Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302025-05-122025-05-142024-09-302025-05-124262230falseNo description of principal activity73falsefalse2023-10-0170false 02743403 2023-10-01 2024-09-30 02743403 2022-10-01 2023-09-30 02743403 2024-09-30 02743403 2023-09-30 02743403 2022-10-01 02743403 5 2023-10-01 2024-09-30 02743403 5 2022-10-01 2023-09-30 02743403 6 2023-10-01 2024-09-30 02743403 6 2022-10-01 2023-09-30 02743403 d:Director1 2023-10-01 2024-09-30 02743403 d:Director2 2023-10-01 2024-09-30 02743403 d:RegisteredOffice 2023-10-01 2024-09-30 02743403 e:Buildings 2023-10-01 2024-09-30 02743403 e:Buildings 2024-09-30 02743403 e:Buildings 2023-09-30 02743403 e:Buildings e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02743403 e:Buildings e:LongLeaseholdAssets 2023-10-01 2024-09-30 02743403 e:Buildings e:LongLeaseholdAssets 2024-09-30 02743403 e:Buildings e:LongLeaseholdAssets 2023-09-30 02743403 e:PlantMachinery 2023-10-01 2024-09-30 02743403 e:PlantMachinery 2024-09-30 02743403 e:PlantMachinery 2023-09-30 02743403 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02743403 e:FurnitureFittings 2023-10-01 2024-09-30 02743403 e:FurnitureFittings 2024-09-30 02743403 e:FurnitureFittings 2023-09-30 02743403 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02743403 e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 02743403 e:CurrentFinancialInstruments 2024-09-30 02743403 e:CurrentFinancialInstruments 2023-09-30 02743403 e:Non-currentFinancialInstruments 2024-09-30 02743403 e:Non-currentFinancialInstruments 2023-09-30 02743403 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 02743403 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 02743403 e:Non-currentFinancialInstruments e:AfterOneYear 2024-09-30 02743403 e:Non-currentFinancialInstruments e:AfterOneYear 2023-09-30 02743403 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-09-30 02743403 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-09-30 02743403 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-09-30 02743403 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-09-30 02743403 e:ReportableOperatingSegment1 2023-10-01 2024-09-30 02743403 e:ReportableOperatingSegment1 2022-10-01 2023-09-30 02743403 f:UnitedKingdom 2023-10-01 2024-09-30 02743403 f:UnitedKingdom 2022-10-01 2023-09-30 02743403 f:RestEuropeOutsideUK 2023-10-01 2024-09-30 02743403 f:RestEuropeOutsideUK 2022-10-01 2023-09-30 02743403 f:RestWorldOutsideUK 2023-10-01 2024-09-30 02743403 f:RestWorldOutsideUK 2022-10-01 2023-09-30 02743403 e:UKTax 2023-10-01 2024-09-30 02743403 e:UKTax 2022-10-01 2023-09-30 02743403 e:ShareCapital 2024-09-30 02743403 e:ShareCapital 2023-09-30 02743403 e:SharePremium 2023-10-01 2024-09-30 02743403 e:SharePremium 2024-09-30 02743403 e:SharePremium 2023-09-30 02743403 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 02743403 e:RetainedEarningsAccumulatedLosses 2024-09-30 02743403 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 02743403 e:RetainedEarningsAccumulatedLosses 2023-09-30 02743403 e:RetainedEarningsAccumulatedLosses 2022-10-01 02743403 e:AcceleratedTaxDepreciationDeferredTax 2024-09-30 02743403 e:AcceleratedTaxDepreciationDeferredTax 2023-09-30 02743403 e:TaxLossesCarry-forwardsDeferredTax 2024-09-30 02743403 e:TaxLossesCarry-forwardsDeferredTax 2023-09-30 02743403 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-10-01 2024-09-30 02743403 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-09-30 02743403 d:OrdinaryShareClass1 2023-10-01 2024-09-30 02743403 d:OrdinaryShareClass1 2024-09-30 02743403 d:OrdinaryShareClass1 2023-09-30 02743403 d:FRS102 2023-10-01 2024-09-30 02743403 d:Audited 2023-10-01 2024-09-30 02743403 d:FullAccounts 2023-10-01 2024-09-30 02743403 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 02743403 e:WithinOneYear 2024-09-30 02743403 e:WithinOneYear 2023-09-30 02743403 e:BetweenOneFiveYears 2024-09-30 02743403 e:BetweenOneFiveYears 2023-09-30 02743403 e:MoreThanFiveYears 2024-09-30 02743403 e:MoreThanFiveYears 2023-09-30 02743403 e:HirePurchaseContracts e:WithinOneYear 2024-09-30 02743403 e:HirePurchaseContracts e:WithinOneYear 2023-09-30 02743403 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-09-30 02743403 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-09-30 02743403 2 2023-10-01 2024-09-30 02743403 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-09-30 02743403 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-09-30 02743403 e:LeasedAssetsHeldAsLessee 2024-09-30 02743403 e:LeasedAssetsHeldAsLessee 2023-09-30 02743403 g:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02743403
















TASTETECH LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024


































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TASTETECH LIMITED

 
COMPANY INFORMATION


DIRECTORS
O A A G Derome 
J E Sinton 




REGISTERED NUMBER
02743403



REGISTERED OFFICE
Wilverley Industrial Estate
813/815 Bath Road

Brislington

Bristol

BS4 5NL




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






TASTETECH LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Statement of financial position
 
10
Statement of cash flows
 
11
Analysis of net debt
 
12
Notes to the financial statements
 
13 - 29



TASTETECH LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

INTRODUCTION
 
The Directors present their strategic report for the year ended 30 September 2024. This report outlines the business review, principal risks and uncertainties, and key performance indicators for TasteTech Limited.

BUSINESS REVIEW
 
TasteTech achieved a 3.5% increase in overall revenue, primarily driven by a substantial 10.5% growth in the UK market. This reflects strong domestic performance and the successful implementation of our strategic initiatives. However, this positive trend was partially offset by a 3% decline in export revenue, highlighting challenges in international markets.
 
Gross profit increased by 12.8%, demonstrating our effective cost management strategies and enhanced operational efficiencies. This significant improvement is a reflection of our focus on higher-margin products and underscores our ability to optimise production processes and implement cost-saving measures across the business.
 
The growth in revenue combined with the improvement in gross profit margin, has helped drive the overall performance of the business leading to an increase in profit before tax of 97% (£331k).

PRINCIPAL RISKS AND UNCERTAINTIES
 
The principal risks and uncertainties facing the business are:

Foreign Exchange Movement: The business is exposed to fluctuations in foreign exchange rates, particularly concerning the US Dollar and Euro. As both an importer and exporter, a portion of this risk is naturally hedged. However, this exposure is closely monitored, and the business maintains a banking facility to utilise forward contracts when appropriate.
Raw Material Pricing and Availability: The business faces risks related to the volatility in the pricing and availability of raw materials. To mitigate the risk of supply disruptions, the business employs strategies such as stock holding, dual sourcing, and long-term contracts with suppliers.
Credit Risk: The business extends credit terms to most of its customers, which introduces credit risk. This risk is managed through the use of credit insurance, letters of credit, and export collections wherever feasible.
Legislation: The business must comply with various laws and regulations in the jurisdictions where it operates. Changes in legislation or regulatory requirements can impact operations, increase costs, or restrict business activities. The business actively monitors legislative developments and engages with industry bodies to ensure compliance and stay informed.

KEY PERFORMANCE INDICATORS
 
Key performance indicators (KPIs) for TasteTech Limited demonstrate significant improvements in operational efficiency and financial health. Inventory days decreased from 45 in FY23 to 39 in FY24, indicating more efficient inventory management and quicker turnover of stock. The quick ratio improved from 1.9 in FY23 to 2.7 in FY24, reflecting a stronger liquidity position and the company's enhanced ability to meet short-term obligations. Additionally, EBITDA increased from 5.8% in FY23 to 8.2% in FY24, highlighting improved profitability and effective cost control measures. These KPIs underscore the company's successful efforts in optimising operations and maintaining financial stability.

FUTURE DEVELOPMENTS
 
TasteTech Limited is committed to sustaining its growth trajectory through strategic investments in research and development, expanding its product portfolio, and exploring new markets. The company plans to enhance its production capabilities and invest in advanced technologies to improve efficiency and product quality.

Page 1


TASTETECH LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

CONCLUSION
 
The Directors are pleased with the company's performance for the year ended 30 September 2024. TasteTech Limited has demonstrated resilience and adaptability in a challenging market environment. The company remains focused on its strategic objectives and is well-positioned for future growth.


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



J E Sinton
Director

Date: 12 May 2025

Page 2


TASTETECH LIMITED

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £662,447 (2023: £374,539).

During the year dividends of £73,500 (2023: £73,500) were declared and £147,000 paid (2023: £NIL).

DIRECTORS

The directors who served during the year were:

O A A G Derome 
J E Sinton 

FUTURE DEVELOPMENTS

All future developments are contained within the Strategic Report.

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'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's auditors are aware of that information.

POST BALANCE SHEET EVENTS

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

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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






J E Sinton
Director

Date: 12 May 2025

Wilverley Industrial Estate
813/815 Bath Road
Brislington
Bristol
BS4 5NL

Page 3


TASTETECH LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors are responsible for preparing the Strategic report, the Directors' report and the 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 of the profit or loss of the Company for that period.

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

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4


TASTETECH LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TASTETECH LIMITED
OPINION


We have audited the financial statements of TasteTech Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows, the Analysis of net debt 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 Company's affairs as at 30 September 2024 and of its 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 Company 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 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.


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.


Page 5


TASTETECH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TASTETECH LIMITED (CONTINUED)

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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6


TASTETECH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TASTETECH 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 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
The nature of the industry and sector, control environment and business performance;
Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and,
Any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for the Company’s ability to operate or avoid a material penalty. These included food safety regulations, health and safety regulations, employment legislation and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; and
Challenging assumptions and judgements made by management in their significant accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 
Page 7


TASTETECH LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TASTETECH LIMITED (CONTINUED)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.


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.


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.






Ria Burridge FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

14 May 2025
Page 8


TASTETECH LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

  

Turnover
 4 
11,980,720
11,575,396

Cost of sales
  
(5,227,716)
(5,586,851)

Gross profit
  
6,753,004
5,988,545

Distribution costs
  
(453,371)
(537,732)

Administrative expenses
  
(5,592,200)
(5,052,632)

Operating profit
 5 
707,433
398,181

Interest receivable and similar income
 9 
5,837
232

Interest payable and similar expenses
 10 
(39,192)
(55,538)

Profit before tax
  
674,078
342,875

Tax on profit
 11 
(11,631)
31,664

Profit after tax
  
662,447
374,539

  

  

Retained earnings at the beginning of the year
  
4,955,004
4,653,965

Profit for the year
  
662,447
374,539

Dividends declared and paid
  
(73,500)
(73,500)

Retained earnings at the end of the year
  
5,543,951
4,955,004
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 13 to 29 form part of these financial statements.

Page 9


TASTETECH LIMITED
REGISTERED NUMBER:02743403

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
3,240,980
3,313,015

  
3,240,980
3,313,015

Current assets
  

Stocks
 14 
1,287,773
1,414,176

Debtors: amounts falling due within one year
 15 
1,507,956
2,313,674

Cash at bank and in hand
 16 
1,703,970
808,169

  
4,499,699
4,536,019

Creditors: amounts falling due within one year
 17 
(1,202,604)
(1,607,545)

Net current assets
  
 
 
3,297,095
 
 
2,928,474

Total assets less current liabilities
  
6,538,075
6,241,489

Creditors: amounts falling due after more than one year
 18 
(287,952)
(584,923)

Provisions for liabilities
  

Deferred tax
 21 
(302,493)
(327,883)

Dilapidations provision
  
(30,000)
-

  
 
 
(332,493)
 
 
(327,883)

Net assets
  
5,917,630
5,328,683


Capital and reserves
  

Called up share capital 
 23 
367,500
367,500

Share premium account
 24 
6,179
6,179

Profit and loss account
 24 
5,543,951
4,955,004

  
5,917,630
5,328,683


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





J E Sinton
Director

Date: 12 May 2025

The notes on pages 13 to 29 form part of these financial statements.

Page 10


TASTETECH LIMITED


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
662,447
374,539

Adjustments for:

Depreciation of tangible assets
274,597
271,137

Loss on disposal of tangible assets
817
618

Interest paid
39,192
55,538

Interest received
(5,837)
(232)

Taxation charge
11,631
(31,664)

Decrease in stocks
126,403
749,762

Decrease/(increase) in debtors
805,718
(750,667)

(Decrease)/increase in creditors
(315,431)
203,452

Corporation tax received
23,400
9,283

Net cash generated from operating activities

1,622,937
881,766


Cash flows from investing activities

Purchase of tangible fixed assets
(208,629)
(173,368)

Sale of tangible fixed assets
5,250
-

Interest received
5,837
232

Net cash from investing activities

(197,542)
(173,136)

Cash flows from financing activities

Repayment of loans
(236,205)
(253,449)

Repayment of/new finance leases
(107,197)
(116,554)

Dividends paid
(147,000)
-

Interest paid
(39,192)
(55,538)

Net cash used in financing activities
(529,594)
(425,541)

Net increase in cash and cash equivalents
895,801
283,089

Cash and cash equivalents at beginning of year
808,169
525,080

Cash and cash equivalents at the end of year
1,703,970
808,169


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,703,970
808,169

1,703,970
808,169


The notes on pages 13 to 29 form part of these financial statements.

Page 11


TASTETECH LIMITED


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 30 September 2024
£

£

£

Cash at bank and in hand

808,169

895,801

1,703,970

Debt due after 1 year

(329,485)

211,537

(117,948)

Debt due within 1 year

(225,198)

24,668

(200,530)

Finance leases

(362,635)

107,197

(255,438)



(109,149)
1,239,203
1,130,054

The notes on pages 13 to 29 form part of these financial statements.

Page 12


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


GENERAL INFORMATION

TasteTech Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wiverley Industrial Estate, 813 - 815 Bath Road, Brislington, Bristol, BS4 5NL. The registered number for the company is 02743403.

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

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The directors have assessed the Statement of Financial Position 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. 

 
2.3

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 Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
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

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
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.

 
2.8

BORROWING COSTS

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

Page 14


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.9

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

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

 
2.10

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


Page 15


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.11

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:

Land
-
Not depreciated
Long-term leasehold property
-
Over the shorter of the lease term and the useful economic life
Plant and machinery
-
10 Years straight line
Fixtures and fittings
-
5 Years straight line

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.

 
2.12

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

 
2.14

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 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 Company's cash management.

 
2.15

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.
Page 16


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.16

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.

 
2.17

FINANCIAL INSTRUMENTS

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

Financial instruments are recognised in the Company's Statement of financial position when the Company 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 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 Company after the deduction of all its liabilities.
Page 17


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (continued)


2.17
FINANCIAL INSTRUMENTS (CONTINUED)


Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

 
2.18

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.

They key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date are discussed below:

Useful economic life of tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into accounts residual values where appropriate. The actual lives of the assets and the residual values are assessed annually and may vary depending on a number of factors, such as product life cycle and maintenance programmes. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Impairment of stocks
The company's products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the recoverability of the cost of stocks and the associated impairment. Management calculates impairments by considering the nature and condition of the stocks and applies assumptions around anticipated saleability of finished goods and future usage of raw materials, overheads and labour.
 
Provisions for bad debts
Judgements relating to the recoverability of debts require assumptions to be made regarding the settlement of sales invoices. Recoverability is assessed on an individual basis and a specific provision is made at the reporting date.
 
Dilapidation provision
The company is required to make good any defects or alterations to its leased property on vacation. An estimate has been made to quantify the costs needed to make good any defects or alterations. As such a dilapidations provision is included in the financial statements in respect of the property leases entered into during the financial year. 

Page 19


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


TURNOVER

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


2024
2023
£
£

Sale of goods
11,980,720
11,575,396

11,980,720
11,575,396


2024
2023
£
£

United Kingdom
6,152,437
5,565,450

Rest of Europe
2,570,651
2,697,391

Rest of the world
3,257,632
3,312,555

11,980,720
11,575,396



5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
38,219
23,335

Exchange differences
66,312
34,388

Depreciation charge
274,597
271,131

Operating lease rentals
342,792
240,822


6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
18,000
15,975

Fees payable to the Company's auditors in respect of:

Taxation compliance services
2,750
2,375
Page 20


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


EMPLOYEES

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


2024
2023
£
£

Wages and salaries
2,901,096
2,592,828

Social security costs
285,721
261,226

Cost of defined contribution scheme
314,853
239,962

3,501,670
3,094,016


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


        2024
        2023
            No.
            No.







Average number of employees
73
70


8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
80,683
90,699

Company contributions to defined contribution pension schemes
37,380
22,000

118,063
112,699


During the year retirement benefits were accruing to 1 director (2023: 1) in respect of defined contribution pension schemes.


9.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
5,837
232

5,837
232

Page 21


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
39,192
55,538

39,192
55,538


11.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
60,421
23,400

Adjustments in respect of previous periods
(23,400)
(130,967)


37,021
(107,567)


TOTAL CURRENT TAX
37,021
(107,567)

DEFERRED TAX


Origination and reversal of timing differences
109,769
73,850

Adjustments in respect of prior periods
(135,159)
2,053

TOTAL DEFERRED TAX
(25,390)
75,903


TAX ON PROFIT
11,631
(31,664)
Page 22


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
 
11.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25% (2023: 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
674,078
342,875


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 22%)
168,520
75,461

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,381
16,296

Capital allowances for year in excess of depreciation
407
(2,304)

Marginal relief
(118)
(1,040)

Adjustments to tax charge in respect of prior periods
(23,400)
(130,967)

Adjustments to tax charge in respect of previous periods - deferred tax
(135,159)
2,053

Remeasurement of deferred tax for changes in tax rates
-
8,837

TOTAL TAX CHARGE FOR THE YEAR
11,631
(31,664)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


12.


DIVIDENDS

2024
2023
£
£


Dividends paid to equity holders for the year ended 30 September 2024 of 20p per share (2023: 20p)
73,500
73,500

73,500
73,500

Page 23


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


TANGIBLE FIXED ASSETS





Land
Long-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£
£



COST OR VALUATION


At 1 October 2023
1,828,371
814,784
4,166,999
659,851
7,470,005


Additions
-
27,466
130,778
50,385
208,629


Disposals
-
-
(6,500)
-
(6,500)



At 30 September 2024

1,828,371
842,250
4,291,277
710,236
7,672,134



DEPRECIATION


At 1 October 2023
-
685,747
2,909,571
561,672
4,156,990


Charge for the year on owned assets
-
25,232
209,697
39,668
274,597


Disposals
-
-
(433)
-
(433)



At 30 September 2024

-
710,979
3,118,835
601,340
4,431,154



NET BOOK VALUE



At 30 September 2024
1,828,371
131,271
1,172,442
108,896
3,240,980



At 30 September 2023
1,828,371
129,037
1,257,428
98,179
3,313,015

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
407,496
466,204

407,496
466,204

Page 24


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14.


STOCKS

2024
2023
£
£

Raw materials and consumables
985,248
937,066

Work in progress
27,952
65,355

Finished goods and goods for resale
274,573
411,755

1,287,773
1,414,176



15.


DEBTORS

2024
2023
£
£


Trade debtors
1,139,206
1,783,189

Other debtors
91,882
280,465

Prepayments and accrued income
276,868
250,020

1,507,956
2,313,674



16.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
1,703,970
808,169

1,703,970
808,169



17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
200,530
225,198

Trade creditors
537,488
808,999

Corporation tax
60,421
-

Other taxation and social security
78,183
72,160

Obligations under finance lease and hire purchase contracts
85,434
107,197

Other creditors
161,707
260,272

Accruals and deferred income
78,841
133,719

1,202,604
1,607,545


Page 25


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
117,948
329,485

Net obligations under finance leases and hire purchase contracts
170,004
255,438

287,952
584,923



19.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
200,530
225,198


200,530
225,198

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
117,948
200,530


117,948
200,530

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
-
128,955


-
128,955


318,478
554,683


Bank loans are repayable in installments and are secured by a fixed and floating charge over the company's assets. Interest is charged on a variable and fixed rate basis with rates between 1.64% - 2.5% + Bank of England base rate on a variable basis and 2.49% on a fixed rate basis. The final repayment is due in the 2026 financial year.

Page 26


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
85,434
107,197

Between 1-5 years
170,004
255,438

255,438
362,635

Hire purchase and finance lease liabilities are secured over the assets to which they relate and are repayable in installments. Interest is charged at rates between 3%-6%. The final installment is due in July 2027.


21.


DEFERRED TAXATION




2024


£






At beginning of year
(327,883)


Charged to profit or loss
25,390



AT END OF YEAR
(302,493)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(309,993)
(334,105)

Short term timing differences
7,500
6,222

(302,493)
(327,883)


22.


PROVISIONS




Dilapidations provision

£





Charged to profit or loss
30,000



AT 30 SEPTEMBER 2024
30,000


Page 27


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

23.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



367,500 (2023: 367,500) ordinary shares of £1.00 each
367,500
367,500



24.


RESERVES

Share premium account

Consideration received for shares issued above their nominal value net of transaction costs.

Profit and loss account

The profit and loss reserve reflects cumulative profits and losses net of distribution to shareholders.


25.


PENSION COMMITMENTS

The company operates a defined contribution pension scheme. At the year end the amount payable to the pension fund totalled £123 (2023: £22,888). This is shown within other creditors.


26.


COMMITMENTS UNDER OPERATING LEASES

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
418,458
342,792

Later than 1 year and not later than 5 years
1,616,030
1,632,857

Later than 5 years
3,382,359
3,784,940

5,416,847
5,760,589

Page 28


TASTETECH LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

27.


RELATED PARTY TRANSACTIONS

During the year dividends of £147,000 (2023: £Nil) were paid to directors of the company. 
At the year end dividends of £Nil (2023: £73,500) were payable to the directors of the company and are included within other creditors.
During the year the company made purchases of £279,223 (2023: £301,134) from and sales of £2,998 (2023: £1,410) to entities which have significant influence over the company.


28.


CONTROLLING PARTY

In the opinion of the directors there is no controlling party on the basis that no shareholder has more than a 50% interest.

Page 29