REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Mademoiselle Desserts Taunton Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Mademoiselle Desserts Taunton Limited |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
Mademoiselle Desserts Taunton Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
63 Broad Green |
Wellingborough |
Northamptonshire |
NN8 4LQ |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Strategic Report |
for the Year Ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
Principal Activity |
The principle activity of the company is the manufacture and wholesale of bakery products. |
Business Review |
The 12 months to 31st December 2023 showed growth in Turnover of 12.7% to £29,701,717 from £26,346,871. Profit/(Loss) for the year after Tax amounts to £2,799,416 in 2023 and was £1,654,087 in 2022. |
The business operates predominantly in the hospitality industry. We witnessed very good growth vs the previous year growing category share in our biggest customer. We also benefitted by winning new business in new categories within retail. |
The Company continued to absorb unprecedented raw materials increases throughout 2023. We managed to cover these increases with a price increase with our customers between January and March. |
The level of inflation and cost of living combined with the labour shortage in food service has increased the challenge on growing top line sales and profitability in the high street, in restaurants and pubs. The New Product Development team have developed an extended core with a focus on the continually growing area of Vegan. The team have also developed continental classics alongside retro flavour profiles which gained great traction in 2023. |
The new ERP system continues to play a key role in fast access to information and allowing the teams to find and fix issues quickly while improving efficiency. |
. |
Key Performance Indicators |
The Directors monitor the performance of the company through monthly KPIs which include, but are not limited to: |
Net Sales |
Gross Profit |
EBITDA |
Net Working Capital |
Cash generation and |
Manufacturing data. |
Principal Risks and Uncertainties |
Going Concern |
Based on forecasts and projections, together with available market information and the director's knowledge and experience of the industry, the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Accordingly the company continues to adopt the going concern basis in preparing the annual financial statements. |
With the business' focus being on planning ahead with new product ranges, investment in key new equipment alongside excellent customer contact and communication, it has lead to the business strengthen it's relationships and build relationships with new potential customers to get a strong start in 2024. |
Price Risk |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Strategic Report |
for the Year Ended 31 December 2023 |
The Company is exposed to commodity price risk due to its operations. The Company looks to mitigate this risk wherever possible by entering into price and volume contracts to support its performance. The volatility of the commodity market as well increase in the packaging costs due to board costs going up, forced the company to increase their prices and thereby rebalance the product margins |
Credit Risk |
The Company has the policy of obtaining credit insurance on its customers, wherever possible, to mitigate the associated credit risk. There is also a policy in place to carry out appropriate credit checks on potential customers before sales are made. However, due to the blue-chip nature of our customer base, we have an excellent record in this area. |
Cash Flow Risk |
The Company is exposed to movements in working capital. To mitigate this the Company operates appropriate credit collection process to minimise over due debts. Supplier payments are maintained to agreed terms and inventory is monitored regularly. |
Business Risk |
The Board has established a formal process of identifying, evaluating and managing the business risk faced, with ongoing review of progress against strategic objectives. The business risks reviewed include: |
- | external business risk including regulatory and compliance obligations |
- | operational risk arising from supplier dependency, material damage, fire |
- | legal risk arising from contracts with suppliers |
- | information risk including integrity of IT systems and security of information. |
ON BEHALF OF THE BOARD: |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company is the manufacture and sale of frozen dessert products for the UK and European food service market. Products include various types of chocolate fudge cake, cheesecakes, and individual puddings. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2023. |
RESEARCH AND DEVELOPMENT |
The company continues to develop new products in the areas of frozen desserts and cakes. It continues to actively assess market opportunities in the sector using the extensive product and sector knowledge of its experienced New Product Development team to bring innovative products to the market. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
EMPLOYEES |
The company ensures that employees are made aware of factors that affect the performance of the company and that employees are provided with information on matters which concern them. Employees are also regularly consulted to ensure that their views are taken into account in decisions that affect their interests. |
During the year, the company gave full and fair consideration to applications for employment from disabled persons having regard to their particular aptitudes, when related to any suitable opportunities available. |
Company policy provides that existing employees who become disabled shall continue employment with the company, if at all possible, subject to any appropriate training. |
Training, career development and promotion apply equally to all employees, taking into consideration their aptitudes and abilities. |
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. |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Report of the Directors |
for the Year Ended 31 December 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
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. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Clifford Roberts - Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Mademoiselle Desserts Taunton Limited |
Opinion |
We have audited the financial statements of Mademoiselle Desserts Taunton Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31 December 2023 and of its profit 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 |
Mademoiselle Desserts Taunton 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 pages four and five, 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. |
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. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- | We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: Companies Act 2006, UK Generally Accepted Accounting Practice. |
- | We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance. We corroborated our inquiries through our review of all relevant available audit information. |
- | We assessed and understood the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. The audit procedures performed by the engagement team included: |
- | Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud; |
- | Understanding how senior management consider and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- | Performing audit work on the risk of management override of the controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing the accounting estimates for bias; and |
- | Assessing the extent of compliance with the relevant laws and regulations. |
Report of the Independent Auditors to the Members of |
Mademoiselle Desserts Taunton Limited |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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. |
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. |
for and on behalf of |
63 Broad Green |
Wellingborough |
Northamptonshire |
NN8 4LQ |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Statement of Comprehensive Income |
for the Year Ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 5 |
Restructuring costs | 6 |
3,470,642 | 2,100,095 |
Interest receivable and similar income |
Interest payable and similar expenses | 7 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 | 4,500 | 4,500 |
Revaluation reserve | 21 | 847,149 | 847,149 |
Capital redemption reserve | 21 | 3,300 | 3,300 |
Retained earnings | 21 | 10,200,615 | 7,429,897 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Statement of Changes in Equity |
for the Year Ended 31 December 2023 |
Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 | 4,500 | 5,775,810 | 847,149 | 3,300 | 6,630,759 |
Changes in equity |
Total comprehensive income | - | 1,654,087 | - | - | 1,654,087 |
Balance at 31 December 2022 | 4,500 | 7,429,897 | 847,149 | 3,300 | 8,284,846 |
Changes in equity |
Total comprehensive income | - | 2,770,718 | - | - | 2,770,718 |
Balance at 31 December 2023 | 4,500 | 10,200,615 | 847,149 | 3,300 | 11,055,564 |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Mademoiselle Desserts Taunton Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Significant judgements and estimates |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
Customer Rebates/Retrospective discounts |
The company enters into arrangements with certain customers to pay rebates and/or retrospective discounts depending on volume achieved. These arrangements are negotiated on an individual customer basis. Accruals are recorded when goods are sold according to the terms of the contract and the expected rate at which these payments will be made. |
Stock provisions |
The company's stock provision is calculated based on a full review of stock at period end. The business will identify stock for which the realisable value is less than cost, stock which is within 6 months of its sell by date and any stock which is considered to be damaged. |
Debtors |
Debtors are recorded when a sale is made. A review of the recoverability of debt is undertaken periodically through the year to determine any bad debt provision requirement. This review also considers the level of credit insurance cover in place for the customer. |
Critical accounting judgments in applying the company's accounting policies |
Certain critical accounting judgements (apart from those involving estimations included above) in applying the company's accounting policies are described below: |
Sales of goods and services |
The company sells goods and ensures that revenue is recognised at the time at which title passes on the sale of goods. |
Stock valuation |
Stock valuation, in accordance with FRS102, incorporates the cost of raw materials, direct labour costs associated with production and directly attributable overheads. Management reassesses the allocation of these costs at the end of each period. |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Revenue |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of sales / value added tax, returns, rebates. on the terms of delivery of the goods, and discounts and after eliminating sales within the company. |
Turnover is recognised once the risk and rewards relating to a good have been transferred. This will depend on the terms of delivery of the goods. |
Intangible assets |
Intangible fixed assets purchased separately from a business are capitalised at their cost. Intangible assets acquired as part os an acquisition are capitalised at their fair value where this can be measured reliably. |
Software, concessions, patents, licences and trademarks purchased by the Company are amortised on a straight line basis to nil equal annual instalments over their useful economic lives once the asset is in use. Amortisation charges are included within administrative expenses |
Asset Class | Amortisation rate |
Order book | - 4 years |
Software | - 5 years |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated in the balance sheet at historical valuation or cost less accumulated depreciation and subsequent accumulated impairment losses. Cost includes directly attributable costs and appropriate commissioning costs |
Assets under construction are capitalised as costs are incurred. These assets are not depreciated until construction is complete and the asset is in use, at which point it is transferred into an appropriate alternative category. |
An impairment of value is determined necessary where the post tax realisable value and continuing use value are less than the net book of an asset. A review is carried out on each reporting date for evidence of impairment. Any impairment loss is recognised in the profit and loss account. |
Stocks |
Stocks are stated at the lower of cost or net realisable value. Cost is calculated on first-in, first-out (FIFO) basis. Cost includes raw materials, direct labour expenses and related production and other overheads. Net realisable value is the estimated selling price, in the ordinary course of business, less costs to completion and appropriate selling and distribution expenses. Provision is made for obsolete, slow-moving or defective items where appropriate |
Taxation |
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. |
Current tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date and any adjustments to tax payable in respect of previous years. |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply on crystallisation based on currently enacted tax rates and law. The deferred tax provision is included within provisions for liabilities. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset, or on unremitted earnings of subsidiaries and associates where there is no commitment to remit these earnings. |
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets and liabilities are not discounted. |
Research and development |
Expenditure on research is written off to the profit and loss account in the year in which it is incurred. Development expenditure is capitalised only where there is a clearly defined project, the expenditure is separately identifiable, the outcome of the project can be assessed with reasonable certainty, aggregate costs are expected to exceed related future sales and adequate resources exist to enable the project to be completed. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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, with gains or losses on translation being included in the profit and loss account. |
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. A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. The assets of the scheme are held separately from those of the Company in an independently administered fund. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
Europe |
4. | EMPLOYEES AND DIRECTORS |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2023 | 2022 |
£ | £ |
Wages and Salaries | 5,662,727 | 4,752,748 |
Social security costs | 519,174 | 444,866 |
Other pension costs | 349,665 | 214,831 |
6,531,567 | 5,412,445 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Direct | 159 | 146 |
Administration | 42 | 39 |
201 | 185 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Audit fee |
Non audit fees |
Foreign exchange differences |
6. | EXCEPTIONAL ITEMS |
2023 | 2022 |
£ | £ |
Restructuring costs | ( |
) |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 23.52% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods |
Group relief Surrender (Claimed) | (122,945 | ) | (88,633 | ) |
Other timing differences | (15 | ) | 77,550 |
Total tax charge | 718,654 | 443,085 |
9. | INTANGIBLE FIXED ASSETS |
Computer |
Order book | software | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | TANGIBLE FIXED ASSETS |
Freehold | Asset under | Plant and |
property | construction | machinery |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Tangible fixed assets are stated in the balance sheet at historical valuation or cost less accumulated depreciation and subsequent accumulated impairment losses. Cost includes directly attributable costs and appropriate commissioning costs. |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials |
Work-in-progress |
Finished goods |
Stocks are stated at the lower of cost or net realisable value. Cost is calculated on first-in, first-out (FIFO) basis. Cost includes raw materials, direct labour expenses and related production and other overheads. Net realisable value is the estimated selling price, in the ordinary course of business, less costs to completion and appropriate selling and distribution expenses. Provision is made for obsolete, slow-moving or defective items where appropriate |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
VAT |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 15) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The HSBC hold a fixed charge over freehold property known as 35 Frobisher Way, Bindon Road, Taunton. |
Interest is charged on the mortgage facility at 1.95% per annum over the Bank of England base rate. |
18. | FINANCIAL INSTRUMENTS |
Objectives and policies |
The company's principal financial instruments comprise bank balances, inter-company loans, hire purchase creditors, trade creditors and trade debtors. |
The company's activities and financial instruments expose it to a number of financial risks, such as movements in interest rates, credit risk, liquidity risk and cash flow risk. The directors review and agree policies for managing each of these risks and these are summarised below. |
Interest rate risk |
The company is exposed to interest rate risk on interest bearing credit facilities. |
Credit risk |
The company implemented the policy of obtaining credit insurance on its customers, wherever possible, to mitigate the risk associated with it. With the volatility on the high street due to Brexit and increased levels of uncertainty, this is an area of increased focus for the company. However , due to the blue-chip nature of our customer base we have an excellent record in this area. |
Liquidity risk |
The company ensures that there are sufficient cash resources within the company to fund capital expenditure and working capital movements. As such the liquidity risk is mitigated. |
Cash flow risk |
The company is exposed to movements in working capital. To mitigate this the company operates an appropriate credit collection process to minimise overdue customer debts. Supplier payments are maintained to agreed terms and inventory is regularly reviewed against set targets |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
19. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 363,617 | 309,994 |
Deferred tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | 53,623 |
Balance at 31 December 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 4,500 | 4,500 |
21. | RESERVES |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 7,429,897 | 847,149 | 3,300 | 8,280,346 |
Profit for the year | 2,770,718 | 2,770,718 |
At 31 December 2023 | 10,200,615 | 847,149 | 3,300 | 11,051,064 |
Called up share capital represents the nominal value of shares that have been issued. |
The capital redemption reserve represents the nominal value of shares that have been redeemed by the company. |
The profit and loss account includes all current and prior period profits and losses. |
The revaluation reserve is the surplus or deficit arising on the uplift of the historic valuation of land and buildings to their fair value |
22. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
23. | OTHER FINANCIAL COMMITMENTS |
The company has given a fixed charge, floating charge and negative pledge to Credit Industriel Et Commercial as security against existing and future obligations by group companies. |
Mademoiselle Desserts Taunton Limited (Registered number: 00132872) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
24. | ULTIMATE CONTROLLING PARTY |
The immediate holding company is Case Topco Limited, a company incorporated in the UK, with a registered office at The Bakery, Gardner Road Maidenhead Berkshire |
The ultimate controlling party is Mademoiselle Desserts International, 14 Place Georges Pompidou 78180 Montigny Le Bretonneux, France. |