IRIS Accounts Production v24.3.0.553 01138283 Board of Directors 1.4.23 31.3.24 31.3.24 Manufacture of rusks and biscuits; manufacture of preserved pastry goods and cakes true false true true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh011382832023-03-31011382832024-03-31011382832023-04-012024-03-31011382832022-03-31011382832022-04-012023-03-31011382832023-03-3101138283ns15:EnglandWales2023-04-012024-03-3101138283ns14:PoundSterling2023-04-012024-03-3101138283ns10:Director12023-04-012024-03-3101138283ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101138283ns10:FRS1022023-04-012024-03-3101138283ns10:Audited2023-04-012024-03-3101138283ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3101138283ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3101138283ns10:FullAccounts2023-04-012024-03-310113828312023-04-012024-03-3101138283ns10:OrdinaryShareClass12023-04-012024-03-3101138283ns10:Director22023-04-012024-03-3101138283ns10:RegisteredOffice2023-04-012024-03-3101138283ns5:CurrentFinancialInstruments2024-03-3101138283ns5:CurrentFinancialInstruments2023-03-3101138283ns5:Non-currentFinancialInstruments2024-03-3101138283ns5:Non-currentFinancialInstruments2023-03-3101138283ns5:ShareCapital2024-03-3101138283ns5:ShareCapital2023-03-3101138283ns5:CapitalRedemptionReserve2024-03-3101138283ns5:CapitalRedemptionReserve2023-03-3101138283ns5:RetainedEarningsAccumulatedLosses2024-03-3101138283ns5:RetainedEarningsAccumulatedLosses2023-03-3101138283ns5:ShareCapital2022-03-3101138283ns5:RetainedEarningsAccumulatedLosses2022-03-3101138283ns5:CapitalRedemptionReserve2022-03-3101138283ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3101138283ns5:CapitalRedemptionReserve2022-04-012023-03-3101138283ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3101138283ns5:CapitalRedemptionReserve2023-04-012024-03-3101138283ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3101138283ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-012024-03-3101138283ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3101138283ns5:LeaseholdImprovements2023-04-012024-03-3101138283ns5:FurnitureFittings2023-04-012024-03-3101138283ns5:OwnedAssets2023-04-012024-03-3101138283ns5:OwnedAssets2022-04-012023-03-3101138283ns5:PatentsTrademarksLicencesConcessionsSimilar2022-04-012023-03-310113828362023-04-012024-03-310113828362022-04-012023-03-3101138283ns5:HirePurchaseContracts2023-04-012024-03-3101138283ns5:HirePurchaseContracts2022-04-012023-03-3101138283ns10:OrdinaryShareClass12022-04-012023-03-3101138283ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3101138283ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-3101138283ns5:PatentsTrademarksLicencesConcessionsSimilar2023-03-3101138283ns5:LandBuildings2023-03-3101138283ns5:LeaseholdImprovements2023-03-3101138283ns5:FurnitureFittings2023-03-3101138283ns5:LandBuildings2023-04-012024-03-3101138283ns5:LandBuildings2024-03-3101138283ns5:LeaseholdImprovements2024-03-3101138283ns5:FurnitureFittings2024-03-3101138283ns5:LandBuildings2023-03-3101138283ns5:LeaseholdImprovements2023-03-3101138283ns5:FurnitureFittings2023-03-3101138283ns5:CostValuation2023-03-3101138283ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3101138283ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3101138283ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3101138283ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3101138283ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3101138283ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3101138283ns5:Secured2024-03-3101138283ns5:Secured2023-03-3101138283ns5:DeferredTaxation2023-03-3101138283ns5:DeferredTaxation2023-04-012024-03-3101138283ns5:DeferredTaxation2024-03-3101138283ns10:OrdinaryShareClass12024-03-3101138283ns5:RetainedEarningsAccumulatedLosses2023-03-3101138283ns5:CapitalRedemptionReserve2023-03-31
REGISTERED NUMBER: 01138283 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

ARTISAN BISCUITS LIMITED

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)






Contents of the Financial Statements
for the year ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


ARTISAN BISCUITS LIMITED

Company Information
for the year ended 31 March 2024







DIRECTORS: P J Darvill
J I Siddall





REGISTERED OFFICE: Tolldown Farm
Tolldown
Dyrham
Chippenham
SN14 8HZ





REGISTERED NUMBER: 01138283 (England and Wales)





AUDITORS: Richardson Swift Audit Ltd
Chartered Accountants
Statutory Auditor
11 Laura Place
Bath
BA2 4BL

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Strategic Report
for the year ended 31 March 2024

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

REVIEW OF BUSINESS
The year to March 2024 saw an improved level of profitability, with a profit before tax of £288,000. This trend has continued since the year end. The company has experienced significant growth in turnover in 2024/5, particularly outside the UK, and we anticipate further improvements in profitability as a result.

The company's liquidity has also improved. EBITDA generated in the year increased by over £360,000. We anticipate further improvements here, and in other indicators of financial health, this year.

Our export business continues to thrive, representing 38% of our business in 2023/4, as we seek to expand our artisanal crackers and cookies beyond the 60-plus markets where we are already present. Our biggest export market, the USA, will continue to be our primary focus.

In the UK, our wholesale business supplies a range of businesses. Each one is important to us, no matter the size of their business. We thank them for showing confidence in us and our products and look forward to continuing to do business with them in the future.

ON BEHALF OF THE BOARD:





J I Siddall - Director


7 November 2024

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Report of the Directors
for the year ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

DIVIDENDS
The total distribution of dividends for the year will be £108,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

P J Darvill
J I Siddall

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J I Siddall - Director


7 November 2024

Report of the Independent Auditors to the Members of
Artisan Biscuits Limited

Opinion
We have audited the financial statements of Artisan Biscuits Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, 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 Auditors' 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 financial statements are 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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Artisan Biscuits Limited


Matters on which we are required to report by exception
In the light of the 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 or the Report of the Directors.

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 three, 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 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.

Report of the Independent Auditors to the Members of
Artisan Biscuits Limited


Auditors' 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 a Report of the Auditors 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.

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

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by discussion with a director and consideration of our experience of clients in similar sectors and group arrangements.

We determined that the most significant laws and regulations which have a direct impact on the form and content of the financial statements of the entity are the Companies Act and UK GAAP, specifically FRS102.

We determined that the most significant operational laws and regulations for the entity are those governing the sales of food products, in particular food hygiene and health and safety legislation, as well as export regulation.

Based on the results or our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.

We gained an understating of the entity's policy and procedures by discussion with a director and substantive audit work.

We assessed the risk of material misstatement in respect of fraud through our planning processes, and no significant risks were identified.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Artisan Biscuits 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 a Report of the Auditors 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.




Catherine Edwards BSc FCA (Senior Statutory Auditor)
for and on behalf of Richardson Swift Audit Ltd
Chartered Accountants
Statutory Auditor
11 Laura Place
Bath
BA2 4BL

4 December 2024

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Income Statement
for the year ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 10,655,108 10,469,103

Cost of sales 7,937,816 8,291,087
GROSS PROFIT 2,717,292 2,178,016

Distribution costs 390,382 590,392
Administrative expenses 1,963,957 1,605,039
2,354,339 2,195,431
OPERATING PROFIT/(LOSS) 4 362,953 (17,415 )


Interest payable and similar expenses 5 74,520 56,974
PROFIT/(LOSS) BEFORE TAXATION 288,433 (74,389 )

Tax on profit/(loss) 6 138,297 (141,511 )
PROFIT FOR THE FINANCIAL YEAR 150,136 67,122

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Other Comprehensive Income
for the year ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 150,136 67,122


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

150,136

67,122

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 6,635 8,034
Tangible assets 9 3,550,104 3,888,912
Investments 10 66,000 66,000
3,622,739 3,962,946

CURRENT ASSETS
Stocks 11 1,400,479 1,382,365
Debtors 12 3,286,392 3,120,740
Cash at bank and in hand 184,247 84,588
4,871,118 4,587,693
CREDITORS
Amounts falling due within one year 13 2,967,422 3,348,982
NET CURRENT ASSETS 1,903,696 1,238,711
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,526,435

5,201,657

CREDITORS
Amounts falling due after more than one
year

14

(841,789

)

(566,142

)

PROVISIONS FOR LIABILITIES 18 (120,745 ) (113,750 )
NET ASSETS 4,563,901 4,521,765

CAPITAL AND RESERVES
Called up share capital 19 12,500 12,500
Capital redemption reserve 20 7,500 7,500
Retained earnings 20 4,543,901 4,501,765
SHAREHOLDERS' FUNDS 4,563,901 4,521,765

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2024 and were signed on its behalf by:





J I Siddall - Director


ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Statement of Changes in Equity
for the year ended 31 March 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 12,500 4,521,563 7,500 4,541,563

Changes in equity
Dividends - (86,920 ) - (86,920 )
Total comprehensive income - 67,122 - 67,122
Balance at 31 March 2023 12,500 4,501,765 7,500 4,521,765

Changes in equity
Dividends - (108,000 ) - (108,000 )
Total comprehensive income - 150,136 - 150,136
Balance at 31 March 2024 12,500 4,543,901 7,500 4,563,901

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Notes to the Financial Statements
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Artisan Biscuits 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

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.

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

Turnover is recognised when goods are dispatched.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Plant & machinery - at varying rates on cost
Fixtures and fittings - 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.

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 by the balance sheet date.

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

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

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

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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,388,678 3,185,682

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Production staff 101 99
Administration staff 24 24
125 123

2024 2023
£    £   
Directors' remuneration - -

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 418,824 434,467
Trademarks amortisation 1,399 2,203
Auditors' remuneration 11,000 10,363
Foreign exchange differences (31,242 ) (37,162 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 65,780 22,636
Other interest 4,267 6,401
Hire purchase 4,473 27,937
74,520 56,974

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 131,302 (112,049 )

Deferred tax 6,995 (29,462 )
Tax on profit/(loss) 138,297 (141,511 )

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

6. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit/(loss) before tax 288,433 (74,389 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 19%)

72,108

(14,134

)

Effects of:
Expenses not deductible for tax purposes 14,667 82
Depreciation in excess of capital allowances 44,527 35,104
Utilisation of tax losses - (320,263 )
forward
Deferred tax 6,995 29,462
R&D tax credit - 128,238
Total tax charge/(credit) 138,297 (141,511 )

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 108,000 86,920

8. INTANGIBLE FIXED ASSETS
Trademarks
£   
COST
At 1 April 2023
and 31 March 2024 64,891
AMORTISATION
At 1 April 2023 56,857
Amortisation for year 1,399
At 31 March 2024 58,256
NET BOOK VALUE
At 31 March 2024 6,635
At 31 March 2023 8,034

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant & and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2023 3,091,344 4,339,256 136,973 7,567,573
Additions - 73,801 6,215 80,016
At 31 March 2024 3,091,344 4,413,057 143,188 7,647,589
DEPRECIATION
At 1 April 2023 779,793 2,791,439 107,429 3,678,661
Charge for year 61,003 348,377 9,444 418,824
At 31 March 2024 840,796 3,139,816 116,873 4,097,485
NET BOOK VALUE
At 31 March 2024 2,250,548 1,273,241 26,315 3,550,104
At 31 March 2023 2,311,551 1,547,817 29,544 3,888,912

Net book value of assets held under hire purchase agreements was £801,281 (2022: £890,312).

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 66,000
NET BOOK VALUE
At 31 March 2024 66,000
At 31 March 2023 66,000

The investment represents 100% of the issued share capital of Millers Damsel Limited.

11. STOCKS
2024 2023
£    £   
Raw materials 723,473 664,905
Finished goods 677,006 717,460
1,400,479 1,382,365

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,164,176 1,272,104
Amounts owed by group undertakings 2,039,489 1,711,085
Other debtors 4,711 7,231
VAT 51,142 84,767
Prepayments 26,874 45,553
3,286,392 3,120,740

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 291,309 365,829
Hire purchase contracts (see note 16) - 125,560
Trade creditors 556,991 1,177,128
Amounts owed to group undertakings 766,788 204,117
Corporation tax 120,851 16,189
Social security and other taxes 56,323 104,870
Other creditors 83,065 57,279
Amounts owed to connected
party 960,503 898,426
Directors' current accounts 43,322 56,188
Accrued expenses 88,270 343,396
2,967,422 3,348,982

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) 605,789 330,142
Directors' loan accounts 236,000 236,000
841,789 566,142

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 281,146
Bank loans 291,309 84,683
291,309 365,829

Amounts falling due between two and five years:
Bank loans - 2-5 years 605,789 330,142

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year - 125,560

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans and overdrafts 897,098 695,971
Hire purchase contracts - 125,560
897,098 821,531

The bank loans are secured via charges against the assets of the company.

The hire purchase liabilities are secured against the assets to which they relate.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 120,745 113,750

Deferred
tax
£   
Balance at 1 April 2023 113,750
Provided during year 6,995
Balance at 31 March 2024 120,745

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
12,500 Ordinary £1 12,500 12,500

ARTISAN BISCUITS LIMITED (REGISTERED NUMBER: 01138283)

Notes to the Financial Statements - continued
for the year ended 31 March 2024

20. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 4,501,765 7,500 4,509,265
Profit for the year 150,136 150,136
Dividends (108,000 ) (108,000 )
At 31 March 2024 4,543,901 7,500 4,551,401

21. RELATED PARTY DISCLOSURES

The Fine Cheese Co Ltd is the ultimate parent company. During the year the following transactions occurred with this company:
- purchases of £909,394 (2023 - £738,615)
- sales of £1,851,242 (2023 - £1,711,907)
At the year end there was £nil (2023 - £515,665) owed to this company, shown in trade creditors and £39,262 (2023 - £185,812) owed to this company shown in amounts owed to group companies.

The Fine Cheese Company LLC is a company under the common control of John Siddall and The Fine Cheese Co Ltd. During the year the following transactions occured with this company:
- sales of £911,018 (2023 - £935,341)
At the year end there was £79,394 (2023 - £201,396) owed by this company, included in trade debtors

22. ULTIMATE PARENT COMPANY

The Fine Cheese Co. Limited is regarded by the directors as being the company's ultimate parent company.

The company is a wholly owned subsidiary of Ashbourne Biscuits Ltd, a company incorporated in England and Wales. The ultimate holding company is The Fine Cheese Co. Limited, a company incorporated in England and Wales. The Fine Cheese Co Ltd owns 70% of the ordinary share capital of Ashbourne Biscuits Ltd and Mr P J Darvill, director, owns 30% of the share capital of Ashbourne Biscuits Ltd.