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Company No: 7031979 (England and Wales)

GASTRONOMY PLUS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

GASTRONOMY PLUS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

GASTRONOMY PLUS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
GASTRONOMY PLUS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
DIRECTORS Mr Alexander Shannon
Mrs Vickie Shannon
SECRETARY Mr Alexander Shannon
REGISTERED OFFICE Claughton Business Park
Hornby Road
Lancaster
United Kingdom
COMPANY NUMBER 7031979 (England and Wales)
CHARTERED ACCOUNTANTS MHA
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
GASTRONOMY PLUS LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
GASTRONOMY PLUS LIMITED

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 614,165 224,083
Tangible assets 4 734,470 543,950
Investments 5 40,847 24,210
1,389,482 792,243
Current assets
Stocks 6 2,172,558 2,124,627
Debtors 7 521,596 599,167
Cash at bank and in hand 493,185 539,237
3,187,339 3,263,031
Creditors: amounts falling due within one year 8 ( 2,103,431) ( 1,677,237)
Net current assets 1,083,908 1,585,794
Total assets less current liabilities 2,473,390 2,378,037
Creditors: amounts falling due after more than one year 9 ( 94,748) ( 121,010)
Provision for liabilities ( 216,866) ( 130,781)
Net assets 2,161,776 2,126,246
Capital and reserves
Called-up share capital 10 90 100
Revaluation reserve 42,712 42,712
Capital redemption reserve ( 62,490 ) 0
Profit and loss account 2,181,464 2,083,434
Total shareholders' funds 2,161,776 2,126,246

For the financial year ending 30 September 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 Gastronomy Plus Limited (registered number: 7031979) were approved and authorised for issue by the Board of Directors on 07 April 2025. They were signed on its behalf by:

Mr Alexander Shannon
Director
GASTRONOMY PLUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
GASTRONOMY PLUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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

Gastronomy Plus Limited (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 Claughton Business Park, Hornby Road, Lancaster, United Kingdom.

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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Development costs 10 years straight line
Trademarks, patents and licences 10 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

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 5 years straight line
Plant and machinery 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 3 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

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

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 24 22

3. Intangible assets

Goodwill Development costs Trademarks, patents
and licences
Total
£ £ £ £
Cost
At 01 October 2023 6,000 237,769 91,097 334,866
Additions 260,500 57,885 91,361 409,746
At 30 September 2024 266,500 295,654 182,458 744,612
Accumulated amortisation
At 01 October 2023 0 93,269 17,514 110,783
Charge for the financial year 0 3,938 15,726 19,664
At 30 September 2024 0 97,207 33,240 130,447
Net book value
At 30 September 2024 266,500 198,447 149,218 614,165
At 30 September 2023 6,000 144,500 73,583 224,083

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 October 2023 65,832 189,419 258,549 45,782 364,441 924,023
Additions 27,301 0 99,322 214,020 26,819 367,462
Disposals 0 0 ( 115,293) 0 0 ( 115,293)
At 30 September 2024 93,133 189,419 242,578 259,802 391,260 1,176,192
Accumulated depreciation
At 01 October 2023 35,002 62,280 33,278 17,483 232,030 380,073
Charge for the financial year 6,378 7,752 25,478 2,111 28,337 70,056
Disposals 0 0 ( 8,407) 0 0 ( 8,407)
At 30 September 2024 41,380 70,032 50,349 19,594 260,367 441,722
Net book value
At 30 September 2024 51,753 119,387 192,229 240,208 130,893 734,470
At 30 September 2023 30,830 127,139 225,271 28,299 132,411 543,950

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 October 2023 24,210 24,210
Additions 16,637 16,637
At 30 September 2024 40,847 40,847
Carrying value at 30 September 2024 40,847 40,847
Carrying value at 30 September 2023 24,210 24,210

6. Stocks

2024 2023
£ £
Stocks 2,172,558 2,124,627

7. Debtors

2024 2023
£ £
Trade debtors 398,414 427,094
Other debtors 123,182 172,073
521,596 599,167

8. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 486,197 329,117
Amounts owed to related parties 7,424 7,424
Taxation and social security 144,395 201,767
Obligations under finance leases and hire purchase contracts 255,984 192,242
Other creditors 1,209,431 946,687
2,103,431 1,677,237

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

2024 2023
£ £
Other creditors 94,748 121,010

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
68 'A' Ordinary shares of £ 1.00 each 68 68
22 'B' Ordinary shares of £ 1.00 each 22 22
Nil 'C' Ordinary shares (2023: 10 shares of £ 1.00 each) 0 10
90 100

11. Financial commitments

Other financial commitments

2024 2023
£ £
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases 11,975 11,975

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts due to key management personnel 94,748 121,010