Company registration number 04614082 (England and Wales)
SASCO SAUCES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
SASCO SAUCES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SASCO SAUCES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
328,236
491,815
Tangible assets
5
413,064
491,949
Investments
6
120
120
741,420
983,884
Current assets
Stocks
323,026
324,370
Debtors
7
1,368,822
931,913
Cash at bank and in hand
1,301,231
611,516
2,993,079
1,867,799
Creditors: amounts falling due within one year
8
(1,713,643)
(1,361,917)
Net current assets
1,279,436
505,882
Total assets less current liabilities
2,020,856
1,489,766
Creditors: amounts falling due after more than one year
9
-
0
(10,417)
Provisions for liabilities
(86,926)
(78,948)
Net assets
1,933,930
1,400,401
Capital and reserves
Called up share capital
100
100
Share premium account
14,610
14,610
Profit and loss reserves
1,919,220
1,385,691
Total equity
1,933,930
1,400,401

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2023 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.

The 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.

SASCO SAUCES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 November 2023 and are signed on its behalf by:
Mr G J Spicer
Director
Company Registration No. 04614082
SASCO SAUCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information

Sasco Sauces Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Yeomans Court, Ware Road, Hertford, Hertfordshire, United Kingdom, SG13 7HJ.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

The financial statements are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern on the basis that group undertakings will continue to support the company.true

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Interest income

Interest income is recognised using the effective interest method.

1.4
Intangible fixed assets - goodwill

Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Amortisation is charged to write off the cost of the intangible assets less their residual values over their estimated useful lives on a straight line basis. The intangible assets are written off over the following useful economic lives:

 

Goodwill - 16 years

 

If there are indicators of a significant movement in the useful life or residual value of the asset, amortisation is revised prospectively to reflect this.

 

Goodwill arose as a result of the hive up of the trade and assets of the subsidiary company on 1 May 2009 and was being amortised evenly over its estimated useful life of ten years. This was reviewed by management during that year and found to be too short as the benefits of the hive up had not diminished as much as had been expected. The useful economic life was therefore extended to 16 years from the date the goodwill arose.

 

SASCO SAUCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Property, Plant and Equipment is measured at cost less accumulated depreciation and accumulated impairment losses.

 

At each reporting date, property, plant and equipment are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

 

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment is recognised immediately in profit or loss.

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:

Short leasehold
Over the term of the lease
Plant and equipment
10% on reducing balance
Fixtures and fittings
10% on reducing balance

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.

1.6
Fixed asset investments

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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.

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.

SASCO SAUCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Stocks

Inventories have been valued at the lower of cost and the estimated selling price less costs to sell. In respect of work in progress and finished goods, costs include a relevant proportion of overheads dependant on the stage of completion.

 

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 the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.9
Financial instruments
Trade and other debtors

Trade and other debtors are measure at transaction price less any impairment unless the arrangement constitutes a financing transaction in which case the transaction is measured at the present value of the future receipts discounted at the prevailing market rate of interest. Loans are initially measured at fair value and are subsequently measured at amortised cost using the effective interest method less any impairment.

Trade and other creditors

Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transactions costs. They are subsequently measured at amortised cost using the effective interest method less any impairment.

1.10
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 profit and loss account 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.

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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.11
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.

 

 

SASCO SAUCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 6 -
1.12

Preparation of consolidated financial statements

The financial statements contain information about Sasco Sauces Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under section 405 of the Companies Act 2006 not to prepare consolidated financial statements.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

The directors consider that there are no significant judgements or estimates in the preparation of these financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
33
33
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
4,334,790
Amortisation and impairment
At 1 May 2022
3,842,975
Amortisation charged for the year
163,579
At 30 April 2023
4,006,554
Carrying amount
At 30 April 2023
328,236
At 30 April 2022
491,815
SASCO SAUCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
5
Tangible fixed assets
Short leasehold
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2022
121,005
1,591,059
125,133
1,837,197
Additions
-
0
20,351
-
0
20,351
Disposals
-
0
(208,755)
(67,231)
(275,986)
At 30 April 2023
121,005
1,402,655
57,902
1,581,562
Depreciation and impairment
At 1 May 2022
106,570
1,146,147
92,531
1,345,248
Depreciation charged in the year
5,626
42,534
2,382
50,542
Eliminated in respect of disposals
-
0
(168,839)
(58,453)
(227,292)
At 30 April 2023
112,196
1,019,842
36,460
1,168,498
Carrying amount
At 30 April 2023
8,809
382,813
21,442
413,064
At 30 April 2022
14,435
444,912
32,602
491,949
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
120
120
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
885,664
845,686
Other debtors
483,158
86,227
1,368,822
931,913
SASCO SAUCES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,417
125,000
Trade creditors
846,706
621,223
Amounts owed to group undertakings
120
120
Corporation tax
328,777
145,814
Other taxation and social security
11,502
10,841
Other creditors
516,121
458,919
1,713,643
1,361,917
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
10,417
10
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:

2023
2022
£
£
995,918
1,101,072
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