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REGISTERED NUMBER: 02646875 (England and Wales)













SHODA SAUCES EUROPE COMPANY LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024






SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 7

Statement of Financial Position 8

Statement of Cash Flows 9

Notes to the Statement of Cash Flows 10

Notes to the Financial Statements 11


SHODA SAUCES EUROPE COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Mr M Itabashi
Mr K Onda
Mr T Shoda
Mr T Shoda
Mr H Furuta
Mr N Amagai



SECRETARY: Mr T Shoda



REGISTERED OFFICE: Unit 19
Rising Sun Industrial Estate
Blaina
Abertillery
NP13 3JW



REGISTERED NUMBER: 02646875 (England and Wales)



SENIOR STATUTORY AUDITOR: Steven Davies



AUDITORS: Carston ETL
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024


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

FAIR REVIEW OF BUSINESS
The Company turnover saw a healthy increase of 18% compared to 2022/23, the majority of which came from our own-produced goods, with thick sauces seeing the most significant growth.

The reconfiguration of the external yards to incorporate a new car park and sustainable drainage system was delayed and will likely not complete until part-way through 2024/25 financial year.

Other investment included 2 additional fermentation tanks in our organic plant which will enable us to maintain and grow this aspect of the business even further.

PRINCIPAL RISKS AND UNCERTAINTIES
Costs during this financial year were a little less volatile, although increases were still seen in some areas. Plans to address these were implemented in 2022/23, but did not significantly impact results until the second half of this financial year, due to contractual restraints on both sales and procurement. These, along with internal controls and close management on expenditure, gave a slightly better than expected result on the bottom line.

DEVELOPMENT AND PERFORMANCE
The additional bottling line installation is going into final stages, but the impact of this will not be realised until later in 2024/25.

Costs and the management of overheads were closely controlled in order to preserve the bottom line and cashflow, so investment in some areas was scaled back. However, this did not have a negative impact on the performance of any department and no adverse trends were seen. The Company will look to revitalise investment in the next financial year, targeting further site improvements along with staff facilities.

As part of the Sustainability Project the business has on-going commitments to improve processes in all areas, including water treatment, carbon footprint and waste. Sustainable soy has become a popular topic and, together with our parent Company, we are working closely with suppliers to ensure that compliance is met wherever it is needed, specifically engaging with RTRS and other relevant standards within the food sector.

The Company will invest in additional resources to ensure compliance is achieved, either by additional staff or with the use of specific consultants. This will enable us to measure our sustainability performance, and we will use this to continually improve all areas of the business.

ON BEHALF OF THE BOARD:





Mr T Shoda - Director


2 January 2025

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


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

PRINCIPAL ACTIVITY
The principal activity of the company during the year was the production and marketing of sauces and related food products.

DIVIDENDS
No dividends will be distributed for the year ended 31 July 2024.

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

Mr M Itabashi
Mr K Onda
Mr T Shoda
Mr T Shoda
Mr H Furuta
Mr N Amagai

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:





Mr T Shoda - Director


2 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SHODA SAUCES EUROPE COMPANY LIMITED


Opinion
We have audited the financial statements of Shoda Sauces Europe Company Limited (the 'company') for the year ended 31 July 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 July 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SHODA SAUCES EUROPE COMPANY LIMITED


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.

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:

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the Company and industry, discussions with management and directors we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the Company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:
- completing a risk-assessment process during our planning for this audit that specifically considered the risk of fraud;

- enquiry of management about the Company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;

- examining supporting documents for all material balances, transactions and disclosures;

- enquiry of management, about litigations and claims and inspection of relevant correspondence;

- analytical procedures to identify any unusual or unexpected relationships;

- specific audit testing on and review of areas that could be subject to management override of controls and potential bias, most notably around the key judgments and estimates, including the carrying value of accruals, provisions, investments, recoverability of trade debtors and revenue recognition;

- considering management override of controls outside of the normal operating cycles including testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements including evaluating the business rationale of significant transactions, outside the normal course of business;

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

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
SHODA SAUCES EUROPE COMPANY 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.




Steven Davies (Senior Statutory Auditor)
for and on behalf of Carston ETL
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

2 January 2025

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £

TURNOVER 4 25,097,154 21,337,877

Cost of sales (20,195,126 ) (17,717,246 )
GROSS PROFIT 4,902,028 3,620,631

Distribution costs (898,310 ) (790,084 )
Administrative expenses (3,807,122 ) (3,525,872 )
196,596 (695,325 )

Other operating income (43,625 ) 114,419
OPERATING PROFIT/(LOSS) and
PROFIT/(LOSS) BEFORE TAXATION 152,971 (580,906 )

Tax on profit/(loss) 7 48,095 -
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 201,066 (580,906 )

Retained earnings at beginning of year (3,069,240 ) (2,488,334 )

RETAINED EARNINGS AT END OF YEAR (2,868,174 ) (3,069,240 )

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 8 4,819,371 3,521,220
Investments 9 1 1
4,819,372 3,521,221

CURRENT ASSETS
Stocks 10 1,976,572 1,985,281
Debtors 11 6,459,433 7,175,131
Cash at bank and in hand 577,080 690,764
9,013,085 9,851,176
CREDITORS
Amounts falling due within one year 12 9,275,504 8,537,992
NET CURRENT (LIABILITIES)/ASSETS (262,419 ) 1,313,184
TOTAL ASSETS LESS CURRENT LIABILITIES 4,556,953 4,834,405

CREDITORS
Amounts falling due after more than one year 13 1,795,373 2,273,891
NET ASSETS 2,761,580 2,560,514

CAPITAL AND RESERVES
Called up share capital 16 5,349,034 5,349,034
Share premium 17 242,552 242,552
Capital redemption reserve 17 38,168 38,168
Retained earnings 17 (2,868,174 ) (3,069,240 )
SHAREHOLDERS' FUNDS 2,761,580 2,560,514

The financial statements were approved by the Board of Directors and authorised for issue on 2 January 2025 and were signed on its behalf by:





Mr T Shoda - Director


SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 1,604,468 (2,421,010 )
Tax paid 48,095 -
Net cash from operating activities 1,652,563 (2,421,010 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,658,151 ) (21,269 )
Sale of tangible fixed assets 500 -
Net cash from investing activities (1,657,651 ) (21,269 )

Cash flows from financing activities
New loans in year - 3,000,000
Loan repayments in year (339,600 ) (339,600 )
Proceeds from group undertakings (253,942 ) 127,924
Net cash from financing activities (593,542 ) 2,788,324

(Decrease)/increase in cash and cash equivalents (598,630 ) 346,045
Cash and cash equivalents at beginning of year 2 264,327 (81,718 )

Cash and cash equivalents at end of year 2 (334,303 ) 264,327

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£ £
Profit/(loss) before taxation 152,971 (580,906 )
Depreciation charges 357,728 329,672
Loss on disposal of fixed assets 1,772 -
512,471 (251,234 )
Decrease/(increase) in stocks 8,709 (246,917 )
Decrease/(increase) in trade and other debtors 715,698 (1,684,330 )
Increase/(decrease) in trade and other creditors 367,590 (238,529 )
Cash generated from operations 1,604,468 (2,421,010 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 July 2024
31/7/24 1/8/23
£ £
Cash and cash equivalents 577,080 690,764
Bank overdrafts (911,383 ) (426,437 )
(334,303 ) 264,327
Year ended 31 July 2023
31/7/23 1/8/22
£ £
Cash and cash equivalents 690,764 415,440
Bank overdrafts (426,437 ) (497,158 )
264,327 (81,718 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/8/23 Cash flow At 31/7/24
£ £ £
Net cash
Cash at bank and in hand 690,764 (113,684 ) 577,080
Bank overdrafts (426,437 ) (484,946 ) (911,383 )
264,327 (598,630 ) (334,303 )
Debt
Debts falling due within 1 year (3,339,600 ) - (3,339,600 )
Debts falling due after 1 year (1,606,000 ) 339,600 (1,266,400 )
(4,945,600 ) 339,600 (4,606,000 )
Total (4,681,273 ) (259,030 ) (4,940,303 )

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

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


1. STATUTORY INFORMATION

Shoda Sauces Europe 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

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.

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

Tangible fixed assets
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property is written down at 2% per annum on cost less the land element.
Plant and machinery - 33% / 10%
Office Equipment & Fixtures - 20 / 10%

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

4. TURNOVER

Sales are made up of the following geographical markets:

UK 59%
EU 40%
Rest of the world 1%

5. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 3,689,122 2,953,181
Social security costs 342,067 279,716
Other pension costs 56,178 44,110
4,087,367 3,277,007

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

Production staff 79 76
Administrative staff 17 16
Management staff 14 14
110 106

2024 2023
£ £
Directors' remuneration 345,075 323,978

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 345,075 323,978

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


6. OPERATING PROFIT/(LOSS)

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

2024 2023
£ £
Hire of plant and machinery 22,137 14,751
Depreciation - owned assets 357,728 329,672
Loss on disposal of fixed assets 1,772 -
Foreign exchange differences (112,590 ) (170,375 )

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£ £
Current tax:
Over/under provision in prior years (48,095 ) -
Tax on profit/(loss) (48,095 ) -

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

2024 2023
£ £
Profit/(loss) before tax 152,971 (580,906 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

38,243

(110,372

)

Effects of:
Expenses not deductible for tax purposes 450 96
Depreciation in excess of capital allowances 56,951 62,644
Enhanced R&D expenditure (48,095 ) -
Profit on disposal of assets 443 -
Unused tax losses (96,087 ) 47,632

Total tax credit (48,095 ) -

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
Property machinery fittings Totals
£ £ £ £
COST
At 1 August 2023 2,535,610 5,730,316 111,752 8,377,678
Additions 1,607,831 36,199 14,121 1,658,151
Disposals - (46,397 ) - (46,397 )
At 31 July 2024 4,143,441 5,720,118 125,873 9,989,432
DEPRECIATION
At 1 August 2023 262,811 4,503,968 89,679 4,856,458
Charge for year 74,784 272,717 10,227 357,728
Eliminated on disposal - (44,125 ) - (44,125 )
At 31 July 2024 337,595 4,732,560 99,906 5,170,061
NET BOOK VALUE
At 31 July 2024 3,805,846 987,558 25,967 4,819,371
At 31 July 2023 2,272,799 1,226,348 22,073 3,521,220

9. FIXED ASSET INVESTMENTS
Unlisted
investments
£
COST
At 1 August 2023
and 31 July 2024 1
NET BOOK VALUE
At 31 July 2024 1
At 31 July 2023 1

The company owns 100% of the issued share capital of the following company:

The Speciality Sauce Company Limited - Company Number - 05155635

The subsidiary is registered in England and Wales.

100% of the issued share capital of the subsidiary is held by Shoda Sauces Europe Company Limited - being the intermediate parent undertaking.

The company is dormant and the total of its capital and reserves as at 31 July 2024 & 2023 was £1.

Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing
consolidated accounts and has not done so, therefore the accounts show information about the company as
an individual entity.

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


10. STOCKS
2024 2023
£ £
Stocks 1,345,555 1,469,483
Work-in-progress 114,248 146,747
Finished goods 516,769 369,051
1,976,572 1,985,281

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 4,697,618 4,425,369
Bad debt provision (11,414 ) (37,743 )
Other debtors 1,392,159 2,399,774
VAT 106,486 138,355
Prepayments 274,584 249,376
6,459,433 7,175,131

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 14) 4,250,983 3,766,037
Trade creditors 1,576,618 1,154,515
Amounts owed to group undertakings 3,006,138 3,121,162
PAYE and NIC taxes 90,552 89,804
Other creditors 43,044 34,044
Accruals and deferred income 308,169 372,430
9,275,504 8,537,992

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Bank loans (see note 14) 1,266,400 1,606,000
Amounts owed to group undertakings 528,973 667,891
1,795,373 2,273,891

The loan from the group company is unsecured, and is agreed as not being repayable within a minimum period of 12 months of the year end.

Security for the bank loan is provided by a charge over the freehold property.

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 911,383 426,437
Bank loans < 1yr 3,339,600 3,339,600
4,250,983 3,766,037

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


14. LOANS - continued
2024 2023
£ £
Amounts falling due between two and five years:
Bank loans - 2-5 years 938,400 1,148,400

Amounts falling due in more than five years:

Repayable by instalments
Bank loans > 5 yrs 328,000 457,600

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 143,017 132,025
Between one and five years 207,144 182,837
In more than five years 33,275 45,375
383,436 360,237

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
4,784,034 Ordinary £1 4,784,034 4,784,034
565,000 Preference £1 565,000 565,000
5,349,034 5,349,034

17. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£ £ £ £

At 1 August 2023 (3,069,240 ) 242,552 38,168 (2,788,520 )
Profit for the year 201,066 201,066
At 31 July 2024 (2,868,174 ) 242,552 38,168 (2,587,454 )

18. ULTIMATE PARENT COMPANY

Shoda Shoyu Co. Ltd. (incorporated in Japan ) is regarded by the directors as being the company's ultimate parent company.

Shoda Shoyu Company Limited
3-1, Sakae-Cho,
Tatebayasi-City,
Gumma-Pref 374-8510,
Japan

SHODA SAUCES EUROPE COMPANY LIMITED (REGISTERED NUMBER: 02646875)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


19. RELATED PARTY TRANSACTIONS

The company enters into various sales, purchases, and loan transactions with the parent company at market rates. Shoda Shoyu Company Limited have provided a guarantee as security on the bank loan that is included within creditors due within and after one year.