Registered number:
FOR THE YEAR ENDED 31 JANUARY 2024
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C D T SIDOLI (WELSHPOOL) LIMITED
COMPANY INFORMATION
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C D T SIDOLI (WELSHPOOL) LIMITED
CONTENTS
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C D T SIDOLI (WELSHPOOL) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
The Directors present their Strategic Report for the year ended 31 January 2024.
The Company 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 Company 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.
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 Company’s continued success is also dependent on the retention of key personnel, and the Company aims to provide an excellent working environment and terms of employment.
The Directors monitor the performance of the Company through key performance indicators such as sales, gross margin and the diversity of its key customers.
The Company 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.
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C D T SIDOLI (WELSHPOOL) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
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.
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C D T SIDOLI (WELSHPOOL) 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.
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 profit for the year, after taxation, amounted to £4,348,257 (2023 - £3,101,177).
A dividend was declared and paid during the year of £2,500,000 (2023: £5,000,000).
The Directors who served during the year were:
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.
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C D T SIDOLI (WELSHPOOL) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
The Company’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.
The Company 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 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.
The Company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as, the appropriate information was not available to the Directors at 31 January 2023. This information is expected to be available for the next financial period.
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C D T SIDOLI (WELSHPOOL) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
There have been no significant events affecting the Company since the year end.
The auditors, WR Partners, will 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.
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C D T SIDOLI (WELSHPOOL) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C D T SIDOLI (WELSHPOOL) LIMITED
We have audited the financial statements of C D T Sidoli (Welshpool) Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of comprehensive income, the Statement of financial position, 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.
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C D T SIDOLI (WELSHPOOL) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C D T SIDOLI (WELSHPOOL) LIMITED (CONTINUED)
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.
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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C D T SIDOLI (WELSHPOOL) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C D T SIDOLI (WELSHPOOL) LIMITED (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:
The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company 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 is 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'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.
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C D T SIDOLI (WELSHPOOL) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C D T SIDOLI (WELSHPOOL) LIMITED (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
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
Date:
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C D T SIDOLI (WELSHPOOL) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
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C D T SIDOLI (WELSHPOOL) LIMITED
REGISTERED NUMBER: 01656459
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024
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C D T SIDOLI (WELSHPOOL) LIMITED
REGISTERED NUMBER: 01656459
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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C D T SIDOLI (WELSHPOOL) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
C D T Sidoli (Welshpool) 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 the manufacture and production of ice cream, desserts, cakes and puddings.
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:
After making enquires, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
The company has taken advantage of the following disclosure exemptions in preparing these
financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": - the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Sidoli Holdings Limited as at 31 January 2024 and these financial statements may be obtained from Companies House.
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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.
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company 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.
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
2.Accounting policies (continued)
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.
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:
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
12.Taxation (continued)
From 1 April 2023, the main rate of Corporation Tax has increased from 19% to 25% for companies with profits exceeding £250,000.
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
The 2024 valuations were made by the directors, on an open market value for existing use basis.
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
22.Deferred taxation (continued)
Capital redemption reserve
Profit and loss account
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C D T SIDOLI (WELSHPOOL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
The Company 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).
During the prior year, the company had no transactions with directors (2023: £NIL).
The ultimate parent undertaking of the Company is Sidoli Holdings Limited, a Company which owns 100% of the issued share capital of the Company.
The ultimate controlling party is C D T Sidoli by virtue of his majority shareholding in Sidoli Holdings Limited.
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