REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 January 2024 |
for |
BANANA SPLIT LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditor |
First Floor |
Spitalfields House |
Stirling Way |
Borehamwood |
Hertfordshire |
WD6 2FX |
BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669) |
Income Statement |
for the Year Ended 31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales | ( | ) | ( | ) |
GROSS PROFIT |
Administrative expenses | ( | ) | ( | ) |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
9,172,007 | 2,356,916 |
Interest payable and similar expenses | 6 | ( | ) | ( | ) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( | ) | ( | ) |
PROFIT FOR THE FINANCIAL YEAR |
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 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BANANA SPLIT LIMITED (REGISTERED NUMBER: 01602669) |
Balance Sheet |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | 12 | ( | ) | ( | ) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | 13 | ( | ) | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium | 18 |
Retained earnings | 18 |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | (1,228,758 | ) | - | (1,228,758 | ) |
Total comprehensive income | - | - |
Balance at 31 January 2023 |
Changes in equity |
Issue of share capital | - |
Dividends | - | (4,000,000 | ) | - | (4,000,000 | ) |
Total comprehensive income | - | - |
Balance at 31 January 2024 |
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 |
Interest paid | ( | ) | ( | ) |
Interest element of hire purchase payments paid | ( | ) | ( | ) |
Tax paid | ( | ) | ( | ) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( | ) | ( | ) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( | ) | ( | ) |
Cash flows from financing activities |
Capital repayments in year | ( | ) |
Amount introduced by directors | - | 481,949 |
Amount withdrawn by directors | 2,083,526 | 244,260 |
Share issue |
Equity dividends paid | (4,000,000 | ) | (1,228,758 | ) |
Net cash from financing activities | ( | ) | ( | ) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year | 2 | 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 |
Depreciation charges |
Profit on disposal of fixed assets | ( | ) |
Finance costs | 45,418 | 44,356 |
Finance income | (280,550 | ) | (4,864 | ) |
9,116,194 | 2,542,364 |
Decrease in trade and other debtors |
Decrease in trade and other creditors | ( | ) | ( | ) |
Cash generated from operations |
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 | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
Europe |
Asia |
4. | EMPLOYEES AND DIRECTORS |
31.1.24 | 31.1.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.1.24 | 31.1.23 |
Directors | 4 | 4 |
Administration | 22 | 18 |
31.1.24 | 31.1.23 |
£ | £ |
Directors' remuneration |
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 |
Information regarding the highest paid director is as follows: |
31.1.24 | 31.1.23 |
£ | £ |
Emoluments etc |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.1.24 | 31.1.23 |
£ | £ |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( | ) |
Auditors' remuneration |
Foreign exchange differences |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.1.24 | 31.1.23 |
£ | £ |
Bank loan interest |
Interest on overdue tax |
Pension fund loan |
Hire purchase |
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 |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( | ) | ( | ) |
Adjustments to tax charge in respect of previous periods |
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 |
Additions |
Disposals | ( | ) | ( | ) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
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 |
Additions |
Disposals | ( | ) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Eliminated on disposal | ( | ) |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 88 Crawford Street, London, W1H 2EJ |
Nature of business: |
% |
Class of shares: | holding |
31.1.24 | 31.1.23 |
£ | £ |
Aggregate capital and reserves |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Trade debtors |
Other debtors |
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) |
Other loans (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 892,996 | 604,434 |
Other creditors |
Directors' current accounts | 3,125,556 | 1,042,030 |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans (see note 14) |
Hire purchase contracts (see note 15) |
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 |
Other loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
Finance charges repayable: |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.1.24 | 31.1.23 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans |
Banana Split Pension Fund | - | 106,248 |
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 | 830,924 |
Profit for the year |
Dividends | ( | ) | ( | ) |
At 31 January 2024 | 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). |