Company No: 03530530 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	309,853		325,144
		309,853		325,144
Current assets
Stocks	4	525,910		589,689
Debtors	5	861,065		1,021,839
Cash at bank and in hand		101,257		92,860
		1,488,232		1,704,388
Creditors: amounts falling due within one year	6	( 1,341,798)		( 1,437,293)
Net current assets		146,434		267,095
Total assets less current liabilities		456,287		592,239
Creditors: amounts falling due after more than one year	7	( 284,976)		( 537,024)
Net assets		171,311		55,215
Capital and reserves
Called-up share capital	8	60		60
Capital redemption reserve		40		40
Profit and loss account		171,211		55,115
Total shareholder's funds		171,311		55,215

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Gourmet Classic Limited (registered number: 03530530) were approved and authorised for issue by the Director on 24 September 2025. They were signed on its behalf by:

K T I'Anson Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gourmet Classic Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 14 Endeavour Park, Crow Arch Lane, Ringwood, Hampshire, BH24 1SF, UK.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Land and buildings	10 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	10 years straight line
Office equipment	1 years straight line
	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	27		28

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£		£
Cost
At 01 January 2024	104,540		2,014,592		36,000		113,488		102,083		2,370,703
Additions	0		18,612		61,292		14,940		0		94,844
Disposals	( 3,423)		0		0		0		0		( 3,423)
At 31 December 2024	101,117		2,033,204		97,292		128,428		102,083		2,462,124
Accumulated depreciation
At 01 January 2024	90,150		1,752,643		14,250		90,507		98,009		2,045,559
Charge for the financial year	10,295		68,619		15,652		14,551		1,019		110,136
Disposals	( 3,424)		0		0		0		0		( 3,424)
At 31 December 2024	97,021		1,821,262		29,902		105,058		99,028		2,152,271
Net book value
At 31 December 2024	4,096		211,942		67,390		23,370		3,055		309,853
At 31 December 2023	14,390		261,949		21,750		22,981		4,074		325,144

4. Stocks

	2024		2023
	£		£
Stocks	525,910		589,689

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

	2024		2023
	£		£
Trade debtors	765,322		917,458
Amounts owed by director	0		34,506
Prepayments and accrued income	32,475		25,818
VAT recoverable	39,372		23,042
Other debtors	23,896		21,015
	861,065		1,021,839

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans (secured)	260,000		260,000
Trade creditors	140,328		331,898
Amounts owed to director	54,882		0
Accruals	350,635		124,974
Other taxation and social security	32,421		61,314
Obligations under finance leases and hire purchase contracts (secured £353,446)	390,024		513,719
Other creditors	113,508		145,388
	1,341,798		1,437,293

Secured creditors
Within finance leases and hire purchases, £353,446 (2023 - £474,750) relates to invoice factoring and is secured over trade debtors.
Bank borrowings are secured by a fixed charge over all present freehold and leasehold property, book and other debts and by a first floating charge over all assets both present and future.
Finance lease liabilities are secured by a fixed charge over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans (secured)	271,667		531,667
Obligations under finance leases and hire purchase contracts (secured)	13,309		5,357
	284,976		537,024

Secured creditors
Within bank loans, £271,667 (2023 - £531,667) relates to Covid-19 loans and start up loans.
Bank borrowings are secured by a fixed charge over all present freehold and leasehold property, book and other debts and by a first floating charge over all assets both present and future.
Finance lease liabilities are secured by a fixed charge over the assets to which they relate.

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
60 Ordinary shares of £ 1.00 each	60		60

9. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	1,189,500		71,250

The total amount of financial commitments not included in the balance sheet is £1,173,750 (2023: £71,250).

10. Ultimate controlling party

Gourmet Holdings Limited, with address Apartment 9 The Old Auction House, 54-56 Southampton Road, Ringwood, Hampshire, United Kingdom, BH24 1JD, became a parent of Gourmet Classic Limited on 04 April 2025.