ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number: SC351531
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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TAYLORS SNACKS LTD
COMPANY INFORMATION
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TAYLORS SNACKS LTD
CONTENTS
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TAYLORS SNACKS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
Taylors Snacks Ltd undertake trading activities in crisps, popcorn and snack manufacturing.
The financial year of 22/23 saw the business continue its strong growth trajectory with sales hitting £14.5m, up 30% year on year with growth in crisps, popcorn and healthy snacking. Slower sales within our international channel caused by higher logistical costs were offset by encouraging retail demand which saw significant increased volumes. The business had to absorb substantial price increases across nearly all commodities because of increased global economic pressures, and the Ukraine/Russia conflict adding to inflation. These increased costs coupled with rapidly rising haulage and logistical costs impacted both margin and profitability year on year. We have worked hard to get on top of rising costs which will benefit margins in the new financial year, however, there is still the risk that inflationary pressures will see the cost of some of our core raw materials increase further which will need to be managed and monitored closely. Business outlook forecasts some exciting sales growth in 23/24 and beyond, but amongst the backdrop of continued, challenging trading conditions. The acquisition of SY Foods Retail Ltd which is a popcorn manufacturer based in Dinnington, South Yorkshire best known for producing The Big Night In popcorn brand, were finalised in September 2022. This gives us full control of all our branded popcorn sales as well as presenting us with additional co-manufactured and retail private label opportunities across standard and toffee coated popcorn lines. The business absorbed large exceptional costs to ensure strong supplier relationships could be built upon, post-acquisition. General transitional costs had to be taken onboard to streamline functions and stage strategic changes over the course of the financial year. All these substantial costs were unavoidable, however will not be continued in future due to centralisation of functions. The final shareholding that Mackie’s of Scotland held in Mackie’s at Taypack Ltd was acquired at end of the last financial year, with staged payments across this financial year, making the business wholly Taylors family owned. As part of this, the business transitioned away from the Mackies branded crisps to the newly created Taylors Snacks brand. Taylors snacks were launched in April 2023, with retailers having varying launch dates around this period. No further Mackie’s of Scotland snacks are to be produced beyond the end of December 2023. As a result, the entity incurred significant costs and investment in the new brand, Taylors Snacks Ltd, to ensure as successful a launch as possible. In doing so, we had renamed the company to Taylors Snacks Ltd (formerly Mackie’s at Taypack Ltd) within the financial year.
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TAYLORS SNACKS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
We are growing the business organically, where we presently need to review and consider the financial impacts associated with any opportunities.
Retailer focus shifts towards own label products As retailers implement their own strategic plans, it is important that we are aware and well prepared to react if retailers move to promote their own labelled products, which in turn would be detrimental to our own branded sales. The launch of the Taylors Brand and how it was received in the market were important, being the main focus of analysing business spending to secure a successful launch and brand awareness. Reliance on one sale sector Increasing sales across all sectors and reducing exposure to any single customer will remain a priority. Price risk The company is exposed to commodity price risk as a result of its operations. The business sources commodities in some volatile markets. Key raw materials can be exposed to adverse variations in pricing due to market movements. These movements are mitigated by forward contracting in these areas for up to eighteen months in advance. Liquidity risk The company utilises external funding from Bank of Scotland. Creditors are all being paid in line with agreed timescales, and collections are being retrieved broadly in line with credit terms. The objective of the company in managing liquidity is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obilgations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the company has credit facilities avaliable. Customer credit exposure The company may offer credit terms to its customers which allow payment of the debt after delivery of the goods or service. The company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is migated by the strong ongoing customer relationship and strict credit control procedures. Interest rate risk The company are paying fixed rates of interest which may be adversely or favourably affected by market rate movement. Maintaining food standard Daily food testing and weekly audits are undertaken. A full BRC audit, being a requirement to be listed within retailers, is facilitated on an annual basis.
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TAYLORS SNACKS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The directors view the company's financial key performance indicators as:
This report was approved by the board on 27 March 2024 and signed on its behalf.
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TAYLORS SNACKS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
The directors present their report and the financial statements for the year ended 30 June 2023.
The directors are responsible for preparing the Strategic report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 to 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.
The loss for the year, after taxation, amounted to £997,578 (2022 - profit £1,734).
No dividends were paid during the year or in the prior year.
The directors who served during the year were:
The strategic report contains details of the principal risks and uncertainties facing the business.
The strategic report contains details of the future developments within the business review.
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TAYLORS SNACKS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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TAYLORS SNACKS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYLORS SNACKS LTD
We have audited the financial statements of Taylors Snacks Ltd (the 'Company') for the year ended 30 June 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of 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).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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 Auditors' 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.
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TAYLORS SNACKS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYLORS SNACKS LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the 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.
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.
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TAYLORS SNACKS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYLORS SNACKS LTD (CONTINUED)
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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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TAYLORS SNACKS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TAYLORS SNACKS LTD (CONTINUED)
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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
14 City Quay
DD1 3JA
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TAYLORS SNACKS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
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TAYLORS SNACKS LTD
REGISTERED NUMBER: SC351531
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 29 form part of these financial statements.
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TAYLORS SNACKS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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TAYLORS SNACKS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
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TAYLORS SNACKS LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
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TAYLORS SNACKS LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2023
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Taylors Snacks Ltd is a private company, limited by shares, incorporated in Scotland with a registration number of SC351531. The registered office and trading address is The Old Brickworks, Inchcoonans Road, Errol, Perthshire, PH2 7RB.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The director’s consider the company to be a going concern due to the following factors:
• The business has locked into contracts to negate the substantial raw material cost increases which has been a result of these financial results. • Significant own label contracts have since been awarded and have a staged launch across the new financial year period. • The investment in launch of the new brand has now ended, as the level of brand awareness has been achieved and recognised. • There is continued support from our bankers as we continue to invest into our exciting period ahead, and as our revenues and profits rise. • The business has the comfort of a strong group position to assist with any substantial investment required.
Functional and presentation currency
Transactions and balances
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position 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.
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, asset life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Assets are considered for indications of impairment, if required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit. Bad debts are provided where, in the opinion of the directors, there is objective evidence of the need for a provision.
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The whole of the turnover is attributable to the sale of crisps, popcorn and healthy snacks.
Analysis of turnover by country of destination:
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
12.Taxation (continued)
On 1 April 2023 the main rate of corporation tax was increased to 25%.
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
Capital redemption reserve
Profit and loss account
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £34,050 (2022 - £57,085). Contributions totalling £2,771 (2022 - £8,775) were payable to the fund at the balance sheet date and included in creditors.
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TAYLORS SNACKS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
The company is controlled by the director Mr G C Taylor.
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