Company Registration No. 03308362 (England and Wales)
ABSOLUTE TASTE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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
Oxfordshire
OX2 7DY
ABSOLUTE TASTE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 25
ABSOLUTE TASTE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 1 -
The directors present the strategic report for the year ended 31 March 2022.
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.
-
Travel – The provision of food to premium travel for Aviation and Trains within the UK and internationally.
-
365 venues – a collection of venues which include cafes, restaurants and major event spaces. These locations sit within the leisure, sports and business sectors.
Business review
Although the financial year ended 31
st
March 2022 was post the pandemic, the effects of COVID 19 were still very much live within the Hospitality sector. Restricted operations were still being imposed in many instances at the beginning of the financial year, coupled with the need to rebuild for the latter part of the year, resulted in a lack of opportunity to realise efficiency and attain ‘business as usual’ margins.
Despite this, it was apparent that much needed optimism was returning to our clients and the sector in general and, as restrictions started to be removed across the year, strong attendance began to return, especially in the major events and travel areas of the business. Strong focus was applied by the business to long term pipeline opportunities as we recognised that major contract opportunities were becoming aligned due to the pandemic as in many cases short extensions were granted to caterers during this time, thus aligning the expiration of many. The board have therefore instigated a 3 year strategic plan to return the business to it's pre-pandemic levels turnover trajectory.
Although the financial year performance has still to return back to normalised trading, it did achieve our 2021/22 budget target and therefore, we believe predictability has begun to return to our trading pattern. Sales for the year reached £25.9m, with gross profit improving year on year from £2.9m to £7.9m and an operating loss of (£0.7m) vs (£8.0m) in the 2020 pandemic year. The loss-making result, which is in line with our long term plan, represents a significant improvement in year on year performance.
How
will
we respond?
It is clear that the effects of the pandemic were still influences on a number of our business areas. Like-for-like sales levels are predicted to return to normalised levels during the 2022/23 financial year and therefore, the lower sales experienced in the first half of our 2021/22 financial year impacted considerably on gross profit and operating profits. However, our strong long term new business pipeline has ensured that the board are still committed to invest in the business and retain key skills during this time to enable the mobilisation of these opportunities as they become live.
The management team are focused on mitigation of the predicted increases in raw material costs within key commodities that are influenced by external economic factors, largely due to the effects of Brexit and the pandemic. We view this along with increases in fuel and labour costs to be key areas of our cost base focus as we navigate the business through the next phase of our business evolvement.
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 trading patterns in the first half of the financial year as a result of the continued recovery period post pandemic. Therefore, the trading results of the business do not accurately reflect the strategies and ongoing commitments of the directors to ensure long term success of the business and retention of its people.
ABSOLUTE TASTE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
Other notable developments within the trading period
The parent company, The Menu Partners (TMP), continues to develop the activities of Absolute Taste (AT) into new avenues as we leverage both companies complementary skills. The amalgamation of a 360 degree supply chain (TMP) and a front end hospitality service provider (AT) is a unique proposition and takes us further down the route than our competition of becoming (collectively) a fully integrated solution of; a grower, a supplier, a producer and a front end hospitality service provider. We believe that this will be a key source of our sales development for 2022 and beyond.
Absolute Taste has also continued to develop across the core areas of its UK business. Our travel business is set to grow significantly in 2022 with the growth into new contracts both in aviation and train operations. The similarity in these operations offers a perfect synergy that has opened up some significant new business gains that we will realise in the early part of the 2022/23 financial year. This growth will be material to the Absolute Taste business.
The strategy of extending our relationships with all our key clients has been a key focus and very successful with 100% retention of existing business, in fact we have extended contracts with all major clients to multiple year agreements on all contracts with less than one year to run. In the sports area of our major events business we have also grown our existing contract scopes with 2 of our existing major clients to now include multiple events that will provide some significant growth to this area of the business in the next financial year. These are also long term agreements which, along with our business retention, provide a strong platform for the long term future of this part of our business.
Developments in the immediate future
As well as the growth in our UK Events and Travel Business, Absolute Taste has committed to international growth in order to realise some significant business opportunities in the Middle East. We will therefore be opening offices in Saudi Arabia during the next financial year.
Absolute Taste will also continue to grow in its specialist area of international travelling events within the hospitality sports sector with 2 new major international project additions. These will start in Q3 of 2022/23 financial year and will provide material growth of revenues and profits to the business.
The
o
utlook
A restructure to the Absolute Taste business, including investment into its Business Development function, coupled with an active market, has provided significant new growth opportunities for us, which means the board are very excited by the future business prospects. Post the pandemic it is believed by the board that Absolute Taste has adjusted well and proactively to the new challenges of the hospitality sector and has set its model up to mitigate these challenges. Through continued investment into the business by its shareholders, Absolute Taste now has the capability to centralise much of its food making operations, ensuring it can effectively and efficiently service all areas of its business, whilst removing significant fixed costs.
Principal
r
isks and uncertainties
In addition to the activity already outlined, management undertake constant reviews and measurement of 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 the vision, 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.
ABSOLUTE TASTE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
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 such as 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.
Wider group developments
The Menu Partners Group continues to profitably grow its food service and wholesale businesses, despite the trading environment, providing the group with stability.
It is the continuing strategy of the Directors that all areas of the business, including Absolute Taste offer a unique proposition to the market and are key to the long term success of the collective organisation.
The business continues to grow its footprint with major expansion into new premises as well as new acquisitions
.
Going concern
The directors of the Company have prepared a detailed profit and cash flow forecast (“the forecast”) for the period to 1
st
April 2024 (“the period”) which shows the company trading, financial position and cash flows for the period. These forecasts include the significant news of the Events Business contracts won to trade in the period.
In conjunction to this standalone view, the directors have considered the position of the wider Group, headed by The Menu Partners Ltd, which Absolute Taste remains a key strategic division and enjoys the full support of the wider Group.
The forecast shows that the company and group will be able to operate and meet external liabilities as they fall due for payment during the period due to the expected level of trading in the period whilst maintaining significant headroom over and above future working capital requirements.
After careful consideration of these forecasts and in context of the impact of other external factors connected to the hospitality industry, cost of living impact and energy prices on the Company, the directors remain of the view that the forecast is achievable and that the headroom within the forecast is sufficient to enable the Company to operate and meet its liabilities as they fall due for payment throughout the period of at least 12 months from the date the financial statements are signed. On this basis the directors consider that it is appropriate to prepare the financial statements on the going concern basis.
As a result, the financial statements have been prepared on a going concern basis.
Mr N J Harris
Director
28 March 2023
ABSOLUTE TASTE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2022.
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 year 31 March 2022 are set out on page 9.
No ordinary dividends were paid (2021: £nil). The directors do not recommend payment of a final dividend (2021: £nil).
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr N J Harris
Mrs L Redding
Mr G A Kennerley
Mr O Hitchcox
(Resigned 21 January 2022)
Mr N Allen
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 YEAR ENDED 31 MARCH 2022
- 5 -
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
28 March 2023
ABSOLUTE TASTE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ABSOLUTE TASTE LIMITED
- 6 -
Opinion
We have audited the financial statements of Absolute Taste Limited (the 'company') for the year ended 31 March 2022 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 Financial Reporting Standard 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 2022 and of its loss for the year 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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
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.
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 year 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.
ABSOLUTE TASTE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABSOLUTE TASTE LIMITED
- 7 -
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 or the directors'
r
eport
.
We have nothing to report in respect of the following matters in relation to which 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:
-
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.
ABSOLUTE TASTE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ABSOLUTE TASTE LIMITED
- 8 -
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
29 March 2023
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
Oxfordshire
OX2 7DY
ABSOLUTE TASTE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
Year
Period
ended
ended
31 March
31 March
2022
2021
Notes
£
£
Turnover
4
25,872,793
10,425,998
Cost of sales
(18,005,710)
(7,496,581)
Gross profit
7,867,083
2,929,417
Administrative expenses
(8,821,148)
(8,847,442)
Other operating income
96,431
2,704,279
Exceptional items
5
(4,776,135)
Operating loss
3
(857,634)
(7,989,881)
Interest payable and similar expenses
8
(168,926)
(113,670)
Loss before taxation
(1,026,560)
(8,103,551)
Tax on loss
9
(66,984)
473,548
Loss for the financial year
(1,093,544)
(7,630,003)
Total comprehensive expense for the year
(1,093,544)
(7,630,003)
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 2022
31 March 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
12
777,867
1,812,892
Current assets
Stocks
13
1,250,434
329,414
Debtors
14
6,170,269
3,601,047
Cash at bank and in hand
46,809
20,496
7,467,512
3,950,957
Creditors: amounts falling due within one year
15
(12,091,290)
(7,382,049)
Net current liabilities
(4,623,778)
(3,431,092)
Total assets less current liabilities
(3,845,911)
(1,618,200)
Creditors: amounts falling due after more than one year
16
(3,382,330)
(4,683,899)
Provisions for liabilities
(167,402)
Net liabilities
(7,395,643)
(6,302,099)
Capital and reserves
Called up share capital
20
1,000
1,000
Capital redemption reserve
20,000
20,000
Profit and loss reserves
(7,416,643)
(6,323,099)
Total equity
(7,395,643)
(6,302,099)
The financial statements were approved by the board of directors and authorised for issue on 28 March 2023 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 YEAR ENDED 31 MARCH 2022
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2020
1,000
20,000
1,306,904
1,327,904
Period ended 31 March 2021:
Loss and total comprehensive expense for the period
-
-
(7,630,003)
(7,630,003)
Balance at 31 March 2021
1,000
20,000
(6,323,099)
(6,302,099)
Year ended 31 March 2022:
Loss and total comprehensive expenses for the year
-
-
(1,093,544)
(1,093,544)
Balance at 31 March 2022
1,000
20,000
(7,416,643)
(7,395,643)
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 12 -
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 subsidiary, 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.
The comparative values presented are not based on a 12 month period, and are therefore not entirely comparable. This is due to an extension of the previous period.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern
The financial statements have been prepared on a going concern basis.
true
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
.
Furthermore, the
ultimate parent company
of Absolute Taste Ltd ha
ve
confirmed its ability and intention to continue supporting the company both financially and operationally to enable the
c
ompany to continue its operations and activities for the foreseeable future and at least over the next twelve months and to support the
c
ompany 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
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.
1.4
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
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
.
1.5
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.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 14 -
1.6
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.
1.7
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.
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.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 15 -
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 16 -
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
1.13
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.
Government grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Government grants received include income received through the Coronavirus Job Retention Scheme.
1.14
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.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 17 -
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 estimates:
-
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.
3
Operating loss
2022
2021
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(151,590)
24,232
Government grants
(96,431)
(2,704,279)
Fees payable to the company's auditor for the audit of the company's financial statements
25,000
19,425
Depreciation of owned tangible fixed assets
362,790
554,373
Depreciation of tangible fixed assets held under finance leases
48,363
53,451
(Profit)/loss on disposal of tangible fixed assets
(2,000)
1,664
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 18 -
4
Turnover and other revenue
An analysis of the company's turnover is as follows:
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
24,221,515
6,623,486
USA
82,323
5,974
Saudi Arabia
15,076
2,751,691
Mexico
92,207
-
Canada
-
1,745
Italy
101,452
114,871
France
390,312
1,788
Germany
-
37,555
Other
969,909
888,887
25,872,794
10,425,997
2022
2021
£
£
Other significant revenue
Grants received
96,431
2,704,279
During
the period ended 31 March 202
2
, the company
claimed a total of £96,431 (2021:
£
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
.
5
Exceptional item
2022
2021
£
£
Expenditure
Exceptional items
-
4,776,135
In 2021, the exceptional costs relate to the write off of intra-group loans.
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Employees
299
380
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
6
Employees
(Continued)
- 19 -
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
9,914,005
7,636,618
Social security costs
649,156
670,516
Pension costs
149,090
192,758
10,712,251
8,499,892
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
279,364
380,298
Company pension contributions to defined contribution schemes
7,826
12,023
287,190
392,321
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
103,767
111,808
Company pension contributions to defined contribution schemes
1,750
3,972
8
Interest payable and similar expenses
2022
2021
£
£
Other interest on financial liabilities
164,083
125,854
Interest on finance leases and hire purchase contracts
4,843
(12,184)
168,926
113,670
9
Taxation
2022
2021
£
£
Current tax
Adjustments in respect of prior periods
(110,421)
(473,548)
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
9
Taxation
2022
2021
£
£
(Continued)
- 20 -
Deferred tax
Origination and reversal of timing differences
177,405
Total tax charge/(credit)
66,984
(473,548)
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Loss before taxation
(1,026,560)
(8,103,551)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
(195,046)
(1,539,675)
Tax effect of expenses that are not deductible in determining taxable profit
8,098
2,896
Unutilised tax losses carried forward
184,365
904,684
Adjustments in respect of prior years
(110,421)
(473,548)
Permanent capital allowances in excess of depreciation
6,650
(165,903)
Other permanent differences
43
2,361
Deferred tax adjustments in respect of prior years
177,405
Intercompany debt (forgiven)/written off
799,322
Pensions movement
(4,110)
(3,685)
Taxation charge/(credit) for the year
66,984
(473,548)
10
Subsidiaries
Details of the company's subsidiaries at 31 March 2022 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
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.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 21 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
600,230
Amortisation and impairment
At 1 April 2021 and 31 March 2022
600,230
Carrying amount
At 31 March 2022
At 31 March 2021
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2021
3,221,820
581,045
138,867
3,941,732
Additions
149,202
83,926
7,200
240,328
Disposals
(864,262)
(864,262)
At 31 March 2022
2,506,760
664,971
146,067
3,317,798
Depreciation and impairment
At 1 April 2021
1,600,344
472,630
55,804
2,128,778
Depreciation charged in the year
285,528
95,086
30,539
411,153
At 31 March 2022
1,885,872
567,716
86,343
2,539,931
Carrying amount
At 31 March 2022
620,888
97,255
59,724
777,867
At 31 March 2021
1,621,414
108,415
83,063
1,812,892
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2022
2021
£
£
Plant and equipment
63,868
81,692
Motor vehicles
59,724
83,063
123,592
164,755
Depreciation charge for the year in respect of leased assets
48,363
53,451
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 22 -
13
Stocks
2022
2021
£
£
Work in progress
516,443
193,016
Finished goods and goods for resale
733,991
136,398
1,250,434
329,414
14
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,172,461
533,267
Corporation tax recoverable
738
3,919
Amounts owed by group undertakings
4,333,915
2,326,966
Other debtors
319,892
129,965
Prepayments and accrued income
221,895
215,237
6,048,901
3,209,354
Deferred tax asset (note 20)
10,003
6,048,901
3,219,357
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
121,368
381,690
Total debtors
6,170,269
3,601,047
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 23 -
15
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans and overdrafts
17
1,094,064
568,844
Obligations under finance leases
84,871
168,232
Trade creditors
1,640,615
456,245
Taxation and social security
2,243,541
649,466
Other creditors
6,047,597
4,963,406
Accruals and deferred income
980,602
575,856
12,091,290
7,382,049
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
creditors
is an amount of £
43,967
(20
21
: Other
debtors
£
10,551
) 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.
16
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
17
3,340,741
4,400,000
Obligations under finance leases
41,589
Other creditors
283,899
3,382,330
4,683,899
17
Loans and overdrafts
2022
2021
£
£
Bank loans
4,318,519
4,400,000
Bank overdrafts
116,286
568,844
4,434,805
4,968,844
Payable within one year
1,094,064
568,844
Payable after one year
3,340,741
4,400,000
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 24 -
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2022
2021
2022
2021
Balances:
£
£
£
£
Accecelarted / Decelerated capital allowances
167,402
-
-
10,003
2022
Movements in the year:
£
Asset at 1 April 2021
(10,003)
Charge to profit or loss
177,405
Liability at 31 March 2022
167,402
19
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
149,090
192,758
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.
20
Share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1,000 ordinary shares of £1.00 each
1,000
1,000
21
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:
2022
2021
£
£
Within one year
51,959
52,672
Between two and five years
18,086
17,007
70,045
69,679
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 25 -
22
Directors' transactions
During the year, amounts were advanced to a director of the company and as at 31 March 202
2
, the total sum of £
23,389
(20
21
: £
16,140
) remained outstanding. Interest will be charged on this balance if it is not paid before 31 December 202
2
as it is more than £10,000.
23
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
868,764
122,450
Entities over which the entity has control, joint control or significant influence
200,000
283,899
Other related parties
4,283,659
4,645,922
The following amounts were outstanding at the reporting end date:
2022
2021
Balance
Balance
Amounts owed by related parties
£
£
Entities over which the entity has control, joint control or significant influence
4,300,000
759,320
Other related parties
33,914
1,949,337
24
Ultimate controlling party
T
he Menu Partners Limited
whose registered office is The Shed, Charbridge Lane, Bicester, OX26 4SS, i
s t
he ultimate parent company of Absolute Taste Limited at 31 March 202
2 and 31 March 2021.
The ultimate controlling parties at 31 March 202
2
are N J Harris and J M Tanner by virtue of their holdings in The Menu Partners Limited.
2022-03-31
2021-04-01
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Mr N J Harris
Mr N J Harris
Mr G A Kennerley
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