IRIS Accounts Production v24.1.9.2 01990129 Board of Directors 1.1.23 31.12.23 31.12.23 26/6/2024 false true false false true false Auditors Opinion Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh019901292022-12-31019901292023-12-31019901292023-01-012023-12-31019901292021-12-31019901292022-01-012022-12-31019901292022-12-3101990129ns15:EnglandWales2023-01-012023-12-3101990129ns14:PoundSterling2023-01-012023-12-3101990129ns10:Director12023-01-012023-12-3101990129ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3101990129ns10:SmallEntities2023-01-012023-12-3101990129ns10:Audited2023-01-012023-12-3101990129ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3101990129ns10:FullAccounts2023-01-012023-12-3101990129ns10:OrdinaryShareClass12023-01-012023-12-3101990129ns10:Director22023-01-012023-12-3101990129ns10:RegisteredOffice2023-01-012023-12-3101990129ns5:CurrentFinancialInstruments2023-12-3101990129ns5:CurrentFinancialInstruments2022-12-3101990129ns5:ShareCapital2023-12-3101990129ns5:ShareCapital2022-12-3101990129ns5:RevaluationReserve2023-12-3101990129ns5:RevaluationReserve2022-12-3101990129ns5:RetainedEarningsAccumulatedLosses2023-12-3101990129ns5:RetainedEarningsAccumulatedLosses2022-12-3101990129ns5:LandBuildings2023-01-012023-12-3101990129ns5:PlantMachinery2023-01-012023-12-3101990129ns5:LandBuildings2022-12-3101990129ns5:PlantMachinery2022-12-3101990129ns5:LandBuildings2023-12-3101990129ns5:PlantMachinery2023-12-3101990129ns5:LandBuildings2022-12-3101990129ns5:PlantMachinery2022-12-3101990129ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3101990129ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3101990129ns5:WithinOneYear2023-12-3101990129ns5:WithinOneYear2022-12-3101990129ns5:BetweenOneFiveYears2023-12-3101990129ns5:BetweenOneFiveYears2022-12-3101990129ns5:AllPeriods2023-12-3101990129ns5:AllPeriods2022-12-3101990129ns10:OrdinaryShareClass12023-12-3101990129ns5:RevaluationReserve2022-12-31
REGISTERED NUMBER: 01990129 (England and Wales)












PIQUANT LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






PIQUANT LIMITED (REGISTERED NUMBER: 01990129)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PIQUANT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr P K Mehta
Mr M A Ward



REGISTERED OFFICE: Piquant House
Willenhall Lane
Bloxwich
Walsall
West Midlands
WS3 2XN



REGISTERED NUMBER: 01990129 (England and Wales)



INDEPENDENT AUDITORS: Wallace Crooke
Chartered Accountants
& Registered Auditors
Wallace House
20 Birmingham Road
Walsall
West Midlands
WS1 2LT



BANKERS: Barclays Bank Plc
The Bridge Branch
Walsall
West Midlands
WS1 !RN

PIQUANT LIMITED (REGISTERED NUMBER: 01990129)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,206,260 1,312,442

CURRENT ASSETS
Stocks 341,001 441,765
Debtors 5 1,227,193 884,143
Cash at bank and in hand 132,930 937,500
1,701,124 2,263,408
CREDITORS
Amounts falling due within one year 6 556,764 1,357,160
NET CURRENT ASSETS 1,144,360 906,248
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,350,620

2,218,690

PROVISIONS FOR LIABILITIES 109,017 128,184
NET ASSETS 2,241,603 2,090,506

CAPITAL AND RESERVES
Called up share capital 8 30,000 30,000
Revaluation reserve 9 181,374 181,374
Retained earnings 2,030,229 1,879,132
SHAREHOLDERS' FUNDS 2,241,603 2,090,506

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2024 and were signed on its behalf by:





Mr M A Ward - Director


PIQUANT LIMITED (REGISTERED NUMBER: 01990129)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Piquant 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2.5% on cost
Plant and machinery etc - 25% reducing balance and 15% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the 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.

PIQUANT LIMITED (REGISTERED NUMBER: 01990129)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 42 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 1,025,246 3,028,563 4,053,809
DEPRECIATION
At 1 January 2023 270,197 2,471,170 2,741,367
Charge for year 22,170 84,012 106,182
At 31 December 2023 292,367 2,555,182 2,847,549
NET BOOK VALUE
At 31 December 2023 732,879 473,381 1,206,260
At 31 December 2022 755,049 557,393 1,312,442

Included in cost of land and buildings is freehold land of £ 138,500 (2022 - £ 138,500 ) which is not depreciated.

The land and buildings were revalued in the year 2009. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £620,155 (2022 - £637,790)

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,004,198 823,419
Amounts owed by group undertakings 150,000 -
Other debtors 72,995 60,724
1,227,193 884,143

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 415,148 664,492
Taxation and social security 90,631 129,448
Other creditors 50,985 563,220
556,764 1,357,160

PIQUANT LIMITED (REGISTERED NUMBER: 01990129)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 5,666 3,026
Between one and five years 13,883 3,543
19,549 6,569

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
30,000 Ordinary shares £1 30,000 30,000

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 181,374

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Jones FCA (Senior Statutory Auditor)
for and on behalf of Wallace Crooke

11. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £17,831 (2022: £16,988).
Contributions totalling £2,477 (2022: £1,433) were payable to the fund at the balance sheet date and are included in creditors.

12. RELATED PARTY DISCLOSURES

At the end of the year Piquant Limited had an outstanding loan balance due from its parent company K.T.C. (Edibles) Limited of £150,000.

13. PARENT COMPANY

The company's immediate holding company is K.T.C. (Edibles) Limited, a company incorporated in England and Wales.

The largest and smallest group in which the results of the Company are consolidated is that headed by K.T.C. (Edibles) Holdco Limited. The consolidated accounts of K.T.C. (Edibles) Holdco Limited are available to the public and may be obtained from Companies House.

PIQUANT LIMITED (REGISTERED NUMBER: 01990129)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

14. FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES

The banking and working capital facilities held within K.T.C. (Edibles) Limited are secured by charges over the company's land and buildings and fixed and floating charges over all other assets of the company.