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Registered number: 04885202









BLACK TOMATO LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BLACK TOMATO LIMITED
 
 
COMPANY INFORMATION


Directors
J N Merrett 
T W Marchant 
M P Smith 




Company secretary
K Hegarty



Registered number
04885202



Registered office
Albert House
256-260 Old Street

London

EC1V 9DD




Independent auditors
White Hart Associates (London) Limited
Chartered Accountants and Statutory Auditors

2nd Floor, Nucleus House

2 Lower Mortlake Road

Richmond

TW9 2JA




Bankers
Lloyds Banking Group Plc
114-116 Colmore Row

Birmingham

B3 3BD





National Westminster Bank Plc

153 Putney High Street

London

SW15 1RX





 
BLACK TOMATO LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Income Statement
9
Consolidated Statement of Comprehensive Income
10
Consolidated Statement of Financial Position
11
Company Statement of Financial Position
12 - 13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 41


 
BLACK TOMATO LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
The Group is required by the Companies Act 2006 to set out in this report, a fair review of the business of the Group during the financial year ended 31 December 2023, the position of the Group at the end of the period and a description of the principal risks and uncertainties facing the Group. This review is prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed, and the business review should not be relied upon by any other party or for any other purpose.
The Group continued its strong performance during 2023, with the combination of significant demand from the Group’s global HNW client base; award-winning creative marketing & products; exceptional client satisfaction levels and focused operating model driving sustained growth and profitability.
The key performance indicators used by the directors to monitor the progress of the Group are set out below:-

2023
2022
        £
        £
Key performance indicators

Gross Retail Turnover ("GRT")

47,170,644

49,031,023

Turnover

11,493,627

10,621,118

Operating profit

1,090,420

1,408,400

Shareholder funds

1,874,772

1,495,663


Principal risks and uncertainties
 
The following risk factors may affect the Group's operating results and its financial position. The risk factors described below are those which the directors believe are potentially significant but should not be regarded as a complete and comprehensive statement of all potential risk and uncertainties facing the Group. 
 - Regulatory risk - The Group is exposed to various regulators, including the Civil Aviation Authority ("CAA"), which issues an Air Travel Organisers Licence ("ATOL"), which is required in order for the Company to operate. The Company is a member of The Hays Travel Independence Group who provide the necessary regulatory framework for the Company to comply with the the Package Travel and Linked Travel Arrangements Regulations 2018 (the “Package Travel Regulations”) and the ATOL Regulations.
 - Disruption risk: The travel industry is susceptible to potential disruption caused by pandemics. Recent events, such as the outbreak of COVID-19, have demonstrated the significant impact that infectious diseases can have on the global travel ecosystem. It is important to note that the magnitude and duration of the risks associated with pandemics are unpredictable and can vary based on the specific circumstances. Our company continuously monitors the global health landscape and has developed contingency measures to mitigate these risks to the best of our ability.

Page 1

 
BLACK TOMATO LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties continued
 
 - Information technology - The Group is heavily reliant upon information technology. Investment is made to ensure that the Group has advanced and efficient systems in place, but there is a risk if there were a major failure particularly if it were to affect its website or virtual office infrastructure. Procedures are in place to minimise the time to rectify such a failure.
 - Commercial relationships - The Group has well established and close relationships with suppliers and risk is spread by not placing over-reliance on any one supplier in any particular area and through close ongoing relationship management. However, if a relationship were lost or damaged with a major supplier this could have a detrimental effect on the business. The management team meets regularly with suppliers to maintain good working relationships and to understand the supplier's financial position.
 - Loss of key personnel - This would present significant operational difficulties for the Group. Management seek to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised.
 - Commercial risks - The Group's trading performance can be affected by environmental factors, which include:
- acts of terrorism, particularly in key tourist destinations
- natural disasters in key tourist destinations
- weather conditions, both in the UK and in key tourist destinations
- health epidemics in key tourist destinations
- increase in government taxes in both UK and overseas
- wars or other international incidents which affect air or sea travel
These risks are mitigated by the global nature of both the Group's client base and product range, which ensures a high degree of diversification and a lack of concentration on any one specific destination.


 This report was approved by the board on 13 March 2025 and signed on its behalf.



J N Merrett
Director

Page 2

 
BLACK TOMATO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Charitable Donations

During the year, the Group made donations of £41,302 to various charities. The highest donation of £13,148 was
made to the Morocco relief fund.

Principal activity
The principal activity of the Company and the Group is that of a bespoke tour operator.
Black Tomato’s mission is to create remarkable experiences that thoughtfully connect its clients to the world and inspire them to explore it with curiosity, humility and a sense of wonder.
The Company is a member of the Hays Travel Independence Group, a travel consortium. Therefore in respect of most travel arrangements sold, The Hays Travel Independence Group acts as the principal and the Company as travel agent.

Results and dividends

The profit for the year, after taxation, amounted to £379,109 (2022 - £1,113,593).

No dividends have been recommended or paid for the year.

Directors

The directors who served during the year were:

J N Merrett 
Page 3

 
BLACK TOMATO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

T W Marchant 
M P Smith 

Future developments

The Group's focus in the next 12 months will be to continue to consolidate its position as the world's most remarkable tour operator, by driving further innovation of its services and product offerings and continuing to invest in the best talent and technology in the industry.

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsWhite Hart Associates (London) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 13 March 2025 and signed on its behalf.
 





J N Merrett
Director

Page 4

 
BLACK TOMATO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK TOMATO LIMITED
 

Opinion


We have audited the financial statements of Black Tomato Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the 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.


Page 5

 
BLACK TOMATO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK TOMATO LIMITED (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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 3, 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 Group's and 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
BLACK TOMATO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK TOMATO LIMITED (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 Group 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 exercise professional judgment and maintain professional scepticism throughout the audit;
- We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the deliberate override of internal control;
- We obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control; 
- We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made;
- We assess the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
- We review the scope of the Company's compliance with The Package and Linked Travel Arrangements Regulations 2018 (“PTRs”) and sample test relevant documentation to assess this and the effectiveness of its control environment;
- We request and review the minutes of management meetings, and assess any matters identified not already provided for or disclosed that may materially impact the financial statements;
- We conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the entity to cease to continue as a going concern.


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 7

 
BLACK TOMATO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BLACK TOMATO LIMITED (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.





N A Spoor FCA FCCA (Senior Statutory Auditor)
  
for and on behalf of
White Hart Associates (London) Limited
 
Chartered Accountants and Statutory Auditors
  
2nd Floor, Nucleus House
2 Lower Mortlake Road
Richmond
TW9 2JA

13 March 2025
Page 8

 
BLACK TOMATO LIMITED
 
 
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

Continuing operations
Discontin'd operations
Total
Continuing operations
Discontinued operations
Total
2023
2023
2023
2022
2022
2022
Note
£
£
£
£
£
£

  

Turnover
 4 
11,493,627
-
11,493,627
9,427,512
1,193,606
10,621,118

Gross profit
  
11,493,627
-
11,493,627
9,427,512
1,193,606
10,621,118

Distribution costs
  
(494,430)
-
(494,430)
(953,529)
(1,193,606)
(2,147,135)

Administrative expenses
  
(9,908,777)
-
(9,908,777)
(7,872,164)
-
(7,872,164)

Other operating income
 5 
-
-
-
606,581
-
606,581

Exceptional other operating charges
  
-
-
-
200,000
-
200,000

Operating profit
  
1,090,420
-
1,090,420
1,408,400
-
1,408,400

Interest payable and similar expenses
 8 
(129,376)
-
(129,376)
(10,154)
-
(10,154)

Profit before tax
  
961,044
-
961,044
1,398,246
-
1,398,246

Tax on profit
 9 
(581,935)
-
(581,935)
(284,653)
-
(284,653)

Profit for the financial year
  
379,109
-
379,109
1,113,593
-
1,113,593

Profit for the year attributable to:
  

Owners of the parent
  
379,109
-
379,109
1,113,593
-
1,113,593

  
379,109
-
379,109
1,113,593
-
1,113,593

The notes on pages 19 to 41 form part of these financial statements.

Page 9

 
BLACK TOMATO LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£


Profit for the financial year

  

379,109
1,113,593

Other comprehensive income
  


Foreign exchange reserve movement
  
-
3,882

Other comprehensive income for the year
  
-
3,882

Total comprehensive income for the year
  
379,109
1,117,475

Profit for the year attributable to:
  


Owners of the parent Company
  
379,109
1,113,593

  
379,109
1,113,593

The notes on pages 19 to 41 form part of these financial statements.

Page 10

 
BLACK TOMATO LIMITED
REGISTERED NUMBER: 04885202

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
148,584
58,533

Tangible assets
 12 
214,301
116,867

  
362,885
175,400

Current assets
  

Debtors: amounts falling due after more than one year
 14 
71,850
24,323

Debtors: amounts falling due within one year
 14 
8,589,000
11,626,393

Cash at bank and in hand
 15 
1,982,709
4,000,025

  
10,643,559
15,650,741

Creditors: amounts falling due within one year
 16 
(8,512,481)
(13,473,109)

Net current assets
  
 
 
2,131,078
 
 
2,177,632

Total assets less current liabilities
  
2,493,963
2,353,032

Creditors: amounts falling due after more than one year
 17 
(531,051)
(816,667)

Provisions for liabilities
  

Deferred tax
 20 
(88,140)
(40,702)

  
 
 
(88,140)
 
 
(40,702)

Net assets
  
1,874,772
1,495,663


Capital and reserves
  

Called up share capital 
 21 
30,000
30,000

Capital redemption reserve
 22 
100,834
100,834

Profit and loss account
 22 
1,743,938
1,364,829

  
1,874,772
1,495,663


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2025.


J N Merrett
Director

The notes on pages 19 to 41 form part of these financial statements.

Page 11

 
BLACK TOMATO LIMITED
REGISTERED NUMBER: 04885202

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
148,584
58,533

Tangible assets
 12 
214,301
116,867

Investments
 13 
74
74

  
362,959
175,474

Current assets
  

Debtors: amounts falling due after more than one year
 14 
71,850
24,323

Debtors: amounts falling due within one year
 14 
8,577,938
11,618,870

Cash at bank and in hand
 15 
1,902,890
3,963,617

  
10,552,678
15,606,810

Creditors: amounts falling due within one year
 16 
(8,754,787)
(13,619,866)

Net current assets
  
 
 
1,797,891
 
 
1,986,944

Total assets less current liabilities
  
2,160,850
2,162,418

Creditors: amounts falling due after more than one year
 17 
(531,051)
(816,667)

Provisions for liabilities
  

Deferred taxation
 20 
(88,140)
(40,702)

  
 
 
(88,140)
 
 
(40,702)

Net assets
  
1,541,659
1,305,049

Page 12

 
BLACK TOMATO LIMITED
REGISTERED NUMBER: 04885202
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£


Capital and reserves
  

Called up share capital 
 21 
30,000
30,000

Capital redemption reserve
 22 
100,834
100,834

Profit and loss account brought forward
  
1,174,215
123,550

Profit for the year
  
236,610
1,050,665

Profit and loss account carried forward
  
1,410,825
1,174,215

  
1,541,659
1,305,049


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2025.


J N Merrett
Director

The notes on pages 19 to 41 form part of these financial statements.

Page 13

 
BLACK TOMATO LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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

£
£
£
£
£


At 1 January 2022
30,000
100,834
(3,882)
251,236
378,188



Profit for the year
-
-
-
1,113,593
1,113,593

Foreign exchange reserve movement
-
-
3,882
-
3,882



At 1 January 2023
30,000
100,834
-
1,364,829
1,495,663



Profit for the year
-
-
-
379,109
379,109


At 31 December 2023
30,000
100,834
-
1,743,938
1,874,772


The notes on pages 19 to 41 form part of these financial statements.

Page 14

 
BLACK TOMATO LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


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

£
£
£
£


At 1 January 2022
30,000
100,834
123,550
254,384



Profit for the year
-
-
1,050,665
1,050,665



At 1 January 2023
30,000
100,834
1,174,215
1,305,049



Profit for the year
-
-
236,610
236,610


At 31 December 2023
30,000
100,834
1,410,825
1,541,659


The notes on pages 19 to 41 form part of these financial statements.

Page 15

 
BLACK TOMATO LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
379,109
1,113,593

Adjustments for:

Amortisation of intangible assets
41,956
46,255

Depreciation of tangible assets
36,821
23,023

Loss on disposal of tangible assets
7,618
(18,387)

Interest paid
129,376
10,154

Taxation charge
581,935
284,653

Decrease/(increase) in debtors
2,688,891
(4,340,293)

Decrease/(increase) in amounts owed by associates
300,975
(300,975)

(Decrease)/increase in creditors
(5,272,149)
5,643,083

Increase/(decrease) in provisions
-
(200,000)

Corporation tax (paid)
(231,456)
(36,562)

Net cash generated from operating activities

(1,336,924)
2,224,544

Cash flows from investing activities

Purchase of intangible fixed assets
(132,007)
(34,435)

Purchase of tangible fixed assets
(141,873)
(79,257)

Sale of tangible fixed assets
-
61,047

HP interest paid
(1,602)
(2,056)

Net cash from investing activities

(275,482)
(54,701)

Cash flows from financing activities

Repayment of loans
(350,000)
(350,000)

Repayment of/new finance leases
72,864
(78,973)

Interest paid
(127,774)
(8,098)

Net cash used in financing activities
(404,910)
(437,071)

Net (decrease)/increase in cash and cash equivalents
(2,017,316)
1,732,772

Cash and cash equivalents at beginning of year
4,000,025
2,267,253

Cash and cash equivalents at the end of year
1,982,709
4,000,025


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,982,709
4,000,025

1,982,709
4,000,025

Page 16

 
BLACK TOMATO LIMITED
 

The notes on pages 19 to 41 form part of these financial statements.

Page 17

 
BLACK TOMATO LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

4,000,025

(2,017,316)

-

1,982,709

Debt due after 1 year

(816,667)

350,000

-

(466,667)

Debt due within 1 year

(474,658)

124,658

-

(350,000)

Finance leases

-

-

(72,864)

(72,864)


2,708,700
(1,542,658)
(72,864)
1,093,178

The notes on pages 19 to 41 form part of these financial statements.

Page 18

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Black Tomato Limited is a private company limited by shares, domiciled in England and Wales, registration number 04885202. The registered office is Albert House, 256-260 Old Street, London, EC1V 9DD.

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Income Statement in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

 
2.3

Revenue

Turnover represents the net commission or margin earned in relation to the sale of travel arrangements, recognised on the date of booking basis.
Gross Retail Turnover ("GRT") - GRT is the total gross sales amount received in respect of the sale of holiday and travel arrangement sales for the year. Section 23 of FRS102 requires the statutory turnover to be the net commission earned.
Trade debtors still represent the gross amount receivable in respect of sales of holiday accommodation and travel arrangements, and trade creditors still represent the amounts payable in respect of purchase of holiday accommodation and travel arrangements.

Page 19

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

Group management and the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least the following 12 months from the signing of these financial statements. This is supported by the performance seen so far in 2024. The Company has been well placed to meet and service the additional volume.
The directors consider the Group to be a going concern based upon detailed profits and loss account, balance sheet and cashflow projections drawn up to 30 September 2025. The directors believe they have taken all necessary steps to mitigate the impact of any risks mentioned and potential recession.

 
2.5

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.

  
2.6

Marketing costs

Marketing, advertising and other promotional costs are expensed when the benefit of the goods or services is made available to the Company and the Group.

 
2.7

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.

Page 20

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.9

Borrowing costs

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

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 21

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 22

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

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.

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.

 The estimated useful lives range as follows:

Software development
-
4
years

 
2.15

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:

Plant and machinery
-
over 3 years
Motor vehicles
-
over 4 years

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.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 23

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 24

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.20

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The
Page 25

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

Page 26

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of Group's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are 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 according estimates are recognised in the period in which the estimates 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.
a) Critical judgments in applying the Group's accounting policies
The directors believe that there are no critical judgments involved in applying the Group's accounting policies that warrant disclosure.
b) Key accounting estimates and assumptions
The directors believe that there are no accounting estimates and assumptions involved in applying the Company's accounting policies that warrant disclosure.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Agency sales
-
1,161,707

Leisure sales
11,493,627
9,427,512

Studio sales
-
31,899

11,493,627
10,621,118



5.


Other operating income

2023
2022
£
£

Other operating income
-
606,581

-
606,581


Page 27

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

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


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
7,034,716
6,070,387
6,057,940
5,518,169

Social security costs
890,468
344,983
812,993
300,747

Cost of defined contribution scheme
179,904
84,101
159,929
71,440

8,105,088
6,499,471
7,030,862
5,890,356


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


        2023
        2022
            No.
            No.







Administration
10
16



Marketing
21
14



Sales
20
13

51
43


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
2,944,166
2,395,611

2,944,166
2,395,611


During the year retirement benefits were accruing to 1 director (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £1,504,318 (2022 - £1,312,331).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2022 - £NIL).

Page 28

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
56,653
8,098

Finance leases and hire purchase contracts
1,602
2,056

Other interest payable
71,121
-

129,376
10,154


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
244,259
229,594

Adjustments in respect of previous periods
264,867
965


509,126
230,559

Foreign tax


Foreign tax on income for the year
25,371
25,615

Total current tax
534,497
256,174

Deferred tax


Origination and reversal of timing differences
47,438
28,479

Total deferred tax
47,438
28,479


Taxation on profit on ordinary activities
581,935
284,653
Page 29

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
961,044
1,398,246


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
226,038
265,667

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
104,285
(6,802)

Capital allowances for year in excess of depreciation
(46,586)
(15,445)

Higher rate taxes on overseas earnings
25,371
25,616

Adjustments to tax charge in respect of prior periods
264,867
965

Foreign profits/losses not subject to UK tax/ foreign tax
(39,478)
(13,827)

Deferred tax
47,438
28,479

Total tax charge for the year
581,935
284,653


Factors that may affect future tax charges

Changes to the UK corporation tax rates were substantively enacted as part of Finance Bill 2021 (on 11 March 2021). These include increases to the main rate of tax from 19% to 25% from 1 April 2023 for profits exceeding £50,000. 


10.


Exceptional items

2023
2022
£
£


Cancellation provision - COVID-19
-
(200,000)

-
(200,000)

The directors of the Group do not consider it necessary to maintain a cancellation provision which was specifically created in relation to expected cancellations as a result of travel disruption caused by COVID-19. The Group has therefore opted to reverse the provision. 

Page 30

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Intangible assets

Group





Software

£



Cost


At 1 January 2023
315,780


Additions
132,007



At 31 December 2023

447,787



Amortisation


At 1 January 2023
257,247


Charge for the year on owned assets
41,956



At 31 December 2023

299,203



Net book value



At 31 December 2023
148,584



At 31 December 2022
58,533



Page 31

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           11.Intangible assets (continued)

Company




Software

£



Cost


At 1 January 2023
315,780


Additions
132,007



At 31 December 2023

447,787



Amortisation


At 1 January 2023
257,247


Charge for the year
41,956



At 31 December 2023

299,203



Net book value



At 31 December 2023
148,584



At 31 December 2022
58,533

Page 32

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 January 2023
118,164
61,000
179,164


Additions
19,821
122,052
141,873


Disposals
(25,075)
-
(25,075)



At 31 December 2023

112,910
183,052
295,962



Depreciation


At 1 January 2023
34,200
28,097
62,297


Charge for the year on owned assets
34,378
-
34,378


Charge for the year on financed assets
-
2,443
2,443


Disposals
(17,457)
-
(17,457)



At 31 December 2023

51,121
30,540
81,661



Net book value



At 31 December 2023
61,789
152,512
214,301



At 31 December 2022
83,964
32,903
116,867

Page 33

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           12.Tangible fixed assets (continued)


Company






Plant and machinery
Motor vehicles
Total

£
£
£

Cost or valuation


At 1 January 2023
118,164
61,000
179,164


Additions
19,821
122,052
141,873


Disposals
(25,075)
-
(25,075)



At 31 December 2023

112,910
183,052
295,962



Depreciation


At 1 January 2023
34,200
28,097
62,297


Charge for the year on owned assets
34,378
-
34,378


Charge for the year on financed assets
-
2,443
2,443


Disposals
(17,457)
-
(17,457)



At 31 December 2023

51,121
30,540
81,661



Net book value



At 31 December 2023
61,789
152,512
214,301



At 31 December 2022
83,964
32,903
116,867





The net book value of land and buildings may be further analysed as follows:




Page 34

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
74



At 31 December 2023
74





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Black Tomato Inc.
16 Madison Square West, 12th floor New York, NY 10010
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Black Tomato Inc.
297,421
120,871

Page 35

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
71,850
24,323
71,850
24,323

71,850
24,323
71,850
24,323


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
8,093,362
11,021,505
8,093,362
11,021,505

Amounts owed by associated undertakings
-
300,975
-
300,975

Other debtors
301,293
74,386
301,293
74,386

Prepayments and accrued income
194,345
229,527
183,283
222,004

8,589,000
11,626,393
8,577,938
11,618,870



15.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,982,709
4,000,025
1,902,890
3,963,617

1,982,709
4,000,025
1,902,890
3,963,617


Page 36

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
350,000
350,000
350,000
350,000

Trade creditors
1,174,974
7,212,088
1,174,974
7,212,088

Amounts owed to group undertakings
-
-
344,894
228,411

Corporation tax
551,727
248,685
537,388
233,599

Other taxation and social security
1,237,971
532,759
1,237,971
532,759

Obligations under finance lease and hire purchase contracts
8,480
-
8,480
-

Other creditors
2,533,426
2,418,172
2,533,426
2,418,172

Accruals and deferred income
2,655,903
2,711,405
2,567,654
2,644,837

8,512,481
13,473,109
8,754,787
13,619,866



17.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
466,667
816,667
466,667
816,667

Net obligations under finance leases and hire purchase contracts
64,384
-
64,384
-

531,051
816,667
531,051
816,667




Page 37

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
350,000
350,000
350,000
350,000

Amounts falling due after more than 1 year

Bank loans
466,667
816,667
466,667
816,667

816,667
1,166,667
816,667
1,166,667


The rate of interest payable on the loan is Bank of England base rate plus 1.06%. 


19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Within one year
8,480
28,230
8,480
28,230

Between 1-5 years
64,384
78,839
64,384
78,839

72,864
107,069
72,864
107,069

Page 38

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(40,702)
(12,223)


Charged to profit or loss
(47,438)
(28,479)



At end of year
(88,140)
(40,702)

Company


2023
2022


£

£






At beginning of year
(40,702)
(12,223)


Charged to profit or loss
(47,438)
(28,479)



At end of year
(88,140)
(40,702)

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(88,140)
(40,702)
(88,140)
(40,702)

(88,140)
(40,702)
(88,140)
(40,702)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



30,000 (2022 - 30,000) Ordinary shares of £1.00 each
30,000
30,000


Page 39

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Reserves

Capital redemption reserve

The capital redemption reserve represents a non distributable reserve created upon redemption of preference shares or a share buyback and represents the nominal value or face value of the shares redeemed or bought back.

Foreign exchange reserve

The foreign exchange reserve represents differences arising upon the revaluation of foreign subsidiary companies stated in their local currencies. The financial statements of these companies are revalued to match the presentation currency of the Group for consolidation purposes, to show the entirety of the Group's results in Pounds Sterling (GBP). See accounting policy 2.8 for details of how the individual balances within the foreign subsidiaries are translated.

Profit and loss account

The profit and loss account represents the net distributable reserves of the company at the date of the statement of financial position.


23.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £179,904 (2022 - £84,101). Contributions totalling £16,674 (2022 - £13,527) were payable to the fund at the reporting date and are included in creditors.


24.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
-
15,855
-
15,855

Later than 1 year and not later than 5 years
-
15,783
-
18,783

-
31,638
-
34,638


25.Finance lease commitments

At 31 December 2023, the Group had committed to finance leases totalling £Nil (2022 - £Nil).

Page 40

 
BLACK TOMATO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Related party transactions

At 31 December 2023,in other debtors there is loan due from J N Merrett, a director and shareholder of the Group of £96,110 (2022 - £58,077).
Additionaly, Included in other debtors at 31 December 2023 is a loan due from T W Marchant, a director and shareholder of the Group, of £102,789 (2022 - £124,658). 
Lastly, included in other debtors is a loan from M P Smith, a director and shareholder of the Group,amounting to £0 (2022 - £16,000). 
As part of a Group reorganisation, the business to business (b2b) element of the Group's business, as currently traded under the Soster brand was transferred to a newly set up associated company, Soster Limited. The Group also entered into a working capital facility, a shared services and a transitional services agreement with the associated entity.


27.


Post balance sheet events

There have been no significant events affecting the Group since the year-end.


28.


Controlling party

In the opinion of the directors, the company has no single controlling party.

 
Page 41