| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Beanies The Flavour Co. Ltd. |
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Beanies The Flavour Co. Ltd. |
| Beanies The Flavour Co. Ltd. (Registered number: 07804284) |
| 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 |
| Beanies The Flavour Co. Ltd. |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| 140 Coniscliffe Road |
| Darlington |
| County Durham |
| DL3 7RT |
| Beanies The Flavour Co. Ltd. (Registered number: 07804284) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 13 |
| Revaluation reserve |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Beanies The Flavour Co. Ltd. (Registered number: 07804284) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Beanies The Flavour Co. Ltd. is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The Plant and machinery was revalued at the date Cafetex SA took control of the company. |
| There were no material departures from that standard. |
| The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts. |
| The prior period figures are drawn up for 9 months, for this reason the comparative figures presented are not directly comparable. |
| Going concern |
| The company is reliant on support from its ultimate parent company, Cafetex SA, to meet liabilities as they fall due. |
| The company remains dependent on ongoing financial support from its shareholders in order to meet its obligations as they fall due. On 11 June 2025, the shareholders approved a Share Capital Increase amounting to £488,522. |
| The directors have prepared detailed profit and loss and cashflow forecasts for the period to 31 December 2025. these forecasts show the company trading profitably and being able to operate within its existing bank facilities. Further high level forecasts to December 2027 have been prepared which show the company continuing to trade profitably. |
| Directors have assessed the company's position 12 months from approval of the financial statements and deem the company to remain profitable. |
| 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 subsidiaries within the group or those concluded under normal market conditions. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Income recognition |
| Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2014, has been amortised evenly over its useful life. |
| Beanies The Flavour Co. Ltd. (Registered number: 07804284) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Trademark | - 20 - 33.33% on cost |
| Development costs | - 20% on cost |
| Website | - 33.33% on cost |
| Tangible fixed assets |
| Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses, with the exception of plant and machinery which is periodically revalued and accounted for using the revaluation model. |
| Plant and machinery was last valued on an open market basis by James Mae Projects Ltd at 21 September 2023 and the directors are of the opinion that the value has not changed since, except for subsequent depreciation. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Improvements to property | - over period of the lease |
| Plant and machinery | - 20% on cost and 20% on reducing balance |
| Fixtures and fittings | - 33% on cost |
| Motor vehicles | - 33% on cost |
| Stocks |
| Stocks have been valued at the lower of cost and estimated selling price less costs to sell. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Beanies The Flavour Co. Ltd. (Registered number: 07804284) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Invoice financing |
| The invoice financing represents amounts received in respect of financed debts. The invoice financing is without recourse therefore the balance has been set off against the financed debts, further details in note 8. Interest and other charges relating to invoice financing are recognised in the profit and loss account over the relevant period. |
| Grants receivable |
| Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| Goodwill | Trademark | costs | Website | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Beanies The Flavour Co. Ltd. (Registered number: 07804284) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Cost or valuation at 31 December 2024 is represented by: |
| Improvements | Fixtures |
| to | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2017 | - | 168,916 | - | - | 168,916 |
| Valuation in 2023 | - | 155,232 | - | - | 155,232 |
| Cost | 227,551 | 428,982 | 43,164 | 70,333 | 770,030 |
| 227,551 | 753,130 | 43,164 | 70,333 | 1,094,178 |
| If Plant and Machinery had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 584,214 | 584,214 |
| Aggregate depreciation | 468,521 | 468,521 |
| Plant and machinery were valued on a fair value basis on 21 September 2023 by James Mae Projects Ltd . |
| The directors do not believe that the value has changed since, except for the depreciation changes as per the accounting policy. |
| 6. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| Beanies The Flavour Co. Ltd. (Registered number: 07804284) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Deferred tax asset |
| Prepayments and accrued income |
| Trade debtors is made up of: |
| 2024 | 2023 |
| £ | £ |
| Trade debtors | 574,400 | 454,636 |
| Invoice financing | (346,767 | ) | - |
| 227,633 | 454,636 |
| The invoice financing facility is without recourse and therefore a netting off has been performed against trade debtors in the current year. |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Invoice financing | - | 251,839 |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| Directors' current accounts | 160,000 | - |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 2-5 years |
| Hire purchase contracts (see note 10) |
| Beanies The Flavour Co. Ltd. (Registered number: 07804284) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank overdraft |
| Bank loans |
| Hire purchase contracts | 20,520 | 55,490 |
| Invoice financing | - | 251,839 |
| Loans and bank overdrafts are secured by a general floating charge over the assets. |
| Hire purchase contracts and finance leases are secured by assets to which it relates. |
| In 2023, invoice financing was secured by a general floating charge over the assets of the company, however terms were updated to without recourse during 2024 and the balance has been offset against the debtors to which it relates. Please see note 8 for further details. |
| 12. | PROVISIONS FOR LIABILITIES |
| 2023 |
| £ |
| Deferred tax | 95,898 |
| Beanies The Flavour Co. Ltd. (Registered number: 07804284) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Accelerated capital allowances | 13,429 |
| Unused tax losses | (166,463 | ) |
| Balance at 31 December 2024 | ( |
) |
| The deferred tax asset reflects tax losses carried forward into future periods. |
| Management believe it is highly probable that losses will be utilised in future periods as a result of signed contracts increasing revenue as well as newly signed supplier agreements cutting production costs. |
| 13. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary £1 | £1 | 116,537 | 116,537 |
| Ordinary | 1p | 10 | 10 |
| 116,547 | 116,547 |
| 14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| We draw attention to note 12 of the financial statements, which describes the basis on which the deferred tax asset has been recognised. Our opinion is not modified in respect of this matter. |
| for and on behalf of |
| 15. | RELATED PARTY DISCLOSURES |
| During the period, sales of £nil (31 December 2023: £nil) were made to a company under common control of one of the directors. The outstanding loan balance due from the company at the end of the year was £nil (31 December 2023: £4,251). This balance was repaid after the year end. |
| 16. | ULTIMATE CONTROLLING PARTY |
| Beanies The Flavour Co Limited is a wholly owned subsidiary of Progress 2019 Limited, registered office: Faverdale North, Darlington, Co Durham, DL3 0PH, United Kingdom. |
| The ultimate controlling party is Cafetex Societe Anonyme, a company registered in Greece whose registered office address is Agiou Louka Str.19002, Paiania, Greece. |