REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
AB Tasty Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 June 2024 |
for |
AB Tasty Ltd |
AB Tasty Ltd (Registered number: 09823195) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
AB Tasty Ltd |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants and |
Statutory Auditor |
9 Exchange Place |
International Financial Services Centre |
Dublin |
Ireland |
D01 X8H2 |
BANK: |
Leicester, Leicestershire, |
United Kingdom, LE87 2BB |
- SPENDESK |
Building 20, East One, |
22 Commercial St, London E1 6LP |
AB Tasty Ltd (Registered number: 09823195) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
AB Tasty Ltd (Registered number: 09823195) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
AB Tasty Ltd is a |
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 on the going concern basis and under the historical cost convention. |
All amounts are rounded to the nearest £. |
AB Tasty Ltd (Registered number: 09823195) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. |
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that 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. |
(a) Establishing useful economic lives for depreciation purposes of tangible fixed assets |
Long-lived assets- consisting primarily of Plant and Machinery- comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review the useful economic lives of these assets and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful economic lives is included in the accounting policies. |
(b) Provision for doubtful debts |
The company makes an estimate of the recoverable value of trade and other debtors. The company uses estimates based on historical experience in determining the level of debts, which the company believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an on-going basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The turnover represents amounts receivable, under contracts for services, net of Value Added Tax. Turnover is recognised to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the services provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year. |
AB Tasty Ltd (Registered number: 09823195) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include supplier deposits, prepayments, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, customer deposits, accruals and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
AB Tasty Ltd (Registered number: 09823195) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
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 at 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. |
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. |
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. |
The assets of the schemes are held separately from those of the company in an independently administered fund. |
Employee benefits |
The costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognized in the period in which the employee’s services are received. |
Termination benefits are recognized immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Ordinary share capital |
The ordinary share capital of the company is presented as equity. |
AB Tasty Ltd (Registered number: 09823195) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Operating lease agreements |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Tangible fixed assets |
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows: |
Office equipment - 33% straight line |
Furniture and fixtures - 33% straight line |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Deposits | 7,440 | 7,440 |
Prepayments |
Trade debtors balances is disclosed net of a provision for impairment of £284,585 (2023: £221,101). |
AB Tasty Ltd (Registered number: 09823195) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
PAYE | 33,794 | 35,908 |
VAT | 206,504 | 187,593 |
Pension | 2,808 | 15,217 |
Accruals |
Deferred income | 1,654,620 | 1,089,779 |
Trade creditors are payable at various dates in the months after the end of the financial year in accordance with the creditors credit terms. |
Creditors for tax and social insurance are payable in the time-frame set down in the relevant legislation. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Amounts owed to group undertakings |
Amounts owed to group undertakings are repayable in line with the terms of the loan agreement and interest is charged at 5% per annum. |
The interest charged and that the balance will not be called on for a period of at least 12 months from date of signing the financial statements. |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Within one year |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | 1 | 25,000 | 25,000 |
AB Tasty Ltd (Registered number: 09823195) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 | ( |
) |
Deficit for the year | ( |
) |
At 30 June 2024 | ( |
) |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | RELATED PARTY DISCLOSURES |
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. |
13. | POST BALANCE SHEET EVENTS |
There have been no significant events affecting the company since the financial year end. |
14. | ULTIMATE CONTROLLING PARTY |
The company is controlled by AB Tasty SAS, a company registered in France whose registered address is 17-19 rue Michel-Le-Comte, 75003 Paris. |
AB Tasty SAS prepares group financial statements and copies can be obtained from its registered office at 17-19 rue Michel-Le-Comte, 75003 Paris. |
Mrs Alix Le Monies De Sagazan and Mr Rémi Aubert are considered to be the ultimate controlling parties. |
AB Tasty Ltd (Registered number: 09823195) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
15. | GOING CONCERN |
The Financial Statements have been prepared on the going concern basis which assumes the entity will continue in operational existence for the foreseeable future and for at least a period of 12 months from the date of approval of the Financial Statements. |
The company has recorded a loss of £598,507 and had net liabilities of £7,972,149 for the year ending 30 June 2024. |
At the date of approval of the financial statements the board of directors have received confirmation from the parent company of its intention to provide continued financial support to the company in order to ensure that the company remains in operational existence for the foreseeable future which may require continued support of its parent company. This support will include the non-call of the finance and trading balances of £6,993,645 and discharging any liabilities of AB Tasty Limited that fall due for a period of at least 12 months from the date of approval of the financial statements. |
Given the support of the parent company the Directors are satisfied that the company has the necessary resources to continue trading for the foreseeable future and accordingly believe that it is appropriate for the Financial Statements to be prepared on a going concern basis. |
16. | APPROVAL OF FINANCIAL STATEMENTS |
The board of directors approved these financial statements for issue on 18 October 2024. |