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Registration number: 05587428

La Tua Pasta Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

La Tua Pasta Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 25

 

La Tua Pasta Limited

Company Information

Directors

N J Hanson

J E Hanson

Registered office

Unit 4 Nucleus Park
Central Way
London
NW10 7XT

Auditors

Sterlings Ltd
Lawford House
Albert Place
London
N3 1QA

 

La Tua Pasta Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company is that of the manufacture and sale of fresh pasta and related products.

Fair review of the business

Sales increased by 16% from the prior year as a result of efforts to increase penetration in both individually owned and chain Italian restaurants. In addition the company launched new ready meal products which grew from a very low base. Profit before tax was £1,267,164 for the year, a substantial increase compared to the £293,247 in 2023 which was still affected by the aftermath of the Covid lockdowns that had a significantly deleterious effect on the hospitality industry. The company also opened up export markets outside the European Union. Sales on the consumer focused website continued at a lower base and the company does not see this as a growth area as distribution costs reduce profitability for this route to market.

As at the balance sheet date the company had net assets of £849,987 compared with £663,383 as at 31 March 2023.

The company maintains a healthy liquidity position and has made significant capital investments in its manufacturing sites to allow it to have capacity to remain on a growth track. Towards the end of the year it shut its Bicester restaurant for three weeks for a significant refurbishment which has added additional covers as well as improving the kitchen layout. The company now has a five year lease on this location and since the refurbishment sales have exceeded the prior year on a monthly basis.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

16,424,272

14,166,489

Gross Profit

%

41

42

Principal risks and uncertainties

The company is subject to the fluctuation in commodity prices most notably for its major ingredients of flour and eggs. These can vary significantly and the company cannot always pass on increased costs in a timely fashion. The company is also exposed to fluctuations in the Pound-Euro exchange rate against which it conducts limited hedging operations. The enhanced costs on exporting to countries in the European Union and the changing documentation required by the French customs services at the port has forced the return of a number of truckloads of product. Labour costs continue to rise and the increased employers national insurance costs outlined in the budget will only add to this. As a result the company has been forced to look closely at the number of employees and is investigating labour saving strategies wherever possible.

 

La Tua Pasta Limited

Strategic Report for the Year Ended 31 March 2024

Future developments

The company looks to improve on the financial performance achieved during the year. The company's turnover and profits are expected to grow in the future and the directors continue to achieve exceptional food and services.
 

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

.........................................
J E Hanson
Director

 

La Tua Pasta Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

N J Hanson

J E Hanson

Dividends
Dividends of £800,000 were paid in the year (2023: £500,000).

Matters covered in the strategic report

As permitted by S414c(11) of the Companies Act 2006, the directors have elected to disclose information regarding future developments and risk exposure, required in the directors' report by Schedule 7 of the ' Large and Medium-sized Companies and Groups (Account and Reports) Regulations 2008', in the strategic report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

.........................................
J E Hanson
Director

 

La Tua Pasta Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

 

La Tua Pasta Limited

Independent Auditor's Report to the Members of La Tua Pasta Limited

Opinion

We have audited the financial statements of La Tua Pasta Limited (the 'company') for the year ended 31 March 2024, which comprise the Profit and Loss Account, 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 March 2024 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 auditor 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

La Tua Pasta Limited

Independent Auditor's Report to the Members of La Tua Pasta Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 page 5, 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 is 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.

Auditor 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 an auditor’s report 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.

 

La Tua Pasta Limited

Independent Auditor's Report to the Members of La Tua Pasta Limited

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

• the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, skills, and capabilities to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant industry;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, and other legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where relevant; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HM Revenue & Customs and relevant regulators.

There are inherent limitations in our audit procedures described above. The more remote that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

La Tua Pasta Limited

Independent Auditor's Report to the Members of La Tua Pasta Limited

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 an auditor’s report 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.

......................................
Stephen Fenton FCA (Senior Statutory Auditor)
For and on behalf of Sterlings Ltd, Statutory Auditor

Lawford House
Albert Place
London
N3 1QA

29 November 2024

 

La Tua Pasta Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

16,424,272

14,166,489

Cost of sales

 

(9,702,694)

(8,271,036)

Gross profit

 

6,721,578

5,895,453

Administrative expenses

 

(5,244,128)

(5,465,657)

Other operating income

4

1,070

-

Operating profit

6

1,478,520

429,796

Other interest receivable and similar income

7

1,206

-

Interest payable and similar expenses

8

(212,562)

(136,549)

   

(211,356)

(136,549)

Profit before tax

 

1,267,164

293,247

Tax on profit

12

(280,560)

(51,093)

Profit for the financial year

 

986,604

242,154

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

La Tua Pasta Limited

(Registration number: 05587428)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

1,115,454

817,658

Investments

14

85

85

 

1,115,539

817,743

Current assets

 

Stocks

15

589,119

564,417

Debtors

16

3,004,207

3,493,028

Cash at bank and in hand

 

123,657

192,216

 

3,716,983

4,249,661

Creditors: Amounts falling due within one year

18

(2,881,230)

(2,104,746)

Net current assets

 

835,753

2,144,915

Total assets less current liabilities

 

1,951,292

2,962,658

Creditors: Amounts falling due after more than one year

18

(950,183)

(2,201,683)

Provisions for liabilities

19

(151,122)

(97,592)

Net assets

 

849,987

663,383

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

849,887

663,283

Shareholders' funds

 

849,987

663,383

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

.........................................
J E Hanson
Director

 

La Tua Pasta Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2023

100

663,283

663,383

Profit for the year

-

986,604

986,604

Dividends

-

(800,000)

(800,000)

At 31 March 2024

100

849,887

849,987

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2022

100

921,129

921,229

Profit for the year

-

242,154

242,154

Dividends

-

(500,000)

(500,000)

At 31 March 2023

100

663,283

663,383

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4 Nucleus Park
Central Way
London
NW10 7XT
United Kingdom

These financial statements were authorised for issue by the Board on 22 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

Summary of disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
• Section 3 Financial Statement Presentation paragraph 3.17(d) (inclusion of statement of cash flows);
• Section 7 Statement of Cash Flows (inclusion of statement of cash flows);
• Section 11 Financial Instruments paragraph 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c) (disclosures relating to financial instruments);
• Section 26 Share based payments (disclosures of share based payments); and
• Section 33 Related Party Disclosures paragraph 33.7 (disclosures of key management personnel compensation).

Group accounts not prepared

The company is a wholly-owned subsidiary of Banchory Holdings Limited, a company incorporated in England and Wales whose registered office is Unit 4, Nucleus Park, Central Way, London, NW10 7XT. In accordance with the exemptions given in Section 400 of the Companies Act 2006, the company is not required to produce, and has not published consolidated financial statements. The financial statements present information about the company as an individual entity and not about its group.

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Going concern

The directors have considered post year and trading and financial results, cash reserves and committed borrowing facilities, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in its operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from
other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the
period of the revision and future periods where the revision affects both current and future period.

Estimates and assumptions have been used for the calculation of the useful economic lives of leasehold properties, fixtures, fittings and equipment and motor vehicles and provision of accruals. There were no estimates or assumptions that the directors deem to pose a significant risk of misstatement to the carrying amounts of assets and liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current corporation 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 taxable income.

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold land and buildings

straight line over the life of the lease

Plant and machinery

15% straight line

Motor vehicles

20% straight line

Fixtures and fittings

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in subsidiary undertakings are recognised at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Sale of goods

16,424,272

14,166,489

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
 £

2023
 £

Miscellaneous other operating income

1,070

-

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
 £

2023
 £

Gain/loss on disposal of property, plant and equipment

6,105

(2,174)

6

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

376,247

617,439

Foreign exchange losses/(gains)

724

(2,118)

Operating lease expense - property

864,100

848,585

Operating lease expense - plant and machinery

39,166

18,506

(Profit)/loss on disposal of property, plant and equipment

(6,105)

2,174

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Other interest receivable and similar income

2024
 £

2023
 £

Interest income on bank deposits

15

-

Other finance income

1,191

-

1,206

-

8

Interest payable and similar expenses

2024
 £

2023
 £

Interest on bank overdrafts and borrowings

188,440

135,731

Interest on obligations under finance leases and hire purchase contracts

3,393

818

Other interest

20,729

-

212,562

136,549

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

4,813,742

4,327,998

Social security costs

463,681

446,894

Pension costs, defined contribution scheme

88,813

85,499

Other employee expense

30,844

69,926

5,397,080

4,930,317

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

178

172

178

172

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

125,000

97,083

Contributions paid to money purchase schemes

2,250

2,813

127,250

99,896

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

11

Auditors' remuneration

2024
 £

2023
 £

Audit of the financial statements

13,436

12,671


 

12

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

227,030

52,146

UK corporation tax adjustment to prior periods

-

1,865

227,030

54,011

Deferred taxation

Arising from changes in tax rates and laws

53,530

(2,918)

Tax expense in the income statement

280,560

51,093

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK(2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,267,164

293,247

Corporation tax at standard rate

316,791

55,716

Increase in UK and foreign current tax from adjustment for prior periods

-

1,865

Tax (decrease)/increase from effect of capital allowances and depreciation

(73,159)

4,443

Tax increase/(decrease) from other short-term timing differences

53,530

(2,918)

Effect of expense not deductible in determining taxable profit (tax loss)

8,103

4,515

Tax decrease arising from group relief

(24,705)

(12,528)

Total tax charge

280,560

51,093

13

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

405,274

4,127,361

319,337

4,851,972

Additions

373,889

300,154

-

674,043

Disposals

-

-

(10,371)

(10,371)

At 31 March 2024

779,163

4,427,515

308,966

5,515,644

Depreciation

At 1 April 2023

337,714

3,465,327

231,273

4,034,314

Charge for the year

52,051

292,842

31,354

376,247

Eliminated on disposal

-

-

(10,371)

(10,371)

At 31 March 2024

389,765

3,758,169

252,256

4,400,190

Carrying amount

At 31 March 2024

389,398

669,346

56,710

1,115,454

At 31 March 2023

67,560

662,034

88,064

817,658

Included within the net book value of land and buildings above is £389,398 (2023 - £67,560) in respect of short leasehold land and buildings.
 

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor Vehicles

47,341

66,396

   

14

Investments

2024
 £

2023
 £

Investments in subsidiaries

85

85

Subsidiaries

£

Cost or valuation

At 1 April 2023

85

Carrying amount

At 31 March 2024

85

At 31 March 2023

85

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

La Tua Pasta (Ireland) Limited

Coliemore House, Level 100, Dalkey, Co. Dublin

Republic of Ireland

Ordinary shares

100%

100%

Subsidiary undertakings

La Tua Pasta (Ireland) Limited

The principal activity of La Tua Pasta (Ireland) Limited is the import of pasta and sale to business clients.

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

15

Stocks

2024
 £

2023
 £

Raw materials and consumables

456,108

401,152

Other inventories

133,011

163,265

589,119

564,417

16

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,568,769

1,145,126

Amounts owed by related parties

25

996,151

1,746,022

Other debtors

 

170,356

331,408

Prepayments

 

268,931

270,472

   

3,004,207

3,493,028

17

Cash and cash equivalents

2024
 £

2023
 £

Cash on hand

1,666

11,871

Cash at bank

121,991

180,345

123,657

192,216

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

18

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

22

1,085,034

674,187

Trade creditors

 

971,773

960,668

Social security and other taxes

 

252,364

118,181

Other payables

 

64,593

51,059

Accrued expenses

 

280,436

248,505

Corporation tax

12

227,030

52,146

 

2,881,230

2,104,746

Due after one year

 

Loans and borrowings

22

739,597

1,954,997

Other non-current financial liabilities

 

210,586

246,686

 

950,183

2,201,683

19

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

97,592

97,592

Fixed asset timing differences

53,530

53,530

At 31 March 2024

151,122

151,122

20

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £88,813 (2023 - £85,499).

Contributions totalling £16,974 (2023: £15,748) were payable to the scheme at the end of the period and are included in creditors.
 

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

22

Loans and borrowings

2024
 £

2023
 £

Non-current loans and borrowings

Bank borrowings

720,000

1,920,000

HP and finance lease liabilities

19,597

34,997

739,597

1,954,997

2024
 £

2023
 £

Current loans and borrowings

Bank borrowings

1,069,017

659,172

HP and finance lease liabilities

16,017

15,015

1,085,034

674,187

Bank borrowings

The company has a Coronavirus Business Interruption Loan denominated in £ which incurs interest at the base rate plus a margin of 4.25%. The final instalment is due on 28 August 2026. The carrying amount at year end is £1,440,000 (2023 - £2,097,000).

The company has provided security to Allied Irish Bank and Santander UK Plc by way of fixed and floating charges over its assets.

23

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

16,017

15,672

Later than one year and not later than five years

19,597

34,340

35,614

50,012

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

480,000

480,000

Later than one year and not later than five years

1,440,000

1,920,000

Later than five years

1,357,151

1,357,151

3,277,151

3,757,151

The amount of non-cancellable operating lease payments recognised as an expense during the year was £864,100 (2023 - £848,585).

 

La Tua Pasta Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

24

Dividends

2024

2023

£

£

Interim dividend of £8,000.00 (2023 - £5,000.00) per ordinary share

800,000

500,000

 

 

25

Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 “Related Party Disclosures” from disclosing transactions with entities which are a wholly owned part of the group.

26

Parent and ultimate parent undertaking

Controlling party

The ultimate parent company is Banchory Holdings Limited. In the opinion of the directors, there is no single ultimate controlling party.

The largest and smallest group for which group accounts are drawn up, and of which the company is a member, is Banchory Holdings Limited, whose registered office is Unit4 Nucleus Park, Central Way, London NW10 7XT. The consolidated financial statements for the company are available from Companies House, Crown Way, Cardiff CF14 3UZ.