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TAYLORS SNACKS LTD
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

 
TAYLORS SNACKS LTD
 

COMPANY INFORMATION


Directors
Mr G C Taylor 
Mr J R Taylor 
Mr R Smith (appointed 28 October 2023)
Ms S E Taylor (appointed 20 March 2024)
Ms S C Taylor (appointed 20 March 2024)




Registered number
SC351531



Registered office
The Old Brickworks
Inchcoonans Road

Errol

Perthshire

PH2 7RB




Independent auditors
Sumer Auditco Limited
Chartered Accountants & Statutory Auditors

14 City Quay

Dundee

DD1 3JA





 
TAYLORS SNACKS LTD
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13 - 14
Analysis of net debt
15
Notes to the financial statements
16 - 29

 
TAYLORS SNACKS LTD
 

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Business review
 
Taylors Snacks Ltd undertake trading activities in crisps, popcorn and snack manufacturing.
The financial year of 23/24 saw the business continue its strong growth trajectory with sales hitting £17m, up 16% year on year with growth in crisps, popcorn and healthy snacking.
In a highly competitive market, the directors are pleased with the progress and aligned with the goals and objectives of the entity. The Board have close relationships with Supply Chain to monitor and mitigate any price movements to both protect and maximise opportunities.
Exciting growth is being prepared for the business, with revenues and profits rising substantially. The directors continue to build close relationships with customers and suppliers to ensure margins remain intact and supply/ demand remains steady.

Page 1

 
TAYLORS SNACKS LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties
 
We are growing the business organically, where we presently need to review and consider the financial impacts associated with any opportunities. 
Own credit risk
A significant risk with the business at present is due to supplier credit risk and available credit to trade. Due to the substantial investment in this year and previous, this has damaged supplier confidence with reduced, or removed, credit in place.
Retailer focus shifts towards own label products
As retailers implement their own strategic plans, it is important that we are aware and well prepared to react if retailers move to promote their own labelled products, which in turn would be detrimental to our own branded sales. As such, we absorbed increased volumes in the retailer own label market.
Price risk
The Company is exposed to commodity price risk as a result of its operations. The business sources
commodities in some volatile markets. Key raw materials can be exposed to adverse variations in pricing due to market movements. These movements are mitigated by forward contracting in these areas for up to eighteen months in advance.
Liquidity risk
The Company utilises external funding from Royal Bank of Scotland PLC. Creditors are all being paid in line with agreed timescales, and collections are being retrieved broadly in line with credit terms. The objective of the Company in managing liquidity is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the company has credit facilities available.
Customer credit exposure
The Company may offer credit terms to its customers which allow payment of the debt after delivery of the goods or service. The Company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong ongoing customer relationship and strict credit control procedures.
Interest rate risk
The Company is paying fixed rates of interest which may be adversely or favourably affected by market rate movement.
Maintaining food standard
Daily food testing and weekly audits are undertaken. A full BRC audit, being a requirement to be listed within retailers, is facilitated on an annual basis.
Suppliers
Supply chain management remains volatile due to increased lead times due to supply of base materials. Direct contact with suppliers allows us to manage these delays and restrict any impacts to the business.
 
Page 2

 
TAYLORS SNACKS LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial key performance indicators
 
The directors view the Company's financial key performance indicators as:



2024
2023
£
£


Turnover
16,882,484
14,495,965

EBITDA
220,004
(742,607)

Profit/(Loss) Before Tax
(317,124)
(1,192,526)

In the year ended 30 June 2024 the business reported an EBITDA position of £220,004, and loss before tax of £317,124. The entity continues to report good progress in comparison to last year and a key focus on customers to streamline its operations and maximise operating efficiencies. 


This report was approved by the board on 31 January 2025 and signed on its behalf.



Mr J R Taylor
Director
Page 3

 
TAYLORS SNACKS LTD
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The loss for the year, after taxation, amounted to £317,124 (2023 - loss £997,578).

No dividends were paid during the year or in the prior year.

Directors

The directors who served during the year were:

Mr G C Taylor 
Mr J R Taylor 
Mr R Smith (appointed 28 October 2023)
Ms S E Taylor (appointed 20 March 2024)
Ms S C Taylor (appointed 20 March 2024)

Principal risks and uncertainties

The strategic report contains details of the principal risks and uncertainties facing the business.

Future developments

The strategic report contains details of the future developments within the business review.

Page 4

 
TAYLORS SNACKS LTD
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsSumer Auditco Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 January 2025 and signed on its behalf.
 





Mr J R Taylor
Director
Page 5

 
TAYLORS SNACKS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYLORS SNACKS LTD
 

Opinion


We have audited the financial statements of Taylors Snacks Ltd (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 30 June 2024 and of its loss 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 United Kingdom, including the Financial Reporting Council'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.


Page 6

 
TAYLORS SNACKS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYLORS SNACKS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 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:


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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 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.


Page 7

 
TAYLORS SNACKS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYLORS SNACKS LTD (CONTINUED)


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 an Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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 Auditors' report.
Page 8

 
TAYLORS SNACKS LTD
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYLORS SNACKS LTD (CONTINUED)


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 2006Our 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 Auditors' 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.





Douglas Rae (Senior statutory auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Chartered Accountants & Statutory Auditors
  
14 City Quay
Dundee
DD1 3JA

31 January 2025
Page 9

 
TAYLORS SNACKS LTD
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

  

Turnover
 4 
16,882,484
14,495,965

Cost of sales
  
(14,331,891)
(13,165,207)

Gross profit
  
2,550,593
1,330,758

Administrative expenses
  
(2,753,963)
(2,465,136)

Other operating income
 5 
30,600
24,675

Operating loss
 6 
(172,770)
(1,109,703)

Interest receivable and similar income
 10 
-
71

Interest payable and similar expenses
 11 
(144,354)
(82,894)

Loss before tax
  
(317,124)
(1,192,526)

Tax on loss
 12 
-
194,948

Loss for the financial year
  
(317,124)
(997,578)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 29 form part of these financial statements.
Page 10

 
TAYLORS SNACKS LTD
REGISTERED NUMBER: SC351531

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
£
£

Fixed assets
  

Intangible fixed assets
  
58,967
13,860

Tangible fixed assets
  
2,629,425
2,387,615

  
2,688,392
2,401,475

Current assets
  

Stocks
 15 
1,987,592
1,511,239

Debtors: amounts falling due within one year
 16 
3,817,307
2,620,570

Bank and cash balances
  
697
17,972

  
5,805,596
4,149,781

Creditors: amounts falling due within one year
 17 
(8,858,796)
(4,696,567)

Net current liabilities
  
 
 
(3,053,200)
 
 
(546,786)

Total assets less current liabilities
  
(364,808)
1,854,689

Creditors: amounts falling due after more than one year
 18 
(349,985)
(2,252,358)

  

Net liabilities
  
(714,793)
(397,669)


Capital and reserves
  

Called up share capital 
 20 
375,000
375,000

Capital redemption reserve
 21 
125,000
125,000

Profit and loss account
 21 
(1,214,793)
(897,669)

  
(714,793)
(397,669)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




Mr J R Taylor
Director

The notes on pages 16 to 29 form part of these financial statements.
Page 11

 
TAYLORS SNACKS LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
375,000
125,000
99,909
599,909


Comprehensive income for the year

Loss for the year
-
-
(997,578)
(997,578)



At 1 July 2023
375,000
125,000
(897,669)
(397,669)


Comprehensive income for the year

Loss for the year
-
-
(317,124)
(317,124)


At 30 June 2024
375,000
125,000
(1,214,793)
(714,793)


The notes on pages 16 to 29 form part of these financial statements.
Page 12

 
TAYLORS SNACKS LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(317,124)
(997,578)

Adjustments for:

Amortisation of intangible assets
11,489
10,791

Depreciation of tangible assets
381,285
356,305

Loss on disposal of tangible assets
(10,508)
-

Government grants
(24,675)
(24,675)

Interest paid
144,354
82,894

Interest received
-
(71)

Taxation charge
-
(194,948)

(Increase) in stocks
(476,353)
(504,533)

(Increase) in debtors
(1,196,737)
(625,143)

Increase in creditors
299,123
840,832

Increase/(decrease) in amounts owed to associates
789,338
(36,192)

Net cash generated from operating activities

(399,808)
(1,092,318)


Cash flows from investing activities

Purchase of intangible fixed assets
(56,596)
(24,651)

Purchase of tangible fixed assets
(623,095)
(722,385)

Sale of tangible fixed assets
10,508
-

Interest received
-
71

HP interest paid
(12,743)
(8,350)

Net cash from investing activities

(681,926)
(755,315)
Page 13

 
TAYLORS SNACKS LTD
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Cash flows from financing activities

New secured loans
-
1,000,000

Repayment of loans
(263,441)
(221,890)

Repayment of/new finance leases
135,674
187,697

Interest paid
(131,611)
(74,544)

Net cash used in financing activities
(259,378)
891,263

Net (decrease) in cash and cash equivalents
(1,341,112)
(956,370)

Cash and cash equivalents at beginning of year
(1,824,419)
(868,049)

Cash and cash equivalents at the end of year
(3,165,531)
(1,824,419)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
697
17,972

Bank overdrafts
(3,166,228)
(1,842,391)

(3,165,531)
(1,824,419)


The notes on pages 16 to 29 form part of these financial statements.

Page 14

 
TAYLORS SNACKS LTD
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024






At 1 July 2023
Cash flows
New finance leases
Other non-cash changes
At 30 June 2024
£

£

£

£

£

Cash at bank and in hand

17,972

(17,275)

-

-

697

Bank overdrafts

(1,842,391)

(1,323,837)

-

-

(3,166,228)

Debt due after 1 year

(1,952,892)

275,388

-

1,677,504

-

Debt due within 1 year

(271,320)

(23,941)

-

(1,677,504)

(1,972,765)

Finance leases

(187,697)

36,276

(171,950)

-

(323,371)


(4,236,328)
(1,053,389)
(171,950)
-
(5,461,667)

The notes on pages 16 to 29 form part of these financial statements.
Page 15

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Taylors Snacks Ltd is a private company, limited by shares, incorporated in Scotland with a registration number of SC351531. The registered office and trading address is The Old Brickworks, Inchcoonans Road, Errol, Perthshire, PH2 7RB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors consider the Company to be a going concern due to the following factors:

The business has locked into contracts to negate the substantial raw material cost increases which has been a result of these financial results.
Significant own label contracts have since been awarded and have a staged launch across the new financial year period.
The investment in launch of the new brand has now ended, as the level of brand awareness has been achieved and recognised.
There is continued support from our bankers as we continue to invest into our exciting period ahead, and as our revenues and profits rise.
The business has the comfort of a strong group position to assist with any substantial investment required.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 16

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Other grant income recognised within the Statement of comprehensive income relates to the Food Processing, Marketing & Co-operation Grant Scheme, as granted on 14 February 2019, which is released over the length of the rental lease of the property occupied by the company. 

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 17

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 18

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
4.00% - 8.00%
Plant and machinery
-
6.67% - 33.33%
Motor vehicles
-
20.00 - 25.00%
Fixtures and fittings
-
10.00% - 33.33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 19

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Tangible fixed assets 
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, asset life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. 
Assets are considered for indications of impairment, if required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit. 

Recoverability of debtors 
Bad debts are provided where, in the opinion of the directors, there is objective evidence of the need for a provision. 

Page 20

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Turnover

The whole of the turnover is attributable to the sale of crisps, popcorn and healthy snacks. 

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
16,445,376
13,943,130

Rest of the world
437,108
552,835

16,882,484
14,495,965



5.


Other operating income

2024
2023
£
£

Government grants receivable
24,675
24,675

Sundry income
5,925
-

30,600
24,675



6.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
381,285
356,305

Amortisation of intangible fixed assets
11,489
10,791

Other operating lease rentals
394,330
287,246

Exchange differences
25,035
6,746


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
16,000
15,750
Page 21

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,103,040
2,933,118

Social security costs
277,787
97,668

Cost of defined contribution scheme
91,810
34,050

3,472,637
3,064,836


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average employees
98
104


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
155,204
90,667

Company contributions to defined contribution pension schemes
12,817
7,253

168,021
97,920


During the year retirement benefits were accruing to 4 directors (2023 - 1) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
-
71

-
71

Page 22

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
127,575
74,544

Finance leases and hire purchase contracts
12,743
8,350

Other interest payable
4,036
-

144,354
82,894


12.


Taxation


2024
2023
£
£

Current tax


Current tax on profits for the year
-
-


Deferred tax


Origination and reversal of timing differences
-
(194,948)


Taxation on profit/(loss) on ordinary activities
-
(194,948)
Page 23

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(317,124)
(1,192,526)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
(79,281)
(298,132)

Effects of:


Non-tax deductible amortisation of goodwill and impairment
-
(2,698)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,813
5,304

Capital allowances for year in excess of depreciation
(64,213)
(105,061)

Utilisation of tax losses
-
(18)

Short-term timing difference leading to an increase (decrease) in taxation
-
(194,948)

Book profit on chargeable assets
(2,627)
-

Unrelieved tax losses carried forward
137,308
400,605

Total tax charge for the year
-
(194,948)


Factors that may affect future tax charges

The only factors affecting future tax charges are those imposed by HMRC.

Page 24

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Intangible assets




Development expenditure
Trademarks
Artwork/  origination
Goodwill
Total

£
£
£
£
£



Cost


At 1 July 2023
25,305
1,395
13,651
11,000
51,351


Additions
16,680
6,825
33,091
-
56,596



At 30 June 2024

41,985
8,220
46,742
11,000
107,947



Amortisation


At 1 July 2023
25,305
1,395
7,735
3,056
37,491


Charge for the year on owned assets
-
1,085
6,737
3,667
11,489



At 30 June 2024

25,305
2,480
14,472
6,723
48,980



Net book value



At 30 June 2024
16,680
5,740
32,270
4,277
58,967



At 30 June 2023
-
-
5,916
7,944
13,860



Page 25

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
1,548,376
4,399,578
53,459
369,071
6,370,484


Additions
-
620,619
-
2,476
623,095



At 30 June 2024

1,548,376
5,020,197
53,459
371,547
6,993,579



Depreciation


At 1 July 2023
557,247
3,087,970
3,564
334,088
3,982,869


Charge for the year on owned assets
64,723
299,355
10,692
6,515
381,285



At 30 June 2024

621,970
3,387,325
14,256
340,603
4,364,154



Net book value



At 30 June 2024
926,406
1,632,872
39,203
30,944
2,629,425



At 30 June 2023
991,129
1,311,608
49,895
34,983
2,387,615


15.


Stocks

2024
2023
£
£

Raw materials and consumables
1,663,291
1,188,177

Finished goods and goods for resale
324,301
323,062

1,987,592
1,511,239


Page 26

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Debtors

2024
2023
£
£


Trade debtors
3,737,511
2,548,937

Prepayments and accrued income
79,796
71,633

3,817,307
2,620,570



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
3,166,228
1,842,391

Bank loans
1,958,000
268,549

Trade creditors
1,912,766
2,057,990

Amounts owed to associates
789,338
-

Other taxation and social security
764,570
279,057

Obligations under finance lease and hire purchase contracts
96,758
36,278

Other creditors
28,151
126,531

Accruals and deferred income
142,985
85,771

8,858,796
4,696,567


Included within creditors are amounts advanced from factors of £3,085,900 (2023 - £1,842,391) which are secured by a charge over trade debtors. The bank borrowing is secured by a floating charge over the assets of the company. 
Obligations under finance lease and hire purchase contracts are secured over the relevant assets. 


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
1,952,892

Net obligations under finance leases and hire purchase contracts
226,613
151,419

Government grants received
123,372
148,047

349,985
2,252,358


The bank borrowing is secured by a floating charge over the assets of the company. 

Page 27

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
1,958,000
268,549

Amounts falling due 1-2 years

Bank loans
-
283,650

Amounts falling due 2-5 years

Bank loans
-
860,635

Amounts falling due after more than 5 years

Bank loans
-
808,607

1,958,000
2,221,441



20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



375,000 (2023 - 375,000) Ordinary shares of £1.00 each
375,000
375,000



21.


Reserves

Capital redemption reserve

The company redemption reserve relates to the buy back of shares. 

Profit and loss account

The profit and loss account relates to the accumulated profit or loss made by the company in the current and preceding periods in which it operated. 


22.


Capital commitments


At 30 June 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
897,612
-

897,612
-

Page 28

 
TAYLORS SNACKS LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £91,810 (2023 - £34,050). Contributions totalling £14,765 (2023 - £2,771) were payable to the fund at the balance sheet date and included in creditors. 


24.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
258,784
258,784

Later than 1 year and not later than 5 years
657,846
916,630

916,630
1,175,414


25.


Related party transactions

The directors consider themselves to be they only key management personnel and remuneration is disclosed per note 9. 


2024 
Sales
2024 Purchases
2023
Sales
2023 Purchases
£
£
£
£

Transactions with related parties
Entities with contol, joint control or significant influence over the entity
2,961
320,045
-
404,395



2024
2023
£
£

Amounts owed to related parties


Entities with contol, joint control or significant influence over the entity
912,619
-


26.


Controlling party

The ultimate controlling party is Mr G C Taylor, a director of the Company. 

Page 29