Company Registration No. 07200046 (England and Wales)
Gozney Group Limited
Unaudited financial statements
for the year ended 31 March 2020
Pages for filing with the Registrar
Gozney Group Limited
Company information
Directors
Thomas Gozney
Laura Gozney
Simon Henderson
Donald Henshall
Richard Bannister
(Appointed 22 November 2019)
Richard Webley
(Appointed 22 November 2019)
Secretary
Linda Gozney
Company number
07200046
Registered office
Units 18 & 19 Christchurch Business Park
Radar Way
Christchurch
Dorset
BH23 4FL
Accountants
Saffery Champness LLP
Midland House
2 Poole Road
Bournemouth
Dorset
BH2 5QY
Gozney Group Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 11
Gozney Group Limited
Statement of financial position
As at 31 March 2020
Page 1
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
341,644
76,654
Tangible assets
4
285,039
396,730
626,683
473,384
Current assets
Stocks
1,039,661
1,094,820
Debtors
6
1,331,042
669,601
Cash at bank and in hand
621,390
323,710
2,992,093
2,088,131
Creditors: amounts falling due within one year
7
(1,494,617)
(597,250)
Net current assets
1,497,476
1,490,881
Total assets less current liabilities
2,124,159
1,964,265
Creditors: amounts falling due after more than one year
8
(1,412,230)
(1,620,779)
Provisions for liabilities
(3,733)
(34,212)
Net assets
708,196
309,274
Capital and reserves
Called up share capital
10
141
125
Share premium account
2,639,434
599,974
Profit and loss reserves
(1,931,379)
(290,825)
Total equity
708,196
309,274
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
Gozney Group Limited
Statement of financial position (continued)
As at 31 March 2020
Page 2
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 January 2021 and are signed on its behalf by:
Thomas Gozney
Director
Company Registration No. 07200046
Gozney Group Limited
Notes to the financial statements
For the year ended 31 March 2020
Page 3
1
Accounting policies
Company information
Gozney Group Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Units 18 & 19 Christchurch Business Park, Radar Way, Christchurch, Dorset, BH23 4FL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
Gozney Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 4
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
4 years
Intellectual Property
10 years
Website development
25% straight line
1.6
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
4% straight line
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Gozney Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 5
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Gozney Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 6
Classification of 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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Gozney Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 7
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Gozney Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
1
Accounting policies (continued)
Page 8
1.15
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the
income statement
for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 32 (2019 - 28
).
3
Intangible fixed assets
Software
Intellectual Property
Website development
Total
£
£
£
£
Cost
At 1 April 2019
36,212
62,696
-
98,908
Additions
16,783
87,410
-
104,193
Transfers
-
-
294,186
294,186
At 31 March 2020
52,995
150,106
294,186
497,287
Amortisation and impairment
At 1 April 2019
8,452
13,802
-
22,254
Amortisation charged for the year
11,090
7,815
-
18,905
Transfers
-
-
114,484
114,484
At 31 March 2020
19,542
21,617
114,484
155,643
Carrying amount
At 31 March 2020
33,453
128,489
179,702
341,644
At 31 March 2019
27,760
48,894
-
76,654
Gozney Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 9
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019
25,344
823,220
848,564
Additions
-
257,067
257,067
Disposals
-
(21,800)
(21,800)
Transfers
-
(294,186)
(294,186)
At 31 March 2020
25,344
764,301
789,645
Depreciation and impairment
At 1 April 2019
83
451,751
451,834
Depreciation charged in the year
5,592
161,664
167,256
Transfers
-
(114,484)
(114,484)
At 31 March 2020
5,675
498,931
504,606
Carrying amount
At 31 March 2020
19,669
265,370
285,039
At 31 March 2019
25,261
371,469
396,730
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2020 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Gozney Inc.
USA
Sale of Pizza Ovens
Ordinary
100.00
0
During the year, Gozney Group Limited received 100 shares in Gozney Inc on its incorporation to manage the US operations. The shares issued had no par value and Gozney Group own all of the issued shares in Gozney Inc.
Gozney Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 10
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
40,723
72,923
Amounts owed by group undertakings
642,106
-
Other debtors
458,213
596,678
1,141,042
669,601
Deferred tax asset
190,000
-
1,331,042
669,601
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
19,663
18,103
Trade creditors
533,332
431,487
Taxation and social security
97,207
29,368
Other creditors
844,415
118,292
1,494,617
597,250
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
195,927
214,590
Other creditors
1,216,303
1,406,189
1,412,230
1,620,779
The bank loan is secured by a floating charge over all assets and undertakings both present and future.
Other creditors are secured by means of fixed charge over plant and machinery, intellectual property rights and book debts along with a floating charge over all other assets and undertakings both present and future.
Gozney Group Limited
Notes to the financial statements (continued)
For the year ended 31 March 2020
Page 11
9
Share-based payment transactions
The company operates an Enterprise Management Incentive share option plan. During the year 3,829 Ordinary share options were granted and can be exercised any anytime before the share options vest 5 years from the date of issue.
The Ordinary shares carry rights to vote, they can be considered for dividends, and have the right to a share in capital on the sale of the business/shares.
10
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
140,922,112 Ordinary shares of 0.000001p each
141
125
During the year, the company undertook a share redesignation from 0.001p shares to 0.000001p Ordinary shares. The redesignation exercise was used to facilitate an equity raise to be used for further growth of the company.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
346,172
99,504
12
Events after the reporting date
The outbreak of the Novel Coronavirus (COVID-19), declared by the World Health Organisation as a “Global Pandemic” on the 11th March 2020, has impacted global financial markets. In the UK market activity is being impacted in all sectors and the current response to COVID 19 means that we are faced with an unprecedented set of circumstances. At the approval date of these financial statements the future impact to pizza oven sector is unknown and we cannot reliably estimate its effect on trading in the short term.
In light of the current uncertainties the directors have assessed the potential financial implications of the pandemic, and have assessed that the group has sufficient resources to allow it to trade through this period without any additional working capital funding required.
2020-03-31
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false
04 January 2021
CCH Software
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No description of principal activity
Thomas Gozney
Laura Gozney
Simon Henderson
Donald Henshall
Richard Bannister
Richard Webley
Linda Gozney
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