N I & R J Herrod Ltd

trading as Toast

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

N I & R J Herrod Ltd

trading as Toast

(Registration number: 13338545)
Statement of Financial Position as at 30 September 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	11,219	22,439
Tangible assets	5	15,537	18,683
		26,756	41,122
Current assets
Stocks	6	2,750	1,750
Debtors	7	4,247	4,948
Cash at bank and in hand		24,483	14,103
		31,480	20,801
Creditors: Amounts falling due within one year	8	(73,007)	(62,280)
Net current liabilities		(41,527)	(41,479)
Total assets less current liabilities		(14,771)	(357)
Provisions for liabilities		(2,499)	(3,479)
Net liabilities		(17,270)	(3,836)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(17,370)	(3,936)
Shareholders' deficit		(17,270)	(3,836)

N I & R J Herrod Ltd

trading as Toast

(Registration number: 13338545)
Statement of Financial Position as at 30 September 2025 (continued)

For the financial year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 23 April 2026 and signed on its behalf by:
 

Mr Nigel Herrod Director

N I & R J Herrod Ltd

trading as Toast

Notes to the Unaudited Financial Statements for the
Year Ended 30 September 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is that of licensed restaurant and cafe.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

N I & R J Herrod Ltd

trading as Toast

Notes to the Unaudited Financial Statements for the
Year Ended 30 September 2025 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

N I & R J Herrod Ltd

trading as Toast

Notes to the Unaudited Financial Statements for the
Year Ended 30 September 2025 (continued)

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	20% Reducing balance
Leasehold property	20% Straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

N I & R J Herrod Ltd

trading as Toast

Notes to the Unaudited Financial Statements for the
Year Ended 30 September 2025 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2024 - 15).

N I & R J Herrod Ltd

trading as Toast

Notes to the Unaudited Financial Statements for the
Year Ended 30 September 2025 (continued)

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 October 2024	56,099	56,099
At 30 September 2025	56,099	56,099
Amortisation
At 1 October 2024	33,660	33,660
Amortisation charge	11,220	11,220
At 30 September 2025	44,880	44,880
Carrying amount
At 30 September 2025	11,219	11,219
At 30 September 2024	22,439	22,439

5	Tangible assets

	Short leasehold property £	Fixtures, fittings and equipment £	Total £
Cost or valuation
At 1 October 2024	939	32,784	33,723
Additions	-	879	879
At 30 September 2025	939	33,663	34,602
Depreciation
At 1 October 2024	564	14,476	15,040
Charge for the year	188	3,837	4,025
At 30 September 2025	752	18,313	19,065
Carrying amount
At 30 September 2025	187	15,350	15,537
At 30 September 2024	375	18,308	18,683

N I & R J Herrod Ltd

trading as Toast

Notes to the Unaudited Financial Statements for the
Year Ended 30 September 2025 (continued)

6

Stocks

	2025 £	2024 £
Closing stock	2,750	1,750

7

Debtors

	Note	2025 £	2024 £
Trade debtors		101	-
Prepayments		4,146	3,744
Income tax asset		-	1,204
		4,247	4,948

8

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	4,452	6,227
Taxation and social security	18,811	17,851
Other creditors	49,744	38,202
	73,007	62,280

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

N I & R J Herrod Ltd

trading as Toast

Notes to the Unaudited Financial Statements for the
Year Ended 30 September 2025 (continued)

10	Related party transactions

Transactions with directors

2025	At 1 October 2024 £	Advances to director £	Repayments by director £	At 30 September 2025 £
	(38,202)	3,658	(15,200)	(49,744)

2024	At 1 October 2023 £	Advances to director £	Repayments by director £	At 30 September 2024 £
	(55,144)	17,975	(1,033)	(38,202)