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Registered number: 10698953










CONDIMENTUM LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CONDIMENTUM LIMITED
REGISTERED NUMBER: 10698953

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
42,403
43,305

Tangible assets
 5 
7,301,206
6,775,461

  
7,343,609
6,818,766

Current assets
  

Stocks
 6 
4,394,680
917,144

Debtors: amounts falling due within one year
 7 
860,816
1,507,097

Cash at bank and in hand
  
386,980
1,079,117

  
5,642,476
3,503,358

Creditors: amounts falling due within one year
 8 
(4,266,045)
(2,089,628)

Net current assets
  
 
 
1,376,431
 
 
1,413,730

Total assets less current liabilities
  
8,720,040
8,232,496

Creditors: amounts falling due after more than one year
 9 
(3,392,747)
(3,268,434)

Provisions for liabilities
  

Deferred tax
 11 
(265,687)
(219,029)

Net assets
  
5,061,606
4,745,033


Capital and reserves
  

Called up share capital 
  
1,850,000
1,850,000

Share premium account
  
2,707,500
2,707,500

Profit and loss account
  
504,106
187,533

  
5,061,606
4,745,033

Page 1

 
CONDIMENTUM LIMITED
REGISTERED NUMBER: 10698953
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
D J Martin
Director

Date: 5 September 2024

The notes on pages 3 to 13 form part of these financial statements.
Page 2

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

1.


General information

The Company is a United Kingdom Company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Colmans Close, Food Enterprise Park, Easton, Norwich, Norfolk, NR9 5FG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company has been supported by investment rounds to raise equity share capital. The directors regularly review and update trading and cashflow forecasts to ensure that the Company has adequate resources and facilities in place, and communicate with investors regularly. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 4

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

2.Accounting policies (continued)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

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

2.Accounting policies (continued)

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. 

 The estimated useful lives range as follows:

Patents
-
10
years
Development expenditure
-
3
years
Computer Software
-
5
years

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
straight line over 40 years
Plant and machinery
-
straight line over 5 & 14 years
Fixtures and fittings
-
straight line over 25 years
Office equipment
-
straight line over 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 6

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

2.Accounting policies (continued)

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
 
2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 - 26).

Page 7

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

4.


Intangible assets




Patents
Development expenditure
Computer software
Total

£
£
£
£



Cost


At 1 January 2023
9,044
-
47,375
56,419


Additions
1,565
-
6,350
7,915


Additions - internal
-
3,334
-
3,334



At 31 December 2023

10,609
3,334
53,725
67,668



Amortisation


At 1 January 2023
1,012
-
12,101
13,113


Charge for the year on owned assets
1,009
648
10,495
12,152



At 31 December 2023

2,021
648
22,596
25,265



Net book value



At 31 December 2023
8,588
2,686
31,129
42,403



At 31 December 2022
8,031
-
35,274
43,305



Page 8

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

5.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
4,330,374
2,226,381
995,820
105,649
7,658,224


Additions
101,405
728,063
38,565
38,304
906,337



At 31 December 2023

4,431,779
2,954,444
1,034,385
143,953
8,564,561



Depreciation


At 1 January 2023
268,519
465,319
106,229
42,696
882,763


Charge for the year on owned assets
92,938
205,075
40,619
26,135
364,767


Charge for the year on financed assets
-
15,825
-
-
15,825



At 31 December 2023

361,457
686,219
146,848
68,831
1,263,355



Net book value



At 31 December 2023
4,070,322
2,268,225
887,537
75,122
7,301,206



At 31 December 2022
4,061,855
1,761,062
889,591
62,953
6,775,461

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
357,879
-

357,879
-

Page 9

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

6.


Stocks

2023
2022
£
£

Raw materials and consumables
3,929,798
368,936

Work in progress
253,269
252,251

Finished goods and goods for resale
211,613
295,957

4,394,680
917,144



7.


Debtors

As restated
2023
2022
£
£


Trade debtors
516,877
661,576

Other debtors
27,596
33,654

Prepayments and accrued income
316,343
811,867

860,816
1,507,097



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
190,112
293,487

Trade creditors
2,379,564
702,541

Other taxation and social security
40,419
33,462

Obligations under hire purchase contracts
55,268
-

Other creditors
760,691
69,555

Accruals and deferred income
839,991
990,583

4,266,045
2,089,628


The bank loans are secured by debenture and a legal charge over the freehold land and property.
Hire purchase and finance lease obligations are secured on the assets financed.

Page 10

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

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,812,904
1,917,517

Net obligations under finance leases and hire purchase contracts
266,451
-

Accruals and deferred income
1,313,392
1,350,917

3,392,747
3,268,434


The bank loans are secured by debenture and a legal charge over the freehold land and property.
Hire purchase and finance lease obligations are secured on the assets financed.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
55,268
-

Between 1-5 years
266,451
-

321,719
-


11.


Deferred taxation




2023


£






At beginning of year
(219,029)


Charged to profit or loss
(46,658)



At end of year
(265,687)

Page 11

 
CONDIMENTUM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

As restated
2023
2022
£
£


Accelerated capital allowances
(577,012)
(433,339)

Tax losses carried forward
311,325
214,310

(265,687)
(219,029)


12.


Prior year adjustment

A material error was made in the calculation of deferred taxation in prior periods.  The Company has restated the figures.  The retained earnings as at 1 January 2022 have been reduced by £205,319 and the profit for the year ended 31 December 2022 has been reduced by £320,020.   As a result the retained earnings as at 1 January 2023 were reduced by £525,339.  The adjustment did not have a material impact on the Company's operations in the current year. 


13.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
130,933

-
130,933


14.


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 £64,279 (2022: £55,039). Contributions totalling £10,088 (2022: £10,066) were payable to the fund at the balance sheet date and are included in creditors.

Page 12

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

15.


Related party transactions

As at 31 December 2023, a balance of £590,572 was due to the directors (2022: £90). Interest is charged at a rate of 5.5% above the Bank of England base rate. This balance is repayable on demand and included within other creditors, note 8.
As at 31 December 2023, a balance of 
£160,005 was due to a company with directors in common (2022: £Nil). Interest is charged at a rate of 5.5% above the Bank of England base rate. This balance is repayable on demand and included within other creditors, note 8.
During the year the Company incurred consultancy services of 
£15,596 (2022: £5,272) from companies with directors in common. These services were supplied at arms length. The balance owed at the year end was £6,000 (2022: £Nil). 
 


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 18 September 2024 by Frank Shippam BSc FCA DChA (Senior statutory auditor) on behalf of MA Partners Audit LLP.

 
Page 13