ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

Registered number: 07976075

TASTE IBIZA LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

TASTE IBIZA LIMITED

REGISTERED NUMBER: 07976075

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		1,034		1,380
Current assets
Debtors: amounts falling due within one year	5	2,385		28,235
Cash at bank and in hand	6	27,026		5,594
		29,411		33,829
Creditors: amounts falling due within one year	7	(7,010)		(6,850)
Net current assets			22,401		26,979
Total assets less current liabilities			23,435		28,359
Creditors: amounts falling due after more than one year	8		(29,090)		(34,914)
Provisions for liabilities
Deferred tax	10		(196)		(262)
Net liabilities			(5,851)		(6,817)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(5,951)	(6,917)
	(5,851)	(6,817)

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TASTE IBIZA LIMITED

REGISTERED NUMBER: 07976075

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 September 2025.

Mr R Burdett

Director

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TASTE IBIZA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Taste Ibiza Limited is a private company limited by shares, incorporated in England and Wales, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The company's principal activity during the year continued to be that of concierge services, primarily relating to the tourist destination of Ibiza.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment

25%

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.

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TASTE IBIZA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Interest income

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

2.5

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.

2.6

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.

2.7

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 Balance sheet when the company becomes party to the contractual provisions of the instrument.

2.8

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.

2.9

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.

2.10

Foreign currency translation

Functional and presentation currency

The company's functional currency is Euro. This differs from the presentational currency which is GBP. The reason for the difference is that the main trading activity of the company takes place in Ibiza, Spain.

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.

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TASTE IBIZA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Borrowing costs

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

2.12

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.

2.13

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.

2.14

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 balance sheet 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 balance sheet 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 balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

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TASTE IBIZA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2024	10,403
	At 31 December 2024	10,403
	Depreciation
	At 1 January 2024	9,023
	Charge for the year on owned assets	346
	At 31 December 2024	9,369
	Net book value
	At 31 December 2024	1,034
	At 31 December 2023	1,380

Debtors

					2024	2023
					£	£


Other debtors	2,385	28,235

6.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	27,026	5,594

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TASTE IBIZA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank loans	5,844	5,685
Other taxation and social security	2	-
Accruals and deferred income	1,164	1,165
	7,010	6,850

8.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

	Bank loans	29,090	34,914

The bounce back loan is both interest and repayment free for the first twelve months. After such time the loan is
repayable over 10 years at an interest rate of 2.5%.

Amounts falling due within one year
Bank loans	5,844	5,685
Amounts falling due 1-2 years
Bank loans	5,986	5,844
Amounts falling due 2-5 years
Bank loans	18,843	18,398
Amounts falling due after more than 5 years
Bank loans	4,262	10,672
	34,935	40,599

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TASTE IBIZA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Deferred taxation

	2024	2023
	£	£

At beginning of year	(262)	(350)
Released to profit and loss	66	88
At end of year	(196)	(262)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances

(196)

(262)

11.	Transactions with directors

Included within other debtors is a loan to the director amounting to £2,385 (2023 - £28,235). Interest at 2.25% has been charged on this loan.

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