charge for period

3,414

46,004

2,871

52,289

At 3 August 2019

21,222

149,587

11,667

182,476

NET BOOK VALUE

At 3 August 2019

1,179,651

2,082,357

42,717

3,304,725

At 28 July 2018

9,507

152,182

2,728

164,417

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

285,906

341,261

Other debtors

6,822

-

Tax

15,134

-

VAT

38,498

20,197

Prepayments

14,542

8,845

360,902

370,303

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

272,296

134,003

Social security and other taxes

19,220

35,044

Other creditors

116,154

99,707

Amounts due to Factor

151,517

71,153

Accrued expenses

25,419

8,415

584,606

348,322

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other loans - 1-2 years

10,526

10,526

Other loans - 2-5 years

274,585

135,110

Other creditors

1,354

17,801

Directors' loan accounts

70,000

70,000

Deferred government grants

125,000

-

481,465

233,437

8.	SECURED DEBTS

The amounts borrowed from D McGhee & Sons Limited, West of Scotland Loan Fund and Clydesdale Bank

PLC are secured over the assets of the company by a bond and floating charge.

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

210,117

-

Deferred

tax

£

Provided during period

210,117

Balance at 3 August 2019

210,117

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the periods ended 3 August 2019 and

28 July 2018:

2019

2018

£

£

D Beattie

Balance outstanding at start of period

70,000

70,000

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

70,000

70,000

No additional loans were were given by or repaid to D Beattie during the year. Balance owing to D Beattie at

the year end is £70,000.

Keppochhill Property Limited are shareholders within the company. Additional loans of £150,000 were

given by during the year with £NIL being repaid to the company during the year. Balance owing to

Keppochhill Property Limited at the year end is £270,000 (2018 £120,000) as disclosed at note 8 to the

financial statements. These loans are interest free and non amortising.

11.	RELATED PARTY DISCLOSURES

D McGhee & Sons Limited

A company whose shareholders are the same as Keppochhill Property Limited, the latter of which invested

in GDR Food Technology Limited.

GDR Food Technology Limited provided goods at fair value to D McGhee & Sons Limited. Debtors within

one year included balances owed from D McGhee & Sons Limited of £3,537 (2018 - £nil) including vat.

GDR Food Technology Limited received goods and services at fair value from D McGhee & Sons Limited.

Amount owed at the year end under trade creditors was £17,778 (2018 - £14,534) including vat.

Creditors within one year include balances due to D McGhee & Sons Limited of £116,154 (2018 - £99,707)

and £1,354 creditors more than one year (2018 -£17801) :- Plant & Machinery totalling £65771 net of vat,

was purchased on behalf of GDR Food Technology in 2015 and is being repaid to D McGhee & Sons over 48

months interest free. Total repaid during year £16447 (2018 - £16447).

Keppochhill Property Limited

Keppochhill Property Limited are shareholders within the company. Additional loans of £150,000 were

given during the year with £NIL being repaid to the company during the year. Balance owing to Keppochhill

Property Limited at the year end is £270,000 as disclosed at note 8 to the financial statements. These

loans are interest free and non amortising.

12.	ULTIMATE CONTROLLING PARTY

GDR Investments Limited are the ultimate controlling party by virute of their 74% shareholding in GDR

Food Technology Limited.