Company registration number 09904005 (England and Wales)
APPETITE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
APPETITE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
P L Ugo
C C Ugo
Company number
09904005
Registered office
1 Hertsmere Industrial Park
Warwick Road
Borehamwood
Herts
WD6 1GT
Auditor
Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
APPETITE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 29
APPETITE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The director presents his strategic report for the year ended 30 April 2024.

Fair review of the business

The Directors report that the groups post tax loss for the year was £146,021 (2023: £399,435) both of these figures include an amortisation figure of £434,261 regarding goodwill created following a share buyback in 2016 which has to be written off over 10 years, although the post tax loss has improved due to the considerable investment in research and development the company has undertaken, the overall trading profitability has been impacted by increased wage costs, continued high energy costs an increase in interest rates and the need to invest more in promotional activity to support the ‘cost of living‘ issue.

Despite these challenges, the group has continued to invest in research and development along with infrastructure and machinery automation to improve efficiencies, increase capacity, and become more sustainable.

 

Principal risks and uncertainties

The Directors consider that the principal risks and uncertainties for the Group are as follows:

 

· The continued strong business relationships with each of our key customers.

· The stability of the value of Sterling against the Euro due to the volume of purchases from the Euro zone, and particularly Italy.

· The continued relative stability in the commodity markets and in particular wheat, dairy, and feed grains due to the volume of purchases relating to these types of products.

· The stability of the energy market and the impact it could have on the company’s energy costs.

. The impact of the changes to minimum wage and Employers National insurance being implemented in Apr 25 and how this cost is dealt without impacting profitability.

· The continued support of the Company's bankers and shareholders for ensuring sufficient funding remains available to meet the Company's strategic requirements.

Future development and performance

The company have continued to broaden their customer base and products, whilst existing customers recover post-covid. Whilst 2024/25 has been equally challenging for similar reasons to the year before, brand exposure is increasing significantly, and the new product development pipeline is creating further growth which will have a positive effect on future results.

Analysis based on key performance indicators
2024
2023
£
£
Turnover
22,052,669
21,674,862
Gross profit
5,679,196
5,736,394
Operating loss
(707,999)
(219,600)
Loss after tax
(146,021)
(399,435)

On behalf of the board

P L Ugo
Director
23 January 2025
APPETITE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The director presents their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the group was that of production and supply of pasta and noodles.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £3,745 (2023: £56,560). The director does not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P L Ugo
C C Ugo
Auditor

The auditor, Gravita II LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The director is responsible 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 director has 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 director 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

APPETITE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
On behalf of the board
P L Ugo
Director
23 January 2025
APPETITE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF APPETITE HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Appetite Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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. However, because not all future events or conditions can be predicted this statement is not a guarantee as to the company's ability to continue as a going concern.

 

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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

APPETITE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF APPETITE HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 group and the parent 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's 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 group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

APPETITE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF APPETITE HOLDINGS LIMITED
- 6 -

We assessed the susceptibility of the parent company and group financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed 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.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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

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.

Sarah Wilson FCA (Senior Statutory Auditor)
For and on behalf of Gravita II LLP
24 January 2025
Chartered Accountants
Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
APPETITE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
22,052,669
21,674,862
Cost of sales
(16,373,473)
(15,835,968)
Gross profit
5,679,196
5,838,894
Distribution costs
(664,603)
(676,572)
Administrative expenses
(5,722,592)
(5,381,922)
Operating loss
4
(707,999)
(219,600)
Interest receivable and similar income
8
5,493
1,087
Interest payable and similar expenses
9
(337,615)
(226,805)
Loss before taxation
(1,040,121)
(445,318)
Tax on loss
10
894,100
45,883
Loss for the financial year
25
(146,021)
(399,435)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
APPETITE HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
774,174
1,208,435
Tangible assets
13
3,521,898
3,920,059
4,296,072
5,128,494
Current assets
Stocks
16
1,122,448
1,372,492
Debtors
17
3,596,966
2,872,295
Cash at bank and in hand
7,412
3,449
4,726,826
4,248,236
Creditors: amounts falling due within one year
18
(5,927,818)
(6,327,420)
Net current liabilities
(1,200,992)
(2,079,184)
Total assets less current liabilities
3,095,080
3,049,310
Creditors: amounts falling due after more than one year
19
(1,828,349)
(1,632,813)
Provisions for liabilities
22
(58,637)
(58,637)
Net assets
1,208,094
1,357,860
Capital and reserves
Called up share capital
24
8,056
8,056
Merger reserve
25
4,334,557
4,334,557
Profit and loss reserves
25
(3,134,519)
(2,984,753)
Total equity
1,208,094
1,357,860
The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
23 January 2025
P L Ugo
Director
APPETITE HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
52,594
67,621
Investments
14
6,166,273
6,166,173
6,218,867
6,233,794
Current assets
Debtors
17
32,328
-
0
Cash at bank and in hand
37
17
32,365
17
Creditors: amounts falling due within one year
18
(364,808)
(887,937)
Net current liabilities
(332,443)
(887,920)
Net assets
5,886,424
5,345,874
Capital and reserves
Called up share capital
24
8,056
8,056
Other reserves
25
4,334,557
4,334,557
Profit and loss reserves
25
1,543,811
1,003,261
Total equity
5,886,424
5,345,874

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £544,295 (2023 - £556,766 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 January 2025 and are signed on its behalf by:
23 January 2025
P L Ugo
Director
Company registration number 09904005 (England and Wales)
APPETITE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
8,056
4,334,557
(2,528,758)
1,813,855
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
(399,435)
(399,435)
Dividends
11
-
-
(56,560)
(56,560)
Balance at 30 April 2023
8,056
4,334,557
(2,984,753)
1,357,860
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
(146,021)
(146,021)
Dividends
11
-
-
(3,745)
(3,745)
Balance at 30 April 2024
8,056
4,334,557
(3,134,519)
1,208,094
APPETITE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
8,056
4,334,557
503,055
4,845,668
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
556,766
556,766
Dividends
11
-
-
(56,560)
(56,560)
Balance at 30 April 2023
8,056
4,334,557
1,003,261
5,345,874
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
544,295
544,295
Dividends
11
-
-
(3,745)
(3,745)
Balance at 30 April 2024
8,056
4,334,557
1,543,811
5,886,424
APPETITE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
871,795
1,811,631
Interest paid
(337,615)
(226,805)
Income taxes paid
(4,929)
(70,659)
Net cash inflow from operating activities
529,251
1,514,167
Investing activities
Purchase of tangible fixed assets
(200,906)
(1,277,569)
Interest received
5,493
1,087
Net cash used in investing activities
(195,413)
(1,276,482)
Financing activities
Repayment of bank loans
(374,363)
(385,858)
Payment of finance leases obligations
48,233
203,993
Dividends paid to equity shareholders
(3,745)
(56,560)
Net cash used in financing activities
(329,875)
(238,425)
Net increase/(decrease) in cash and cash equivalents
3,963
(740)
Cash and cash equivalents at beginning of year
3,449
4,189
Cash and cash equivalents at end of year
7,412
3,449
APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
1
Accounting policies
Company information

Appetite Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Hertsmere Industrial Park, Warwick Road, Borehamwood, Herts, WD6 1GT.

 

The group consists of Appetite Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £544,295 (2023 - £556,766 profit).

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated financial statements incorporate those of Appetite Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 30th April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 14 -
1.3
Going concern

The accounts have been prepared on a going concern basis even though the group has net current liabilities of £1,200,992 (2023: £2,079,184). The accounts have been prepared on a going concern basis. The validity of the going concern concept is dependent on the continuing business with key customers and the support of shareholders as well as the continued use of invoice financing facility, as outlined in note 18, to support monthly cash flows.

 

Having considered the above, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected useful life which is considered to be 10 years.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows;

Leasehold land and buildings
over the life of the lease
Plant and equipment
over 3 to 15 years
Fixtures and fittings
over 2 to 10 years
Motor vehicles
over 1 to 5 years

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 15 -

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Raw materials are valued at cost on a first in first out basis. Cost of finished goods comprises the cost of direct materials and direct labour.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand and at bank.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

 

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.16
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17

Research and development expenditure

Expenditure on research and development is written off to the profit and loss account in the year in which it is incurred.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 periods.

Accounting estimates

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible Assets & Goodwill

Accounting for tangible assets involves the use of estimates and judgements for determining the useful lives over which these are to be depreciated and the existence and amount of any impairment.

 

Tangible assets are depreciated on a reducing balance or straight line basis over their estimated useful lives and taking into account their expected residual values. When the group estimates useful lives, various factors are considered including expected technological obsolescence and the expected usage of the asset.

 

The Directors regularly review these asset lives and change them as necessary to reflect the estimated current remaining lives in light of technological changes, future economic utilisation and physical condition of the assets concerned. A significant change in asset lives can have a significant change on depreciation and amortisation charges for the period.

 

Accounting for goodwill involves the use of estimates and judgements for determining the useful life over which this is to be amortised and the existence and amount of any impairment.

 

Goodwill is amortised in equal annual instalments over its estimated useful economic life. When the group estimates useful life, various factors are considered including expected future economic utilisation of the assets concerned. The directors regularly review the useful life and change it as necessary to reflect the estimated current remaining life in light of future economic utilisation of the asset concerned. A significant change in asset life can have a significant change on amortisation charges for the period.

APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
3
Turnover and other revenue

The total turnover of the group for the year has been derived from its principal activity wholly undertaken in the United Kingdom.

4
Operating loss
2024
2023
£
£
Operating loss for the year is stated after charging:
Depreciation of owned tangible fixed assets
599,067
627,435
Amortisation of intangible assets
434,261
439,432
Operating lease charges
1,123,622
853,535
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
9,000
Audit of the financial statements of the company's subsidiaries
69,450
36,000
69,450
45,000

The current year audit fees for the group and parent company have been borne by the subsidiary company, Ugo Foods Group Ltd.

6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Office and management
50
51
5
1
Production
89
87
-
-
Distribution
17
19
-
-
Total
156
157
5
1
APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,744,053
4,518,667
-
0
-
0
Social security costs
440,301
459,568
-
-
Pension costs
115,372
108,239
-
0
-
0
5,299,726
5,086,474
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
555,392
326,004
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
302,566
326,004
Company pension contributions to defined contribution schemes
12,000
-
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
5,493
1,087
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
144,839
103,594
Interest on invoice finance arrangements
168,004
104,145
Interest on finance leases and hire purchase contracts
21,807
16,512
Other interest
2,965
2,554
Total finance costs
337,615
226,805
APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(894,100)
-
0
Deferred tax
Origination and reversal of timing differences
-
0
(45,883)
Total tax credit
(894,100)
(45,883)

The actual credit for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Loss before taxation
(1,040,121)
(445,318)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
(260,030)
(86,837)
Tax effect of expenses that are not deductible in determining taxable profit
6,427
26,426
Tax effect of utilisation of tax losses not previously recognised
(344)
-
0
Unutilised tax losses carried forward
66,193
504
Change in unrecognised deferred tax assets
-
0
(45,883)
Permanent capital allowances in excess of depreciation
(14,574)
(22,971)
Depreciation on assets not qualifying for tax allowances
105,895
122,350
Amortisation on assets not qualifying for tax allowances
108,565
85,689
Research and development tax credit
(894,100)
(117,945)
Other permanent differences
(12,132)
(7,175)
Under/(over) provided in prior years
-
0
(41)
Taxation credit
(894,100)
(45,883)

 

11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
3,745
56,560
APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
4,394,317
Amortisation and impairment
At 1 May 2023
3,185,882
Amortisation charged for the year
434,261
At 30 April 2024
3,620,143
Carrying amount
At 30 April 2024
774,174
At 30 April 2023
1,208,435
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
13
Tangible fixed assets
Group
Leasehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
2,453,648
82,674
4,193,635
690,130
121,971
7,542,058
Additions
-
0
200,906
-
0
-
0
-
0
200,906
Disposals
-
0
-
0
-
0
-
0
(32,570)
(32,570)
Transfers
43,281
(283,580)
214,788
25,511
-
0
-
0
At 30 April 2024
2,496,929
-
0
4,408,423
715,641
89,401
7,710,394
Depreciation and impairment
At 1 May 2023
476,017
-
0
2,825,482
297,901
22,599
3,621,999
Depreciation charged in the year
155,350
-
0
323,036
97,278
23,403
599,067
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(32,570)
(32,570)
At 30 April 2024
631,367
-
0
3,148,518
395,179
13,432
4,188,496
Carrying amount
At 30 April 2024
1,865,562
-
0
1,259,905
320,462
75,969
3,521,898
At 30 April 2023
1,977,631
82,674
1,368,153
392,229
99,372
3,920,059
APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
13
Tangible fixed assets
(Continued)
- 23 -
Company
Motor vehicles
£
Cost
At 1 May 2023 and 30 April 2024
75,135
Depreciation and impairment
At 1 May 2023
7,514
Depreciation charged in the year
15,027
At 30 April 2024
22,541
Carrying amount
At 30 April 2024
52,594
At 30 April 2023
67,621

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
530,442
190,990
-
0
-
0
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
6,166,273
6,166,173
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023
6,166,173
Additions
100
At 30 April 2024
6,166,273
Carrying amount
At 30 April 2024
6,166,273
At 30 April 2023
6,166,173
APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
15
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Dellugo Ltd
England and Wales
Ordinary
-
100.00
L Ugo (Property) Company Ltd
England and Wales
Ordinary
-
100.00
The Oriental Noodle Company Ltd
England and Wales
Ordinary A and B
100.00
-
Ugo Foods Group Limited
England and Wales
Ordinary
100.00
-
Crouching Tiger Liimited
England and Wales
Ordinary
100.00
-
Beyond Belief Brewing Company Limited
England and Wales
Ordinary
100.00
-
Tewin Mill Produce Ltd
England and Wales
Ordinary
100.00
-
The London Street Food Company Ltd
England and Wales
Ordinary
100.00
-

The registered office of the above companies is 1 Hertsmere Industrial Park, Warwick Road, Borehamwood, Herts, WD6 1GT.

 

Under section 479C - audit exemption for a subsidiary company, the company has provided a statement of guarantee by a parent undertaking of a subsidiary undertaking on behalf of:

 

 

Consequently, the above entities are exempt from the requirements of the Companies Act having taken exemption under section 479A relating to the audit of their individual accounts.

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
719,890
969,300
-
-
Finished goods and goods for resale
402,558
403,192
-
0
-
0
1,122,448
1,372,492
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,178,560
2,206,952
-
0
-
0
Corporation tax recoverable
884,204
10,403
-
0
-
0
Other debtors
336,645
336,466
931
-
0
Prepayments and accrued income
197,557
318,474
31,397
-
0
3,596,966
2,872,295
32,328
-
APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
20
660,317
382,828
-
0
-
0
Obligations under finance leases
21
121,917
94,424
-
0
-
0
Trade creditors
2,161,083
2,093,448
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
152,150
887,937
Corporation tax payable
-
0
25,228
-
0
-
0
Other taxation and social security
117,101
226,373
17,658
-
Other creditors
1,680,595
2,059,661
195,000
-
0
Accruals and deferred income
1,186,805
1,445,458
-
0
-
0
5,927,818
6,327,420
364,808
887,937

Obligations under the finance lease contracts are secured on the related assets.

 

Other creditors including the sum of £1,432,697 (2023: £2,011,382) being the HSBC invoice financing net creditor are secured by a fixed and floating charges over all the assets of the group.

 

Details of the security in place for the bank loans is set out in note 20.

 

19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
770,371
1,422,223
-
0
-
0
Obligations under finance leases
21
231,330
210,590
-
0
-
0
Other creditors
826,648
-
0
-
0
-
0
1,828,349
1,632,813
-
-

Details of the security in place for the bank loans is set out in note 20.

 

20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,430,688
1,805,051
-
0
-
0
Payable within one year
660,317
382,828
-
0
-
0
Payable after one year
770,371
1,422,223
-
0
-
0
APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
20
Loans and overdrafts
(Continued)
- 26 -

A CBILS loan was taken out in June 2021 for the sum of £2,000,000 and is to be repaid by June 2026. Interest is payable on the loan at a rate of 3.99% per annum over the Bank of England base rate.

 

The Director, P Ugo, has provided a guarantee for the loan and there is a cross guarantee in place for the bank loan between the company and its parent undertaking Appetite Holdings Limited. GFSL have also provided a guarantee over this CBILS loan and a debenture is in place comprising a fixed and floating charge over all the assets and undertakings of the group.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
133,729
109,602
-
0
-
0
In two to five years
238,971
229,060
-
0
-
0
372,700
338,662
-
-
Less: future finance charges
(19,453)
(33,648)
-
0
-
0
353,247
305,014
-
0
-
0

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 1.9 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
58,637
58,637
The company has no deferred tax assets or liabilities.
Group
Group
2024
2022
Movements in the year:
£
£
Liability at 1 May 2023
58,637
167,550
Credit to profit or loss
-
(21,721)
Liability at 30 April 2024
58,637
145,829
APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
22
Deferred taxation
(Continued)
- 27 -
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
115,372
108,239

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

24
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A Shares of £1 each
6,101
6,101
6,101
6,101
Ordinary B Shares of £1 each
404
404
404
404
Ordinary C Shares of £1 each
404
404
404
404
Ordinary D Shares of £1 each
743
743
743
743
Ordinary E Shares of £1 each
404
404
404
404
8,056
8,056
8,056
8,056
25
Reserves
Profit and loss reserves
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

Merger reserve

The merger reserve is a non-distributable reserve created by the exercise of s612 merger relief for the amount in excess of the nominal value of the 11,372 ordinary shares purchased in connection with the acquisition of Ugo Foods Group Limited.

APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
819,927
519,213
-
-
Between two and five years
3,110,622
3,051,793
-
-
In over five years
8,769,192
9,497,961
-
-
12,699,741
13,068,967
-
-
27
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director's loan account
-
-
230,000
(35,000)
195,000
-
230,000
(35,000)
195,000
28
Transactions with key management personnel

Individuals considered by Appetite Holdings Limited as key management personnel have, at the year end, amounts due to the company of £32,645 (2023: £31,934). Interest is charged at 2%pa and there is no fixed date for repayment.

APPETITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
29
Cash generated from group operations
2024
2023
£
£
Loss for the year after tax
(146,021)
(399,435)
Adjustments for:
Taxation credited
(894,100)
(45,883)
Finance costs
337,615
226,805
Investment income
(5,493)
(1,087)
Amortisation and impairment of intangible assets
434,261
439,432
Depreciation and impairment of tangible fixed assets
599,067
627,435
Movements in working capital:
Decrease/(increase) in stocks
250,044
(178,149)
Decrease/(increase) in debtors
149,130
(215,154)
Increase in creditors
147,292
1,357,667
Cash generated from operations
871,795
1,811,631
30
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
3,449
3,963
7,412
Borrowings excluding overdrafts
(1,805,051)
374,363
(1,430,688)
Obligations under finance leases
(305,014)
(48,233)
(353,247)
(2,106,616)
330,093
(1,776,523)
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