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REGISTERED NUMBER: 04479849 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SOLLEYS FARMS ICE CREAM LIMITED

SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOLLEYS FARMS ICE CREAM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S C Solley
Mrs J A F Solley
K G Morrison
Mrs K E Morrison
R S K Solley





SECRETARY: Mrs K E Morrison





REGISTERED OFFICE: The Dairy
Church Lane
Ripple
DEAL
Kent
CT14 8JL





REGISTERED NUMBER: 04479849 (England and Wales)





ACCOUNTANTS: McCabe Ford Williams
Chartered Accountants
Charlton House
Dour Street
DOVER
Kent
CT16 1BL

SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,507,466 4,441,253
Investments 6 100 100
4,507,566 4,441,353

CURRENT ASSETS
Stocks 147,965 177,337
Debtors 7 117,733 180,400
Cash at bank 54,586 45,708
320,284 403,445
CREDITORS
Amounts falling due within one year 8 152,282 133,516
NET CURRENT ASSETS 168,002 269,929
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,675,568

4,711,282

CREDITORS
Amounts falling due after more than one
year

9

(464,731

)

(428,671

)

PROVISIONS FOR LIABILITIES (385,875 ) (374,872 )
NET ASSETS 3,824,962 3,907,739

CAPITAL AND RESERVES
Called up share capital 12 120,100 120,100
Share premium 27,219 27,219
Revaluation reserve 13 3,125,807 3,125,807
Retained earnings 551,836 634,613
SHAREHOLDERS' FUNDS 3,824,962 3,907,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





K G Morrison - Director


SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Solleys Farms Ice Cream Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Government grants
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purposes of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable.
The company receives government grants in respect of the purchase of fixed assets. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisaton and any accumulated impairment losses.

Client lists are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Freehold buildings are depreciated over an estimated useful life of 50 years. However, as the residual value of freehold buildings exceed the carrying amount shown in the financial statements, no depreciation charge has been provided.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first out formula. Provision is made for damaged, obsolete and slow- moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and
depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit and loss as incurred.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2022 - 14 ) .

SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 50,000
AMORTISATION
At 1 January 2023
and 31 December 2023 50,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 4,234,943 805,842 5,040,785
Additions 24,325 92,633 116,958
Disposals - (14,879 ) (14,879 )
At 31 December 2023 4,259,268 883,596 5,142,864
DEPRECIATION
At 1 January 2023 - 599,532 599,532
Charge for year - 49,164 49,164
Eliminated on disposal - (13,298 ) (13,298 )
At 31 December 2023 - 635,398 635,398
NET BOOK VALUE
At 31 December 2023 4,259,268 248,198 4,507,466
At 31 December 2022 4,234,943 206,310 4,441,253

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2006 1,179,181 - 1,179,181
Valuation in 2012 1,699,569 - 1,699,569
Valuation in 2017 274,040 - 274,040
Valuation in 2019 10,000 - 10,000
Valuation in 2020 296,500 - 296,500
Cost 799,978 883,596 1,683,574
4,259,268 883,596 5,142,864

SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

The freehold land was revalued based on a professional valuation by Hobbs Parker in April 2012.

Further valuations have been carried out by the directors in subsequent years which have been based on current market land values.

The directors do not believe these valuations have changed at 31st December 2023.

The net book value of fixed assets included in the above, which are held under hire purchase contacts is £63,977 (2022- £79,257).

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

The above fixed asset investment is a 100% holding in the ordinary share capital of Hillside Farm Estates Limited. its registered office address is The Dairy, Church Lane, Ripple, Deal, Kent, England, CT14 8JL.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 73,768 58,643
Other debtors 43,965 121,757
117,733 180,400

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 55,429 10,705
Hire purchase contracts (see note 10) 18,584 22,760
Trade creditors 49,996 59,066
Taxation and social security 2,230 21,844
Other creditors 26,043 19,141
152,282 133,516

SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 449,118 394,474
Hire purchase contracts (see note 10) 15,613 34,197
464,731 428,671

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 227,401 351,654

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 18,584 22,760
Between one and five years 15,613 34,197
34,197 56,957

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 855

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 504,547 405,179
Hire purchase contracts 34,197 56,957
538,744 462,136

The loans are secured by a fixed and floating charge covering all the properties or undertakings of the Company. The charge also contains a negative pledge.

Hire purchase contracts and leases are secured on the related assets.

SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
48,000 Ordinary 'A' shares 1 48,000 48,000
100 Ordinary non- Voting 'B'
Shares 1 100 100
72,000 Ordinary 'C' and 'D' Voting
Shares 1 72,000 72,000
120,100 120,100

13. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 3,125,807

14. GOVERNMENT GRANTS

In the year ended 31 December 2022, the company received a grant of £1,000 for solar energy.