IRIS Accounts Production v24.3.2.46 02928948 Board of Directors 1.7.23 30.6.24 30.6.24 Medium entities 69 62 true true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary shares 0.01000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh029289482023-06-30029289482024-06-30029289482023-07-012024-06-30029289482022-06-30029289482022-07-012023-06-30029289482023-06-3002928948ns15:EnglandWales2023-07-012024-06-3002928948ns14:PoundSterling2023-07-012024-06-3002928948ns10:Director12023-07-012024-06-3002928948ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3002928948ns10:MediumEntities2023-07-012024-06-3002928948ns10:Audited2023-07-012024-06-3002928948ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-07-012024-06-3002928948ns10:Medium-sizedCompaniesRegimeForAccounts2023-07-012024-06-3002928948ns10:FullAccounts2023-07-012024-06-300292894812023-07-012024-06-3002928948ns10:OrdinaryShareClass12023-07-012024-06-3002928948ns10:Director22023-07-012024-06-3002928948ns10:Director32023-07-012024-06-3002928948ns10:Director42023-07-012024-06-3002928948ns10:Director52023-07-012024-06-3002928948ns10:Director62023-07-012024-06-3002928948ns10:CompanySecretary12023-07-012024-06-3002928948ns10:RegisteredOffice2023-07-012024-06-3002928948ns5:CurrentFinancialInstruments2024-06-3002928948ns5:CurrentFinancialInstruments2023-06-3002928948ns5:Non-currentFinancialInstruments2024-06-3002928948ns5:Non-currentFinancialInstruments2023-06-3002928948ns5:ShareCapital2024-06-3002928948ns5:ShareCapital2023-06-3002928948ns5:RetainedEarningsAccumulatedLosses2024-06-3002928948ns5:RetainedEarningsAccumulatedLosses2023-06-3002928948ns5:ShareCapital2022-06-3002928948ns5:RetainedEarningsAccumulatedLosses2022-06-3002928948ns5:ShareCapital2022-07-012023-06-3002928948ns5:RetainedEarningsAccumulatedLosses2022-07-012023-06-3002928948ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-3002928948ns5:IntangibleAssetsOtherThanGoodwill2023-07-012024-06-300292894812023-07-012024-06-3002928948ns15:UnitedKingdom2023-07-012024-06-3002928948ns15:UnitedKingdom2022-07-012023-06-3002928948ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-07-012024-06-3002928948ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-07-012023-06-3002928948ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-07-012024-06-3002928948ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-07-012023-06-3002928948ns5:OwnedAssets2023-07-012024-06-3002928948ns5:OwnedAssets2022-07-012023-06-3002928948ns5:PatentsTrademarksLicencesConcessionsSimilar2023-07-012024-06-3002928948ns5:PatentsTrademarksLicencesConcessionsSimilar2022-07-012023-06-3002928948ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-07-012024-06-3002928948ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-07-012023-06-300292894812023-07-012024-06-300292894812022-07-012023-06-3002928948ns10:OrdinaryShareClass12022-07-012023-06-3002928948ns5:PatentsTrademarksLicencesConcessionsSimilar2023-06-3002928948ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-06-3002928948ns5:PatentsTrademarksLicencesConcessionsSimilar2024-06-3002928948ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2024-06-3002928948ns5:PatentsTrademarksLicencesConcessionsSimilar2023-06-3002928948ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-06-3002928948ns5:LandBuildingsns5:ShortLeaseholdAssets2023-06-3002928948ns5:FurnitureFittings2023-06-3002928948ns5:LandBuildingsns5:ShortLeaseholdAssets2023-07-012024-06-3002928948ns5:FurnitureFittings2023-07-012024-06-3002928948ns5:LandBuildingsns5:ShortLeaseholdAssets2024-06-3002928948ns5:FurnitureFittings2024-06-3002928948ns5:LandBuildingsns5:ShortLeaseholdAssets2023-06-3002928948ns5:FurnitureFittings2023-06-3002928948ns5:CostValuation2023-06-3002928948ns5:Subsidiary12023-07-012024-06-30029289481ns5:Subsidiary12023-07-012024-06-3002928948ns5:Subsidiary22023-07-012024-06-3002928948ns5:Subsidiary232023-07-012024-06-3002928948ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3002928948ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3002928948ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-06-3002928948ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-06-3002928948ns5:WithinOneYear2024-06-3002928948ns5:WithinOneYear2023-06-3002928948ns5:BetweenOneFiveYears2024-06-3002928948ns5:BetweenOneFiveYears2023-06-3002928948ns5:AllPeriods2024-06-3002928948ns5:AllPeriods2023-06-3002928948ns5:DeferredTaxation2023-06-3002928948ns5:DeferredTaxation2023-07-012024-06-3002928948ns5:DeferredTaxation2024-06-3002928948ns10:OrdinaryShareClass12024-06-3002928948ns5:RetainedEarningsAccumulatedLosses2023-06-30
REGISTERED NUMBER: 02928948 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

The House Of Sarunds Limited

The House Of Sarunds Limited (Registered number: 02928948)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


The House Of Sarunds Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mr R F J Darke
Mrs G L Hitchens
Miss M L Hutchings
Mr G R Parkinson
Miss L J Way
Mr P Martin





SECRETARY: Mrs G L Hitchens





REGISTERED OFFICE: Unit 1 Holland Way
Blandford Forum
Dorset
DT11 7SX





REGISTERED NUMBER: 02928948 (England and Wales)





AUDITORS: Griffiths Marshall
Beaumont House
172 Southgate Street
Gloucester
Gloucestershire
GL1 2EZ

The House Of Sarunds Limited (Registered number: 02928948)

Strategic Report
for the Year Ended 30 June 2024

The directors present the strategic report for the year ended 30 June 2024.

The House of Sarunds Limited sources, imports & distributes high quality Chocolate & Confectionery - predominantly to retail customers. The company maintains a broad spectrum of products& customers, making it highly resilient to shifts in business levels with any one customer or market sector.

REVIEW OF BUSINESS
After a period of post COVID normalisation in the previous trading year, turnover returned to robust growth during 2023-24. This growth was driven by efforts to target the cards & gifts sector and to increase sales to larger "multiple" retailers.

These initiatives were driven by targeted recruitment to bring in new skills and experience into the sales team and the expansion of the product base.

As a result, the customer base was grown in absolute terms with over 2,200 live accounts by the end of the fiscal year and in the number of larger turnover accounts within that overall figure.

This work will continue into 2024-25 as we anticipate significant opportunity to grow further within these channels.

PRINCIPAL RISKS AND UNCERTAINTIES
Inflationary pressure both in terms of operating costs and in cost of good sold, increased during the year - with abnormally high growth in minimum wage and poor cocoa harvests driving dramatic rises in wholesale prices for chocolate. The full impact of these changes will not be felt until 2024-25, in particular as the scale of chocolate price increases risks impact on consumer demand.

The House of Sarunds has anticipated these changes and has been able to leverage buying power to mitigate some of the worst impacts of price increase and also is launching initiatives to grow sales in other product groups - such as sugar confectionery and bakery - to reduce reliance on chocolate going forward.

FUTURE DEVELOPMENTS
During 2023-24, The House of Sarunds were successful in winning exclusive distribution of Europe's largest marzipan brand Niederegger. This opens up a number of new large, national accounts which will be a key focus of attention and opportunity in 2024-25.

This continued growth in larger accounts alongside the launch of major new product programmes will be the principal trading focusses for the year.

Alongside these however, the Directors will evaluate plans to increase capacity as turnover growth continues throughout the medium term.

ON BEHALF OF THE BOARD:





Mr P Martin - Director


4 November 2024

The House Of Sarunds Limited (Registered number: 02928948)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of The principal activity of the company continued to be that of the supply of quality confectionery and chocolates.

CHANGE OF OWNERSHIP
In July 2023, The House of Sarunds limited was acquired by a new company, Sarunds Holdings limited. The shareholders of Sarunds Holdings limited include the previous owners and also the other four Directors of the business - effectively facilitating a buy out including the entire management team.

In preparation for this change, the Directors reviewed a number of strategic options and decided this was the best way to facilitate eventual change of ownership in a gradual, controlled and sustainable manner that would be beneficial for the business and all its stakeholders.

As a result of the transaction, an initial cash dividend of £1.2m was paid to Sarunds Holding in July. This was possible due to the consistent and prudent re-investment of profits back into the business over several previous years and had no impact on trading.

Performance since the transaction has been strong, with a significant increase in customer base, turnover and also the net asset position which remains strong.

The Directors firmly believe that these outcomes, together with a new structure that both retains and motivates experienced senior management, is an exciting platform for The House of Sarunds future growth.

DIVIDENDS
Dividends of £1,377,500 were paid in the year. The directors do not recommend payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Mr R F J Darke
Mr G R Parkinson
Miss L J Way
Mr P Martin

Other changes in directors holding office are as follows:

Mrs G L Hitchens - appointed 1 July 2023
Miss M L Hutchings - appointed 1 July 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The House Of Sarunds Limited (Registered number: 02928948)

Report of the Directors
for the Year Ended 30 June 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Griffiths Marshall, is deemed to be reappointed under section 487 (2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr P Martin - Director


4 November 2024

Report of the Independent Auditors to the Members of
The House Of Sarunds Limited

Opinion
We have audited the financial statements of The House Of Sarunds Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 30 June 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
The House Of Sarunds Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 Statement of Directors' Responsibilities set out on pages three and four, 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 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.

Report of the Independent Auditors to the Members of
The House Of Sarunds Limited


Auditors' 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 a Report of the Auditors 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:

Extent to which our procedures are capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we 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. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and
claims as well as actual, suspected and alleged fraud;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material
effect on the financial statements or the operations of the company through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of
journal entries and other adjustments for appropriateness, evaluating the business rationale of
significant transactions outside the normal course of business and reviewing accounting estimates for
indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
The House Of Sarunds Limited


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 a Report of the Auditors 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.




Greg Lewis (Senior Statutory Auditor)
for and on behalf of Griffiths Marshall
Beaumont House
172 Southgate Street
Gloucester
Gloucestershire
GL1 2EZ

8 November 2024

The House Of Sarunds Limited (Registered number: 02928948)

Statement of Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 4 16,072,116 12,518,357

Cost of sales 11,683,862 9,048,167
GROSS PROFIT 4,388,254 3,470,190

Administrative expenses 3,662,459 3,019,541
725,795 450,649

Other operating income 13,940 1,884
OPERATING PROFIT 6 739,735 452,533

Interest receivable and similar income 10,029 139
749,764 452,672

Interest payable and similar expenses 8 34,736 19,258
PROFIT BEFORE TAXATION 715,028 433,414

Tax on profit 9 192,085 97,015
PROFIT FOR THE FINANCIAL YEAR 522,943 336,399

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

522,943

336,399

The House Of Sarunds Limited (Registered number: 02928948)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 11,120 21,704
Tangible assets 12 287,447 291,561
Investments 13 50 50
298,617 313,315

CURRENT ASSETS
Stocks 14 1,788,234 1,101,411
Debtors 15 1,593,089 1,399,326
Cash at bank and in hand 448,922 1,672,450
3,830,245 4,173,187
CREDITORS
Amounts falling due within one year 16 1,775,332 1,179,437
NET CURRENT ASSETS 2,054,913 2,993,750
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,353,530

3,307,065

CREDITORS
Amounts falling due after more than one
year

17

(125,000

)

(225,000

)

PROVISIONS FOR LIABILITIES 20 (63,719 ) (62,697 )
NET ASSETS 2,164,811 3,019,368

CAPITAL AND RESERVES
Called up share capital 21 3 3
Retained earnings 22 2,164,808 3,019,365
SHAREHOLDERS' FUNDS 2,164,811 3,019,368

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





Mr P Martin - Director


The House Of Sarunds Limited (Registered number: 02928948)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 - 2,682,966 2,682,966

Changes in equity
Issue of share capital 3 - 3
Total comprehensive income - 336,399 336,399
Balance at 30 June 2023 3 3,019,365 3,019,368

Changes in equity
Dividends - (1,377,500 ) (1,377,500 )
Total comprehensive income - 522,943 522,943
Balance at 30 June 2024 3 2,164,808 2,164,811

The House Of Sarunds Limited (Registered number: 02928948)

Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 506,860 94,889
Interest paid (34,736 ) (19,258 )
Tax paid (127,613 ) (78,088 )
Net cash from operating activities 344,511 (2,457 )

Cash flows from investing activities
Purchase of tangible fixed assets (91,499 ) (171,798 )
Sale of tangible fixed assets 959 (9,901 )
Interest received - 139
Net cash from investing activities (90,540 ) (181,560 )

Cash flows from financing activities
Loan repayments in year (99,999 ) -
Share issue - 3
Equity dividends paid (1,377,500 ) -
Net cash from financing activities (1,477,499 ) 3

Decrease in cash and cash equivalents (1,223,528 ) (184,014 )
Cash and cash equivalents at
beginning of year

2

1,672,450

1,856,464

Cash and cash equivalents at end of
year

2

448,922

1,672,450

The House Of Sarunds Limited (Registered number: 02928948)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.6.24 30.6.23
£    £   
Profit before taxation 715,028 433,414
Depreciation charges 100,636 97,050
Loss on disposal of fixed assets 1,481 9,901
Finance costs 34,736 19,258
Finance income (10,029 ) (139 )
841,852 559,484
Increase in stocks (686,823 ) (1,101,411 )
Increase in trade and other debtors (301,478 ) (1,002,833 )
Increase in trade and other creditors 653,309 1,639,649
Cash generated from operations 506,860 94,889

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 448,922 1,672,450
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,672,450 1,856,464


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 1,672,450 (1,223,528 ) 448,922
1,672,450 (1,223,528 ) 448,922
Debt
Debts falling due within 1 year (100,000 ) - (100,000 )
Debts falling due after 1 year (225,000 ) 100,000 (125,000 )
(325,000 ) 100,000 (225,000 )
Total 1,347,450 (1,123,528 ) 223,922

The House Of Sarunds Limited (Registered number: 02928948)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

The House Of Sarunds 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

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.

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 dispatch 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.

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Trademarks Over the useful life
Website development 5 years straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 land and buildings Over the life of the lease
Fixtures and fittings 3 to 10 years straight line

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.

The House Of Sarunds Limited (Registered number: 02928948)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

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.

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.

The House Of Sarunds Limited (Registered number: 02928948)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12
'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not
exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


Basic financial liabilities

The House Of Sarunds Limited (Registered number: 02928948)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
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.

Other financial liabilities
Derivatives, including forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

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 profit and loss account 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.

Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The House Of Sarunds Limited (Registered number: 02928948)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors have reviewed the future prospects of the company and its cashflows, including fluctuations in the market place and current global issues at the time of approving the financial statements.

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.

Termination benefits are recognised immediately as an expense when the company is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Bad debt provision
The trade debtors balance recorded in the Company's Balance Sheet is reviewed for bad debts by management on a regular basis. Any bad debts discovered are provided for in full via a specific provision. The bad debt provision at the balance sheet date (exclusive of any intercompany bad debt provision) was £56,344 (2023: £122,406).

Stock
Key estimates are applied in establishing the value of stock held by the Company. An assessment is performed at each reporting date and a stock provision is recognised when the selling price less costs to complete and sell, are lower than its carrying amount. The stock provision at the balance sheet date was £51,173 (2023: £24,426).

The House Of Sarunds Limited (Registered number: 02928948)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30.6.24 30.6.23
£    £   
United Kingdom 16,039,979 12,495,817
Rest of the Europe 13,796 8,405
Rest of the World 18,341 14,135
16,072,116 12,518,357

5. EMPLOYEES AND DIRECTORS

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

30.06.24 30.06.23

Directors 6 6
Employees 63 56

6. OPERATING PROFIT

The operating profit is stated after charging:

30.6.24 30.6.23
£    £   
Hire of plant and machinery 27,007 19,527
Other operating leases 198,546 174,352
Depreciation - owned assets 93,173 84,839
Loss on disposal of fixed assets 1,481 9,901
Patents and licences amortisation 136 136
Development costs amortisation 10,448 12,563

7. AUDITORS' REMUNERATION
30.6.24 30.6.23
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

20,775

33,835
Total audit fees 20,775 33,835

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Bank loan interest 18,948 17,383
Other interest 15,788 1,875
34,736 19,258

The House Of Sarunds Limited (Registered number: 02928948)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 192,085 97,015
Tax on profit 192,085 97,015

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
£    £   
Profit before tax 715,028 433,414
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 20.500%)

178,757

88,850

Effects of:
Expenses not deductible for tax purposes 4,890 11,416
Capital allowances in excess of depreciation - (6,885 )
Depreciation in excess of capital allowances 2,615 -
Change in taxation rate 5,823 3,634
Total tax charge 192,085 97,015

10. DIVIDENDS
30.6.24 30.6.23
£    £   
Ordinary shares shares of £0.01 each
Final 1,377,500 -

11. INTANGIBLE FIXED ASSETS
Patents
and Development
licences costs Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 680 55,784 56,464
AMORTISATION
At 1 July 2023 272 34,488 34,760
Amortisation for year 136 10,448 10,584
At 30 June 2024 408 44,936 45,344
NET BOOK VALUE
At 30 June 2024 272 10,848 11,120
At 30 June 2023 408 21,296 21,704

The House Of Sarunds Limited (Registered number: 02928948)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

12. TANGIBLE FIXED ASSETS
Fixtures
Short and
leasehold fittings Totals
£    £    £   
COST
At 1 July 2023 189,536 658,817 848,353
Additions 4,269 87,230 91,499
Disposals - (3,724 ) (3,724 )
At 30 June 2024 193,805 742,323 936,128
DEPRECIATION
At 1 July 2023 142,358 414,434 556,792
Charge for year 23,542 69,631 93,173
Eliminated on disposal - (1,284 ) (1,284 )
At 30 June 2024 165,900 482,781 648,681
NET BOOK VALUE
At 30 June 2024 27,905 259,542 287,447
At 30 June 2023 47,178 244,383 291,561

13. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 July 2023
and 30 June 2024 50
NET BOOK VALUE
At 30 June 2024 50
At 30 June 2023 50

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Choconauts Ltd
Registered office: Unit 1 Holland Way Industrial Estate, Holland Way, Blandford Forum, Dorset, DT11 7SX
Nature of business: Wholesale of sugar & chocolate confectionery
%
Class of shares: holding
Ordinary 50.00

Chocbox Ltd
Registered office: Unit 1 Holland Way Industrial Estate, Holland Way, Blandford Forum, Dorset, DT11 7SX
Nature of business: Wholesale of sugar & chocolate confectionery
%
Class of shares: holding
Ordinary 100.00

The House Of Sarunds Limited (Registered number: 02928948)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

14. STOCKS
30.6.24 30.6.23
£    £   
Stocks 1,788,234 1,101,411

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 1,304,311 1,002,833
Other debtors 48,764 104,465
Directors' current accounts - 45,044
Prepayments 240,014 246,984
1,593,089 1,399,326

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts (see note 18) 100,000 100,000
Trade creditors 816,074 672,643
Tax 83,399 18,927
Social security and other taxes 46,480 48,444
VAT 175,772 125,075
Other creditors 67,147 91,669
Directors' current accounts 120,115 -
Accrued expenses 366,345 122,679
1,775,332 1,179,437

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans (see note 18) 125,000 225,000

18. LOANS

An analysis of the maturity of loans is given below:

30.6.24 30.6.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 100,000 100,000

Amounts falling due between one and two years:
Bank loans 125,000 225,000

The CBIL loan is secured by the Assets of the company. The lender has been given a partial guarantee from the Secretary of State, under the Coronavirus Business Interruption Loan Scheme.

The House Of Sarunds Limited (Registered number: 02928948)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

19. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
£    £   
Within one year 294,838 243,208
Between one and five years 273,634 230,367
568,472 473,575

20. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax 63,719 62,697

Deferred
tax
£   
Balance at 1 July 2023 62,697
Provided during year 1,022
Balance at 30 June 2024 63,719

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
134 Ordinary shares £0.01 3 3

The ordinary shares are entitled to one vote per share, rights to dividends and rights to participate in a distribution of capital (including on a winding up). Shares are not to be redeemed or liable to be redeemed at the option of the company or the shareholder.

22. RESERVES
Retained
earnings
£   

At 1 July 2023 3,019,365
Profit for the year 522,943
Dividends (1,377,500 )
At 30 June 2024 2,164,808

23. ULTIMATE PARENT COMPANY

The ultimate parent company of The House of Sarunds Limited is Sarunds Holdings Limited.