Company registration number 03399254 (England and Wales)
TOAST (MAIL ORDER) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
TOAST (MAIL ORDER) LIMITED
COMPANY INFORMATION
Directors
A Povlsen
T Jensen
Company number
03399254
Registered office
3rd Floor
Matrix House
Matrix Business Park
SWANSEA
SA6 8RE
Auditor
Harris Bassett Limited
5 New Mill Court
Phoenix Way
Enterprise Park
Swansea
SA7 9FG
TOAST (MAIL ORDER) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Group statement of changes in equity
11
Group statement of cash flows
12
Company balance sheet
13
Company statement of changes in equity
14
Company statement of cash flows
15
Notes to the financial statements
16 - 32
TOAST (MAIL ORDER) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

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

Review of the business

Our business aim is to generate increased shareholder value through the retail and wholesale of clothing, homeware and accessories.

 

We operate under one principal brand, TOAST, a premium lifestyle brand offering womenswear, menswear and homeware. The brand operates a global ecommerce shopping platform, 20 branded shops in the United Kingdom and 1 in the United States. TOAST products are also available in various carefully selected premium concept wholesale accounts positioned strategically around the world.

 

Our design team is based in London and we arrange for the products to be manufactured in specialist third party factories in Europe and Asia supervised by local buying offices. The finished articles are available via our ecommerce business and through our own retail stores and selected wholesale accounts.

Principal risks and uncertainties

Our success depends on our ability to produce collections which are attractive to potential customers. We seek to achieve this through retention of experienced and skilled designers and merchandisers and by remaining as operationally flexible as possible, particularly in relation to our supply chain and up-front commitments.

 

Each year the brand produces two main seasonal collections, Spring/Summer and Autumn/Winter. We are keenly aware of our impact on people and the planet. We create clothes and home products that are durable - both in their life cycle and in their style - making it possible to use them for many years, if not decades to come. We carefully consider the suppliers we work with and our choice of materials, sourcing quality fabrics and natural fibres that are biodegradable.

 

Our brand and the way it is perceived in its respective markets is very important to us. We are very protective of the brand and work to ensure that it is presented in appropriate ways and that it is not misused. The main drivers for brand perception are imagery and our products.

 

The nature of fashion retail means that it is not always possible to predict customers' reactions to each season's new ranges. Our customers' propensity to spend on clothing is also affected by their personal financial situation and other macroeconomic factors which impact the total size of the retail markets in which we operate.

 

We consider that, as a small operator at the upper end of the middle market, the impact on our business of macroeconomics elements is considerably smaller than the impact of the success of our designers in producing attractive products.

Key performance indicators

The Board considers that the key performance indicators for the business are:

Other performance indicators

The trading of the group for the year ended 31 July 2024 includes the following significant results:

 

 

The balance sheet of the group remains strong with net assets of £10.3 million (2023: £11.4 million).

TOAST (MAIL ORDER) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
S. 172(1) statement

In accordance with Section 172 of the Companies Act 2006, the Companies have considered the following in making decisions that promote both the success of the company, and the wellbeing of the communities in which we operate.

On behalf of the board

T Jensen
Director
30 October 2024
TOAST (MAIL ORDER) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the company and group continued to be that of sale of clothing and accessories through retail, mail order and wholesale channels.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £2,000,000. The directors do 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:

A Povlsen
T Jensen
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Future developments

The Group are looking to expand their US store presence, with plans to open additional stores in North America in the next financial year.

Auditor

In accordance with the company's articles, a resolution proposing that Harris Bassett Limited be reappointed as auditor of the group will be put at a General Meeting.

TOAST (MAIL ORDER) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
Energy and carbon report

In line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 our energy use and greenhouse gas (GHG) emissions are set out below.

The data relates to UK emissions for the 12-month period from 1 August 2023 to 31 July 2024

TOAST (Mail Order) Ltd Energy Use and Associated Greenhouse Gas Emissions

 

FYE Jul 2024

Total Energy consumption (kWh)

571,820

Emissions from combustion of gas (Scope 1) (tCO2e)

3.4

Emissions from transport (Scope 1) (tCO2e)

0

Emissions from purchased electricity (Scope 2) (tCO2e)

112.3

Emissions from business travel in employee-owned vehicles where the company is responsible for purchasing the fuel or electricity (Scope 3) (tCO2e)

2.5

Total gross emissions (tCO2e)

118.2

tCO2e per £m turnover

2.5

tCO2e per m2 floor area

0.5

tCO2e per FTE

0.02

Total net emissions (tCO2e)

20.4

 

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.

On behalf of the board
T Jensen
Director
30 October 2024
TOAST (MAIL ORDER) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 5 -

The directors are 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 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are 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.

TOAST (MAIL ORDER) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TOAST (MAIL ORDER) LIMITED
- 6 -
Opinion

We have audited the financial statements of Toast (Mail Order) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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.

 

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:

TOAST (MAIL ORDER) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TOAST (MAIL ORDER) LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which 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 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 parent 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 financial statements.

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.

Nicholas Bassett (Senior Statutory Auditor)
For and on behalf of Harris Bassett Limited
30 October 2024
Chartered Accountants
Statutory Auditor
5 New Mill Court
Phoenix Way
Enterprise Park
Swansea
SA7 9FG
TOAST (MAIL ORDER) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
46,543,840
44,052,278
Cost of sales
(15,990,220)
(15,038,908)
Gross profit
30,553,620
29,013,370
Distribution costs
(20,901,555)
(20,133,249)
Administrative expenses
(8,335,851)
(6,852,334)
Other operating income
65,323
2,000
Exceptional item
4
(121,223)
-
0
Operating profit
5
1,260,314
2,029,787
Interest receivable and similar income
8
196,031
75,846
Interest payable and similar expenses
9
78,623
-
0
Profit before taxation
1,534,968
2,105,633
Tax on profit
10
(649,950)
(376,264)
Profit for the financial year
885,018
1,729,369
Profit for the financial year is all attributable to the owners of the parent company.
TOAST (MAIL ORDER) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
£
£
Profit for the year
885,018
1,729,369
Other comprehensive income
-
-
Total comprehensive income for the year
885,018
1,729,369
Total comprehensive income for the year is all attributable to the owners of the parent company.
TOAST (MAIL ORDER) LIMITED
GROUP BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,558,669
1,214,693
Current assets
Stocks
16
9,031,035
7,635,797
Debtors
17
5,437,503
6,453,677
Cash at bank and in hand
1,945,284
2,350,028
16,413,822
16,439,502
Creditors: amounts falling due within one year
18
(7,631,258)
(6,223,261)
Net current assets
8,782,564
10,216,241
Total assets less current liabilities
10,341,233
11,430,934
Provisions for liabilities
Deferred tax liability
19
25,281
-
0
(25,281)
-
Net assets
10,315,952
11,430,934
Capital and reserves
Called up share capital
21
4,574,000
4,574,000
Profit and loss reserves
5,741,952
6,856,934
Total equity
10,315,952
11,430,934
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
30 October 2024
T Jensen
Director
Company registration number 03399254 (England and Wales)
TOAST (MAIL ORDER) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
4,574,000
5,127,565
9,701,565
Year ended 31 July 2023:
Profit and total comprehensive income
-
1,729,369
1,729,369
Balance at 31 July 2023
4,574,000
6,856,934
11,430,934
Year ended 31 July 2024:
Profit and total comprehensive income
-
885,018
885,018
Dividends
11
-
(2,000,000)
(2,000,000)
Balance at 31 July 2024
4,574,000
5,741,952
10,315,952
TOAST (MAIL ORDER) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
442,383
1,394,435
Interest paid
78,623
-
0
Income taxes paid
(54,906)
(576,925)
Net cash inflow from operating activities
466,100
817,510
Investing activities
Proceeds from disposal of intangibles
-
(70,322)
Purchase of tangible fixed assets
(1,066,875)
(530,453)
Proceeds from disposal of tangible fixed assets
-
70,322
Interest received
196,031
75,846
Net cash used in investing activities
(870,844)
(454,607)
Net (decrease)/increase in cash and cash equivalents
(404,744)
362,903
Cash and cash equivalents at beginning of year
2,350,028
1,987,125
Cash and cash equivalents at end of year
1,945,284
2,350,028
TOAST (MAIL ORDER) LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,164,677
1,214,693
Investments
14
783,335
-
0
1,948,012
1,214,693
Current assets
Stocks
16
8,918,326
7,635,797
Debtors
17
5,724,150
6,453,677
Cash at bank and in hand
963,538
2,350,028
15,606,014
16,439,502
Creditors: amounts falling due within one year
18
(7,250,304)
(6,223,261)
Net current assets
8,355,710
10,216,241
Net assets
10,303,722
11,430,934
Capital and reserves
Called up share capital
21
4,574,000
4,574,000
Profit and loss reserves
5,729,722
6,856,934
Total equity
10,303,722
11,430,934

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 £872,788 (2023 - £1,729,369 profit).

The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
30 October 2024
T Jensen
Director
Company registration number 03399254 (England and Wales)
TOAST (MAIL ORDER) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
4,574,000
5,127,565
9,701,565
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
1,729,369
1,729,369
Balance at 31 July 2023
4,574,000
6,856,934
11,430,934
Year ended 31 July 2024:
Profit and total comprehensive income
-
872,788
872,788
Dividends
11
-
(2,000,000)
(2,000,000)
Balance at 31 July 2024
4,574,000
5,729,722
10,303,722
TOAST (MAIL ORDER) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
26
(161,486)
1,394,435
Interest paid
78,623
-
0
Income taxes paid
(54,906)
(576,925)
Net cash (outflow)/inflow from operating activities
(137,769)
817,510
Investing activities
Proceeds from disposal of intangibles
-
0
(70,322)
Purchase of tangible fixed assets
(661,417)
(530,453)
Proceeds from disposal of tangible fixed assets
-
0
70,322
Purchase of subsidiaries
(783,335)
-
0
Interest received
196,031
75,846
Net cash used in investing activities
(1,248,721)
(454,607)
Net (decrease)/increase in cash and cash equivalents
(1,386,490)
362,903
Cash and cash equivalents at beginning of year
2,350,028
1,987,125
Cash and cash equivalents at end of year
963,538
2,350,028
TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 16 -
1
Accounting policies
Company information

Toast (Mail Order) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3rd Floor, Matrix House, Matrix Business Park, SWANSEA, SA6 8RE.

 

The group consists of Toast (Mail Order) 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 parent company. The functional currency of the subsidiary companies is US Dollars, translated to sterling for consolidation purposes at the year end closing rate. 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.

1.2
Business combinations

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. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Toast (Mail Order) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 July 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.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -

The consolidated financial statements include the results of subsidiaries acquired during the year. The financial statements of Toast US Inc, acquired and incorporated on 18 September 2023, have been prepared for the period from 18 September 2023 to 31 July 2024, which is less than 12 months. The financial statements of Toast US Retail LLC, acquired and incorporated on 2 November 2023, have been prepared for the period from 2 November 2023 to 31 July 2024, which is less than 12 months. These financial statements have been included in the consolidation results. As the subsidiary's financial statements cover a period of less than 12 months, from the acquisition date to 31 July 2024, they are not directly comparable to a full financial year of operations and are thus not comparable to those financial statements prepared to 31 July 2023.

1.4
Going concern

At the time of approving the financial statements, 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.

1.5
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Copyrights
10 years
1.7
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
3 - 7 years

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 profit and loss account.

TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.8
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, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
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.

TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 19 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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 group's balance sheet 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 20 -
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, 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.

Other financial liabilities

Derivatives, including interest rate swaps and 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 through 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.

TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 21 -
Derecognition of financial liabilities

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

1.13
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.

1.14
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 profit and loss account 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 profit and loss account, 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.

1.15
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.

1.16
Retirement benefits

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

1.17
Leases

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.

TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
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.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of clothing & accessories
46,543,840
44,052,278
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
37,248,140
36,206,054
United States of America
5,042,289
3,973,617
Other
4,253,411
3,872,607
46,543,840
44,052,278
2024
2023
£
£
Other revenue
Interest income
196,031
75,846
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item
121,223
-

This expenditure is in relation to dilapidation costs incurred owing to the relocation of head offices in London.

TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(16,580)
109,565
Depreciation of owned tangible fixed assets
722,899
671,440
(Profit)/loss on disposal of intangible assets
-
70,322
Operating lease charges
1,870,935
1,763,874
6
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
43,466
23,715
7
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
Selling, distribution and retail
284
255
275
255
Design, development and production management
53
41
51
41
Administration
21
33
21
33
Directors
2
2
2
2
Total
360
331
349
331

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,870,825
8,155,833
9,705,246
8,155,833
Social security costs
746,511
655,165
727,583
655,165
Pension costs
268,421
244,304
264,729
244,304
10,885,757
9,055,302
10,697,558
9,055,302
TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
196,031
75,846
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
196,031
75,846
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
(78,623)
-
10
Taxation
2024
2023
£
£
Current tax
Corporation tax on profits for the current period
431,331
524,816
Adjustments in respect of prior periods
51,502
(49,459)
Total current tax
482,833
475,357
Deferred tax
Origination and reversal of timing differences
167,117
(99,093)
Total tax charge
649,950
376,264
TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
Taxation
(Continued)
- 25 -

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

2024
2023
£
£
Profit before taxation
1,534,968
2,105,633
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
383,742
526,408
Tax effect of expenses that are not deductible in determining taxable profit
206,722
21,462
Effect of change in corporation tax rate
-
(100,254)
Permanent capital allowances in excess of depreciation
(150,377)
76,747
Under/(over) provided in prior years
51,502
(49,459)
Current year movement on deferred tax assets
167,117
(98,640)
Differences in tax rates between US states
(18,058)
-
0
Difference in tax rate between the UK and US
9,302
-
0
Taxation charge
649,950
376,264
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
2,000,000
-
12
Intangible fixed assets
Group
Copyrights
£
Cost
At 1 August 2023 and 31 July 2024
30,000
Amortisation and impairment
At 1 August 2023 and 31 July 2024
30,000
Carrying amount
At 31 July 2024
-
0
At 31 July 2023
-
0
TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
12
Intangible fixed assets
(Continued)
- 26 -
Company
Copyrights
£
Cost
At 1 August 2023 and 31 July 2024
30,000
Amortisation and impairment
At 1 August 2023 and 31 July 2024
30,000
Carrying amount
At 31 July 2024
-
0
At 31 July 2023
-
0
13
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 August 2023
3,912,809
Additions
1,066,875
At 31 July 2024
4,979,684
Depreciation and impairment
At 1 August 2023
2,698,116
Depreciation charged in the year
722,899
At 31 July 2024
3,421,015
Carrying amount
At 31 July 2024
1,558,669
At 31 July 2023
1,214,693
TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
13
Tangible fixed assets
(Continued)
- 27 -
Company
Fixtures and fittings
£
Cost
At 1 August 2023
3,912,809
Additions
661,417
At 31 July 2024
4,574,226
Depreciation and impairment
At 1 August 2023
2,698,116
Depreciation charged in the year
711,433
At 31 July 2024
3,409,549
Carrying amount
At 31 July 2024
1,164,677
At 31 July 2023
1,214,693
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
783,335
-
0
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023
-
Additions
783,335
At 31 July 2024
783,335
Carrying amount
At 31 July 2024
783,335
At 31 July 2023
-
15
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
15
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Toast US Inc
251 Little Falls Drive, Wilmington Delaware, 19808
Ordinary
100.00
-
Toast US Retail LLC
251 Little Falls Drive, Wilmington Delaware, 19808
Ordinary
0
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
9,031,035
7,635,797
8,918,326
7,635,797
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
64,539
60,940
64,540
60,940
Amounts owed by group undertakings
2,848,128
4,143,286
3,283,474
4,143,286
Other debtors
1,588,476
1,217,476
1,440,255
1,217,476
Prepayments and accrued income
870,345
824,124
869,866
824,124
5,371,488
6,245,826
5,658,135
6,245,826
Amounts falling due after more than one year:
Deferred tax asset (note 19)
66,015
207,851
66,015
207,851
Total debtors
5,437,503
6,453,677
5,724,150
6,453,677
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,184,163
1,931,558
2,150,537
1,931,558
Corporation tax payable
59,375
(368,552)
55,301
(368,552)
Other taxation and social security
1,442,471
1,497,580
1,368,070
1,497,580
Other creditors
504,463
403,951
475,894
403,951
Accruals and deferred income
3,440,786
2,758,724
3,200,502
2,758,724
7,631,258
6,223,261
7,250,304
6,223,261
TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
19
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
25,281
-
66,015
207,851
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
-
-
66,015
207,851
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 August 2023
(207,851)
(207,851)
Charge to profit or loss
167,117
141,836
Asset at 31 July 2024
(40,734)
(66,015)
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
268,421
244,304

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.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,574,000
4,574,000
4,574,000
4,574,000
TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
22
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
1,612,706
1,016,145
1,507,365
1,016,145
Between two and five years
4,811,534
1,720,328
4,416,888
1,720,328
In over five years
1,359,555
79,538
1,359,555
79,538
7,783,795
2,816,011
7,283,808
2,816,011
23
Related party transactions
Transactions with related parties

At the year- end the following amounts were outstanding:

An amount of £2,848,128 (2023: £4,143,286) was owing from Bestseller, the parent company of Toast (Mail Order) Limited, to Toast (Mail Order) Limited.

An amount of £17,875 (2023: nil) was owing from Toast US Inc, a subsidiary of Toast (Mail Order) Limited, to Toast (Mail Order) Limited.

An amount of £417,471 (2023: nil) was owing from Toast US Retail LLC, a subsidiary of Toast US Inc, to Toast (Mail Order) Limited.

An amount of £2,395 (2023: nil) was owing from Toast Retail LLC, a subsidiary of Toast US Inc, to Toast US Inc.

All amounts are repayable on demand.

24
Controlling party

The ultimate holding company is Heartland A/S, which is incorporated and registered in Denmark. Copies of the Group accounts may be obtained from Group head office at Store Torv 1,3. 8000 Aarhus C.

TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 31 -
25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
885,018
1,729,369
Adjustments for:
Taxation charged
649,950
376,264
Finance costs
(78,623)
-
0
Investment income
(196,031)
(75,846)
(Gain)/loss on disposal of intangible assets
-
70,322
Depreciation and impairment of tangible fixed assets
722,899
671,440
Movements in working capital:
Increase in stocks
(1,395,238)
(700,776)
Increase in debtors
(1,125,662)
(964,348)
Increase in creditors
980,070
288,010
Cash generated from operations
442,383
1,394,435
26
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit for the year after tax
872,788
1,729,369
Adjustments for:
Taxation charged
620,595
376,264
Finance costs
(78,623)
-
0
Investment income
(196,031)
(75,846)
(Gain)/loss on disposal of intangible assets
-
70,322
Depreciation and impairment of tangible fixed assets
711,433
671,440
Movements in working capital:
Increase in stocks
(1,282,529)
(700,776)
Increase in debtors
(1,412,309)
(964,348)
Increase in creditors
603,190
288,010
Cash (absorbed by)/generated from operations
(161,486)
1,394,435
27
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
2,350,028
(404,744)
1,945,284
TOAST (MAIL ORDER) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 32 -
28
Analysis of changes in net funds - company
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
2,350,028
(1,386,490)
963,538
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