Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31false2023-06-01falseNo description of principal activity3533falsetrue 05067015 2023-06-01 2024-05-31 05067015 2022-06-01 2023-05-31 05067015 2024-05-31 05067015 2023-05-31 05067015 c:Director1 2023-06-01 2024-05-31 05067015 d:Buildings d:LongLeaseholdAssets 2023-06-01 2024-05-31 05067015 d:Buildings d:LongLeaseholdAssets 2024-05-31 05067015 d:Buildings d:LongLeaseholdAssets 2023-05-31 05067015 d:PlantMachinery 2023-06-01 2024-05-31 05067015 d:PlantMachinery 2024-05-31 05067015 d:PlantMachinery 2023-05-31 05067015 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05067015 d:MotorVehicles 2023-06-01 2024-05-31 05067015 d:MotorVehicles 2024-05-31 05067015 d:MotorVehicles 2023-05-31 05067015 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05067015 d:FurnitureFittings 2023-06-01 2024-05-31 05067015 d:FurnitureFittings 2024-05-31 05067015 d:FurnitureFittings 2023-05-31 05067015 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05067015 d:ComputerEquipment 2023-06-01 2024-05-31 05067015 d:ComputerEquipment 2024-05-31 05067015 d:ComputerEquipment 2023-05-31 05067015 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05067015 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 05067015 d:CurrentFinancialInstruments 2024-05-31 05067015 d:CurrentFinancialInstruments 2023-05-31 05067015 d:Non-currentFinancialInstruments 2024-05-31 05067015 d:Non-currentFinancialInstruments 2023-05-31 05067015 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 05067015 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 05067015 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 05067015 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 05067015 d:ShareCapital 2024-05-31 05067015 d:ShareCapital 2023-05-31 05067015 d:RetainedEarningsAccumulatedLosses 2024-05-31 05067015 d:RetainedEarningsAccumulatedLosses 2023-05-31 05067015 c:FRS102 2023-06-01 2024-05-31 05067015 c:Audited 2023-06-01 2024-05-31 05067015 c:FullAccounts 2023-06-01 2024-05-31 05067015 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05067015 d:HirePurchaseContracts d:WithinOneYear 2024-05-31 05067015 d:HirePurchaseContracts d:WithinOneYear 2023-05-31 05067015 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-05-31 05067015 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-05-31 05067015 c:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05067015 4 2023-06-01 2024-05-31 05067015 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-05-31 05067015 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-05-31 05067015 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-05-31 05067015 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-31 05067015 d:LeasedAssetsHeldAsLessee 2024-05-31 05067015 d:LeasedAssetsHeldAsLessee 2023-05-31 05067015 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Company registration number: 05067015







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MAY 2024


ITALIAN BEVERAGE COMPANY LIMITED






































img2200.png                        

 


ITALIAN BEVERAGE COMPANY LIMITED
REGISTERED NUMBER:05067015



STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023 Unaudited 
Note
£
£

Fixed assets
  

Tangible assets
 4 
152,134
219,536

  
152,134
219,536

Current assets
  

Stocks
 5 
2,626,729
2,517,853

Debtors: amounts falling due within one year
 6 
2,813,380
1,561,719

Cash at bank and in hand
  
153,695
3,362

  
5,593,804
4,082,934

Creditors: amounts falling due within one year
 7 
(3,054,079)
(2,079,972)

Net current assets
  
 
 
2,539,725
 
 
2,002,962

Total assets less current liabilities
  
2,691,859
2,222,498

Creditors: amounts falling due after more than one year
 8 
(31,440)
(240,513)

  

Net assets
  
2,660,419
1,981,985


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
2,659,419
1,980,985

  
2,660,419
1,981,985


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 income and retained earnings 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: 



................................................
S P Flax
Director

Date: 18 November 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 


ITALIAN BEVERAGE COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Italian Beverage 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

 
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

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.

 
2.3

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.

Page 2

 


ITALIAN BEVERAGE COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Taxation

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 reporting date in the countries where the Company operates and generates income.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

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.

Page 3

 


ITALIAN BEVERAGE COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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:

Long-term leasehold property
-
10%
on cost
Plant and machinery
-
20%
on cost
Motor vehicles
-
20%
on cost
Fixtures and fittings
-
20%
on cost
Computer equipment
-
33%
on cost

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.

During the year to 31 May 2024, Italian Beverage Company Limited changed the method of depreciating its Plant & Machinery and Fixtures & Fittings from 10% on a straight-line basis to 20% on a straight-line basis as this revised method better reflects the entity’s consumption of the assets over their useful lives and is consistent with the entity’s replacement cycle.
The change in depreciation method is a change in accounting estimate and is accounted for in the period of the change and in subsequent periods.
The effect of the change in the current period on actual depreciation compared to expected depreciation was an additional £23,649 expense recognised in administrative expenses.

 
2.10

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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 4

 


ITALIAN BEVERAGE COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

Financial instruments

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 35 (2023 - 33).

Page 5

 


ITALIAN BEVERAGE COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 June 2023
29,215
104,882
137,737
72,341
57,076
401,251


Additions
-
2,332
-
598
11,000
13,930


Disposals
-
-
-
(5,414)
-
(5,414)



At 31 May 2024

29,215
107,214
137,737
67,525
68,076
409,767



Depreciation


At 1 June 2023
730
42,074
41,579
55,618
41,714
181,715


Charge for the year on owned assets
2,678
26,430
27,548
10,030
10,636
77,322


Disposals
-
-
-
(1,404)
-
(1,404)



At 31 May 2024

3,408
68,504
69,127
64,244
52,350
257,633



Net book value



At 31 May 2024
25,807
38,710
68,610
3,281
15,726
152,134



At 31 May 2023
28,485
62,808
96,158
16,723
15,362
219,536

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


2024
2023
£
£



Plant and machinery
16,675
28,750

Motor vehicles
68,610
96,158

85,285
124,908


5.


Stocks

2024
2023 Unaudited
£
£

Raw materials and finished goods
2,626,729
2,517,853

2,626,729
2,517,853


Page 6

 


ITALIAN BEVERAGE COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

2024
2023 Unaudited 
£
£


Trade debtors
2,497,794
1,442,841

Other debtors
282,190
68,624

Prepayments and accrued income
33,396
50,254

2,813,380
1,561,719



7.


Creditors: Amounts falling due within one year

2024
2023 Unaudited 
£
£

Bank loans
-
1,080,589

Trade creditors
600,673
604,749

Amounts owed to group undertakings
1,751,554
-

Corporation tax
417,638
254,909

Other taxation and social security
40,271
-

Obligations under finance lease and hire purchase contracts
70,985
23,719

Other creditors
8,960
9,264

Accruals and deferred income
163,998
106,742

3,054,079
2,079,972


The following liabilities were secured:

2024
2023
£
£



Hire Purchase And Finance Leases
102,426
125,499

102,426
125,499

Details of security provided:

Amounts due under hire purchase contracts are secured against the assets concerned.

Page 7

 


ITALIAN BEVERAGE COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023 Unaudited 
£
£

Bank loans
-
138,733

Net obligations under finance leases and hire purchase contracts
31,440
101,780

31,440
240,513



9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023 Unaudited 
£
£


Within one year
70,986
23,719

Between 1-5 years
31,440
101,780

102,426
125,499


10.


Related party transactions

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.


11.


Controlling party

The parent undertaking and ultimate holding company is Delightful Food Group Limited. The company's Registered Office and the address from which financial statements can be obtained is Riverdale House, 19/21 High Street, Wheathampstead, England, AL4 8BB. 


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2024 was unqualified.

The audit report was signed on 21 November 2024 by J E Fox ACA FCCA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 8