Company No:
Contents
Note | 2024 | 2023 | ||
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Fixed assets | ||||
Tangible assets | 3 |
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29,191 | 27,732 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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214,433 | 398,498 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 26,069 | 81,039 | ||
Total assets less current liabilities | 55,260 | 108,771 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Season & Taste Ltd (registered number:
I Waite
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Season & Taste Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 7 Cotham Hill, Bristol, BS6 6LD, United Kingdom. The principal place of business is 7 Cotham Hill, Redland, Bristol, BS6 6LD.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Revenue in respect of food and drink sales is recognised at the point in which the goods are provided. Revenue in respect of the provision of staffing and other support services is recognised at the point of delivery of the service.
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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 taxable income.
Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Leasehold improvements | depreciated over the life of the lease |
Vehicles |
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Fixtures and fittings |
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Office equipment |
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Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight—line basis over the period of the lease.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Leasehold improve- ments |
Vehicles | Fixtures and fittings | Office equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 July 2023 |
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Additions |
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Impairments |
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At 30 June 2024 |
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Accumulated depreciation | |||||||||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||||||||
At 30 June 2024 |
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At 30 June 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments and accrued income |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Amounts owed to directors |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Other financial commitments
The total amount of financial commitments not included in the balance sheet is £514,797 (2023 - £538,750).
Transactions with the entity's directors
At the year end the Company owed the Directors £2,781 (2023 - £Nil). The loans are repayable on demand.
Other related party transactions
During the period the company charged management fees of £349,838 (2023 - £338,560) to entities connected by virtue of common control.