IRIS Accounts Productionv24.3.2.4601602669Board of Directors1.2.2331.1.2431.1.24Medium entitiesThe principal activity of the company during the year under review was that of special events organisers.truetruefalsetruetruefalsefalsetruefalseThese accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 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REGISTERED NUMBER: 01602669 (England and Wales)
















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 January 2024

for


BANANA SPLIT LIMITED



BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)








Contents of the Financial Statements

for the Year Ended 31 January 2024





Page




Company Information  

1




Strategic Report  

2




Report of the Directors  

4




Report of the Independent Auditors  

5




Income Statement  

8




Other Comprehensive Income  

9




Balance Sheet  

10




Statement of Changes in Equity  

11




Cash Flow Statement  

12




Notes to the Cash Flow Statement  

13




Notes to the Financial Statements

14





BANANA SPLIT LIMITED



Company Information

for the Year Ended 31 January 2024









DIRECTORS:

D Godfrey


J D Posner


A D Posner


J H Simon







REGISTERED OFFICE:

6 Colindale Business Park


Carlisle Road


London


NW9 0HN







REGISTERED NUMBER:

01602669 (England and Wales)







AUDITORS:

TC Group


Statutory Auditor


First Floor


Spitalfields House


Stirling Way


Borehamwood


Hertfordshire


WD6 2FX



BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Strategic Report

for the Year Ended 31 January 2024


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


Principle Activities and review of the business


The principal activity of the company during the year under review was that of special events organisers.


REVIEW OF BUSINESS

Trading year


The company  had an exceptional year's trading. Turnover increased from £17m in 2022-23 to almost £34m in 2023-24. There was a desire around the World to celebrate the end of Covid and a return to normality. Looking  forward the company has enhanced its reputation as a World Leading Events Organiser.


The pipeline of events/project wins remains strong, and we have continued to build on the strength of the brand, which is complimented by the internal team.


Turnover & Profitability


A summary of the Company's financial results for the year ended 31 January 2024 are set out below:



January 2024  


   January 2023


Turnover  


£33,907,122


  £17,122,162


Gross Profit


£12,104,300


    £5,215,727


Profit / (Loss) before tax  


  £9,126,589


    £2,312,560


Shareholders' Funds


  £3,962,034


    £1,003,452



Since the year end the company has secured contracted turnover of circa £19m.


The market remains active and whilst we are cautious because of the economic conditions, the outlook for the current year is encouraging with a good pipeline of projects.


Future Developments


Our secured workload for the next financial year will strengthen the company's balance sheet position and allow the company to continue with the planned growth of the business.


The directors recognise that the economic outlook of the UK for the coming year remains challenging, however, given our international reach and reputation, we are well placed to move strongly ahead.


The directors are satisfied that the Company has sufficient resources and liquidity to enable it to not only continue as a going concern for the foreseeable future but to also ensure the Company continues to invest in its infrastructure and staff so that it is in a stable and profitable position going forward.




BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Strategic Report

for the Year Ended 31 January 2024


PRINCIPAL RISKS AND UNCERTAINTIES

The company's operations expose it to a variety of financial risks including competition/exchange rate risk, price risk, credit risk and liquidity risk. There are a number of controls in place to limit the adverse effects of these risks on the financial performance of the company:


Competition/Exchange Rate Risk


Like all companies carrying out similar activities, the company is subject to strong competition from larger companies in the same trade and this may affect the gross margin achieved from its sales. As a result, the company has established good relationships with its suppliers at lower prices to enable to compete with its competitors.


The company is exposed to the risk of currency fluctuation as some of its events are priced in US dollars or Euros. The directors are aware of this risk but are confident that the company has sufficient cash flow to finance its costs.


Price Risk

The company is exposed to general price risk as a result of its operations. Management keep this aspect of the company's affairs under constant review.


Credit Risk

Credit is only offered to companies after references have been taken up and an appropriate level reached depending on the customers trading history.


Liquidity Risk

The company ensures there are sufficient funds available to operate. Cash flow forecasts are prepared, monitored and adjusted when necessary as part of this process.


Legal Risk

The company, from time to time, can be exposed to legal claims. The company will ensure adequate procedures and policies are implemented and legal advisors deployed to ensure that the risk of litigation is mitigated and managed accordingly.


ON BEHALF OF THE BOARD:






J D Posner - Director



27 January 2025



BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Report of the Directors

for the Year Ended 31 January 2024


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


DIVIDENDS

During the year the company paid dividends of £4,000,000.


DIRECTORS

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


D Godfrey

J D Posner

A D Posner

J H Simon


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.

AUDITORS

The auditors,  TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






J D Posner - Director



27 January 2025


Report of the Independent Auditors to the Members of

Banana Split Limited


Opinion

We have audited the financial statements of Banana Split Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 January 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 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 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

Banana Split Limited



Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.


Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.


Our approach was as follows:


- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;


- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;


- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;


- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;


- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.


Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.


Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.


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

Banana Split 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.





Michael Marcus FCA FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX


27 January 2025



BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Income Statement

for the Year Ended 31 January 2024



31.1.24


31.1.23


Notes

£   

£   



TURNOVER

3

33,907,122


17,122,162




Cost of sales

(21,802,822

)

(11,906,435

)


GROSS PROFIT

12,104,300


5,215,727




Administrative expenses

(3,212,843

)

(2,863,675

)


OPERATING PROFIT

5

8,891,457


2,352,052




Interest receivable and similar income

280,550


4,864



9,172,007


2,356,916




Interest payable and similar expenses

6

(45,418

)

(44,356

)


PROFIT BEFORE TAXATION

9,126,589


2,312,560




Tax on profit

7

(2,168,487

)

(396,933

)


PROFIT FOR THE FINANCIAL YEAR

6,958,102


1,915,627





BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Other Comprehensive Income

for the Year Ended 31 January 2024



31.1.24


31.1.23


Notes

£   

£   



PROFIT FOR THE YEAR

6,958,102


1,915,627





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

6,958,102


1,915,627





BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Balance Sheet

31 January 2024



31.1.24


31.1.23


Notes

£   

£   


FIXED ASSETS

Tangible assets

9

1,775,371


1,568,683



Investments

10

2


2



1,775,373


1,568,685




CURRENT ASSETS

Debtors

11

1,286,170


1,103,314



Cash at bank and in hand

6,926,935


3,364,006



8,213,105


4,467,320



CREDITORS: AMOUNTS FALLING DUE

WITHIN ONE YEAR

12

(5,751,287

)

(4,442,178

)


NET CURRENT ASSETS

2,461,818


25,142



TOTAL ASSETS LESS CURRENT

LIABILITIES

4,237,191


1,593,827




CREDITORS: AMOUNTS FALLING DUE

AFTER MORE THAN ONE YEAR

13

(275,157

)

(590,375

)


NET ASSETS

3,962,034


1,003,452




CAPITAL AND RESERVES

Called up share capital

17

173,008


172,528



Share premium

18

5,822


5,822



Retained earnings

18

3,783,204


825,102



3,962,034


1,003,452




The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by:






J D Posner - Director




BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Statement of Changes in Equity

for the Year Ended 31 January 2024



Called up



share


Retained


Share


Total


capital


earnings


premium


equity

£   

£   

£   

£   


Balance at 1 February 2022

172,528


138,233


5,822


316,583




Changes in equity

Dividends

-


(1,228,758

)

-


(1,228,758

)


Total comprehensive income

-


1,915,627


-


1,915,627



Balance at 31 January 2023

172,528


825,102


5,822


1,003,452




Changes in equity

Issue of share capital

480


-


-


480



Dividends

-


(4,000,000

)

-


(4,000,000

)


Total comprehensive income

-


6,958,102


-


6,958,102



Balance at 31 January 2024

173,008


3,783,204


5,822


3,962,034





BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Cash Flow Statement

for the Year Ended 31 January 2024



31.1.24


31.1.23


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

7,391,773


2,451,673



Interest paid

(45,232

)

(40,815

)


Interest element of hire purchase payments paid

(186

)

(3,541

)


Tax paid

(1,700,594

)

(572,699

)


Net cash from operating activities

5,645,761


1,834,618




Cash flows from investing activities

Purchase of tangible fixed assets

(509,758

)

(801,917

)


Sale of tangible fixed assets

78,333


-



Interest received

280,550


4,864



Net cash from investing activities

(150,875

)

(797,053

)



Cash flows from financing activities

Capital repayments in year

(15,963

)

21,167



Amount introduced by directors

-


481,949



Amount withdrawn by directors

2,083,526


244,260



Share issue

480


-



Equity dividends paid

(4,000,000

)

(1,228,758

)


Net cash from financing activities

(1,931,957

)

(481,382

)



Increase in cash and cash equivalents

3,562,929


556,183



Cash and cash equivalents at beginning of year

2

3,364,006


2,807,823




Cash and cash equivalents at end of year

2

6,926,935


3,364,006





BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Notes to the Cash Flow Statement

for the Year Ended 31 January 2024


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS



31.1.24


31.1.23

£   

£   



Profit before taxation

9,126,589


2,312,560




Depreciation charges

238,103


190,312




Profit on disposal of fixed assets

(13,366

)

-




Finance costs

45,418


44,356




Finance income

(280,550

)

(4,864

)


9,116,194


2,542,364




Decrease in trade and other debtors

599,588


922,851




Decrease in trade and other creditors

(2,324,009

)

(1,013,542

)



Cash generated from operations

7,391,773


2,451,673




2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 31 January 2024


31.1.24


1.2.23

£   

£   



Cash and cash equivalents

6,926,935


3,364,006




Year ended 31 January 2023


31.1.23


1.2.22

£   

£   



Cash and cash equivalents

3,364,006


2,807,823





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.2.23

Cash flow

At 31.1.24

£   

£   

£   



Net cash



Cash at bank and in hand

3,364,006


3,562,929


6,926,935



3,364,006


3,562,929


6,926,935




Debt


Finance leases

(42,488

)

15,963


(26,525

)



Debts falling due within 1 year

(106,248

)

(43,752

)

(150,000

)



Debts falling due after 1 year

(562,500

)

300,000


(262,500

)


(711,236

)

272,211


(439,025

)



Total

2,652,770


3,835,140


6,487,910





BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Notes to the Financial Statements

for the Year Ended 31 January 2024


1.

STATUTORY INFORMATION



Banana Split 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.


The presentation currency of the financial statements is the Pound Sterling (£).


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.  



Preparation of consolidated financial statements

The financial statements contain information about Banana Split Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.


Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. There were no significant judgements or estimates that affect the 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.


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 or, if held under a finance lease, over the lease term, whichever is the shorter.  


Plant and machinery

-

25% on cost


Fixtures and fittings

-

15% on reducing balance


Motor vehicles

-

25% on reducing balance



Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.



BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Notes to the Financial Statements - continued

for the Year Ended 31 January 2024


2.

ACCOUNTING POLICIES - continued



Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Equity instruments
Equity instruments issued by the company 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 company.


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.



BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Notes to the Financial Statements - continued

for the Year Ended 31 January 2024


2.

ACCOUNTING POLICIES - continued



Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.


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.


Going concern


The directors have considered the company’s financial resources and performance and believe that the company is well placed to manage its business risks successfully and that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.



Impairment of fixed assets and investments


At each reporting period end date, the company reviews the carrying amounts of its tangible assets and investments 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.


3.

TURNOVER



The turnover and profit before taxation are attributable to the one principal activity of the company.



An analysis of turnover by geographical market is given below:



31.1.24


31.1.23

£   

£   



United Kingdom

15,511,892


14,025,633




Europe

7,685,608


2,847,183




Asia

10,709,622


249,346



33,907,122


17,122,162




4.

EMPLOYEES AND DIRECTORS


31.1.24


31.1.23

£   

£   



Wages and salaries

1,571,075


1,568,266




Social security costs

195,331


202,818




Other pension costs

23,794


20,437



1,790,200


1,791,521





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


31.1.24


31.1.23



Directors

4


4




Administration

22


18



26


22





31.1.24


31.1.23

£   

£   



Directors' remuneration

611,958


609,606





BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Notes to the Financial Statements - continued

for the Year Ended 31 January 2024


4.

EMPLOYEES AND DIRECTORS - continued



The number of directors to whom retirement benefits were accruing was as follows:



Money purchase schemes

3


3





Information regarding the highest paid director is as follows:


31.1.24


31.1.23

£   

£   



Emoluments etc

241,516


215,919




5.

OPERATING PROFIT



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



31.1.24


31.1.23

£   

£   



Depreciation - owned assets

238,103


180,972




Depreciation - assets on hire purchase contracts

-


9,340




Profit on disposal of fixed assets

(13,366

)

-




Auditors' remuneration

10,000


-




Foreign exchange differences

92,475


7,599




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



31.1.24


31.1.23

£   

£   



Bank loan interest

40,132


35,502




Interest on overdue tax

5,100


-




Pension fund loan

-


5,313




Hire purchase

186


3,541



45,418


44,356




7.

TAXATION



Analysis of the tax charge


The tax charge on the profit for the year was as follows:


31.1.24


31.1.23

£   

£   



Current tax:


UK corporation tax

2,168,487


396,933




Tax on profit

2,168,487


396,933





BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Notes to the Financial Statements - continued

for the Year Ended 31 January 2024


7.

TAXATION - continued



Reconciliation of total tax charge 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:



31.1.24


31.1.23

£   

£   



Profit before tax

9,126,589


2,312,560




Profit multiplied by the standard rate of corporation tax in the UK of 24% (2023 -

19%)  

2,190,381


439,386





Effects of:


Expenses not deductible for tax purposes

25,318


19,864




Capital allowances in excess of depreciation

(50,957

)

(133,817

)



Adjustments to tax charge in respect of previous periods

3,745


71,500




Total tax charge

2,168,487


396,933




8.

DIVIDENDS


31.1.24


31.1.23

£   

£   



shares of  each



Interim

4,000,000


1,228,758




9.

TANGIBLE FIXED ASSETS


Fixtures



Plant and


and


Motor


Computer



machinery


fittings


vehicles


equipment


Totals

£   

£   

£   

£   

£   



COST


At 1 February 2023

15,777


1,620,485


349,208


19,655


2,005,125




Additions

-


402,164


94,594


13,000


509,758




Disposals

-


-


(89,709

)

-


(89,709

)



At 31 January 2024

15,777


2,022,649


354,093


32,655


2,425,174




DEPRECIATION


At 1 February 2023

11,832


298,322


119,736


6,552


436,442




Charge for year

-


174,957


52,261


10,885


238,103




Eliminated on disposal

-


-


(24,742

)

-


(24,742

)



At 31 January 2024

11,832


473,279


147,255


17,437


649,803




NET BOOK VALUE


At 31 January 2024

3,945


1,549,370


206,838


15,218


1,775,371




At 31 January 2023

3,945


1,322,163


229,472


13,103


1,568,683





BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Notes to the Financial Statements - continued

for the Year Ended 31 January 2024


9.

TANGIBLE FIXED ASSETS - continued



Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Motor


vehicles

£   



COST


At 1 February 2023

108,671




Additions

97,939




Disposals

(108,671

)



At 31 January 2024

97,939




DEPRECIATION


At 1 February 2023

71,309




Eliminated on disposal

(71,309

)



At 31 January 2024

-




NET BOOK VALUE


At 31 January 2024

97,939




At 31 January 2023

37,362




10.

FIXED ASSET INVESTMENTS


Shares in


group


undertakings

£   



COST


At 1 February 2023


and 31 January 2024

2




NET BOOK VALUE


At 31 January 2024

2




At 31 January 2023

2





The company's investments at the Balance Sheet date in the share capital of companies include the following:



JDPA Limited


Registered office: 88 Crawford Street, London, W1H 2EJ


Nature of business: Dormant


%


Class of shares:

holding



Ordinary

100.00



31.1.24


31.1.23

£   

£   



Aggregate capital and reserves

2


2




11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.1.24


31.1.23

£   

£   



Trade debtors

429,036


290,389




Other debtors

857,134


812,925



1,286,170


1,103,314





BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Notes to the Financial Statements - continued

for the Year Ended 31 January 2024


12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.1.24


31.1.23

£   

£   



Bank loans and overdrafts (see note 14)

150,000


-




Other loans (see note 14)

-


106,248




Hire purchase contracts  (see note 15)

13,868


14,613




Trade creditors

231,485


712,575




Tax

793,326


325,433




Social security and other taxes

67,864


56,659




VAT

892,996


604,434




Other creditors

181,941


766,873




Directors' current accounts

3,125,556


1,042,030




Accruals and deferred income

294,251


813,313



5,751,287


4,442,178




13.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR



31.1.24


31.1.23

£   

£   



Bank loans (see note 14)

262,500


562,500




Hire purchase contracts  (see note 15)

12,657


27,875



275,157


590,375




14.

LOANS



An analysis of the maturity of loans is given below:



31.1.24


31.1.23

£   

£   



Amounts falling due within one year or on demand:


Bank loans

150,000


-




Other loans

-


106,248



150,000


106,248





Amounts falling due between one and two years:


Bank loans - 1-2 years

150,000


150,000





Amounts falling due between two and five years:


Bank loans - 2-5 years

112,500


412,500





BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Notes to the Financial Statements - continued

for the Year Ended 31 January 2024


15.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Hire purchase contracts



31.1.24


31.1.23


£   

£   



Gross obligations repayable:


Within one year

13,868


14,613




Between one and five years

16,179


33,023



30,047


47,636





Finance charges repayable:


Between one and five years

3,522


5,148





Net obligations repayable:


Within one year

13,868


14,613




Between one and five years

12,657


27,875



26,525


42,488





Non-cancellable operating

leases



31.1.24


31.1.23

£   

£   



Within one year

123,000


65,000




Between one and five years

492,000


205,833




In more than five years

290,583


-



905,583


270,833




16.

SECURED DEBTS



The following secured debts are included within creditors:



31.1.24


31.1.23

£   

£   



Bank loans

412,500


562,500




Banana Split Pension Fund

-


106,248



412,500


668,748





The bank loans and overdrafts are secured by a fixed and floating in favour of the company's bankers.



BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669)



Notes to the Financial Statements - continued

for the Year Ended 31 January 2024


17.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:



Number:



Class:



Nominalvalue:



31.1.24



31.1.23




£



£



131,118



A Ordinary



£1



131,118



131,122



27,604



B Ordinary



£1



27,604



41,406



118



C Ordinary



£1



118



-



360



D Ordinary



£1



360



-



2



E Ordinary



£1



2



-



6901



F Ordinary



£1



6,901



-



6901



G Ordinary



£1



6,901



-



2



H Ordinary



£1



2



-



2



I Ordinary



£1



2



-




173,008



172,528




During the year the company issued 120 C Ordinary shares of £1 each and 360  D Ordinary shares of £1 each at par. Two C Ordinary shares were redesigned to E Ordinary shares.



The shares rank pari-passu as regards dividend excepts that seperate dividends can be declared on each class.



The A Ordinary, B Ordinary, F Ordinary and G Ordinary have voting rights; the other classes are non-voting.


18.

RESERVES


Retained


Share



earnings


premium


Totals

£   

£   

£   




At 1 February 2023

825,102


5,822


830,924




Profit for the year

6,958,102


6,958,102




Dividends

(4,000,000

)

(4,000,000

)



At 31 January 2024

3,783,204


5,822


3,789,026




19.

RELATED PARTY DISCLOSURES



During the year the company loaned £734,556 to a company with a director in common. The amount owed at the year end was £734,556 (2023: £719,770).



During the year the company paid rent of £68,000 (2023: £68,000) to a company with a director and shareholder in common. The amount owed at the year end was £31,000 (2023: £nil)


20.

ULTIMATE CONTROLLING PARTY



The company was under the control of J D Posner (Director).