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Registered number: 09955541










SIDOLI HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

 
SIDOLI HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
C D T Sidoli 
P A Sidoli 




Registered number
09955541



Registered office
Henfaes Lane

Welshpool

Powys

SY21 7BE




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
SIDOLI HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditors' Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Statement of Financial Position
 
11 - 12
Company Statement of Financial Position
 
13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Notes to the Financial Statements
 
18 - 36


 
SIDOLI HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

Introduction
 
The Directors present their Strategic Report for the year ended 31 January 2024. 

Business review
 
The Group has continued to face considerable challenges as a result of worldwide disruption to supply chains and markets along with the worldwide economic uncertainty. Inflation remains stubbornly high and has resulted in significant increases in input costs ranging across commodities, packaging, starches, energy and labour. However, largely due to the reorganisation and business restructure undertaken over the last few years, we have been able to manage these challenges and perform strongly in all markets. We continually review our business strategy, our product range and offering based on in-depth understanding, market insight, and customer requirements within our sector.
The global economic uncertainty and supply chain issues have continued to impact business in the UK and Europe throughout the year, although we are starting to see a return to stronger trading in all our key sectors. We have invested heavily in our workforce and skills during the past year, the benefit of which is improving efficiency and capacity which puts us in a strong position to react to continued, and future growth in all sectors.
We continue to invest in new ways of working, new systems, and extensive training, along with Solar and renewable energy in order to mitigate some of the price pressures prevalent in the market. We continue to review our business structures and are confident that we are in a good position to trade strongly through this challenging period and react positively as markets and trading conditions return to normal. We have, wherever possible, built contingency stock in raw materials to ease supply chain constrains and price inflation.
As in the past few years, the Group will continue to be subject to price pressures around commodities, along with expected regulatory and taxation increases driven by the rebuilding of the economy. We believe that with our history of fiscal prudence, continual review, and close management we are, and will remain, in a strong position to trade through these difficult situations.

Principal risks and uncertainties
 
The principal risks to the business are set out in the business review above, namely the challenging economic circumstances, in particular the broad inflationary pressures impacting the UK and the broader global economy. 
The Group’s continued success is also dependent on the retention of key personnel, and the Group aims to provide an excellent working environment and terms of employment.

Financial key performance indicators
 
The Directors monitor the performance of the Group through key performance indicators such as sales, gross margin and the diversity of its key customers.

Other key performance indicators
 
The Group uses a suite of non-financial KPIs to monitor and measure success on a weekly basis which cover the whole business operating spectrum reflecting the changing needs of the business. 
In addition other non financial areas of the business such as customer service, staff productivity and wellbeing indicators considered key to the business are also monitored using KPIs. 

Page 1

 
SIDOLI HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Directors' statement of compliance with duty to promote the success of the Group
 
The Board of Directors consider, both individually and collectively, that they have acted in ways that they believe in good faith to be most likely to promote the success of the Company for the benefit of its shareholders as a whole.
We recognise our people as our most important asset and aim to be a responsible employer.  The health, safety and wellbeing of our people is of the highest importance and continually work hard to create a culture were this is paramount in our day-to-day operations.
Customers are at the heart of everything we do. This is demonstrated in our passion for desserts and dessert development together with investing heavily in Innovation, research and development so that we can continue to offer the best quality products.
We seek to develop long term partnerships with our Customers and Suppliers, which are mutually beneficial and have a reputation for transparency and fair dealing in our interactions. This ultimately benefits our customer with value and a high-quality product range.
As the Board of Directors, our intention is always to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance.  We recognise that the maintenance of our good reputation, founded on responsible behaviour, is fundamental to our continuing ability to achieve profitable growth for the benefit of all our stakeholders in the future.


This report was approved by the board and signed on its behalf.



................................................
C D T Sidoli
Director

Date: 25 July 2024

Page 2

 
SIDOLI HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The Directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Results and dividends

The profit for the year, after taxation, amounted to £4,557,147 (2023 - £3,475,969).

A dividend was declared and paid during the year of £2,500,000 (2023: £5,000,000).

Directors

The Directors who served during the year were:

C D T Sidoli 
P A Sidoli 

Page 3

 
SIDOLI HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


Future developments

The outlook for the business is set out in the strategic report.  In investing, the business continues.
The business continues to undertake research and development activity with a view to enhancing its product quality and production processes. It also continues to invest in its infrastructure and explore the development of new geographical markets.

Research and development activities

The Group’s core R&D activities are three-fold and cover:
New product development – the development of new products and reformulation of existing
recipes, to meet new regulatory requirements (e.g. low sugar, low salt) or target new markets
(e.g. vegan or gluten-free diets);
Process improvement – substantial changes and improvements to the processes within the
Welshpool factory environment; and
Software and systems development – the design and implementation of novel software solutions to support the changing business needs.

Engagement with employees

The Group places considerable value on the involvement of its employees and has continued its previous practice of keeping them informed on matters affecting them.

Engagement with suppliers, customers and others

Engagement with suppliers and customers is key to our sucess. We work closely with our supply chain and take
action, when necessary, to prevent involvement in modern slavery, corruption, bribrary and breaches of
competition law.
The Directors recognise the importance of building strong relationships with suppliers. Our suppliers provide
products and services that helps us to execute our strategy. We also recognise that developing a strong
understanding of customers' needs and putting that into our business strategy is critical.

Disabled employees

We are responsive to the needs of our employees. As such, should any employee of the Group become
disabled during their time with us, we will actively retrain that employee and make reasonable adjustments to
their working environment where possible, in order to keep the employee within the Group. It is the policy of
the Group that the recruitment, training, career development and promotion of disabled persons should, as
far as possible, be identical to that of other employees.

Page 4

 
SIDOLI HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


Greenhouse gas emissions, energy consumption and energy efficiency action

The Company and Group is exempt from disclosing information in respect of greenhouse gas emissions, energy consumption and energy efficiency action in the current year.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
C D T Sidoli
Director

Date: 25 July 2024

Page 5

 
SIDOLI HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDOLI HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Sidoli Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 January 2024 and of the Group's profit 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.


Basis for opinion


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 Group 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.


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 Group's or the parent 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.


Page 6

 
SIDOLI HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDOLI HOLDINGS LIMITED (CONTINUED)


Other information


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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
SIDOLI HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDOLI HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 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 Group 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:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company and the Group are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities 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.


Page 8

 
SIDOLI HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDOLI HOLDINGS LIMITED (CONTINUED)


Use of our 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 2006Our 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.





Andrew Maplass BA FCA (Senior Statutory Auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
26 July 2024
Page 9

 
SIDOLI HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Note
£
£

  

Turnover
 4 
32,337,150
26,883,905

Cost of sales
  
(19,459,174)
(17,166,881)

Gross profit
  
12,877,976
9,717,024

Administrative expenses
  
(7,505,311)
(5,084,572)

Other operating income
 5 
23,259
23,259

Operating profit
 6 
5,395,924
4,655,711

Net gains on fixed asset investments
  
426,875
(394,512)

Interest receivable and similar income
 10 
187,081
18,712

Profit before taxation
  
6,009,880
4,279,911

Tax on profit
 11 
(1,452,733)
(803,942)

Profit for the financial year
  
4,557,147
3,475,969

Profit for the year attributable to:
  

Owners of the parent Company
  
4,557,147
3,475,969

  
4,557,147
3,475,969

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 36 form part of these financial statements.

Page 10

 
SIDOLI HOLDINGS LIMITED
REGISTERED NUMBER: 09955541

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
6,202,600
5,903,155

Investments
 14 
3,015,962
3,015,962

Investment property
 15 
925,000
1,225,000

  
10,143,562
10,144,117

Current assets
  

Stocks
 16 
3,920,685
4,480,991

Debtors: amounts falling due after more than one year
 17 
-
169,923

Debtors: amounts falling due within one year
 17 
4,435,982
3,831,676

Current asset investments
 18 
4,502,413
4,076,437

Cash at bank and in hand
 19 
9,969,411
6,604,508

  
22,828,491
19,163,535

Creditors: amounts falling due within one year
 20 
(15,391,537)
(13,769,643)

Net current assets
  
 
 
7,436,954
 
 
5,393,892

Total assets less current liabilities
  
17,580,516
15,538,009

Creditors: amounts falling due after more than one year
 21 
(45,426)
(68,685)

Deferred taxation
 22 
(8,619)
-

Net assets
  
17,526,471
15,469,324

Page 11

 
SIDOLI HOLDINGS LIMITED
REGISTERED NUMBER: 09955541
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 23 
52,000
52,000

Merger reserve
 24 
18,265,299
18,265,299

Profit and loss account
 24 
(790,828)
(2,847,975)

Equity attributable to owners of the parent Company
  
17,526,471
15,469,324


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C D T Sidoli
Director

Date: 25 July 2024

Page 12

 
SIDOLI HOLDINGS LIMITED
REGISTERED NUMBER: 09955541

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
4,701,179
4,833,196

Investments
 14 
16,485,927
16,485,927

  
21,187,106
21,319,123

Current assets
  

Debtors: amounts falling due within one year
 17 
11,957,510
11,519,378

Cash at bank and in hand
 19 
1,443,827
1,415,995

  
13,401,337
12,935,373

Creditors: amounts falling due within one year
 20 
(11,738,381)
(11,599,464)

Net current assets
  
 
 
1,662,956
 
 
1,335,909

Total assets less current liabilities
  
22,850,062
22,655,032

  

  

Net assets
  
22,850,062
22,655,032


Capital and reserves
  

Called up share capital 
 23 
52,000
52,000

Merger reserve
 24 
13,469,965
13,469,965

Profit and loss account
 24 
9,328,097
9,133,067

  
22,850,062
22,655,032


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C D T Sidoli
Director

Date: 25 July 2024

The notes on pages 18 to 36 form part of these financial statements.

Page 13

 
SIDOLI HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
52,000
18,265,299
(1,323,944)
16,993,355


Comprehensive income for the year

Profit for the year
-
-
3,475,969
3,475,969
Total comprehensive income for the year
-
-
3,475,969
3,475,969


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(5,000,000)
(5,000,000)


Total transactions with owners
-
-
(5,000,000)
(5,000,000)



At 1 February 2022
52,000
18,265,299
(2,847,975)
15,469,324


Comprehensive income for the year

Profit for the year
-
-
4,557,147
4,557,147
Total comprehensive income for the year
-
-
4,557,147
4,557,147


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,500,000)
(2,500,000)


Total transactions with owners
-
-
(2,500,000)
(2,500,000)


At 31 January 2024
52,000
18,265,299
(790,828)
17,526,471


The notes on pages 18 to 36 form part of these financial statements.

Page 14

 
SIDOLI HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
52,000
13,469,965
8,873,776
22,395,741


Comprehensive income for the year

Profit for the year

-
-
5,259,291
5,259,291


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(5,000,000)
(5,000,000)


Total transactions with owners
-
-
(5,000,000)
(5,000,000)



At 1 February 2023
52,000
13,469,965
9,133,067
22,655,032


Comprehensive income for the year

Profit for the year

-
-
2,695,030
2,695,030


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,500,000)
(2,500,000)


Total transactions with owners
-
-
(2,500,000)
(2,500,000)


At 31 January 2024
52,000
13,469,965
9,328,097
22,850,062


The notes on pages 18 to 36 form part of these financial statements.

Page 15

 
SIDOLI HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
4,557,147
3,475,969

Adjustments for:

Depreciation of tangible assets
512,652
593,155

Loss on disposal of tangible assets
(42,316)
(27,093)

Government grants
(23,259)
(23,259)

Interest received
(187,081)
(18,712)

Taxation charge
1,452,733
687,609

Decrease/(increase) in stocks
560,306
(1,623,768)

(Increase) in debtors
(604,306)
(330,619)

Increase in creditors
1,187,328
3,862,293

Net fair value losses recognised in P&L
300,000
-

Corporation tax (paid)
(861,985)
(585,612)

Net cash generated from operating activities

6,851,219
6,009,963


Cash flows from investing activities

Purchase of tangible fixed assets
(882,989)
(645,885)

Sale of tangible fixed assets
113,208
77,253

Movement on short-term unlisted investments
(426,875)
394,512

Government grants received
23,259
23,259

Interest received
187,081
18,712

Net cash from investing activities

(986,316)
(132,149)
Page 16

 
SIDOLI HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024


2024
2023

£
£



Cash flows from financing activities

Dividends paid
(2,500,000)
(5,000,000)

Net cash used in financing activities
(2,500,000)
(5,000,000)

Net increase in cash and cash equivalents
3,364,903
877,814

Cash and cash equivalents at beginning of year
6,604,508
5,726,694

Cash and cash equivalents at the end of year
9,969,411
6,604,508


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
9,969,411
6,604,508

9,969,411
6,604,508


Page 17

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Sidoli Holdings Limited is a Company incorporated and domiciled in the UK and has its registered office and principal place of business at Henfaes Lane, Welshpool, SY21 7BE.
The principal activity of the Company is that of a holding Company. The principal activity of the trading subsidiary Company is the manufacture and production of ice cream, desserts, cakes and puddings.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 February 2015.

 
2.3

Going concern

After making enquires, the Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence for the foreseeable future. The Group therefore
continues to adopt the going concern basis in preparing its financial statements.
 

Page 18

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 19

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Freehold property
-
2%
Plant and machinery
-
10-33%
Motor vehicles
-
25%

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.

Page 21

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.13

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 22

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.20

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

Page 23

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.21

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. In the opinion of the directors, the
estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year are in respect of the investment property
valuation. At the Balance Sheet date, the carrying value of investment property was £925,000. The 2024
valuations were made by the directors, on an open market value for existing use basis.


4.


Turnover

The whole of the turnover is attributable to the manufacture and production of ice cream, desserts, cakes and puddings.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
30,977,493
25,548,364

Rest of Europe
1,359,657
1,335,541

32,337,150
26,883,905




Page 24

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Other operating income

2024
2023
£
£

Government grants receivable
23,259
23,259

23,259
23,259



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(50,313)
12,667

Other operating lease rentals
558,696
503,665


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
34,250
33,050

Fees payable to the Company's auditors and their associates in respect of:

All non-audit services not included above
3,000
2,900

Page 25

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
6,871,695
5,618,776
-
-

Social security costs
517,350
444,834
-
-

Cost of defined contribution scheme
124,447
115,100
-
-

7,513,492
6,178,710
-
-


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







233
238

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £NIL)

9.


Directors' remuneration

As restated
2024
2023
£
£

Directors' emoluments
1,126,795
122,067

1,126,795
122,067


During the year retirement benefits were accruing to 2 Directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £1,111,420 (2023 - £106,692).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2023 - £NIL).

Directors remuneration disclosures in the comparative period have been restated toi reflect amounts that were either incorrectly included or ommited in the previous period. Amounts disclosed as directors' emoluments in the prior year totalled £319,198. Directors' pension contributions disclosed in the prior year were £15,071. Amounts paid in respect of the highest paid director disclosed in the prior year totalled £Nil.

Page 26

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
187,081
18,712

187,081
18,712


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,274,191
687,609


1,274,191
687,609


Total current tax
1,274,191
687,609

Deferred tax


Accelerated capital allowances
178,542
116,333

Total deferred tax
178,542
116,333


Taxation on profit on ordinary activities
1,452,733
803,942
Page 27

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
6,009,880
4,729,911


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24% (2023 - 19%)
1,442,371
813,183

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(30,535)
53,013

Capital allowances for year in excess of depreciation
(127,610)
(55,431)

Profit on disposal of fixed assets
(10,372)
9,530

Adjustments to tax charge in respect of prior periods
-
(132,285)

Short-term timing difference leading to an increase (decrease) in taxation
(1,830)
-

Changes in provisions leading to an increase (decrease) in the tax charge
1,807
(401)

Deferred tax charge
178,542
116,333

Unrelieved tax losses carried forward
360
-

Total tax charge for the year
1,452,733
803,942


Factors that may affect future tax charges

From 1 April 2023, the main rate of Corporation Tax increased from 19% to 25% for companies with profits exceeding £250,000.


12.


Dividends

2024
2023
£
£


Dividends paid on ordinary shares
2,500,000
5,000,000

2,500,000
5,000,000

Page 28

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 February 2023
5,612,421
10,409,666
250,246
16,272,333


Additions
-
664,542
218,447
882,989


Disposals
-
(15,283)
(157,824)
(173,107)



At 31 January 2024

5,612,421
11,058,925
310,869
16,982,215



Depreciation


At 1 February 2023
779,225
9,483,412
106,541
10,369,178


Charge for the year on owned assets
132,017
323,074
57,561
512,652


Disposals
-
(15,274)
(86,941)
(102,215)



At 31 January 2024

911,242
9,791,212
77,161
10,779,615



Net book value



At 31 January 2024
4,701,179
1,267,713
233,708
6,202,600



At 31 January 2023
4,833,196
926,254
143,705
5,903,155

Page 29

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

           13.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Total

£
£
£

Cost or valuation


At 1 February 2023
5,612,421
40,712
5,653,133



At 31 January 2024

5,612,421
40,712
5,653,133



Depreciation


At 1 February 2023
779,225
40,712
819,937


Charge for the year on owned assets
132,017
-
132,017



At 31 January 2024

911,242
40,712
951,954



Net book value



At 31 January 2024
4,701,179
-
4,701,179



At 31 January 2023
4,833,196
-
4,833,196






Page 30

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 February 2023
13,469,965
3,015,962
16,485,927



At 31 January 2024
13,469,965
3,015,962
16,485,927





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

C D T Sidoli (Welshpool) Limited
Henfaes Lane, Welshpool, Powys, SY21 7BE
Ordinary
100%

The aggregate of the share capital and reserves as at 31 January 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Profit/(Loss)

C D T Sidoli (Welshpool) Limited
6,110,605

Page 31

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

15.


Investment property

Group


Freehold investment property

£



Valuation


At 1 February 2023
1,225,000


Surplus on revaluation
(300,000)



At 31 January 2024
925,000

The 2024 valuations were made by the Directors, on an open market value for existing use basis.




The Company has no investment property.


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
2,045,823
2,358,754

Finished goods and goods for resale
1,874,862
2,122,237

3,920,685
4,480,991


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Within cost of sales there is an obsolete stock provision write back of £20,087 (2023: £95,653).

Page 32

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Deferred tax asset
-
169,923
-
-

-
169,923
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
4,025,561
3,398,673
-
-

Amounts owed by group undertakings
-
-
11,957,086
11,518,954

Other debtors
366,469
393,833
-
-

Prepayments and accrued income
43,528
38,746
-
-

Deferred taxation
424
424
424
424

4,435,982
3,831,676
11,957,510
11,519,378



18.


Current asset investments

Group
Group
2024
2023
£
£

Unlisted investments
4,502,413
4,076,437

4,502,413
4,076,437



19.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
9,969,411
6,604,508
1,443,827
1,415,995

9,969,411
6,604,508
1,443,827
1,415,995


Page 33

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

20.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
878,481
815,795
-
-

Corporation tax
909,751
497,545
190,982
89,803

Other taxation and social security
109,997
98,426
-
-

Other creditors
11,726,162
11,736,431
11,542,899
11,504,381

Accruals and deferred income
1,767,146
621,446
4,500
5,280

15,391,537
13,769,643
11,738,381
11,599,464



21.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Accruals and deferred income
45,426
68,685

45,426
68,685





22.


Deferred taxation


Group



2024


£






At beginning of year
170,347


Charged to profit or loss
(178,542)



At end of year
(8,195)

Page 34

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
22.Deferred taxation (continued)

Company


2024


£






At beginning of year
424



At end of year
424

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(13,015)
167,742
424
424

Short term timing differences
4,820
2,605
-
-

(8,195)
170,347
424
424

Comprising:

Asset - due after one year
-
169,923
-
-

Asset - due within one year
424
424
424
424

Liability
(8,619)
-
-
-

(8,195)
170,347
424
424



23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



52,000 (2023 - 52,000) Ordinary shares of £1.00 each
52,000
52,000



24.


Reserves

Merger Reserve

The merger reserve was created upon the 2017 restructure of the business.

Profit and loss account

The profit and loss account represents the accumulated profits of the Group since incorporation less distributions made to shareholders.

Page 35

 
SIDOLI HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
25.


Analysis of net debt




At 1 February 2023
Cash flows
At 31 January 2024
£

£

£

Cash at bank and in hand

6,604,508

3,364,903

9,969,411

Liquid investments

(11,514,881)

(37,508)

(11,552,389)


(4,910,373)
3,327,395
(1,582,978)


26.


Pension commitments

The Group contributes to a defined contribution pension scheme for the benefit of eligible employees. The pension charge for the year was £124,447 (2023: £116,302). At the balance sheet date there were amounts payable totalling £17,771 (2023: £10,420).


27.


Commitments under operating leases

At 31 January 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
257,831
188,145

Later than 1 year and not later than 5 years
594,785
232,804

852,616
420,949

28.


Related party transactions

During the year dividends of £2,500,000 have been paid to Directors (2023: £5,000,000). At the year end £11,541,889 was owed to the Directors (2023: £11,504,381). Interest has been accrued on the balances  at a rate of 9.5%. The Directors' loan accounts are unsecured.
The Company is exempt from disclosing other related party transactions with Companies that are wholly owned within the Group. 


29.


Controlling party

The ultimate controlling party is C D T Sidoli by virtue of his majority shareholding in the Company.

 
Page 36