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REGISTERED NUMBER: 08069896 (England and Wales)










SUPPLIES FOR CANDLES LIMITED

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2024






SUPPLIES FOR CANDLES LIMITED (REGISTERED NUMBER: 08069896)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024










Page

Report of the Director 1 to 2

Balance Sheet 3

Notes to the Financial Statements 4 to 10


SUPPLIES FOR CANDLES LIMITED (REGISTERED NUMBER: 08069896)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST AUGUST 2024


The director presents his report with the financial statements of the company for the year ended 31st August 2024.

REVIEW OF BUSINESS
Turnover was £8.4m in the year ended 31st August 2024 (2023: £6.1m). The improvement in revenue was supported by the market returning to growth, as witnessed in the final quarter of the prior year. Increased sales to major trade customers were seen. A key area of growth was in soap related products, as the business absorbed the previous activities of The Soap Kitchen Ltd, further to a hive-up of that business in the previous financial year. The true prior year comparable sales, including prior year turnover of The Soap Kitchen Ltd £7.7m.

The effective merger with The Soap Kitchen Ltd ensured that the increased sales activity could be serviced with little change to operating costs. This allowed the business to improve operating profit which improved to £350k in the year compared to £194k in the previous year.

The group uses key performance indicators to monitor performance. These includes sales, gross profit and profit/(loss) before tax as key measures of financial performance and stock and cash at bank as key measures of financial position (as detailed on the balance sheet).

DIRECTORS
N Story has held office during the whole of the period from 1st September 2023 to the date of this report.

Other changes in directors holding office are as follows:

T Story - resigned 26th June 2024

FUTURE OUTLOOK
The business continues to gain market share with new product offerings and good product availability. Modest growth is anticipated in the coming year.

KEY PERFORMANCE INDICATORS
The directors consider revenue, gross profit margin and EBITDA margins as well as Cash Flow to be the core KPIs for the business. Thus, the business monitors key metrics for revenue, margin and cost ratios throughout the year.

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks and uncertainties effecting the group are considered to include.
a) the overall uncertain economic environment driven by "cost of living crisis" and geo-political factors; and
b) inflationary pressures on product costs, labour and overheads

The management team has a close working relationship with key suppliers and its workforce, and this contributes to a reliable supply of materials and labour.

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future and the stability to take advantage of opportunities should they arise. For this reason, it continues to adopt the going concern basis in preparing the financial statements.


SUPPLIES FOR CANDLES LIMITED (REGISTERED NUMBER: 08069896)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31ST AUGUST 2024

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Thomas Coombs Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





N Story - Director


20th February 2025

SUPPLIES FOR CANDLES LIMITED (REGISTERED NUMBER: 08069896)

BALANCE SHEET
31ST AUGUST 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 849,214 972,479
Tangible assets 5 67,699 322,473
916,913 1,294,952

CURRENT ASSETS
Stocks 6 1,137,680 1,247,304
Debtors 7 716,903 572,024
Cash at bank and in hand 299,065 456,613
2,153,648 2,275,941
CREDITORS
Amounts falling due within one year 8 1,885,106 2,603,786
NET CURRENT ASSETS/(LIABILITIES) 268,542 (327,845 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,185,455 967,107

CREDITORS
Amounts falling due after more than one year 9 - (25,608 )

PROVISIONS FOR LIABILITIES (34,726 ) (88,332 )
NET ASSETS 1,150,729 853,167

CAPITAL AND RESERVES
Called up share capital 12 101 101
Retained earnings 1,150,628 853,066
SHAREHOLDERS' FUNDS 1,150,729 853,167

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 director and authorised for issue on 20th February 2025 and were signed by:





N Story - Director


SUPPLIES FOR CANDLES LIMITED (REGISTERED NUMBER: 08069896)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024


1. STATUTORY INFORMATION

Supplies For Candles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08069896

Registered office: Unit E, Swinton Bridge Industrial Estate
Whitelee Road, Swinton
Mexborough
South Yorkshire
S64 8BH

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

Accordingly at the time of signing these accounts, having considered the economic climate, the directors expectations and intentions for the next 12 months, and the availability of working capital, the directors are of the opinion that the company will remain viable for the foreseeable future and accordingly these financial statements have been prepared on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Supplies For Candles Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Nicky Story Holdings Limited, Unit E, Swinton Bridge Industrial Estate Whitelee Road, Swinton, Mexborough, South Yorkshire, England, S64 8BH.

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

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the dispatch of goods.

Goodwill
Goodwill, being the amount paid in connection of a business acquisition, is being amortised evenly over its estimated useful life of ten years.

SUPPLIES FOR CANDLES LIMITED (REGISTERED NUMBER: 08069896)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired on business combinations are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Computer software20% straight line

Tangible fixed assets
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.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows

Leasehold property10% straight line
Plant and machinery25% reducing balance
Fixtures and fittings15% reducing balance
Motor vehicles15% reducing balance
Website10% straight line
Computer equipment33% straight line

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

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.

SUPPLIES FOR CANDLES LIMITED (REGISTERED NUMBER: 08069896)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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.

Financial instruments
The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument.

Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised.

Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised.

Financial assets and liabilities are offset, with the net amount reported 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.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 47 ) .

SUPPLIES FOR CANDLES LIMITED (REGISTERED NUMBER: 08069896)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1st September 2023 1,307,382 128,171 1,435,553
Additions - 36,600 36,600
At 31st August 2024 1,307,382 164,771 1,472,153
AMORTISATION
At 1st September 2023 435,794 27,280 463,074
Amortisation for year 130,738 29,127 159,865
At 31st August 2024 566,532 56,407 622,939
NET BOOK VALUE
At 31st August 2024 740,850 108,364 849,214
At 31st August 2023 871,588 100,891 972,479

The net book value of assets purchased on hire purchase total £66,255 as at 31st August 2024 (2023: £89,640).

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st September 2023 52,775 656,619 709,394
Additions - 12,229 12,229
Disposals - (18,955 ) (18,955 )
Transfer to group undertaking (52,775 ) (271,573 ) (324,348 )
At 31st August 2024 - 378,320 378,320
DEPRECIATION
At 1st September 2023 21,110 365,811 386,921
Charge for year 5,278 105,191 110,469
Eliminated on disposal - (18,955 ) (18,955 )
Transfer to group undertaking (26,388 ) (141,426 ) (167,814 )
At 31st August 2024 - 310,621 310,621
NET BOOK VALUE
At 31st August 2024 - 67,699 67,699
At 31st August 2023 31,665 290,808 322,473

The net book value of the assets purchased on hire purchase total £1,158 as at 31st August 2024 (2023:£7,490).

SUPPLIES FOR CANDLES LIMITED (REGISTERED NUMBER: 08069896)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


6. STOCKS
2024 2023
£    £   
Product for resale 1,137,680 1,247,304

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 716,903 572,024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 25,643 34,726
Trade creditors 777,131 954,817
Amounts owed to group undertakings 403,972 990,061
Taxation and social security 218,955 64,274
Other creditors 459,405 559,908
1,885,106 2,603,786

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) - 25,608

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 25,643 34,726
Between one and five years - 25,608
25,643 60,334

Non-cancellable operating leases
2024 2023
£    £   
Within one year 158,226 17,888
Between one and five years 416,124 38,012
574,350 55,900

SUPPLIES FOR CANDLES LIMITED (REGISTERED NUMBER: 08069896)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 25,643 60,334

The hire purchase balances are secured against the assets to which they relate.

On 3rd February 2023 the company created a fixed and floating charge against all the assets of the company of £500,000. The balance on the related finance facility as at 31st August 2024 totalled £88,341.

The ultimate parent undertaking, Nicky Story Holdings Limited, held a loan of £2,205,291 at 31st August 2024 (2023: £2,476,339) of which the security is in the form a fixed and floating charge over the assets of of all group undertakings.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
1 Ordinary B £1 1 1
101 101

Ordinary shares rank pari passu except that different rates of dividend can be declared on different classes of share.

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Christopher Darwin (Senior Statutory Auditor)
for and on behalf of Thomas Coombs Limited

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st August 2024 and 31st August 2023:

N Story20242023
£   £   
Balance outstanding at start of year(456)(893)
Amounts advanced682,167297,437
Amounts repaid(689,783)(297,000)
Balance outstanding at end of year (8,072)(456)

Interest of £1,082 was charged, at the HMRC beneficial loan rate. The loan is repayable on demand.

SUPPLIES FOR CANDLES LIMITED (REGISTERED NUMBER: 08069896)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024


15. RELATED PARTY DISCLOSURES

Fixtures and fittings with a net book value of £130,147, long leasehold assets with a net book value of £26,387 was transferred from Supplies for Candles Limited to Nicky Story Holdings Limited, its parent company during the year.

At 31st August 2024 there was a balance owing to Supplies For Candles Limited from companies in which Nicky Story is a director of totalling £530,184 (2023: £325,799).

16. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent undertaking is Nicky Story Holdings Limited and the controlling party is Nicky Story.

The company is exempt from preparing consolidated financial statements under Section 400 of the Companies Act 2006. Nicky Story Holdings Limited consolidates the financial statements. Copies of the Nicky Story Holdings Limited financial statements are publicly available and can be obtained from Companies House or from the Nicky Story Holdings Limited registered office Unit E, Swinton Bridge Industrial Estate Whitelee Road, Swinton, Mexborough, South Yorkshire, England, S64 8BH.