| REGISTERED NUMBER: |
| PIQUANT LIMITED |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| PIQUANT LIMITED |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| PIQUANT LIMITED (REGISTERED NUMBER: 01990129) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| PIQUANT LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Chartered Accountants |
| & Registered Auditors |
| Wallace House |
| 20 Birmingham Road |
| Walsall |
| West Midlands |
| WS1 2LT |
| BANKERS: |
| The Bridge Branch |
| Walsall |
| West Midlands |
| WS1 !RN |
| PIQUANT LIMITED (REGISTERED NUMBER: 01990129) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Revaluation reserve | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PIQUANT LIMITED (REGISTERED NUMBER: 01990129) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Piquant Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland "including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified for the revaluation of the property. |
| Going Concern |
| Directors have prepared detailed forecasts for the period up to the end of December 2025 considering profitability and have also considered the position for at least twelve months from when the financial statements are authorised for issue. |
| The current economic and market conditions have been considered. In particular: |
| - Issues arising from geopolitical uncertainties which may lead to cost inflation in raw materials and |
| energy; |
| - The current inflationary environment and its potential impact on wages and overheads; and |
| - Impact of known legislation changes. |
| Considering the matters described above the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the annual reports and accounts. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| PIQUANT LIMITED (REGISTERED NUMBER: 01990129) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| PIQUANT LIMITED (REGISTERED NUMBER: 01990129) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Included in cost of land and buildings is freehold land of £ 138,500 (2023 - £ 138,500 ) which is not depreciated. |
| The land and buildings were revalued in the year 2009. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £602,520 (2023 - £620,155) |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary shares | £1 | 30,000 | 30,000 |
| 9. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 January 2024 |
| and 31 December 2024 |
| PIQUANT LIMITED (REGISTERED NUMBER: 01990129) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 11. | PENSION COMMITMENTS |
| The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £22,603 (2023: £17,831). Contributions totalling £1,738 (2023: £2,477) were payable to the fund at the balance sheet date and are included in creditors. |
| 12. | RELATED PARTY DISCLOSURES |
| At the end of the year Piquant Limited had an outstanding loan balance due from its parent company K.T.C. (Edibles) Limited of £150,000. |
| 13. | POST BALANCE SHEET EVENTS |
| On 30 April 2025 the Group headed by K.T.C. (Edibles) Holdco Limited, which Piquant Limited is a part, was acquired by Whitworths Food Group Limited. From 30 April 2025 Whitworths Holdings Limited, became the ultimate parent undertaking. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The company's immediate holding company is K.T.C. (Edibles) Limited, a company incorporated in England and Wales. |
| The ultimate parent undertaking until 30 April 2025 was Endless LLP, a company incorporated in England and Wales. On 30 April 2025 Whitworths Holdings Limited, a company incorporated in England and Wales, became the ultimate parent undertaking. |
| The largest and smallest group in which the results of the Company are consolidated is that headed by K.T.C. (Edibles) Holdco Limited. The consolidated accounts of K.T.C. (Edibles) Holdco Limited are available to the public and may be obtained from Companies House. |
| 15. | FINANCIAL COMMITMENTS, GUARANTEES AND CONTINGENT LIABILITIES |
| The banking and working capital facilities held within K.T.C. (Edibles) Limited are secured by charges over the company's land and buildings and fixed and floating charges over all other assets of the company. |