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INTERNATIONAL TASTE SOLUTIONS LIMITED

Registered Number
06967368
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

INTERNATIONAL TASTE SOLUTIONS LIMITED
Company Information
for the year from 1 August 2023 to 31 July 2024

Director

BAGSHAW, Michael Alexander

Registered Address

Innovation House
Abex Road
Newbury
RG14 5EY

Registered Number

06967368 (England and Wales)
INTERNATIONAL TASTE SOLUTIONS LIMITED
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets317,76414,447
Tangible assets4151,169203,580
168,933218,027
Current assets
Stocks51,418,0301,076,444
Debtors62,999,8941,599,662
Cash at bank and on hand1,543,903791,546
5,961,8273,467,652
Creditors amounts falling due within one year7(1,985,736)(1,413,059)
Net current assets (liabilities)3,976,0912,054,593
Total assets less current liabilities4,145,0242,272,620
Provisions for liabilities8-(27,114)
Net assets4,145,0242,245,506
Capital and reserves
Called up share capital5050
Profit and loss account4,144,9742,245,456
Shareholders' funds4,145,0242,245,506
The financial statements were approved and authorised for issue by the Director on 25 April 2025, and are signed on its behalf by:
BAGSHAW, Michael Alexander
Director
Registered Company No. 06967368
INTERNATIONAL TASTE SOLUTIONS LIMITED
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Amortization is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: Asset class Amortization method and rate IT System and Website development 33% straight line on cost
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-20
Plant and machinery25-
Vehicles25-
Office Equipment25-
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year2422
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 August 23383,657383,657
Additions5,5005,500
At 31 July 24389,157389,157
Amortisation and impairment
At 01 August 23369,210369,210
Charge for year2,1832,183
At 31 July 24371,393371,393
Net book value
At 31 July 2417,76417,764
At 31 July 2314,44714,447
4.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 August 23438,00120,000281,50573,409812,915
Additions14,009--13,65327,662
At 31 July 24452,01020,000281,50587,062840,577
Depreciation and impairment
At 01 August 23324,57620,000211,36953,390609,335
Charge for year45,690-29,0005,38380,073
At 31 July 24370,26620,000240,36958,773689,408
Net book value
At 31 July 2481,744-41,13628,289151,169
At 31 July 23113,425-70,13620,019203,580
5.Stocks

2024

2023

££
Finished goods1,418,0301,076,444
Total1,418,0301,076,444
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables1,343,0251,085,110
Other debtors1,583,425413,560
Prepayments and accrued income73,444100,992
Total2,999,8941,599,662
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables999,627605,558
Bank borrowings and overdrafts31,318-
Taxation and social security363,255484,266
Other creditors122,252110,833
Accrued liabilities and deferred income469,284212,402
Total1,985,7361,413,059
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)-27,114
Total-27,114
9.Directors advances, credits and guarantees
Director's loan account as at year end was £320,760 Dr. (2023:26,363)
10.Related party transactions
Other debtors includes balance of £200,000 is related to Citizen Spritz Limited, where Michael Bagshaw is director.