Company registration number 04579216 (England and Wales)
Snugburys Ice Cream Limited
Unaudited financial statements
For the year ended 31 January 2024
Snugburys Ice Cream Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Snugburys Ice Cream Limited
Statement of financial position
As at 31 January 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,087,171
963,423
Investments
5
18,208
17,486
1,105,379
980,909
Current assets
Stocks
224,098
173,018
Debtors
6
29,905
28,455
Cash at bank and in hand
226,928
299,085
480,931
500,558
Creditors: amounts falling due within one year
7
(283,499)
(301,530)
Net current assets
197,432
199,028
Total assets less current liabilities
1,302,811
1,179,937
Creditors: amounts falling due after more than one year
8
(98,981)
(151,778)
Provisions for liabilities
(231,400)
(204,900)
Net assets
972,430
823,259
Capital and reserves
Called up share capital
1,100
1,100
Profit and loss reserves
971,330
822,159
Total equity
972,430
823,259
Snugburys Ice Cream Limited
Statement of financial position (continued)
As at 31 January 2024
31 January 2024
- 2 -

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 September 2024 and are signed on its behalf by:
Mrs C E Hill
Mrs H Goodwin
Director
Director
Mrs C A D Spencer
Director
Company registration number 04579216 (England and Wales)
Snugburys Ice Cream Limited
Notes to the financial statements
For the year ended 31 January 2024
- 3 -
1
Accounting policies
Company information

Snugburys Ice Cream Limited is a private company limited by shares incorporated in England and Wales. The registered office is Park Farm, Hurleston, Nantwich, Cheshire, CW5 6BU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life has been amortised on a systematic basis over its expected life, which was 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% on reducing balance
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers equipment
33.33% on cost
Motor vehicles
25% on reducing balance

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.

Snugburys Ice Cream Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Investments that can be reliably measured, are held at fair value, with changes reflected in the income statement. Where fair value cannot be reliably measured, investments are held at cost less impairment.

1.6
Impairment of fixed assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

1.7
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.8
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 current liabilities.

1.9
Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Snugburys Ice Cream Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Snugburys Ice Cream Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 6 -
1.14
Leases

Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
55
47
3
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2023 and 31 January 2024
135,735
Amortisation and impairment
At 1 February 2023 and 31 January 2024
135,735
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
-
0
Snugburys Ice Cream Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
470,402
1,259,977
156,694
5,004
95,209
1,987,286
Additions
6,018
240,131
45,452
849
34,938
327,388
Disposals
-
0
(99,859)
(12,192)
(5,004)
-
0
(117,055)
At 31 January 2024
476,420
1,400,249
189,954
849
130,147
2,197,619
Depreciation and impairment
At 1 February 2023
221,713
641,502
106,947
5,004
48,697
1,023,863
Depreciation charged in the year
25,375
101,451
11,333
154
19,118
157,431
Eliminated in respect of disposals
-
0
(56,313)
(9,529)
(5,004)
-
0
(70,846)
At 31 January 2024
247,088
686,640
108,751
154
67,815
1,110,448
Carrying amount
At 31 January 2024
229,332
713,609
81,203
695
62,332
1,087,171
At 31 January 2023
248,689
618,475
49,747
-
0
46,512
963,423
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
18,208
17,486
Movements in fixed asset investments
Other
£
Cost or valuation
At 1 February 2023
17,486
Valuation changes
722
At 31 January 2024
18,208
Carrying amount
At 31 January 2024
18,208
At 31 January 2023
17,486
Snugburys Ice Cream Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,264
14,987
Other debtors
20,641
13,468
29,905
28,455
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
40,000
39,999
Trade creditors
52,113
65,198
Taxation and social security
67,443
36,061
Other creditors
123,943
160,272
283,499
301,530
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
52,410
92,410
Other creditors
46,571
59,368
98,981
151,778
9
Security

The bank loans are secured by a fixed and floating charge over the assets of the company.

 

Amounts due under finance leases and hire purchase contracts are secured against the assets which they relate to.

 

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
528,932
524,415
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