Company Registration No. 03308362 (England and Wales)
ABSOLUTE TASTE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
ABSOLUTE TASTE LIMITED
COMPANY INFORMATION
Directors
Mr N J Harris
Mrs L Redding
Mr G A Kennerley
Mr N Allen
Mr J Tanner
(Appointed 1 April 2021)
Company number
03308362
Registered office
The Shed
Charbridge Lane
Bicester
OX26 4SS
Auditor
Shaw Gibbs (Audit) Limited
264 Banbury Road
Oxford
OX2 7DY
ABSOLUTE TASTE LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 27
ABSOLUTE TASTE LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2021
- 1 -
The directors present the strategic report for the period ended 31 March 2021.
Principal activity
The principal activity of the company has been defined into 3 core areas:
-
Events – Focusing on high profile domestic and international, major sports/corporate events.
-
Inflight – The provision of food to corporate and private business jets within the UK and internationally.
-
365 venues – a collection of venues the focus of which have a mixture of Cafes, restaurants and major event spaces. These locations sit within the leisure, sports and business sectors.
Business review
The coronavirus pandemic touched all our lives and our primary responsibility during this period was the well-being of our people. This report covers an extended period (1 January 2020 to 31 March 2021) a time almost entirely impacted by the global pandemic. However, we should cover the financial results first and then outline our priorities and how we managed to carry on, assist our people and families, how we were able to help those who needed our assistance the most, and finally how we were able to innovate to survive.
In the early days of the virus, it became obvious that the continuation of certain Industries, were vital, none more so than those operating within the food industry and those delivering food.
Our client base and therefore principal activity are dominated by the following 3 core areas:
1. Events – Focusing on high profile domestic and international, major sports/corporate events.
2. Inflight – The provision of food to corporate and private business jets within the UK and
3. Internationally. 365 venues – a collection of venues the focus of which have a mixture of cafes, restaurants and major event spaces. These locations sit within the leisure, sports and business sectors.
All of the above sectors were massively hit, with travel, bars, pubs, restaurants, venues and arenas fairing the worst. This came on top of underlying issues within the sector brought upon by Brexit and the transition period coinciding with lockdowns. It’s difficult to overstate the impact on revenues.
Turnover reduced by 68% to £10.4m in 2021 from £32.2m. 2020 was projected and structured to be a £110m turnover year (£160m for the extended 15 months with 100% of the Dubai Expo project falling within the period). Due to the drop out of this contract due entirely to COVID predicted turnover fell by 9.5% of our predicted sales for the financial year. The largest factor within this sales decrease being the drop out of some significant middle East business.
The operating loss for the period is £7,989,881 compared to a profit of £1,306,691 in 2019. After exceptional and one-off items, the underlying losses were £4.4m. Due to the shape and weighting of the business model January to March are known to be loss making months (circa £1.2m) we have therefore suffered this impact twice in the same financial period.
Whilst the directors continue to consider the key KPIs of the business to be turnover, gross profit, operating profit and net assets, there were clearly some fundamental exceptional items as a result of the imposed lockdowns and inability to trade. Therefore, the trading results of the business do not accurately reflect the strategies and ongoing commitments of the directors to ensure long term survival of the business and retention of its people.
ABSOLUTE TASTE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 2 -
How did we respond?
It was clear from the early days of the pandemic that hospitality and indeed any location that attracted an audience, or a crowd would have to cease trading or suffer material restrictions e.g. football without crowds, pubs with table service for substantial meal only, and the infamous scotch egg debate.
The directors quickly identified the huge uplift in demand for meal solutions to be delivered to the home, especially during lockdowns, and the support that would be required to allow essential workers to continue. Additionally, it was also clear that the retention of our workforce was going to be key if we were to be able to react quickly after restrictions were lifted with and the reopening and mobilisation of our assets and operations.
During the period Absolute Taste deployed its workforce into two key initiatives.
-
Salute the NHS
-
Ready meals market
During the period March to July 20 Absolute Taste in conjunction with a well-known hospitality and industry icon, created “Salute the NHS” based alongside our operation in Bicester in a pop-up facility we were able to provide 1 million healthy “food and essentials” Hampers for our key NHS staff, nurses and ancillary workers. The initiative was delivered thanks to the huge numbers of volunteers from Bicester and the surrounding areas, supervised by Absolute Taste workers and sponsored with the generosity of our suppliers and the help of a major supermarket chain.
This is one example of being able to support our community during a crisis, engaging with our suppliers and finding a way to keep staff employed.
The second initiative revolved around the redesigning of existing assets and the deployment of our food production teams to assist one of the UKs leading supermarkets to offer additional volume to its “ready meal” offer.
The COVID-19 outbreak increased the demand for convenience products. Restrictive measures had closed restaurants, bars and hotels, and this further affected peoples eating habits due to lockdown and public safety measures globally. This factor has also forced many individuals to shift to home-cooked meals and packaged ready foods, which under lock down could still be delivered to the home. All other dining-out options were limited.
During the period April to August 2020 Absolute Taste via its production facility based in Bicester were able to adapt and train its workforce to produce up to 17000 meals a day from a zero start and no previous experience in this specialised market
The decision to embark upon these ventures enabled us to retain key production workers and chefs along with event managers and financial teams, and whilst they clearly were a more costly option versus the potential mothballing and furlough route, the end result enabled us to hold onto our workforce in a competitive market-place where the shortage of available and willing people is becoming increasingly serious.
Other notable developments
The brand and growing reputation of Absolute Taste was a major factor leading up to the business being awarded one of the UK’s most prestigious events, "The Open Golf Championship" from 2020, and the kick start we would need as the hospitality sector recovered from the pandemic and returns to something akin to normality.
We continue to invest in our facilities and people and believe 2022 is the first step towards a golden period for the company as we take advantage of a new appetite for people to return to travel, events, hospitality in general and the opportunity to deliver our pre covid aspirations and targets in the UK and internationally.
ABSOLUTE TASTE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 3 -
Wider group developments
During 2020 and building on the past experiences and knowledge of the Directors of Absolute Taste, we were able to look at ways in which our relationships and knowledge would allow us to diversify as we came out of lock down.
As former principles and owners of “Fresh Direct”, the most successful independent fresh food supplier of its time along with “Premier Fruits (Covent Garden)”, the directors created “The Menu Partners”(TMP) a business whose primary purpose was to offer the high street a consolidated range of chilled, manufactured and ready-made foods and components via one delivery and one invoice.
Our target audience were many of the ‘well known’ high street operators and brands and their experiences and challenges were no different to those experienced by Absolute Taste, a chronic skills shortage and rising costs and food inflation. “TMP” was created with that challenge in mind.
Additional capacity and facilities were completed in May 2022 in order that Absolute Taste and TMP have the space, focus and facilities required to meet their aspirations.
Principal Risks and uncertainties
The creation of the above we believe helps the company to mitigate the risks it faced as the food industry returned and the ongoing threat of further variants and lockdowns.
Constant reviews and measuring business performance. Strong short, medium and long term objective planning is in place and communicated across the business ensuring all management are clear of their responsibilities in supporting business performance.
The directors are confident that food hygiene, health and safety and financial and economic risks have been identified and managed appropriately.
Strategically and financially The board of directors meet monthly to review visions strategy and, financial risks. Additionally, there is a separate finance committee, whose objective it is to present detail to the board and ensure there is adequate financial and corporate governance.
Regulatory Risks
We recognise that catering exposes the business to a variety of hazards and risks, laws and regulations. As a company we are accredited with both SALSA and BRC global standard at our “state of the art production facility” and have a board director to make sure we fully comply with legislative requirements across the business. We understand that changes in laws and regulations could have a direct impact on the business and/or the services provided. Economic Risks Fluctuations in food prices, periods of notable inflation and difficulties in supply chain is something the company is exposed to daily. The company has contracts which allow for increases in prices and menu changes, but the delays in implementing these changes, mean a reduction in margins cannot be ruled out.
ABSOLUTE TASTE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 4 -
Going concern
The financial statements have been prepared on a going concern basis.
While the majority of the divisions within the company have seen a reduction in sales, the directors have reviewed the cost base for each division and made permanent cost reductions, negotiated new contract terms with clients, applied for government support where available and offset some property costs to third parties who were interested in using the company's head office facility. The directors will continue to review their cost base and have placed a freeze on discretionary spending.
The Company's brand is strong and recogni
s
ed in the market. The Company holds a solid market share in various sectors of catering industry and these sectors have seen growth and demonstrated increased demand post Covid-19 restrictions. The Company is a professional event and inflight food caterer and holds various fixed venues. The demand for different types of events has grown from both
private and corporate sectors, gradually returning to pre-pandemic levels and inflight catering
is
returning to its normal level of demand. The notable increase in demand is one of the very positive reasons for the Company to assert its ability to continue and grow its activities in the following year
.
Historically the Company has been working with profit and has incurred losses only in the reporting period 2020/21 (losses £7.6M), bringing its accumulated
reserves
as at 31 March 2021 to a loss £6.3M. According to the preliminary results for the following reporting year 2021/22 the Company has managed to close the year with a significantly smaller loss and continues to improve its operational and financial results as the market returns to a more normal level of activity
.
Furthermore, the parent company of Absolute Taste Ltd ha
s
confirmed its ability and intention to continue supporting the Company both financially and operationally to enable the Company to continue its operations and activities for the foreseeable future and at least over the next twelve months and to support the Company to meet its debt obligations should it become necessary
.
After careful consideration of forecast cash flows and profit scenarios based on information available at the present time, the directors believe that the company will be able to meet its liabilities as they fall due, for a period of at least 12 months from the date of approval of these financial statements. The directors have therefore concluded that it is appropriate to adopt the going concern basis for the preparation of these financial statements
Post Balance Sheet events
There were no balance sheet events that have not been reflected in the annual report.
Mr N J Harris
Director
6 June 2022
ABSOLUTE TASTE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2021
- 5 -
The directors present their annual report and financial statements for the period ended 31 March 2021.
Principal activities
The principal activity of the company continued to be that of providing catering, hospitality, restaurant and event design services to a wide range of organisations, private individuals and corporate clients.
Results and dividends
The results for the period 31 March 2021 are set out on page 10.
No ordinary dividends were paid (2019: £nil). The directors do not recommend payment of a final dividend (2019: £nil).
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr N J Harris
Mr D J Burns
(Resigned 30 September 2020)
Mrs L Redding
Mr G A Kennerley
Mr O Hitchcox
(Resigned 22 January 2022)
Mr G Henley
(Resigned 30 September 2020)
Mr N Allen
Mr A Mulroe
(Resigned 30 November 2020)
Mr J Tanner
(Appointed 1 April 2021)
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.
Auditor
Shaw Gibbs (Audit) Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
ABSOLUTE TASTE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 6 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
Mr N J Harris
Director
6 June 2022
ABSOLUTE TASTE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ABSOLUTE TASTE LIMITED
- 7 -
Opinion
We have audited the financial statements of Absolute Taste Limited (the 'company') for the period ended 31 March 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its loss for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of
accounting in the preparation of the financial
statements is appropriate
.
However, w
e draw attention to Note
1
.2
and the strategic report
of the financial statements, which indicate that
the company’s performance has
been significantly affected as a result of the
ongoing COVID-19 pandemic. The relevant conditions indicate that a
material uncertainty exists that may cast significant doubt on the company'
s
ability t
o
continue as a going
concern.
However, the parent company has provided a letter of financial support for a period of at least 12 months from the approval of the financial statements. The group has been assessed to have a cash balance of £13.2m as at 31 March 2021 and a cash flow position forecasted to be £314.2m in the period ending 31 March 2023 and so has the resources to support the company to meet its financial obligation when necessary.
Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
ABSOLUTE TASTE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABSOLUTE TASTE LIMITED
- 8 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the directors'
r
eport for the financial period for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report and the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
ABSOLUTE TASTE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABSOLUTE TASTE LIMITED
- 9 -
-
At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the company and how the management seek to comply with those laws and regulations. This helps us to plan appropriate risk assessments.
-
During the audit we focused on relevant risk areas and review the compliance with the laws and regulations by making relevant enquiries and undertaking corroboration, for example by reviewing Board Minutes and other documentation.
-
We assessed the risk of material misstatement in the financial statements including as a result of fraud and undertook procedures including:
-
Reviewing the controls set in place by management;
-
Making enquiries of management as to whether they consider fraud or other irregularity may have taken place, or where such opportunity might exist;
-
Challenging management assumptions with regard to accounting estimates; and
-
Identifying and testing journal entries, particularly those which appear to be unusual by size or nature.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.
This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Donal Peter O'Connell (Senior Statutory Auditor)
For and on behalf of Shaw Gibbs (Audit) Limited
6 June 2022
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
OX2 7DY
ABSOLUTE TASTE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2021
- 10 -
Period
Year
ended
ended
31 March
31 December
2021
2019
Notes
£
£
Turnover
4
10,425,998
32,202,404
Cost of sales
(7,496,581)
(22,562,898)
Gross profit
2,929,417
9,639,506
Administrative expenses
(8,847,442)
(9,103,275)
Other operating income
2,704,279
Exceptional items
5
(4,776,135)
1,000,000
Operating (loss)/profit
3
(7,989,881)
1,536,231
Interest payable and similar expenses
6
(113,670)
(229,540)
(Loss)/profit before taxation
(8,103,551)
1,306,691
Tax on (loss)/profit
9
473,548
(Loss)/profit for the financial period
(7,630,003)
1,306,691
Total comprehensive income for the period
(7,630,003)
1,306,691
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
ABSOLUTE TASTE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 11 -
2021
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,812,892
1,327,969
Investments
10
65,516
1,812,892
1,393,485
Current assets
Stocks
14
329,414
526,524
Debtors
15
3,601,047
13,402,921
Cash at bank and in hand
20,496
958,375
3,950,957
14,887,820
Creditors: amounts falling due within one year
16
(7,382,049)
(14,348,092)
Net current (liabilities)/assets
(3,431,092)
539,728
Total assets less current liabilities
(1,618,200)
1,933,213
Creditors: amounts falling due after more than one year
17
(4,683,899)
(605,309)
Net (liabilities)/assets
(6,302,099)
1,327,904
Capital and reserves
Called up share capital
21
1,000
1,000
Capital redemption reserve
20,000
20,000
Profit and loss reserves
(6,323,099)
1,306,904
Total equity
(6,302,099)
1,327,904
The financial statements were approved by the board of directors and authorised for issue on 6 June 2022 and are signed on its behalf by:
Mr N J Harris
Director
Company Registration No. 03308362
ABSOLUTE TASTE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2021
- 12 -
Share capital
Capital redemption reserve
Own shares
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2019
1,000
20,000
917,890
(917,677)
21,213
Period ended 31 December 2019:
Profit and total comprehensive income for the period
-
-
-
1,306,691
1,306,691
Other movements
-
-
(917,890)
917,890
-
Balance at 31 December 2019
1,000
20,000
1,306,904
1,327,904
Period ended 31 March 2021:
Loss and total comprehensive income for the period
-
-
-
(7,630,003)
(7,630,003)
Balance at 31 March 2021
1,000
20,000
(6,323,099)
(6,302,099)
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
- 13 -
1
Accounting policies
Company information
Absolute Taste Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Shed, Charbridge Lane, Bicester, OX26 4SS. The nature of the company activities continued to be that of providing catering, hospitality, restaurant and event design services to a wide range of organisations, private individuals and corporate clients.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the available exemption under FRS 102 Section 33, not to disclose transactions and outstanding balances with its subsidiaries, parent companies and fellow subsidiary undertakings on the basis that the relevant companies are 100% directly or indirectly controlled by The Menu Partners Limited.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Interest
income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
The Menu Partners Limited
. These consolidated financial statements are available from its registered office,
The Shed, Charbridge Lane, Bicester, OX26 4SS.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 14 -
1.2
Going concern
The financial statements have been prepared on a going concern basis.
true
While the majority of the divisions within the company have seen a reduction in sales, the directors have reviewed the cost base for each division and made permanent cost reductions, negotiated new contract terms with clients, applied for government support where available and offset some property costs to third parties who were interested in using the company's head office facility. The directors will continue to review their cost base and have placed a freeze on discretionary spending.
The Company's brand is strong and recogni
s
ed in the market. The Company holds a solid market share in various sectors of catering industry and these sectors have seen growth and demonstrated increased demand post Covid-19 restrictions. The Company is a professional event and inflight food caterer and holds various fixed venues. The demand for different types of events has grown from both
private and corporate sectors, gradually returning to pre-pandemic levels and inflight catering
is
returning to its normal level of demand. The notable increase in demand is one of the very positive reasons for the Company to assert its ability to continue and grow its activities in the following year
.
Historically the Company has been working with profit and has incurred losses only in the reporting period 2020/21 (losses £7.6M), bringing its accumulated re
serves
as at 31 March 2021 to a loss
of
£6.3M. According to the preliminary results for the following reporting year 2021/22 the Company has managed to close the year with a significantly smaller loss and continues to improve its operational and financial results as the market returns to a more normal level of activity
.
Furthermore, the parent company of Absolute Taste Ltd ha
s
confirmed its ability and intention to continue supporting the Company both financially and operationally to enable the Company to continue its operations and activities for the foreseeable future and at least over the next twelve months and to support the Company to meet its debt obligations should it become necessary
.
After careful consideration of forecast cash flows and profit scenarios based on information available at the present time, the directors believe that the company will be able to meet its liabilities as they fall due, for a period of at least 12 months from the date of approval of these financial statements. The directors have therefore concluded that it is appropriate to adopt the going concern basis for the preparation of these financial statements.
1.3
Reporting period
These financial statements have been prepared for a 15 month period as a result of the group reorganisation. Therefore, the
comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
1.4
Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. Income from the sale of goods and services is recognised when delivered to the customer.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% of reducing balance / straight line basis over 3-5 years
Fixtures and fittings
20% of reducing balance / straight line basis over 3-5 years
Motor vehicles
25% of reducing balance
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 15 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 17 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
All other leases are ‘operating leases’ and the annual rentals are charged to profit and loss on a straight-line basis over the lease term.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 18 -
1.15
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In preparing these financial statements, the directors have made the following judgments:
-
In relation to the company's tangible fixed assets, useful economic lives have been established using historical experience and an assessment of the nature of the assets involved. Assets are assessed on an ongoing basis to determine whether circumstances exist that could lead to a potential impairment of the carrying value of such assets. No circumstances have been identified to suggest that this is the case.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 19 -
3
Operating (loss)/profit
2021
2019
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Exchange losses
24,232
14,604
Government grants
(2,704,279)
Fees payable to the company's auditor for the audit of the company's financial statements
19,425
18,500
Depreciation of owned tangible fixed assets
554,373
465,844
Depreciation of tangible fixed assets held under finance leases
53,451
34,986
Loss on disposal of tangible fixed assets
1,664
6,093
4
Turnover and other revenue
An analysis of the company's turnover is as follows:
2021
2019
£
£
Turnover analysed by geographical market
United Kingdom
6,623,486
24,903,680
USA
5,974
163,088
Saudi Arabia
2,751,691
5,389,337
Mexico
-
105,021
Canada
1,745
87,419
Italy
114,871
66,196
France
1,788
70,652
Germany
37,555
70,182
Other
888,887
1,346,829
10,425,996
32,202,404
2021
2019
£
£
Other significant revenue
Grants received
2,704,279
During
the period ended 31 March 2021, the company
claimed a total of
£
2,704,279
from the Coronavirus Job Retention Scheme (CJRS) due to reduced or no
trading
levels
as a result of
the Covid-19 pandemic
.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 20 -
5
Exceptional item
2021
2019
£
£
Expenditure
Exceptional items
4,776,135
(1,000,000)
In 2021, the exceptional debit comprises of write off of intra-group loans.
In 2019, the exceptional credit comprises of loans forgiven by a company under common control.
6
Interest payable and similar expenses
2021
2019
£
£
Other interest on financial liabilities
125,854
228,224
Interest on finance leases and hire purchase contracts
(12,184)
1,316
113,670
229,540
7
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2019
Number
Number
Employees
380
405
Their aggregate remuneration comprised:
2021
2019
£
£
Wages and salaries
7,636,618
12,685,524
Social security costs
670,516
861,943
Pension costs
192,758
194,808
8,499,892
13,742,275
8
Directors' remuneration
2021
2019
£
£
Remuneration for qualifying services
380,298
514,426
Company pension contributions to defined contribution schemes
12,023
22,265
392,321
536,691
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
8
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2019
£
£
Remuneration for qualifying services
111,808
203,243
Company pension contributions to defined contribution schemes
3,972
11,900
9
Taxation
2021
2019
£
£
Current tax
Adjustments in respect of prior periods
(473,548)
The actual (credit)/charge for the period can be reconciled to the expected (credit)/charge for the period based on the profit or loss and the standard rate of tax as follows:
2021
2019
£
£
(Loss)/profit before taxation
(8,103,551)
1,306,691
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
(1,539,675)
248,271
Tax effect of expenses that are not deductible in determining taxable profit
2,896
9,310
Unutilised tax losses carried forward
904,684
(47,898)
Adjustments in respect of prior years
(473,548)
Permanent capital allowances in excess of depreciation
(165,903)
(16,206)
Other permanent differences
2,361
Intercompany debt (forgiven)/written off
799,322
(190,000)
Pensions movement
(3,685)
(5,788)
Leased cars
2,311
Taxation credit for the period
(473,548)
-
10
Fixed asset investments
2021
2019
Notes
£
£
Investments in subsidiaries
11
65,516
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
10
Fixed asset investments
(Continued)
- 22 -
Absolute Taste Limited owns the entire ordinary share capital of Absolute Taste SA, an in-flight catering operation in Geneva, Switzerland. Absolute Taste SA is incorporated in Switzerland and the registered office is Rue de Veyrot 39, 1217 Meyrin, Geneva. As at 31 December 2019, the cost of investment representing the share capital amounted to £64,516. During the period ended 31 March 2021, the full cost was written off.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2020 & 31 March 2021
65,516
Impairment
At 1 January 2020
-
Impairment losses
65,516
At 31 March 2021
65,516
Carrying amount
At 31 March 2021
-
At 31 December 2019
65,516
11
Subsidiaries
Details of the company's subsidiaries at 31 March 2021 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Absolute Taste SA
Geneva
Inflight Catering
Ordinary
100.00
0
12
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2020 and 31 March 2021
600,230
Amortisation and impairment
At 1 January 2020 and 31 March 2021
600,230
Carrying amount
At 31 March 2021
At 31 December 2019
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 23 -
13
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2020
2,274,274
476,991
138,867
2,890,132
Additions
989,924
105,739
1,095,663
Disposals
(42,376)
(1,685)
(44,061)
At 31 March 2021
3,221,822
581,045
138,867
3,941,734
Depreciation and impairment
At 1 January 2020
1,206,845
333,190
22,130
1,562,165
Depreciation charged in the period
433,306
140,844
33,674
607,824
Eliminated in respect of disposals
(39,743)
(1,404)
(41,147)
At 31 March 2021
1,600,408
472,630
55,804
2,128,842
Carrying amount
At 31 March 2021
1,621,414
108,415
83,063
1,812,892
At 31 December 2019
1,067,430
143,801
116,738
1,327,969
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2019
£
£
Plant and equipment
81,692
9,755
Motor vehicles
83,063
113,502
164,755
123,257
Depreciation charge for the period in respect of leased assets
53,451
34,986
14
Stocks
2021
2019
£
£
Work in progress
193,016
201,875
Finished goods and goods for resale
136,398
324,649
329,414
526,524
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 24 -
15
Debtors
2021
2019
Amounts falling due within one year:
£
£
Trade debtors
533,267
2,773,169
Corporation tax recoverable
3,919
3,919
Amounts owed by group undertakings
2,326,966
8,048,500
Other debtors
129,965
2,089,189
Prepayments and accrued income
215,237
157,968
3,209,354
13,072,745
Deferred tax asset (note 20)
10,003
10,003
3,219,357
13,082,748
2021
2019
Amounts falling due after more than one year:
£
£
Other debtors
381,690
320,173
Total debtors
3,601,047
13,402,921
16
Creditors: amounts falling due within one year
2021
2019
Notes
£
£
Bank loans and overdrafts
18
568,844
Obligations under finance leases
168,232
33,424
Trade creditors
456,245
1,569,808
Amounts owed to group undertakings
5,043,636
Taxation and social security
649,466
372,360
Other creditors
4,963,406
4,659,084
Accruals and deferred income
575,856
2,669,780
7,382,049
14,348,092
On 7 January 2019, RBS Invoice Finance Limited created a fixed and floating charge over the undertakings and all property and assets present and future in relation to the debenture provided. Included within other debtor is an amount of £10,551 (2019 : Other creditors £508,403) relating to invoice financing.
On 1 May 2018, Coutts & Company created a fixed and floating charge over the undertakings and all property and assets present and future in relation to the debenture provided.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 25 -
17
Creditors: amounts falling due after more than one year
2021
2019
Notes
£
£
Bank loans and overdrafts
18
4,400,000
Obligations under finance leases
89,833
Other creditors
283,899
515,476
4,683,899
605,309
18
Loans and overdrafts
2021
2019
£
£
Bank loans
4,400,000
Bank overdrafts
568,844
4,968,844
Payable within one year
568,844
Payable after one year
4,400,000
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2021
2019
Balances:
£
£
Decelerated capital allowances
10,003
10,003
There were no deferred tax movements in the period.
20
Retirement benefit schemes
2021
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
192,758
194,808
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
- 26 -
21
Share capital
2021
2019
£
£
Ordinary share capital
Issued and fully paid
1,000 ordinary shares of £1.00 each
1,000
1,000
22
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2019
£
£
Within one year
52,672
131,358
Between two and five years
17,007
84,228
69,679
215,586
23
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2021
2019
2021
2019
£
£
£
£
Entities over which the entity has control, joint control or significant influence
132,965
-
70,953
The following amounts were outstanding at the reporting end date:
2021
2019
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
122,450
528,000
Entities over which the entity has control, joint control or significant influence
283,899
1,478,326
Other related parties
4,645,922
1,859,442
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2021
23
Related party transactions
(Continued)
- 27 -
The following amounts were outstanding at the reporting end date:
2021
2019
Balance
Balance
Amounts owed by related parties
£
£
Entities over which the entity has control, joint control or significant influence
759,320
127,491
Other related parties
1,949,337
4,994,602
24
Directors' transactions
During the year, amounts were advanced to a director of the company and as at 31 March 2021, the total sum of £16,140 (2019: £5,419) remained outstanding. Interest will be charged on this balance if it is not paid before 31 December 2021 as it is more than £10,000.
25
Ultimate controlling party
The immediate and ultimate parent company of Absolute Taste Limited for the year ended 31 December 2019 was The Proper Food and Drink Company Limited and its registered office is The Shed, Charbridge Lane, Bicester, OX26 4SS.
On 3rd July 2020, the ownership of The Proper Food and Drink Company Limited was transferred to The Menu Partners Limited whose registered office is The Shed, Charbridge Lane, Bicester, OX26 4SS. Therefore, the ultimate parent company of Absolute Taste Limited at 31 March 2021 was The Menu Partners Limited.
The ultimate controlling party at 31 December 2019 was N J Harris by virtue of his 100% holding in The Proper Food and Drink Company Limited. The ultimate controlling parties at 31 March 2021 are N J Harris and J M Tanner by virtue of their holdings in The Menu Partners Limited.
2021-03-31
2020-01-01
false
CCH Software
CCH Accounts Production 2022.100
Mr N J Harris
Mr N J Harris
Mrs L Redding
Mr D J Burns
Mrs L Redding
Mr G A Kennerley
Mr O Hitchcox
Mr G Henley
Mr N Allen
03308362
2020-01-01
2021-03-31
03308362
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2020-01-01
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2020-01-01
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2020-01-01
2021-03-31
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2020-01-01
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03308362
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2020-01-01
2021-03-31
03308362
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2020-01-01
2021-03-31
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2020-01-01
2021-03-31
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2020-01-01
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2020-01-01
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2020-01-01
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2020-01-01
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03308362
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2020-01-01
2021-03-31
03308362
2021-03-31
03308362
2019-01-01
2019-12-31
03308362
core:Exceptional
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2020-01-01
2021-03-31
03308362
core:Exceptional
1
2019-01-01
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03308362
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2019-01-01
2019-12-31
03308362
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03308362
core:PlantMachinery
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03308362
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2021-03-31
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core:MotorVehicles
2021-03-31
03308362
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