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Registration number: 08846787

Holleys Fine Foods Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 December 2023

 

Holleys Fine Foods Holdings Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 6

Independent Auditor's Report

7 to 10

Consolidated Profit and Loss Account

11

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Statement of Cash Flows

18

Notes to the Financial Statements

19 to 32

Detailed Consolidated Profit and Loss Account

33 to 35

 

Holleys Fine Foods Holdings Limited

Company Information

Directors

Mr C D Holley

Mr J C Holley

Mr K Holley

Mr M Wallis

Mr R S Holley

Mr S A Rogers

Registered office

Unit F Boscombe Business Park
Severn Road
Hallen
Bristol
BS10 3DU

Bankers

Handelsbanken
66 Queen Square
Bristol
BS1 4JP

Auditors

Moore Scarrott Audit Limited
Calyx House
South Road
Taunton
Somerset
TA1 3DU

 

Holleys Fine Foods Holdings Limited

Strategic Report for the Year Ended 31 December 2023

The Directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the Group is the wholesale of food, beverages and confectionary.

Fair review of the business

The group saw a further growth in turnover this year which continues the success of the past few years in growing market share and expanding its customer base across the UK.

This past 12 months has seen the group relocate to larger and customer-built premises in Avonmouth to enable continued growth for the future and to allow the team to focus on delivering excellent service and efficient distribution of our product range.

Rising fuel and energy prices, cost inflation and labour shortages have all had an impact on our business over the past 12 months, but the team have worked hard to ensure that our prices remain competitive and our service levels have been maintained.

In a year that has been impacted by moving premises, implementing new systems and processes and expanding our geographical coverage, the Directors are pleased to present another year of excellent results and look forward to the year ahead knowing that the investment made in 2023 will put the business in a stronger position for the years ahead.

The Group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Gross profit margin

%

20

19

Net profit margin

%

6

12

Principal risks and uncertainties


Uncertainties in wider economy
The company is exposed to potential negative changes in the global economic and geopolitical environment, including but not restricted to, the impact of Brexit and the war in the Ukraine.

Rising inflation is an ongoing concern, for all businesses including our own.

The ongoing effects of rising energy costs and the cost of living crisis, for our staff, our group, our customers and our consumers, is an area for concern. As a producer, we continue to experience rapidly increasing costs arising from food produce and energy.

The risk is managed through continuous monitoring of the economic environment and regulatory changes, including ongoing engagement with regulators and external bodies, to assess the potential impact and mitigate accordingly.

Operational performance and reputation
Owing to a number of factors, there is a risk of decline to the high customer service levels which customers are accustomed to. The board maintains oversight of the key performance indicators of Group operations including regular board meetings with management.

There is also a risk of supply chain disruption adversely affecting product availability, delivery and cost. Risks are reviewed by the appropriate teams to manage key suppliers and products. Supplier assessments and due diligence are undertaken during the procurement process. There is also ongoing monitoring of supply chain demand against potential supply capacity constraints. Should significant circumstances arise, supply chain continuation plans are agreed upon by the Board and implemented by management.

 

Holleys Fine Foods Holdings Limited

Strategic Report for the Year Ended 31 December 2023

Section 172(1) statement

The directors understand the business, strategic targets and ever changing market and environment that the company operates in. Strategic decisions are taken at board level. The directors have taken decisions they believe are in the best interests of the company, members and stakeholders. The board meets every month to discuss current topics across all areas of the business. They receive an overview of the current financial performance and discuss matters of importance during the board meetings.

The directors recognise that the employees are fundamental and are integral to the business to deliver strategic ambitions. The success of the business depends on attracting, retaining and motivating employees. Directors ensure that the company does the upmost to be a responsible employer considering pay, benefits, upkeep of health and safety requirements and workplace environments. When making decisions the directors factor the implication of decisions on the employees where it is relevant and possible to do so.

The directors recognise that in order to achieve its strategic objectives it must have strong relationships with its customers and suppliers. The directors receive regular information and feedback from business operations that inform them how current and emerging relationships are developing. The directors actively seek and receive third party information indicating performance from a customer point of view. The directors also receive regular updates on supplier activities and contract management topics.

The directors will take into account the impact of the company's operations on the community and environment in any decision making process where it is necessary to do.

The directors are fully aware of their legal responsibilities and obligations, they are also fully aware of the Group Policies and Code of conduct which are designed to uphold the core values of the Group and ensure all stakeholders conduct themselves as it would expect. By following these principles and guidelines, the business is conducted with the upmost integrity. Regular internal reviews take place, which help ensure that the guidelines are followed and identify any areas or processes that can be improved.

The directors consider the best possible action in its decision making process to deliver the strategy aligned with the Group. When making these decisions the Directors act as fairly as they can for all members however this can mean that sometimes certain stakeholder interests may not be fully aligned.

The Board understand their duties and responsibilities individually and collectively. They have acted in accordance with their duties codified in law, which include their duty to act in a way in which they consider would be most likely to promote the success of the company to the benefit of its members whilst considering the stakeholders of the company and matters set out in section 172 (1) of the Companies Act 2006.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 


Mr R S Holley
Director

 

Holleys Fine Foods Holdings Limited

Directors' Report for the Year Ended 31 December 2023

The Directors present their report and the for the year ended 31 December 2023.

Directors of the Group
The Directors who held office during the year were as follows:
Mr C D Holley
Mr J C Holley
Mr K Holley
Mr M Wallis
Mr R S Holley (appointed 5 April 2023)
Mr S A Rogers
Mr R J Holley (deceased) (passed away on 5 February 2024)
Mrs L Wallis (resigned 5 May 2023)
Mrs S A Holley (resigned 5 May 2023)
Mrs J G Holley (resigned 5 May 2023)
Mrs D Holley (resigned 5 May 2023)
Mrs D A Rogers (resigned 5 May 2023)
Mrs R A Holley (resigned 5 May 2023)
Mrs M H Holley (resigned 20 April 2023)
Mr J D Wallis (resigned 20 April 2023)
Mrs D Wallis (resigned 20 April 2023)
 

Financial instruments

Objectives and policies

The group has adopted policies in respect of achieving its objectives relating to financial instruments through a mixture of bank facilities including overdraft arrangements and finance lease arrangements.

Further details of financial instruments are given within the notes to the financial statements under note 2 - Accounting Policies.

 

Holleys Fine Foods Holdings Limited

Directors' Report for the Year Ended 31 December 2023

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
The group's revenue derives from the wholesale of foods and as such, the group is exposed to the risk of price changes in the supply of the food market.

Credit risk
The group supplies goods to other companies and credit terms are offered to those customers. The group has credit risk insurance in place to protect against the risk of default by these debtors.

Interest rate risk
The group has a bank debt in place to fund the building of new premises, as such the group is exposed to the risk of increased interest rates when servicing capital repayments

Trading risk
The group is exposed to the risk in change of importation legislation and demand following the United Kingdom's exit from the European Union.

Supply chain risk
The group is also reliant on a good supply chain within the food and beverage industry without which the company is unable to fulfil customer contracts.

Cash flow risk
Risks of this nature generally arise from timing differences which arise during the group's trading cycle. Any exceptional cash flow risks are mitigated by careful management of banking facilities, level of stock, trade debtors and trade creditors by the group's experienced staff.

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Holleys Fine Foods Holdings Limited

Directors' Report for the Year Ended 31 December 2023

Disclosure of information to the auditor

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors Moore Scarrott Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 


Mr R S Holley
Director

 

Holleys Fine Foods Holdings Limited

Independent Auditor's Report to the Members of Holleys Fine Foods Holdings Limited

Opinion

We have audited the financial statements of Holleys Fine Foods Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

give a true and fair view of the state of the Group's and the parent Company's affairs as at 31 December 2023 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 auditor 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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.

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Holleys Fine Foods Holdings Limited

Independent Auditor's Report to the Members of Holleys Fine Foods Holdings Limited

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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.

Responsibilities of Directors

As explained more fully in the Director's Report [set out on page 5], the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

 

Holleys Fine Foods Holdings Limited

Independent Auditor's Report to the Members of Holleys Fine Foods Holdings Limited

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s, or the parent company’s, ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group, or the parent company, to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the group and the parent company, through discussions with directors and other management, and from our knowledge and experience of the sector;

we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements of the operations of the group and the parent company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance through the audit.

 

We assessed the susceptibility of the group and parent company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

understanding the design of the group and parent company’s remuneration policies.

 

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

 

Holleys Fine Foods Holdings Limited

Independent Auditor's Report to the Members of Holleys Fine Foods Holdings Limited

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators and the group and parent company’s legal advisors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.




Mr Duncan Nicholas FCA (Senior Statutory Auditor)
For and on behalf of Moore Scarrott Audit Limited, Statutory Auditor

Calyx House
South Road
Taunton
Somerset
TA1 3DU

19 September 2024

 

Holleys Fine Foods Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

4

22,543,264

19,709,357

Cost of sales

 

(18,094,504)

(15,880,275)

Gross profit

 

4,448,760

3,829,082

Administrative expenses

 

(3,134,670)

(1,186,134)

Other operating income

5

-

2,150

Operating profit

6

1,314,090

2,645,098

Other interest receivable and similar income

7

8,595

2,999

Interest payable and similar expenses

8

(397,672)

(189,228)

   

(389,077)

(186,229)

Profit before tax

 

925,013

2,458,869

Tax on profit

12

(228,985)

(236,132)

Profit for the financial year

 

696,028

2,222,737

Profit/(loss) attributable to:

 

Owners of the Company

 

696,028

2,222,737

All the above results relate to continuing operations.

The Group has no recognised gains or losses for the year other than the results above.

 

Holleys Fine Foods Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

696,028

2,222,737

Total comprehensive income for the year

696,028

2,222,737

Total comprehensive income attributable to:

Owners of the Company

696,028

2,222,737

 

Holleys Fine Foods Holdings Limited

(Registration number: 08846787)
Consolidated Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

14

68,390

93,197

Tangible assets

15

7,020,054

7,013,463

 

7,088,444

7,106,660

Current assets

 

Stocks

17

1,440,524

1,045,201

Debtors

18

2,939,602

2,107,825

Cash at bank and in hand

 

281,973

1,481,706

 

4,662,099

4,634,732

Creditors: Amounts falling due within one year

20

(2,614,052)

(6,493,970)

Net current assets/(liabilities)

 

2,048,047

(1,859,238)

Total assets less current liabilities

 

9,136,491

5,247,422

Creditors: Amounts falling due after more than one year

20

(4,685,798)

(810,000)

Provisions for liabilities

21

(474,920)

(326,193)

Net assets

 

3,975,773

4,111,229

Capital and reserves

 

Called up share capital

22

180,000

160,004

Capital redemption reserve

4

-

Retained earnings

3,795,769

3,951,225

Equity attributable to owners of the company

 

3,975,773

4,111,229

Shareholders' funds

 

3,975,773

4,111,229

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 


Mr R S Holley
Director

 

Holleys Fine Foods Holdings Limited

(Registration number: 08846787)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

15

6,484,098

6,510,602

Investments

16

118,900

118,900

 

6,602,998

6,629,502

Current assets

 

Debtors

18

1,021,954

534,258

Cash at bank and in hand

 

47,810

777,488

 

1,069,764

1,311,746

Creditors: Amounts falling due within one year

20

(914,941)

(4,898,155)

Net current assets/(liabilities)

 

154,823

(3,586,409)

Total assets less current liabilities

 

6,757,821

3,043,093

Creditors: Amounts falling due after more than one year

20

(4,615,425)

(810,000)

Provisions for liabilities

21

(330,342)

(187,075)

Net assets

 

1,812,054

2,046,018

Capital and reserves

 

Called up share capital

22

180,000

160,004

Capital redemption reserve

4

-

Retained earnings

1,632,050

1,886,014

Shareholders' funds

 

1,812,054

2,046,018

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 


Mr R S Holley
Director

 

Holleys Fine Foods Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2023
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total equity
£

At 1 January 2023

160,004

-

3,951,225

4,111,229

Profit for the year

-

-

696,028

696,028

Total comprehensive income

-

-

696,028

696,028

Dividends

-

-

(831,484)

(831,484)

New share capital subscribed

20,000

-

-

20,000

Purchase of own share capital

(4)

-

-

(4)

Transfers

-

-

(20,000)

(20,000)

Other capital redemption reserve movements

-

4

-

4

At 31 December 2023

180,000

4

3,795,769

3,975,773

Share capital
£

Profit and loss account
£

Total equity
£

At 1 January 2022

160,004

2,412,543

2,572,547

Profit for the year

-

2,222,737

2,222,737

Total comprehensive income

-

2,222,737

2,222,737

Dividends

-

(684,055)

(684,055)

At 31 December 2022

160,004

3,951,225

4,111,229

 

Holleys Fine Foods Holdings Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

160,004

-

1,886,014

2,046,018

Profit for the year

-

-

597,520

597,520

Dividends

-

-

(831,484)

(831,484)

New share capital subscribed

20,000

-

-

20,000

Purchase of own share capital

(4)

-

-

(4)

Transfers

-

-

(20,000)

(20,000)

Other capital redemption reserve movements

-

4

-

4

At 31 December 2023

180,000

4

1,632,050

1,812,054

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

160,004

487,278

647,282

Profit for the year

-

2,082,791

2,082,791

Dividends

-

(684,055)

(684,055)

At 31 December 2022

160,004

1,886,014

2,046,018

 

Holleys Fine Foods Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

696,028

2,222,737

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

258,782

97,241

Profit on disposal of tangible assets

-

(1,469,104)

Finance income

7

(8,595)

(2,999)

Finance costs

8

398,723

195,899

Income tax expense

12

228,985

236,132

 

1,573,923

1,279,906

Working capital adjustments

 

Increase in stocks

17

(395,323)

(93)

Increase in trade debtors

18

(883,710)

(62,942)

Increase in trade creditors

20

4,265

39,679

Cash generated from operations

 

299,155

1,256,550

Income taxes paid

12

(85,556)

(261,872)

Net cash flow from operating activities

 

213,599

994,678

Cash flows from investing activities

 

Interest received

8,595

2,999

Acquisitions of tangible assets

(270,119)

(4,794,074)

Proceeds from sale of tangible assets

 

29,555

2,299,999

Acquisition of intangible assets

14

-

(34,100)

Net cash flows from investing activities

 

(231,969)

(2,525,176)

Cash flows from financing activities

 

Interest paid

8

(398,723)

(195,899)

Proceeds from bank borrowing draw downs

 

(86,489)

2,988,286

Repayment of other borrowing

 

-

(5,629)

Payments to finance lease creditors

 

135,333

-

Dividends paid

(831,484)

(684,055)

Net cash flows from financing activities

 

(1,181,363)

2,102,703

Net (decrease)/increase in cash and cash equivalents

 

(1,199,733)

572,205

Cash and cash equivalents at 1 January

 

1,481,706

909,501

Cash and cash equivalents at 31 December

 

281,973

1,481,706

 

Holleys Fine Foods Holdings Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

597,520

2,082,791

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

71,090

7,288

Profit on disposal of tangible assets

-

(1,469,104)

Finance income

(937,156)

(686,725)

Finance costs

398,723

192,873

Income tax expense

12

195,322

135,142

 

325,499

262,265

Working capital adjustments

 

(Increase)/decrease in trade debtors

18

(539,629)

177,246

Decrease in trade creditors

20

(91,302)

(288,914)

Cash generated from operations

 

(305,432)

150,597

Income taxes paid

12

(122)

(51,934)

Net cash flow from operating activities

 

(305,554)

98,663

Cash flows from investing activities

 

Interest received

937,156

686,725

Acquisitions of tangible assets

(74,141)

(4,397,624)

Proceeds from sale of tangible assets

 

29,555

2,299,999

Net cash flows from investing activities

 

892,570

(1,410,900)

Cash flows from financing activities

 

Interest paid

(398,723)

(192,873)

Proceeds from bank borrowing draw downs

 

(86,487)

2,988,286

Repayment of other borrowing

 

-

(5,630)

Dividends paid

(831,484)

(684,055)

Net cash flows from financing activities

 

(1,316,694)

2,105,728

Net (decrease)/increase in cash and cash equivalents

 

(729,678)

793,491

Cash and cash equivalents at 1 January

 

777,488

(16,003)

Cash and cash equivalents at 31 December

 

47,810

777,488

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit F Boscombe Business Park
Severn Road
Hallen
Bristol
BS10 3DU
England

These financial statements were authorised for issue by the Board on 19 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December 2023.

A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable
assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are
met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are
received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current 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 operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

33% reducing balance

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

25% reducing balance

Investments

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

3 Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects that period, or in the period of revision and future periods if the revision affects both current and future periods. The critical judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Critical judgements

Depreciation rates and residual values
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing assets lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Sources if estimation uncertainty
Impairment of fixed assets
The company determines whether there are indicators of impairment of tangible asset. Factors taken into account consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Stock provision
The company determins whether there are conditions that exist at the balance sheet date that indicates that the net realisable value of individual stock lines are less than the carrying value. Such indicators include post year end sales, and market demand.

Bad debt provision
The company determines whether there are conditions that exist at the balance sheet date that indicates the recoverable value of debtors is less than the carrying value. Such indicators include post year end cash receipts, and customer sales activity.

4

Turnover

The analysis of the Group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

22,279,803

19,443,603

Other revenue

263,461

265,754

22,543,264

19,709,357

All turnover arose within the United Kingdom.

5

Other operating income

The analysis of the Group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

-

2,150

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

233,974

75,611

Amortisation expense

24,808

21,630

Operating lease expense - plant and machinery

63,051

13,714

Profit on disposal of property, plant and equipment

-

(1,469,104)

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

8,254

2,999

Other finance income

341

-

8,595

2,999

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

285,723

119,424

Interest expense on other finance liabilities

113,000

76,475

Foreign exchange losses

(1,051)

(6,671)

397,672

189,228

9

Staff costs

The aggregate payroll costs (including Directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

2,060,632

1,873,073

Other employee expense

80,897

91,687

2,141,529

1,964,760

The average number of persons employed by the Group (including Directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

16

15

Other departments

64

55

80

70

10

Directors' remuneration

The Directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

122,914

142,757

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

13,250

13,250

Other fees to auditors

All other non-audit services

25,232

22,225


 

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

80,258

(51,933)

Deferred taxation

Arising from origination and reversal of timing differences

148,727

288,065

Tax expense in the income statement

228,985

236,132

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

925,013

2,458,869

Corporation tax at standard rate

231,253

467,185

Expenses not deductible for tax purposes

38,935

10,439

Tax decrease in relation to capital allowances and depreciation

(20,581)

(628,623)

Tax increase in relation to deferred tax

148,727

288,065

Tax (decrease)/increase in relation to losses carried forward

(139,941)

99,066

Tax increase (decrease) from other tax effects

(24,095)

-

Tax increase (decrease) from effect of different UK tax rates on some earnings

(5,313)

-

Total tax charge

228,985

236,132


13 Parent company profit for the year

The Company has taken advantage of the excemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £588,477 (2022: £2,082,791).
 

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

14

Intangible assets

Group

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

857,887

106,033

963,920

At 31 December 2023

857,887

106,033

963,920

Amortisation

At 1 January 2023

835,302

35,420

870,722

Amortisation charge

10,489

14,319

24,808

At 31 December 2023

845,791

49,739

895,530

Carrying amount

At 31 December 2023

12,096

56,294

68,390

At 31 December 2022

22,584

70,613

93,197

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

15

Tangible assets

Group

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

6,496,064

372,369

243,684

159,305

19,600

7,291,022

Additions

44,299

135,849

58,532

31,439

-

270,119

Disposals

(29,555)

-

-

-

-

(29,555)

At 31 December 2023

6,510,808

508,218

302,216

190,744

19,600

7,531,586

Depreciation

At 1 January 2023

-

93,198

127,539

41,645

15,176

277,558

Charge for the year

65,404

98,457

35,015

33,639

1,459

233,974

At 31 December 2023

65,404

191,655

162,554

75,284

16,635

511,532

Carrying amount

At 31 December 2023

6,445,404

316,563

139,662

115,460

2,965

7,020,054

At 31 December 2022

6,496,064

279,171

116,144

117,660

4,424

7,013,463

Included within the net book value of land and buildings above is £6,445,404 (2022 - £6,496,064) in respect of freehold land and buildings.
 

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Company

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

6,496,064

14,538

6,510,602

Additions

44,299

29,842

74,141

Disposals

(29,555)

-

(29,555)

At 31 December 2023

6,510,808

44,380

6,555,188

Depreciation

Charge for the year

65,404

5,686

71,090

At 31 December 2023

65,404

5,686

71,090

Carrying amount

At 31 December 2023

6,445,404

38,694

6,484,098

At 31 December 2022

6,496,064

14,538

6,510,602

Included within the net book value of land and buildings above is £6,445,404 (2022 - £6,496,064) in respect of freehold land and buildings.
 

16

Investments

Company

2023
£

2022
£

Investments in subsidiaries

118,900

118,900

Subsidiaries

£

Cost or valuation

At 1 January 2023

118,900

Provision

Carrying amount

At 31 December 2023

118,900

At 31 December 2022

118,900

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Westerleigh Brands Ltd

Unit C Poplar Park
Poplar Way East
Cabot Park
Avonmouth
Bristol
BS11 0DD

England

Ordinary

100%

100%

Holleys Fine Foods Limited

Unit C Poplar Park
Poplar Way East
Cabot Park
Avonmouth
Bristol
BS11 0DD

England

Ordinary

100%

100%

Subsidiary undertakings

Westerleigh Brands Ltd

The principal activity of Westerleigh Brands Ltd is wholesale of food, beverages and confectionery.

Holleys Fine Foods Limited

The principal activity of Holleys Fine Foods Limited is wholesale of food, beverages and confectionery.

17

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Stock

1,440,524

1,045,201

-

-

18

Debtors

   

Group

Company

Current

Note

2023
£

2022
£

2023
£

2022
£

Trade debtors

 

2,547,255

1,798,403

11,621

-

Amounts owed by related parties

24

-

-

924,974

415,361

Other debtors

 

109,994

117,784

85,327

65,853

Prepayments

 

265,162

120,015

-

1,079

Accrued income

 

17,159

19,658

-

-

Income tax asset

12

32

51,965

32

51,965

   

2,939,602

2,107,825

1,021,954

534,258

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

19

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash at bank and on hand

281,973

1,481,706

47,810

777,488

20

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

23

237,934

4,064,886

172,974

4,064,886

Trade creditors

 

1,421,869

1,389,646

3,334

12,325

Social security and other taxes

 

115,232

78,122

10,168

-

Outstanding defined contribution pension costs

 

7,688

7,210

-

-

Other payables

 

63,319

32,846

-

-

Accruals

 

97,607

161,392

72,197

132,442

Income tax liability

12

14,135

71,366

-

-

Other related parties

 

656,268

688,502

656,268

688,502

 

2,614,052

6,493,970

914,941

4,898,155

Due after one year

 

Bank loans and overdrafts

23

3,875,798

-

3,805,425

-

Other non-current financial liabilities

 

810,000

810,000

810,000

810,000

 

4,685,798

810,000

4,615,425

810,000

21

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 January 2023

326,193

326,193

Increase (decrease) in existing provisions

148,727

148,727

At 31 December 2023

474,920

474,920

Company

Deferred tax
£

Total
£

At 1 January 2023

187,075

187,075

Increase (decrease) in existing provisions

143,267

143,267

At 31 December 2023

330,342

330,342

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

22

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £1 each

10,000

10,000

10,000

10,000

Ordinary B of £1 each

10,000

10,000

10,000

10,000

Ordinary C of £1 each

10,000

10,000

10,000

10,000

Ordinary D of £1 each

10,000

10,000

10,000

10,000

Ordinary E of £1 each

10,000

10,000

10,000

10,000

Ordinary F of £1 each

10,000

10,000

10,000

10,000

Ordinary G of £1 each

10,000

10,000

10,000

10,000

Ordinary H of £1 each

10,000

10,000

10,000

10,000

Ordinary I of £1 each

10,000

10,000

10,000

10,000

Ordinary J of £1 each

10,000

10,000

10,000

10,000

Ordinary K of £1 each

10,000

10,000

10,000

10,000

Ordinary L of £1 each

10,000

10,000

10,000

10,000

Ordinary M of £1 each

10,000

10,000

9,100

9,100

Ordinary N of £1 each

10,000

10,000

9,100

9,100

Ordinary O of £1 each

10,000

10,000

10,000

10,000

Ordinary P of £1 each

10,000

10,000

10,000

10,000

Ordinary P of £1 (2022 - £0) each

10,000

10,000

-

-

Ordinary R of £1 (2022 - £0) each

10,000

10,000

-

-

S1 Shares of £1 each

-

-

900

900

S2 Shares of £1 each

-

-

900

900

W1 Shares of £1 each

-

-

1

1

W2 Shares of £1 each

-

-

1

1

W3 Shares of £1 each

-

-

1

1

W4 Shares of £1 each

-

-

1

1

180,000

180,000

160,004

160,004

 

Holleys Fine Foods Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

23

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

3,805,425

-

3,805,425

-

Hire purchase contracts

70,373

-

-

-

3,875,798

-

3,805,425

-

Current loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Bank borrowings

172,974

4,064,886

172,974

4,064,886

Hire purchase contracts

64,960

-

-

-

237,934

4,064,886

172,974

4,064,886

24

Related party transactions

Group

Mr K Holley

During the period Mr K Holley went overdrawn on his director's loan account. The maximum overdrawn balance was £58,238 (2022 - £28,978). At the year end the amount outstanding from Mr K Holley was £26,869 (2022 - £24,388). Interest has been charged at the commercial rate.

Mr R Holley (Deceased)

During the period Mr R Holley (Deceased) went overdrawn on his director's loan account. The maximum overdrawn balance was £62,555 (2022 - £Nil). At the year end the amount outstanding from Mr R Holley (Deceased) was £58,457 (2022 - £Nil). Interest has been charged at the commercial rate.


25 Controlling party

There is no single controlling party of the Group.

 

Holleys Fine Foods Holdings Limited

Detailed Consolidated Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

Turnover

22,543,264

19,709,357

Cost of sales

(18,094,504)

(15,880,275)

Gross profit

4,448,760

3,829,082

Gross profit (%)

19.73%

19.43%

Administrative expenses

Employment costs

1,331,124

1,249,131

Establishment costs

322,881

298,737

General administrative expenses

1,210,359

996,776

Finance charges

11,524

13,353

Depreciation costs

258,782

(1,371,863)

3,134,670

1,186,134

Other operating income

-

2,150

Operating profit

1,314,090

2,645,098

Other interest receivable and similar income

(8,595)

(2,999)

Interest payable and similar expenses

397,672

189,228

389,077

186,229

Profit before tax

925,013

2,458,869

 

Holleys Fine Foods Holdings Limited

Detailed Consolidated Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

   

Turnover

Sale of goods, UK

22,279,803

19,443,603

Other revenue

263,461

265,754

22,543,264

19,709,357

   

Cost of sales

Opening raw materials

1,045,201

1,045,108

Purchases

15,277,198

13,095,269

Direct costs

1,272,188

995,539

Closing raw materials

(1,440,524)

(1,045,201)

Wages and salaries (excluding directors)

810,405

924,808

Freight and carriage

454,038

343,167

Motor expenses

675,998

521,585

18,094,504

15,880,275

   

Employment costs

Wages and salaries (excluding directors)

1,127,313

805,508

Directors remuneration

122,914

142,757

Subcontract cost

-

209,179

Staff training

67,917

73,406

Staff welfare

12,980

18,281

1,331,124

1,249,131

   

Establishment costs

Rent

29,250

102,423

Rates

88,857

47,661

Light, heat and power

94,110

26,838

Insurance

73,445

58,136

Repairs and maintenance

37,219

63,679

322,881

298,737

 

Holleys Fine Foods Holdings Limited

Detailed Consolidated Profit and Loss Account for the Year Ended 31 December 2023

2023
£

2022
£

   

General administrative expenses

Telephone and fax

32,605

40,474

Computer software and maintenance costs

294,696

231,036

Printing, postage and stationery

140,802

132,021

Trade subscriptions

2,344

3,455

Charitable donations

99,175

85,151

Hire of plant and machinery (Operating leases)

15,372

13,714

Cleaning

35,952

12,203

Motor expenses

101,603

120,931

Car hire (Operating leases)

47,679

-

Advertising

146,319

178,457

Auditor's remuneration - The audit of the company's annual accounts

13,250

13,250

Auditors' remuneration - non audit work

25,232

22,225

Solicitors fees

14,493

19,650

Legal and professional fees

182,313

93,696

Bad debts written off

50,027

30,513

Leasing payments

8,497

-

1,210,359

996,776

   

Finance charges

Bank charges

11,524

13,353

   

Depreciation costs

Amortisation of goodwill

10,489

10,489

Amortisation of patents

14,319

11,141

Depreciation of freehold property

65,404

7,288

Depreciation of plant and machinery (owned)

35,015

29,937

Depreciation of fixtures and fittings (owned)

98,457

22,801

Depreciation of motor vehicles (owned)

1,459

2,177

Depreciation of office equipment (owned)

33,639

13,408

(Profit)/loss on disposal of tangible fixed assets

-

(1,469,104)

258,782

(1,371,863)

   

Other operating income

Other operating income

-

2,150

   

   

Other interest receivable and similar income

Bank interest receivable

8,254

2,999

Other interest receivable

341

-

8,595

2,999

   

Interest payable and similar expenses

Bank interest payable

285,723

119,424

Other loan interest

113,000

73,449

Other interest payable

-

3,026

Foreign currency (gains)/losses

(1,051)

(6,671)

397,672

189,228