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REGISTERED NUMBER: 03108082 (England and Wales)




















Unaudited Financial Statements

for the Period 4 November 2023 to 1 November 2024

for

Sweet Street Desserts Limited

Sweet Street Desserts Limited (Registered number: 03108082)






Contents of the Financial Statements
for the Period 4 November 2023 to 1 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Sweet Street Desserts Limited

Company Information
for the Period 4 November 2023 to 1 November 2024







DIRECTORS: D M Messinger
S L Solmon





REGISTERED OFFICE: c/o Lennox House
3 Pierrepont Street
Bath
England
BA1 1LB





REGISTERED NUMBER: 03108082 (England and Wales)

Sweet Street Desserts Limited (Registered number: 03108082)

Balance Sheet
1 November 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 4 1,008,027 1,111,636
Debtors 5 1,241,194 1,171,218
Cash at bank 806,638 485,690
3,055,859 2,768,544
CREDITORS
Amounts falling due within one year 6 1,623,260 1,834,308
NET CURRENT ASSETS 1,432,599 934,236
TOTAL ASSETS LESS CURRENT LIABILITIES 1,432,599 934,236

CAPITAL AND RESERVES
Called up share capital 7 2 2
Retained earnings 1,432,597 934,234
SHAREHOLDERS' FUNDS 1,432,599 934,236

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 1 November 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 1 November 2024 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.

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 31 January 2025 and were signed on its behalf by:





D M Messinger - Director


Sweet Street Desserts Limited (Registered number: 03108082)

Notes to the Financial Statements
for the Period 4 November 2023 to 1 November 2024

1. GENERAL INFORMATION

Sweet Street Desserts Limited is a private company limited by shares and is incorporated and domiciled in England. The address of its registered office is Lennox House, 3 Pierrepont Street, Bath, England, BA1 1LB.

The principal activity of the Company is the supply of frozen desserts.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

Going concern

The Company is ultimately reliant upon Sweet Street Desserts Inc, a Company under common control and incorporated in the United States, for the supply of its inventory and for maintaining brand loyalty within its customer base.
Sweet Street Desserts Inc. has provided assurances confirming their willingness and intention to continue to supply inventory and financial support as necessary. After making enquiries, they Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Stocks
Stocks are stated at the lower of cost and net realisable value, being teh estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Financial instruments
The Company only enters basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, and trade and other creditors.

Taxation
Tax is recognised in profit and loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an items recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


Sweet Street Desserts Limited (Registered number: 03108082)

Notes to the Financial Statements - continued
for the Period 4 November 2023 to 1 November 2024

2. ACCOUNTING POLICIES - continued
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 period 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.

Foreign currency translation
Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair valuer was determined.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors

Short term creditors are measured at the transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2023 - 3 ) .

4. STOCKS
2024 2023
£    £   
Finished goods 1,008,027 1,111,636

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,024,166 946,732
Other debtors 157,595 145,661
Prepayments and accrued income 59,433 78,825
1,241,194 1,171,218

Sweet Street Desserts Limited (Registered number: 03108082)

Notes to the Financial Statements - continued
for the Period 4 November 2023 to 1 November 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 24,032 12,169
Amounts owed to group undertakings 1,054,953 1,394,106
Tax 166,224 98,233
Social security and other taxes 7,104 6,690
Accruals and deferred income 370,947 323,110
1,623,260 1,834,308

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary shares £1 2 2

8. OTHER FINANCIAL COMMITMENTS

The Company entered into a guarantee of £135,000 with HMRC in respect of duty payments. This deposit is left in a specified bank account and is shown within the financial statements within other debtors.

9. RELATED PARTY TRANSACTIONS

During the year the Company purchased stock amounting to £2,430,433 (2023: £2,997,805) from Sweet Street Desserts Inc., a Company incorporated in the United States of America which is under common control by S L Solmon, and incurred other expenditure amounting to £1,565,308 (2023: £1,617,538) from Sweet Street Desserts Inc.

The amount owed by Sweet Street Desserts Limited to Sweet Street Desserts Inc at the balance sheet date is £1,054,953 (2023: £1,394,106), which is included in creditors.

10. CONTROLLING PARTY

The Company is under common control of S L Solmon.