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REGISTERED NUMBER: 02646875 (England and Wales)
















SHODA SAUCES EUROPE COMPANY LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2023






SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2023











Page




Company Information  

1




Strategic Report  

2




Report of the Directors  

3




Report of the Independent Auditors  

5




Statement of Income and Retained Earnings  

9




Statement of Financial Position  

10




Statement of Cash Flows  

11




Notes to the Statement of Cash Flows  

12




Notes to the Financial Statements

14





SHODA SAUCES EUROPE COMPANY LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 31ST JULY 2023









DIRECTORS:

Mr M Itabashi


Mr K Onda


Mr T Shoda


Mr T Shoda


Mr H Furuta


Mr N Amagai





SECRETARY:

Mr T Shoda





REGISTERED OFFICE:

Unit 19


Rising Sun Industrial Estate


Blaina


Abertillery


NP13 3JW





REGISTERED NUMBER:

02646875 (England and Wales)





SENIOR STATUTORY AUDITOR:

Steven Davies





AUDITORS:

Carston Chartered Accountants


Tudor House


16 Cathedral Road


Cardiff


CF11 9LJ


SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



STRATEGIC REPORT

FOR THE YEAR ENDED 31ST JULY 2023



The directors present their strategic report for the year ended 31st July 2023.


FAIR REVIEW OF BUSINESS

The Company turnover remained fairly stagnant in comparison to 2022, with both own-produced and merchandise sales on par.


The new warehouse building was opened, and work is on-going to complete the reconfiguration of the external yards to incorporate a new car park and sustainable drainage system.  This is likely to continue up to the end of the next financial year.


In addition to this, a new bottling machine has been procured and is expected to be commissioned by the spring of 2024, which will add significant capacity to this area of the business going forward.


PRINCIPAL RISKS AND UNCERTAINTIES

Again, the biggest challenge during the year was managing the unpredictability in costs, every area has seen extreme volatility the most impact being seen in import/export costs, materials and energy. The plans to address these were implemented but are not expected to significantly impact results until the second half of the next financial year, due to contractual restraints on both sales and procurement.  Costs have now been reviewed in detail throughout the business and addressed appropriately.  We would expect to be close to break-even in the next financial year, with profits returning, all being equal, in the following year.


DEVELOPMENT AND PERFORMANCE

The addition of the 2 sachet machines has improved performance in this department and the introduction of the new bottling line will more than double the capacity of our production in this area.  The full impact of this will not be seen until 2024/25.


As part of the Sustainability Project the business has on-going commitments to improve processes in all areas, including water treatment, carbon footprint and waste.


The Company invested in additional resources to ensure compliance is achieved in respect to reporting and measuring our sustainability performance, and will use this to continually improve all areas of the business.


The staff development program has slowed slightly due to availability and other demands on the business, but the Company is fully committed to continuing the development of its teams and several internal promotions and training plans have been achieved.


ON BEHALF OF THE BOARD:






Mr T Shoda - Director



31st January 2024


SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST JULY 2023



The directors present their report with the financial statements of the company for the year ended 31st July 2023.


PRINCIPAL ACTIVITY

The principal activity of the company during the year was the production and marketing of sauces and related food products.

DIVIDENDS

No dividends will be distributed for the year ended 31st July 2023.


DIRECTORS

The directors shown below have held office during the whole of the period from 1st August 2022 to the date of this report.


Mr M Itabashi

Mr K Onda

Mr T Shoda

Mr T Shoda

Mr H Furuta

Mr N Amagai


STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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


SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST JULY 2023



STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:






Mr T Shoda - Director



31st January 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SHODA SAUCES EUROPE COMPANY LIMITED



Opinion

We have audited the financial statements of Shoda Sauces Europe Company Limited (the 'company') for the year ended 31st July 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st July 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern

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


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


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


Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


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


Opinions on other matters prescribed by the Companies Act 2006

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

-

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

-

the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SHODA SAUCES EUROPE COMPANY LIMITED



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

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

-

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

-

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


Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SHODA SAUCES EUROPE COMPANY LIMITED



Auditors' responsibilities for the audit of the financial statements

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


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.


Based on our understanding of the Company and industry, discussions with management and directors we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.


As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.


Our audit procedures included:

- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;


- enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;


- examining supporting documents for all material balances, transactions and disclosures;


- enquiry of management, about litigations and claims and inspection of relevant correspondence;


- analytical procedures to identify any unusual or unexpected relationships;


- specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notably around the key judgments and estimates, including the carrying value of accruals, provisions, investments, recoverability of trade debtors and revenue recognition;


- considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions, outside the normal course of business;


Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).


The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SHODA SAUCES EUROPE COMPANY LIMITED



Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Steven Davies (Senior Statutory Auditor)

for and on behalf of Carston Chartered Accountants

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ


31st January 2024


SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



STATEMENT OF INCOME AND

RETAINED EARNINGS

FOR THE YEAR ENDED 31ST JULY 2023



2023

2022



Notes

£   

£   

£   

£   



TURNOVER

4

21,337,877


21,800,262




Cost of sales

17,717,246


18,746,512



GROSS PROFIT

3,620,631


3,053,750




Distribution costs

790,084


874,973



Administrative expenses

3,525,872


3,075,611



4,315,956

3,950,584

(695,325

)

(896,834

)



Other operating income

114,419


173,664



OPERATING LOSS and


LOSS BEFORE TAXATION

(580,906

)

(723,170

)



Tax on loss

7

-


-



LOSS FOR THE FINANCIAL YEAR

(580,906

)

(723,170

)



Retained earnings at beginning of year

(2,488,334

)

(1,765,164

)



RETAINED EARNINGS AT END OF YEAR

(3,069,240

)

(2,488,334

)



SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



STATEMENT OF FINANCIAL POSITION

31ST JULY 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

8

3,521,220


3,829,623



Investments

9

1


1



3,521,221


3,829,624




CURRENT ASSETS

Stocks

10

1,985,281


1,738,364



Debtors

11

7,175,131


5,490,801



Cash at bank and in hand

690,764


415,440



9,851,176


7,644,605



CREDITORS

Amounts falling due within one year

12

8,537,992


5,571,956



NET CURRENT ASSETS

1,313,184


2,072,649



TOTAL ASSETS LESS CURRENT LIABILITIES

4,834,405


5,902,273




CREDITORS

Amounts falling due after more than one

year

13

2,273,891


2,760,853



NET ASSETS

2,560,514


3,141,420




CAPITAL AND RESERVES

Called up share capital

16

5,349,034


5,349,034



Share premium

17

242,552


242,552



Capital redemption reserve

17

38,168


38,168



Retained earnings

17

(3,069,240

)

(2,488,334

)


SHAREHOLDERS' FUNDS

2,560,514


3,141,420




The financial statements were approved by the Board of Directors and authorised for issue on 31st January 2024 and were signed on its behalf by:






Mr T Shoda - Director



SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST JULY 2023



2023


2022


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

(2,421,010

)

(392,873

)


Net cash from operating activities

(2,421,010

)

(392,873

)



Cash flows from investing activities

Purchase of tangible fixed assets

(21,269

)

(600,338

)


Net cash from investing activities

(21,269

)

(600,338

)



Cash flows from financing activities

New loans in year

3,000,000


-



Loan repayments in year

(339,600

)

-



Proceeds from borrowings

-


875,200



Proceeds from group undertakings

127,924


(425,870

)


Net cash from financing activities

2,788,324


449,330




Increase/(decrease) in cash and cash equivalents

346,045


(543,881

)


Cash and cash equivalents at beginning of

year

2

(81,718

)

462,163




Cash and cash equivalents at end of year

2

264,327


(81,718

)



SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST JULY 2023



1.

RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


2023


2022

£   

£   



Loss before taxation

(580,906

)

(723,170

)



Depreciation charges

329,672


328,308



(251,234

)

(394,862

)



Increase in stocks

(246,917

)

(40,179

)



Increase in trade and other debtors

(1,684,330

)

(506,574

)



(Decrease)/increase in trade and other creditors

(238,529

)

548,742




Cash generated from operations

(2,421,010

)

(392,873

)



2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Year ended 31st July 2023


31/7/23


1/8/22

£   

£   



Cash and cash equivalents

690,764


415,440




Bank overdrafts

(426,437

)

(497,158

)


264,327


(81,718

)



Year ended 31st July 2022


31/7/22


1/8/21

£   

£   



Cash and cash equivalents

415,440


462,163




Bank overdrafts

(497,158

)

-



(81,718

)

462,163





SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST JULY 2023



3.

ANALYSIS OF CHANGES IN NET DEBT



At 1/8/22

Cash flow

At 31/7/23

£   

£   

£   



Net cash



Cash at bank and in hand

415,440


275,324


690,764




Bank overdrafts

(497,158

)

70,721


(426,437

)


(81,718

)

346,045


264,327




Debt


Debts falling due within 1 year

(339,600

)

(3,000,000

)

(3,339,600

)



Debts falling due after 1 year

(1,945,600

)

339,600


(1,606,000

)


(2,285,200

)

(2,660,400

)

(4,945,600

)



Total

(2,366,918

)

(2,314,355

)

(4,681,273

)



SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2023



1.

STATUTORY INFORMATION



Shoda Sauces Europe Company Limited is a private company, limited by shares , registered in England and Wales. 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" 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 calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property is written down at 2% per annum on cost less the land element.
Plant and machinery - 33% / 10%
Office Equipment & Fixtures - 20 / 10%


Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Taxation

Taxation for the year 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 statement of financial position date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.


SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2023



2.

ACCOUNTING POLICIES - continued



Research and development

Expenditure on research and development is written off in the year in which it is incurred.



Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


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.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY


The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

4.

TURNOVER


Sales are made up of the following geographical markets:

UK 61%
EU 37%
Rest of the world 2%

5.

EMPLOYEES AND DIRECTORS


2023


2022

£   

£   



Wages and salaries

2,953,181


2,765,204




Social security costs

279,716


256,215




Other pension costs

44,110


41,277



3,277,007


3,062,696





The average number of employees during the year was as follows:


2023


2022



Production staff

76


56




Administrative staff

16


16




Management staff

14


14



106


86




SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2023



5.

EMPLOYEES AND DIRECTORS - continued



2023


2022

£   

£   



Directors' remuneration

323,978


301,329





Information regarding the highest paid director is as follows:


2023


2022

£   

£   



Emoluments etc

323,978


301,329




6.

OPERATING LOSS



The operating loss is stated after charging/(crediting):



2023


2022

£   

£   



Hire of plant and machinery

14,751


13,857




Depreciation - owned assets

329,672


328,308




Foreign exchange differences

(170,375

)

(120,862

)



7.

TAXATION



Analysis of the tax charge


No liability to UK corporation tax arose for the year ended 31st July 2023 nor for the year ended 31st July 2022.



Reconciliation of total tax charge included in profit and loss


The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:



2023


2022

£   

£   



Loss before tax

(580,906

)

(723,170

)



Loss multiplied by the standard rate of corporation tax in the UK of 19%

(2022 - 19%)  

(110,372

)

(137,402

)




Effects of:


Expenses not deductible for tax purposes

96


175




Capital allowances in excess of depreciation

-


(53,816

)



Depreciation in excess of capital allowances

62,644


-




Enhanced R&D expenditure  

-


(35,586

)




Unused tax losses  

47,632


226,629





Total tax charge

-


-




SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2023



8.

TANGIBLE FIXED ASSETS


Fixtures



Freehold


Plant and


and



Property


machinery


fittings


Totals

£   

£   

£   

£   



COST


At 1st August 2022

2,532,160


5,712,842


111,407


8,356,409




Additions

3,450


17,474


345


21,269




At 31st July 2023

2,535,610


5,730,316


111,752


8,377,678




DEPRECIATION


At 1st August 2022

223,277


4,221,361


82,148


4,526,786




Charge for year

39,534


282,607


7,531


329,672




At 31st July 2023

262,811


4,503,968


89,679


4,856,458




NET BOOK VALUE


At 31st July 2023

2,272,799


1,226,348


22,073


3,521,220




At 31st July 2022

2,308,883


1,491,481


29,259


3,829,623




9.

FIXED ASSET INVESTMENTS


Unlisted


investments

£   



COST


At 1st August 2022


and 31st July 2023

1




NET BOOK VALUE


At 31st July 2023

1




At 31st July 2022

1





The company owns 100% of the issued share capital of the following company:



The Speciality Sauce Company Limited - Company Number - 05155635



The subsidiary is registered in England and Wales.



100% of the issued share capital of the subsidiary is held by Shoda Sauces Europe Company Limited - being the intermediate parent undertaking.



The company is dormant and the total of its capital and reserves as at 31 July 2023 & 2022 was £1.



Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing


consolidated accounts and has not done so, therefore the accounts show information about the company as


an individual entity.


SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2023



10.

STOCKS

2023

2022


£   

£   



Stocks

1,469,483


1,150,990




Work-in-progress

146,747


118,678




Finished goods

369,051


468,696



1,985,281


1,738,364




11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

4,425,369


4,301,100




Bad debt provision

(37,743

)

(2,854

)



Other debtors

2,399,774


562,419




VAT

138,355


224,335




Prepayments

249,376


405,801



7,175,131


5,490,801




12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Bank loans and overdrafts (see note 14)

3,766,037


836,758




Trade creditors

1,154,515


1,540,023




Amounts owed to group undertakings

3,121,162


2,845,876




PAYE and NIC taxes

89,804


76,669




Other creditors

34,044


28,130




Accruals and deferred income

372,430


244,500



8,537,992


5,571,956




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


2023

2022


£   

£   



Bank loans (see note 14)

1,606,000


1,945,600




Amounts owed to group undertakings

667,891


815,253



2,273,891


2,760,853




SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2023



14.

LOANS



An analysis of the maturity of loans is given below:


2023

2022


£   

£   



Amounts falling due within one year or on demand:


Bank overdrafts

426,437


497,158




Bank loans < 1yr

3,339,600


339,600



3,766,037


836,758





Amounts falling due between two and five years:


Bank loans - 2-5 years

1,148,400


1,358,400





Amounts falling due in more than five years:



Repayable by instalments


Bank loans > 5 yrs

457,600


587,200




15.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022


£   

£   



Within one year

132,025


81,047




Between one and five years

182,837


26,031




In more than five years

45,375


-



360,237


107,078




16.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

2023

2022



value:

£   

£   



4,784,034

Ordinary

£1

4,784,034


4,784,034




565,000

Preference

£1

565,000


565,000



5,349,034


5,349,034




SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST JULY 2023



17.

RESERVES


Capital



Retained


Share


redemption



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1st August 2022

(2,488,334

)

242,552


38,168


(2,207,614

)



Deficit for the year

(580,906

)

(580,906

)



At 31st July 2023

(3,069,240

)

242,552


38,168


(2,788,520

)



18.

ULTIMATE PARENT COMPANY



Shoda Shoyu Co. Ltd. (incorporated in Japan ) is regarded by the directors as being the company's ultimate parent company.



Shoda Shoyu Company Limited


3-1, Sakae-Cho,


Tatebayasi-City,


Gumma-Pref 374-8510,


Japan


19.

RELATED PARTY TRANSACTIONS



The company enters into various sales, purchases, and loan transactions with the parent company at market rates. Shoda Shoyu Company Limited have provided a guarantee as security on the bank loan that is included within creditors due within and after one year.