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Company No: 07904928 (England and Wales)

SEASON & TASTE LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

SEASON & TASTE LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

SEASON & TASTE LTD

BALANCE SHEET

As at 30 June 2024
SEASON & TASTE LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 29,191 27,732
29,191 27,732
Current assets
Stocks 48,457 8,349
Debtors 4 76,213 151,837
Cash at bank and in hand 89,763 238,312
214,433 398,498
Creditors: amounts falling due within one year 5 ( 188,364) ( 317,459)
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 ( 10,648) ( 20,370)
Provision for liabilities ( 16,264) ( 16,682)
Net assets 28,348 71,719
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 28,346 71,717
Total shareholders' funds 28,348 71,719

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 07904928) were approved and authorised for issue by the Board of Directors on 24 February 2025. They were signed on its behalf by:

I Waite
Director
SEASON & TASTE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
SEASON & TASTE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of food and drinks, and the provision of staffing and other support services to connected companies. Turnover is shown net of value added tax.

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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 instruments

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.

Defined contribution pension obligation

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 6

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 July 2023 1,174 23,175 1,751 13,266 39,366
Additions 0 6,928 0 3,382 10,310
Impairments 0 0 0 ( 308) ( 308)
At 30 June 2024 1,174 30,103 1,751 16,340 49,368
Accumulated depreciation
At 01 July 2023 0 1,782 1,210 8,642 11,634
Charge for the financial year 56 6,792 134 1,561 8,543
At 30 June 2024 56 8,574 1,344 10,203 20,177
Net book value
At 30 June 2024 1,118 21,529 407 6,137 29,191
At 30 June 2023 1,174 21,393 541 4,624 27,732

4. Debtors

2024 2023
£ £
Trade debtors 15,521 110,884
Prepayments and accrued income 45,720 39,234
Corporation tax 1,991 0
Other debtors 12,981 1,719
76,213 151,837

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 10,376 10,648
Trade creditors 21,218 10,302
Amounts owed to directors 2,781 186,867
Accruals 1,500 0
Corporation tax 0 12,130
Other taxation and social security 22,543 17,018
Other creditors 129,946 80,494
188,364 317,459

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 10,648 20,370

Bank borrowings are guaranteed by Government under the Bounce Back loan scheme.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £514,797 (2023 - £538,750).

9. Related party transactions

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.