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Company No: 05982646 (England and Wales)

STYLES FARMHOUSE ICE CREAM LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

STYLES FARMHOUSE ICE CREAM LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

STYLES FARMHOUSE ICE CREAM LIMITED

BALANCE SHEET

As at 31 December 2023
STYLES FARMHOUSE ICE CREAM LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 819,593 174,134
819,593 174,134
Current assets
Stocks 110,422 135,935
Debtors 5 34,087 30,341
Cash at bank and in hand 111,228 108,437
255,737 274,713
Creditors: amounts falling due within one year 6 ( 203,995) ( 73,358)
Net current assets 51,742 201,355
Total assets less current liabilities 871,335 375,489
Creditors: amounts falling due after more than one year 7 ( 616,961) ( 147,137)
Provision for liabilities ( 30,133) ( 35,000)
Net assets 224,241 193,352
Capital and reserves
Called-up share capital 2 2
Profit and loss account 224,239 193,350
Total shareholders' funds 224,241 193,352

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Styles Farmhouse Ice Cream Limited (registered number: 05982646) were approved and authorised for issue by the Board of Directors on 05 September 2024. They were signed on its behalf by:

D Baker
Director
STYLES FARMHOUSE ICE CREAM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
STYLES FARMHOUSE ICE CREAM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Styles Farmhouse Ice Cream Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Styles Farm, Rodhuish, Minehead, Somerset, TA24 6QN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 50 years straight line
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 18

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 300,000 300,000
At 31 December 2023 300,000 300,000
Accumulated amortisation
At 01 January 2023 300,000 300,000
At 31 December 2023 300,000 300,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 0 303,239 573,990 1,281 878,510
Additions 682,351 21,066 0 0 703,417
Disposals ( 5,000) ( 12,340) 0 0 ( 17,340)
At 31 December 2023 677,351 311,965 573,990 1,281 1,564,587
Accumulated depreciation
At 01 January 2023 0 241,311 462,774 291 704,376
Charge for the financial year 2,720 15,045 27,816 198 45,779
Disposals 0 ( 5,161) 0 0 ( 5,161)
At 31 December 2023 2,720 251,195 490,590 489 744,994
Net book value
At 31 December 2023 674,631 60,770 83,400 792 819,593
At 31 December 2022 0 61,928 111,216 990 174,134

Land at historic cost of £136,470 has not been depreciated.

5. Debtors

2023 2022
£ £
Trade debtors 32,477 20,655
Other debtors 1,610 9,686
34,087 30,341

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 30,107 10,000
Trade creditors 18,315 6,727
Taxation and social security 18,221 36,693
Obligations under finance leases and hire purchase contracts 1,967 2,482
Other creditors 135,385 17,456
203,995 73,358

The bank loan is secured with a charge over the freehold property.

Obligations under finance leases and hire purchase contracts are secured on the asset to which the lease relates.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 459,965 25,833
Other creditors 156,996 121,304
616,961 147,137

The bank loan is secured with a charge over the freehold property.

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Joint personal guarantees to the company's bankers from the directors totalling 210,000 125,000
Loan from the directors to the company 140,109 95,972