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Registered number: 10326821










CONFECTIONS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
CONFECTIONS LIMITED
 
 
COMPANY INFORMATION


Directors
M N Adcock 
G Connah 
P S Simmonds 




Registered number
10326821



Registered office
Mitre House Duttons Way
Shadsworth Business Park

Blackburn

Lancashire

BB1 2QR




Independent auditors
Shorts
Chartered Accountants & Statutory Auditor

63 Napier Street

Sheffield

South Yorkshire

S11 8HA




Bankers
HSBC Bank PLC





 
CONFECTIONS LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9
Company balance sheet
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13 - 14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 34


 
CONFECTIONS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

Introduction
 
The directors present their strategic report for the year ended 31 July 2024.

Business review
 
The results from the Group are detailed in the financial statements.
The Group's key financial and other performance indicators during the year were as follows:

img04e2.png

The group maintained operating performance across 2024 despite significant input cost increases, managing to ensure profitability is protected through realization of operational efficiency improvements and increased selling prices.
The UK manufacturing industry, particularly the food sector has experienced significant input cost challenges which the business has successfully navigated. It is encouraging that demand for the Group’s products remains resilient despite increased prices and we can look forward with cautious optimism towards the next phase for the business. 

Principal risks and uncertainties
 
The management of the business and execution of the group's strategy are subject to a number of risks.

The principal risks facing the Group are the rising commodity costs associated with the raw materials used in the manufacturing process, labour cost inflation and the change in consumer spending habits following recent inflationary challenges in the UK marketplace. The Group has a broad customer base and a diverse portfolio of products, allowing it to meet the needs of customers and consumers, and with continuous improvement in innovation and investment, we aim to mitigate these risks and protect the future success of the business.


This report was approved by the board on 16 April 2025 and signed on its behalf.



G Connah
Director

Page 1

 
CONFECTIONS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their report and the financial statements for the year ended 31 July 2024.

Principal activity

The company's principal activity is that of a holding company. The principal activity of the group is the
manufacture of confectionery.

Directors

The directors who served during the year were:

M N Adcock 
G Connah 
P S Simmonds 

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £108,236 (2023 - £289,558).

Qualifying third party indemnity provisions

The Directors have been granted a qualifying indemnity provision under Section 234 of the Companies Act 2006.
This indemnity does not provide cover in the event of a director acting fraudulently or dishonestly.

Page 2

 
CONFECTIONS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

See note 26 of the financial statement for the group's post balance sheet events.

Auditors

The auditorsShortswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 16 April 2025 and signed on its behalf.
 





G Connah
Director

Page 3

 
CONFECTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONFECTIONS LIMITED
 

Opinion


We have audited the financial statements of Confections Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 July 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 July 2024 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 4

 
CONFECTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONFECTIONS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' responsibilities statement set out on page 2, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
CONFECTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONFECTIONS LIMITED (CONTINUED)


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 an Auditors' report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:

the engagement team collectively had the appropriate competence, capabilities and skills to identify orn recognise non-compliance with applicable laws and regulations;
through discussions with the directors and other management and from our commercial knowledge and experience of the sectors that the company operates in, we identified the laws and regulations applicable to the Group; and
focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining
an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
considered journal entries to identify unusual transactions;
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims;
considering relationships with HMRC and other relevant regulators; and
reviewing legal and professional fees for evidence of any litigation.

There are inherent limitations in our audit procedures described above.The more removed that laws and
Page 6

 
CONFECTIONS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONFECTIONS LIMITED (CONTINUED)


regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Howard Freeman BSc FCA (Senior statutory auditor)
  
for and on behalf of
Shorts
 
Chartered Accountants
Statutory Auditor
  
63 Napier Street
Sheffield
South Yorkshire
S11 8HA

16 April 2025
Page 7

 
CONFECTIONS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,397,390
12,140,702

Cost of sales
  
(9,262,188)
(9,084,631)

Gross profit
  
3,135,202
3,056,071

Distribution costs
  
(201,698)
(213,328)

Administrative expenses
  
(2,262,782)
(2,213,993)

Depreciation charges
  
(188,440)
(151,838)

Dilapidation provision charge
  
(250,000)
-

Operating profit
 5 
232,282
476,912

Interest payable and similar expenses
 9 
(87,353)
(88,800)

Profit before taxation
  
144,929
388,112

Tax on profit
 10 
(36,693)
(98,554)

Profit for the financial year
  
108,236
289,558

  

Profit for the year attributable to:
  

Owners of the parent Company
  
108,236
289,558

  
108,236
289,558

The notes on pages 16 to 34 form part of these financial statements.

Page 8

 
CONFECTIONS LIMITED
REGISTERED NUMBER: 10326821

CONSOLIDATED BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
1,000
1,000

Tangible assets
 12 
1,024,317
1,138,967

  
1,025,317
1,139,967

Current assets
  

Stocks
 14 
1,375,381
1,324,652

Debtors: amounts falling due within one year
 15 
1,730,745
1,776,399

Cash at bank and in hand
 16 
358,546
310,479

  
3,464,672
3,411,530

Creditors: amounts falling due within one year
 17 
(2,120,933)
(2,124,342)

Net current assets
  
 
 
1,343,739
 
 
1,287,188

Total assets less current liabilities
  
2,369,056
2,427,155

Creditors: amounts falling due after more than one year
 18 
(500,990)
(774,898)

Provisions for liabilities
  

Deferred taxation
 20 
(177,842)
(200,134)

Other provisions
 21 
(250,000)
-

Net assets
  
1,440,224
1,452,123


Capital and reserves
  

Called up share capital 
 22 
364,900
469,264

Profit and loss account
  
1,075,324
982,859

Equity attributable to owners of the parent Company
  
1,440,224
1,452,123

  
1,440,224
1,452,123


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 April 2025.




G Connah
Director

The notes on pages 16 to 34 form part of these financial statements.

Page 9

 
CONFECTIONS LIMITED
REGISTERED NUMBER: 10326821

COMPANY BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
623,520
623,520

  
623,520
623,520

Current assets
  

Debtors: amounts falling due within one year
 15 
455,338
807,019

Cash at bank and in hand
 16 
34
39,316

  
455,372
846,335

Creditors: amounts falling due within one year
 17 
(306,183)
(338,075)

Net current assets
  
 
 
149,189
 
 
508,260

Total assets less current liabilities
  
772,709
1,131,780

  

Creditors: amounts falling due after more than one year
 18 
(395,833)
(645,833)

  

Net assets
  
376,876
485,947


Capital and reserves
  

Called up share capital 
 22 
364,900
469,264

Profit and loss account brought forward
  
16,683
(149,428)

Profit for the year
  
11,064
212,495

Other changes in the profit and loss account

  

(15,771)
(46,384)

Profit and loss account carried forward
  
11,976
16,683

  
376,876
485,947


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 April 2025.


G Connah
Director

The notes on pages 16 to 34 form part of these financial statements.

Page 10
 

 
CONFECTIONS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024



Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity


£
£
£
£



At 1 August 2022
654,800
739,685
1,394,485
1,394,485



Comprehensive income for the year


Profit for the year
-
289,558
289,558
289,558


Repurchase of shares
(185,536)
-
(185,536)
(185,536)



Contributions by and distributions to owners


Dividends: Equity capital
-
(46,384)
(46,384)
(46,384)





At 1 August 2023
469,264
982,859
1,452,123
1,452,123



Comprehensive income for the year


Profit for the year
-
108,236
108,236
108,236


Repurchase of shares
(104,364)
-
(104,364)
(104,364)



Contributions by and distributions to owners


Dividends: Equity capital
-
(15,771)
(15,771)
(15,771)



At 31 July 2024
364,900
1,075,324
1,440,224
1,440,224



The notes on pages 16 to 34 form part of these financial statements.

Page 11

 

 
CONFECTIONS LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 August 2022
654,800
(149,428)
505,372



Comprehensive income for the year


Profit for the year
-
212,495
212,495


Repurchase of shares
(185,536)
-
(185,536)



Contributions by and distributions to owners


Dividends: Equity capital
-
(46,384)
(46,384)





At 1 August 2023
469,264
16,683
485,947



Comprehensive income for the year


Profit for the year
-
11,064
11,064


Repurchase of shares
(104,364)
-
(104,364)



Contributions by and distributions to owners


Dividends: Equity capital
-
(15,771)
(15,771)



At 31 July 2024
364,900
11,976
376,876



The notes on pages 16 to 34 form part of these financial statements.

Page 12
 
CONFECTIONS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
108,236
289,558

Adjustments for:

Depreciation of tangible assets
188,565
151,840

Loss on disposal of tangible assets
1,988
(902)

Interest paid
87,353
88,800

Taxation charge
(36,693)
52,176

(Increase) in stocks
(50,729)
(93,454)

Decrease in debtors
45,654
182,481

(Decrease)/increase in creditors
(17,104)
187,612

Increase in provisions
250,000
-

Corporation tax received/(paid)
45,972
(72,027)

Net cash generated from operating activities

623,242
786,084


Cash flows from investing activities

Purchase of tangible fixed assets
(140,693)
(472,935)

Sale of tangible fixed assets
64,790
10,629

HP interest paid
(495)
(212)

Net cash from investing activities

(76,398)
(462,518)

Cash flows from financing activities

Purchase of ordinary shares
(104,364)
(185,535)

Repayment of loans
(273,307)
(272,962)

Repayment of other loans
(17,136)
(30,464)

Repayment of/new finance leases
-
(2,070)

Dividends paid
(15,771)
(46,384)

Interest paid
(86,858)
(88,588)

Net cash used in financing activities
(497,436)
(626,003)

Net increase/(decrease) in cash and cash equivalents
49,408
(302,437)

Cash and cash equivalents at beginning of year
309,138
611,575

Cash and cash equivalents at the end of year
358,546
309,138


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
358,546
310,479

Bank overdrafts
-
(1,341)
Page 13

 
CONFECTIONS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024


2024
2023

£
£


358,546
309,138


The notes on pages 16 to 34 form part of these financial statements.

Page 14

 
CONFECTIONS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JULY 2024




At 1 August 2023
Cash flows
At 31 July 2024
£

£

£

Cash at bank and in hand

310,479

48,067

358,546

Bank overdrafts

(1,341)

1,341

-

Debt due after 1 year

(774,898)

273,908

(500,990)

Debt due within 1 year

(348,779)

16,536

(332,243)

Finance leases

(124)

-

(124)


(814,663)
339,852
(474,811)

The notes on pages 16 to 34 form part of these financial statements.

Page 15

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Confections Limited is a private company limited by shares, incorporated in England and Wales (registered number: 10326821). Its registered office address is Mitre House Duttons Way, Shadsworth Business Park, Blackburn, BB1 2QR. The principal activity of the Company throughout the year continued to be that of a holding company. The principal activity of the Group throughout the year continued to be that of the manufacture of confectionery

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The group's functional and presentional currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

At the 31 July 2024 the Company had net assets of £376,876 and returned a profit for the year of £11,064. The directors have a reasonable expectation that the Company and the Group has adequate resources to continue in operational existence for the foreseeable future. 

The directors have also indicated their intention to continue supporting the Company for the foreseeable future and therefore it is considered a going concern.

Page 16

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

Rendering of services

Revenue is recognised in the period in which services within the Group have been provided.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 17

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Pensions

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income.

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date.

Page 18

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree on the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Goodwill is amortised over five years.

Trademarks

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market. 

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Contrary to the Companies Act 2006, the directors believe the trademarks have an indefinite useful life

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 19

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20 years
Short-term leasehold property
-
15 years
Plant and machinery
-
1 - 10 years
Motor vehicles
-
up to 5 years
Fixtures and fittings
-
3 - 5 years
Computer equipment
-
1 - 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out and weighted average basis. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and
Page 20

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset, and the net amount reported in the Balance sheet when there is an 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.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgements:

Determine whether there are indicators of impairment of the Group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit.

Determine whether leases entered into by the Group either as a lessor or lessee are operating leases or finance leases. These decisions depend on the assessment of whether the risk and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Determine whether stock balances are valued correctly, which is required and is based on up to date trading information. The directors use their knowledge of the business, the trading environment and future projections to assess whether provision is necessary in these areas. 

Page 21

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Turnover
12,397,390
12,140,702

12,397,390
12,140,702


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(981)
(344)

Other operating lease rentals
103,236
100,978


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Group's auditors in respect of:

The auditing of the Group's financial statements and its subsidiaries
21,500
20,100

Non-audit services
8,000
6,900

Page 22

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,388,610
3,065,944
-
-

Social security costs
338,886
303,898
-
-

Cost of defined contribution scheme
70,204
154,596
-
-

3,797,700
3,524,438
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
153
152


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
131,100
128,850

Group contributions to defined contribution pension schemes
-
75,000

131,100
203,850



9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
72,778
75,139

Other loan interest payable
14,080
13,449

Finance leases and hire purchase contracts
495
212

87,353
88,800

Page 23

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
57,047
23,347

Adjustments in respect of previous periods
1,938
(1,257)

58,985
22,090


Deferred tax


Origination and reversal of timing differences
(20,370)
72,263

Adjustment in respect of prior periods
(1,922)
4,201


Tax on profit
36,693
98,554

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 21.005%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
144,929
388,113


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21.005%)
36,232
71,781

Effects of:


Expenses not deductible for tax purposes
1,146
13,632

Capital allowances for year in excess of depreciation
7,810
(1,162)

Adjustments to tax charge in respect of prior periods
1,938
2,944

Non-taxable income
-
(189)

Remeasurement of deferred tax for changes in tax rates
(9,661)
11,548

Marginal relief
(772)
-

Total tax charge for the year
36,693
98,554

Page 24

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

11.


Intangible assets

Group and Company





Trademarks
Goodwill
Total

£
£
£



Cost


At 1 August 2023
1,000
25,067
26,067



At 31 July 2024

1,000
25,067
26,067



Amortisation


At 1 August 2023
-
25,067
25,067



At 31 July 2024

-
25,067
25,067



Net book value



At 31 July 2024
1,000
-
1,000



At 31 July 2023
1,000
-
1,000



Page 25
 


 
CONFECTIONS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


12.


Tangible fixed assets


Group







Freehold land and property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 August 2023
268,030
99,538
1,951,584
44,850
200,269
86,573
2,650,844


Additions
-
-
120,164
-
5,395
15,134
140,693


Disposals
-
-
(33,540)
(42,600)
-
-
(76,140)



At 31 July 2024

268,030
99,538
2,038,208
2,250
205,664
101,707
2,715,397



Depreciation


At 1 August 2023
35,706
88,913
1,249,181
62
58,007
80,008
1,511,877


Charge for the year on owned assets
8,401
6,573
147,414
7,264
12,184
6,729
188,565


Disposals
-
-
-
(9,362)
-
-
(9,362)



At 31 July 2024

44,107
95,486
1,396,595
(2,036)
70,191
86,737
1,691,080



Net book value



At 31 July 2024
223,923
4,052
641,613
4,286
135,473
14,970
1,024,317
Page 26

 


 
CONFECTIONS LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           12.Tangible fixed assets (continued)




At 31 July 2023
232,324
10,625
702,403
44,788
142,262
6,565
1,138,967




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
100,000
100,000

Long leasehold
123,923
132,323

Short leasehold
4,052
10,625

227,975
242,948




Page 27
 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 August 2023
623,520



At 31 July 2024
623,520





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Stockley Sweets Limited
Ordinary
100%
Chocleys Limited
Ordinary
100%
The Super Flyers Factory Limited
Ordinary
100%

The above subsidiary undertakings were incorporated in the United Kingdom. The registered office of
each subsidiary undertakings is Duttons Way, Mitre House, Shadsworth Business Park, Blackburn, BB1
2QR.

The aggregate of the share capital and reserves as at 31 July 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Stockley Sweets Limited
1,087,360
(9,855)

Chocleys Limited
371,207
124,368

The Super Flyers Factory Limited
319,248
82,660

Page 28

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

14.


Stocks

Group
Group
2024
2023
£
£

Raw materials
739,577
715,240

Work in progress
99,436
72,393

Finished goods and goods for resale
536,368
537,019

1,375,381
1,324,652


The difference between purchase price or production cost of stocks and their replacement cost is not material.


15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,497,642
1,538,700
-
-

Amounts owed by group undertakings
-
-
453,469
807,019

Other debtors
1,976
184
1,869
-

Prepayments and accrued income
231,127
237,515
-
-

1,730,745
1,776,399
455,338
807,019


Amounts payable by group undertkaings are interest free and repayable upon demand.


16.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
358,546
310,479
34
39,316

Less: bank overdrafts
-
(1,341)
-
-

358,546
309,138
34
39,316


Page 29

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
1,341
-
-

Bank loans
284,643
284,043
250,000
250,000

Other loans
47,600
64,736
47,600
64,736

Trade creditors
1,083,142
1,116,574
1,014
-

Amounts owed to group undertakings
-
-
1
1

Corporation tax
53,542
21,971
-
-

Other taxation and social security
363,987
333,523
-
150

Obligations under finance lease and hire purchase contracts
124
124
-
-

Other creditors
135,613
86,693
-
-

Accruals and deferred income
152,282
215,337
7,568
23,188

2,120,933
2,124,342
306,183
338,075


Bank loans of £34,643 (2023: £34,043) are secured by a fixed and floating charge over the assets of The Super Flyers Factory Limited.

Bank loans of £250,000 (2023: £250,000) are secured by a fixed and floating charge over the assets of the Company.

Other loans is comprised of £47,600 (2023: £64,736) of loan notes accruing 4% interest annually.

Obligations under finance lease and hire purchase contracts are secured against the asset that they relate to. The company is subject to an unlimited multilateral guantee in respect of fellow group companies.

18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
500,990
774,898
395,833
645,833

500,990
774,898
395,833
645,833


Bank loans of £105,067 (2023: £129,065) are secured by a fixed and floating charge over the assets of The Super Flyers Factory Limited. 
Bank loans of £395,833 (2023: £645,833) are secured by a fixed and floating charge over the assets of the Company.

Page 30

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
284,643
284,043
250,000
250,000

Other loans
47,600
64,736
47,600
64,736


332,243
348,779
297,600
314,736

Amounts falling due 1-2 years

Bank loans
284,643
284,043
250,000
250,000


284,643
284,043
250,000
250,000

Amounts falling due 2-5 years

Bank loans
215,120
463,920
145,833
395,833


215,120
463,920
145,833
395,833

Amounts falling due after more than 5 years

Bank loans
1,227
26,935
-
-

1,227
26,935
-
-

833,233
1,123,677
693,433
960,569


Page 31

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

20.


Deferred taxation


Group



2024


£






At beginning of year
(200,134)


Utilised in year
22,292



At end of year
(177,842)







Group
Group
2024
2023
£
£

Accelerated capital allowances
(187,513)
(209,210)

Short term timing differences
9,671
9,076

(177,842)
(200,134)


21.


Provisions


Group



Dilapidation provision

£





Charged to profit or loss
250,000



At 31 July 2024
250,000

Page 32

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

           21.Provisions (continued)

Company


Total

£






At 31 July 2024
-


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,000 (2023 - 6,000) A Ordinary shares of £1.00 each
6,000
6,000
6,000 (2023 - 6,000) C Ordinary shares of £1.00 each
6,000
6,000
39,000 (2023 - 39,000) E Ordinary shares of £1.00 each
39,000
39,000
12,000 (2023 - 12,000) O Ordinary shares of £1.00 each
12,000
12,000
12,000 (2023 - 12,000) S Ordinary shares of £1.00 each
12,000
12,000
289,900 (2023 - 394,264) Preference shares of £1.00 each
289,900
394,264

364,900

469,264

The A Ordinary, C Ordinary, S Ordinary and O Ordinary shares have the same rights in respect of voting, dividends and distributions. E Ordinary shares have no rights in respect of voting or dividends. E Ordinary share rights to distribution are determined by the value received.

Preference shares have no rights in respect of voting and have full rights in respect of dividends and distribution.  The company redeemed 104,364 Preference Shares during the year at par.



23.


Pension commitments

The subsidiaries of Confections Limited operate a defined contribution pension scheme. Contributions
payable by the Group to the scheme totalled £70,204 (2023: £154,596). At the balance sheet date,
contributions totalling £19,721 (2023: £18,872) were payable to the scheme and are included in other
creditors.

Page 33

 
CONFECTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

24.


Commitments under operating leases

At 31 July 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
139,978
174,578

Later than 1 year and not later than 5 years
186,646
326,830

326,624
501,408

25.


Related party transactions

The Company and Group have taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with any wholly owned subsidiary untertaking of the group. 

Rental transactions

During the year, rental and other property related charges totalling £75,745 (2023: £71,142) were paid to the self invested personal pensions (SIPP) of MN Adcock, the SIPP of G Connah and Applegarth Holdings in relation to the rental of land and buildings. At the year end, an amount of £nil was outstanding (2023: £nil).


26.


Post balance sheet events

On 2 August 2024, Stockley Sweets Limited a subsidiary entered into a new operating rental lease commitment for 15 years in relation to premises.


27.


Controlling party

There is no overall controlling party of the company.

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