Company Registration No. 03308362 (England and Wales)
ABSOLUTE TASTE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
ABSOLUTE TASTE LIMITED
COMPANY INFORMATION
Directors
Mr N J Harris
Mrs L J Redding
Mr G A Kennerley
Mr N Allen
Mr J M Tanner
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 - 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 2023
- 1 -
The directors present the strategic report for the year ended 31 March 2023.
Principal activity
The principal activity of the company is that of a Hospitality Catering company and is 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, 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 financial year ending 31st March 2023 has been a significant step forward for Absolute Taste, in terms of our recovery post the pandemic and it has seen us successfully complete year 1 of our 3 year strategic plan. This plan is focused principally on:
Leveraging the collective Group business (The Menu Partners) with our innovative solutions of supply chain, coupled with the market leading front-end service proposition of Absolute Taste. This has provided a platform to develop a strong long-term pipeline as new customer interest has significantly increased in our offering.
Mitigation of rising costs in raw materials and base labour costs due to the inflationary pressures which have significantly affected these key areas. Absolute Taste prepared for these challenges via a combination of:
Continued improved supply chain terms, supported by our Group company (The Menu Partners)
Growth into new client business with terms that reflect the current inflationary market
Restructure of the offers with our existing customers working with them to balance propositions, reflecting efficiencies (from leveraging the collective Group) and strategic (via market intelligence) tariff increases
Growth of larger 365 projects that provide best value and economic cost base due to their year-round nature. This along with a targeted pipeline in all of the 3 main business activities, especially in our Events and Travel sectors, has seen year on year top line growth (36%) that has surpassed our targets in year 1 of our plan by 11%.
2023 growth has predominantly come from new long term contract gains within motorsports and golf with 2 key projects being mobilised during the final quarter of the year. These will both positively manifest themselves during the financial year ending March 2024, providing once again material year on year growth to the business.
Our Travel sector has also seen revenue increase of 40% due to expanding relationships in some of our existing contracts resulting in an increase of 1.5m more customers across the 2022/23 financial year.
Our growth to revenues has been the key driver to improved margins as we begin to return to normalised levels. Gross Profit increased by £2.1m during the trading year, despite our continued investment into the growth of our team and their expertise that will be required to implement year 2 of our strategic plan as our strong pipeline ramps up during the 2023/24 financial year.
Whilst the loss for the financial year was £0.2m this is relative to a £1.1m loss in 2021/22, representing a significant improvement year on year and is ahead of our 3 year strategic plan. Given the trajectory of financial performance, the directors expect to achieve net profitability in the 2023/24 financial year.
ABSOLUTE TASTE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Key factors influencing performance
As described last year, our strong long term new business pipeline is still growing and has ensured 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 have remained focused on mitigation of the increases in raw material costs within key commodities that are influenced by external economic factors, largely because of: the prolonged inflationary charged economy; Brexit; and the post Pandemic environment. 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 evolution. This focus is illustrated in our improved year on year trading result which has been a key area of our long-range plan already instigated.
Other notable developments within the trading period
As 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. This we believe, following the success in the financial year 2023, will be a key source of our sales development for the medium to long term.
Absolute Taste has also continued to develop across the core areas of its UK business. Our Travel business grew significantly in the financial year 2023 with the continued growth of our new contracts in both Aviation and Train operations. The similarity in these operations offers a perfect synergy that has opened up some significant new business gains that we have realised in 2022/23 financial year. This growth has been material to the Absolute Taste business.
The strategy remains of extending our relationships with all our key clients which has again been a key focus in the financial year. Our plan to grow into multiple events with our existing key clients was also achieved with one major client awarding Absolute Taste all of their UK business.
Developments in the immediate future
In related businesses during 2023/24 we will have successfully opened our Absolute Taste Middle East business, established a team and secured our first opportunities. This we expect to be a significant source of future revenues.
We have also established our US entity and have secured a major client and we will be executing upwards of 6 major events in 2023/ 24 financial year.
The outlook
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. It is continued to be 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. It is also believed that the future strategy of the business sets it apart from the competition and this will manifest itself over the next 3 to 5 years. Through continued investment into the business by its shareholders, Absolute Taste has now centralised much of its food making operations ensuring it can effectively and efficiently service all areas of its business, whilst removing significant fixed costs.
Principle risks and uncertainties mitigation
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 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.
ABSOLUTE TASTE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 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 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 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 1st April 2025 (“the period”) which shows the company trading, financial position and cash flows for the period.
In conjunction with this standalone view, the directors have considered the position of the wider TMP Group, of which Absolute Taste remains a key strategic division and enjoys the full support of the 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
18 December 2023
ABSOLUTE TASTE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2023.
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 2023 are set out on page 9.
No ordinary dividends were paid (2022: £nil). The directors do not recommend payment of a final dividend (2022: £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 J Redding
Mr G A Kennerley
Mr N Allen
Mr J M Tanner
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 treats all staff and job applicants equally. Selection, recruitment, advancement and promotion are based on merit and not on any consideration of age, gender, marital status, ethnicity or religion.
The company's policy is to consult and discuss with employees, through 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
The auditor, Shaw Gibbs (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
ABSOLUTE TASTE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr N J Harris
Director
18 December 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 2023 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 2023 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' report 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 identified material misstatements in the strategic report or the directors' report.
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' responsibilities statement, 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.
Malik Nayyer Salim
Senior Statutory Auditor
For and on behalf of Shaw Gibbs (Audit) Limited
18 December 2023
Chartered Certified Accountants
Statutory Auditor
264 Banbury Road
Oxford
OX2 7DY
ABSOLUTE TASTE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
Turnover
4
35,208,020
25,872,793
Cost of sales
(25,242,766)
(18,005,710)
Gross profit
9,965,254
7,867,083
Administrative expenses
(10,377,214)
(8,821,148)
Other operating income
96,431
Operating loss
3
(411,960)
(857,634)
Interest payable and similar expenses
7
(178,909)
(168,926)
Loss before taxation
(590,869)
(1,026,560)
Tax on loss
8
433,665
(66,984)
Loss for the financial year
(157,204)
(1,093,544)
Total comprehensive expense for the year
(157,204)
(1,093,544)
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 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
526,900
777,867
Current assets
Stocks
12
1,563,325
1,250,434
Debtors
13
7,336,397
6,170,269
Cash at bank and in hand
1,664,720
46,809
10,564,442
7,467,512
Creditors: amounts falling due within one year
14
(16,257,461)
(12,091,290)
Net current liabilities
(5,693,019)
(4,623,778)
Total assets less current liabilities
(5,166,119)
(3,845,911)
Creditors: amounts falling due after more than one year
15
(2,386,728)
(3,382,330)
Provisions for liabilities
(167,402)
Net liabilities
(7,552,847)
(7,395,643)
Capital and reserves
Called up share capital
19
1,000
1,000
Capital redemption reserve
20,000
20,000
Profit and loss reserves
(7,573,847)
(7,416,643)
Total equity
(7,552,847)
(7,395,643)
The financial statements were approved by the board of directors and authorised for issue on 18 December 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 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 April 2021
1,000
20,000
(6,323,099)
(6,302,099)
Year ended 31 March 2022:
Loss and total comprehensive expense for the year
-
-
(1,093,544)
(1,093,544)
Balance at 31 March 2022
1,000
20,000
(7,416,643)
(7,395,643)
Year ended 31 March 2023:
Loss and total comprehensive expense for the year
-
-
(157,204)
(157,204)
Balance at 31 March 2023
1,000
20,000
(7,573,847)
(7,552,847)
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 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 amounts 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. The company has therefore taken advantage of exemptions 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 YEAR ENDED 31 MARCH 2023
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 recognised 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 have 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
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:
Leasehold land and buildings
20% straight line
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 2023
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 2023
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 payments 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. Amounts 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 2023
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 received 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 2023
- 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.
Determine if there are any indicators of impairment of the stock balance held by the company. These provisions require estimates to be calculated which include the forecasted customer demand, the promotional, competitive an economic environment as well as the ageing of stock and sell by date of perishable stock items. These variables are monitored by the directors and a provision is in place to mitigate the relevant risks.
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
3
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange gains
(1,523)
(151,590)
Government grants
-
(96,431)
Fees payable to the company's auditor for the audit of the company's financial statements
26,000
25,000
Depreciation of owned tangible fixed assets
441,750
362,790
Depreciation of tangible fixed assets held under finance leases
17,824
48,363
Profit on disposal of tangible fixed assets
(55,186)
(2,000)
4
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
32,809,405
24,221,515
USA
875,332
82,323
Saudi Arabia
415,573
15,076
Mexico
-
92,207
Morocco
232,377
-
Italy
-
101,452
France
-
390,312
Other
875,333
969,909
35,208,020
25,872,794
2023
2022
£
£
Other significant revenue
Grants received
-
96,431
During the period ended 31 March 2023, the company claimed a total of £Nil (2022: £96,431) 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 YEAR ENDED 31 MARCH 2023
- 19 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Employees
363
299
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
13,336,828
9,914,005
Social security costs
939,833
649,156
Pension costs
181,971
149,090
14,458,632
10,712,251
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
255,508
279,364
Company pension contributions to defined contribution schemes
16,000
7,826
271,508
287,190
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
165,608
103,767
Company pension contributions to defined contribution schemes
11,492
1,750
7
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
174,066
164,083
Interest on finance leases and hire purchase contracts
4,843
4,843
178,909
168,926
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
8
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(110,421)
Deferred tax
Origination and reversal of timing differences
(433,665)
177,405
Total tax (credit)/charge
(433,665)
66,984
The actual (credit)/charge 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:
2023
2022
£
£
Loss before taxation
(590,869)
(1,026,560)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(112,265)
(195,046)
Tax effect of expenses that are not deductible in determining taxable profit
1,177
8,098
Unutilised tax losses carried forward
113,925
184,365
Adjustments in respect of prior years
(110,421)
Permanent capital allowances in excess of depreciation
1,898
6,650
Other permanent differences
43
Deferred tax adjustments in respect of prior years
(433,665)
177,405
Pensions movement
5,325
(4,110)
Loss on sale of fixed assets
(10,060)
Taxation (credit)/charge for the year
(433,665)
66,984
9
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
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 2023
- 21 -
10
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
600,230
Amortisation and impairment
At 1 April 2022 and 31 March 2023
600,230
Carrying amount
At 31 March 2023
At 31 March 2022
11
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
2,506,760
664,971
146,067
3,317,798
Additions
119,785
95,093
24,680
239,558
Disposals
(134,697)
(134,697)
Transfers
(2,994)
(2,994)
At 31 March 2023
119,785
2,601,853
686,657
11,370
3,419,665
Depreciation and impairment
At 1 April 2022
1,885,872
567,716
86,343
2,539,931
Depreciation charged in the year
5,989
357,199
65,847
30,539
459,574
Eliminated in respect of disposals
(105,512)
(105,512)
Transfers
(1,228)
(1,228)
At 31 March 2023
5,989
2,243,071
632,335
11,370
2,892,765
Carrying amount
At 31 March 2023
113,796
358,782
54,322
526,900
At 31 March 2022
620,888
97,255
59,724
777,867
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
11
Tangible fixed assets
(Continued)
- 22 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
46,045
63,868
Motor vehicles
59,724
46,045
123,592
Depreciation charge for the year in respect of leased assets
17,824
48,363
12
Stocks
2023
2022
£
£
Work in progress
980,387
516,443
Finished goods and goods for resale
582,938
733,991
1,563,325
1,250,434
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,049,489
1,172,461
Corporation tax recoverable
738
Amounts owed by group undertakings
4,292,954
4,333,915
Other debtors
271,067
319,892
Prepayments and accrued income
456,623
221,895
7,070,133
6,048,901
Deferred tax asset (note 20)
266,264
7,336,397
6,048,901
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
121,368
Total debtors
7,336,397
6,170,269
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
1,548,815
1,094,064
Obligations under finance leases
17,824
84,871
Trade creditors
1,063,392
1,640,615
Taxation and social security
2,366,751
2,243,541
Other creditors
6,093,910
6,047,597
Accruals and deferred income
5,166,769
980,602
16,257,461
12,091,290
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 £343,045 (2022 : £43,967) 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.
15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
2,362,963
3,340,741
Obligations under finance leases
23,765
41,589
2,386,728
3,382,330
16
Loans and overdrafts
2023
2022
£
£
Bank loans
3,340,741
4,318,519
Bank overdrafts
571,037
116,286
3,911,778
4,434,805
Payable within one year
1,548,815
1,094,064
Payable after one year
2,362,963
3,340,741
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accecelarted / Decelerated capital allowances
-
167,402
266,264
-
2023
Movements in the year:
£
Liability at 1 April 2022
167,402
Credit to profit or loss
(369,763)
Effect of change in tax rate - profit or loss
(63,903)
Asset at 31 March 2023
(266,264)
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
181,971
149,090
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.
19
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000 ordinary shares of £1.00 each
1,000
1,000
20
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:
2023
2022
£
£
Within one year
17,607
51,959
Between two and five years
479
18,086
18,086
70,045
ABSOLUTE TASTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
21
Directors' transactions
During the year, amounts were advanced from a director of the company and as at 31 March 2023, the total sum of £713,130 (2022: £23,389) remained outstanding. Interest will be charged on this balance if it is not paid before 31 December 2023 as it is more than £10,000.
22
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2023
2022
Amounts owed to related parties
£
£
Entities with control, joint control or significant influence over the company
259,486
868,764
Entities over which the entity has control, joint control or significant influence
200,000
200,000
Other related parties
3,807,416
4,283,659
During the year the company entered into the following transactions with related parties:
2023
2022
Amounts owed by related parties
£
£
Entities over which the entity has control, joint control or significant influence
4,040,454
4,300,000
Other related parties
252,499
33,914
23
Ultimate controlling party
The Proper Food and Drink Company Limited, whose registered office is The Shed, Charbridge Lane, Bicester, OX26 4SS, is the parent company of Absolute Taste Limited at 31 March 2023 and 31 March 2022.
The Menu Partners Limited whose registered office is The Shed, Charbridge Lane, Bicester, OX26 4SS, is the ultimate parent company of Absolute Taste Limited at 31 March 2023 and 31 March 2022.
The smallest and largest group of companies within which the company belongs and for which consolidated financial statements are prepared is that headed by The Menu Partners Limited. The Group financial statements can be obtained from its registered office, The Shed, Charbridge Lane, Bicester, OX26 4SS,
The ultimate controlling parties at 31 March 2023 are N J Harris and J M Tanner by virtue of their holdings in The Menu Partners Limited.
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