FOR THE YEAR ENDED 31 DECEMBER 2024
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ST EVAL CANDLE CO LTD
COMPANY INFORMATION
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ST EVAL CANDLE CO LTD
CONTENTS
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ST EVAL CANDLE CO LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their annual report together with the audited financial statements of the Company for the
year 1 January 2024 to 31 December 2024. The principal activity of the Company continues to be the manufacture and sale of candles and diffusers.
The net assets at the end of the year amounted to £5,358,105 and key trading highlights are summarised below:
Sales growth - 8% Gross margin - 57% Profit margin before tax - 8% Turnover increased compared to last year, largely through strong bricks-and-mortar sales, whilst on-line sales remained static year on year.
The directors have performed an assessment of the ability of the business to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. A cash flow forecast up to the period ending 30 April 2026 has been prepared. This forecast has considered the possible impact of a continued cost of living crisis and a possible shallow recession.
The scenario modelled determined that the business has sufficient cash to continue operating until the end of April 2026. As a result, the directors consider it appropriate to prepare the financial statements on a going concern basis.
During the financial year, we continued to invest in machinery at our factory site, to improve capacity and efficiency, whilst at the same time improving the work environment for our staff.
The company’s focus during 2025 will be to roll out our new branding, which was launched in January 2025, explore new market opportunities and to continually develop new products to refresh our market offering.
The management of the business and the nature of the market we operate in are subject to a number of risks. The directors have set out the principal risks facing the business below.
Recession / Cost of Living Crisis The uncertainty in the UK economy looks set to continue throughout the coming months. However, the sector we operate in—mid-market retail—is also one of the most resilient, and we are confident that our mix of routes to market and product range will allow us to minimise any market downturn due to recession. Inflation Inflation is impacting our raw material costs. However, the slowdown in the rate of inflation increase means this is not considered a major risk but continues to be monitored.
Page 1
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ST EVAL CANDLE CO LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Competition Competition is strong across the sectors (B2B and B2C), with several new entrants coming into the middle market, making the market space very crowded. However, St. Eval, through excellent quality products backed up with superior customer service, has proved to be able to prosper during any down cycle in the sector. Raw Materials Supply chain issues will continue to be a concern for the remainder of 2025, along with price inflation eroding margins. The company continues to use procurement routines to monitor and, as much as possible, mitigate any exposure. Cyber Security We are aware of the increasing threat of a cyber security breach. We proactively manage this threat via audits, policy deployment, and ongoing training. Extreme Weather As summer temperatures continue to rise due to global warming, we are increasingly aware of the fire risk at our site. We have increased water availability onsite by creating a freshwater lake that is accessible by the emergency services if required.
The company uses various financial instruments, including loans and cash. The main purpose of these financial instruments is to raise finance for the company's operations.
The main risks arising from the company's financial instruments are credit and liquidity risk. The directors review and agree on policies for managing each of these risks, summarised below. Credit Risk The company's principal risk arises from trade accounts, which are given credit terms (retail customers are not given credit terms). To manage credit risk, the company sets limits for trade customers based on a combination of credit checks and payment history. Credit limits are reviewed by the finance team regularly using debt ageing and collection history. Liquidity Risk The directors seek to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and prudently.
See details provided in the Business Review.
This report was approved by the board on 8 May 2025 and signed on its behalf.
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ST EVAL CANDLE CO LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £465,352 (2023: £443,760).
Dividends declared and paid during the year were £200,000 (2023: £156,250 declared and £140,250 paid). The trading results for the year and the Company's financial position are shown in the attached financial statements.
The directors who served during the year were:
Details of future developments are provided in the Strategic Report.
Details of financial instruments are provided in the Strategic Report.
The directors have documented their going concern assessment in the strategic report and the directors
consider it appropriate to prepare the financial statements on a going concern basis.
The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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ST EVAL CANDLE CO LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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ST EVAL CANDLE CO LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic report, the Directors' report 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 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 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 for the Company'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 Company 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 to 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.
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ST EVAL CANDLE CO LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST EVAL CANDLE CO LTD
We have audited the financial statements of St Eval Candle Co Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity, analysis of net debt and the related notes, 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).
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 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.
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.
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 Report. 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. 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.
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ST EVAL CANDLE CO LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST EVAL CANDLE CO LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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ST EVAL CANDLE CO LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST EVAL CANDLE CO LTD (CONTINUED)
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 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:
∙We have considered the nature of the industry and sector, control environment and business performance;
∙We have considered the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙Any matters identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
°Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut off.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Financial Reporting Standard 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included consumer protection regulations, data protection regulations, occupational health and safety regulations and employment legislation.
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Enquiring of management in relation to actual and potential claims or litigations or areas of non-compliance with laws and regulations;
∙Performing detailed testing in relation to the recognition of revenue, with a particular focus around year-end cut off; and
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ST EVAL CANDLE CO LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST EVAL CANDLE CO LTD (CONTINUED)
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to any possible indications of fraud or non-compliance with laws and regulations throughout the audit.
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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Cornwall
TR1 2DP
8 May 2025
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ST EVAL CANDLE CO LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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ST EVAL CANDLE CO LTD
REGISTERED NUMBER:04540135
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
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ST EVAL CANDLE CO LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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ST EVAL CANDLE CO LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ST EVAL CANDLE CO LTD
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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ST EVAL CANDLE CO LTD
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
St Eval Candle Co Ltd is a private company limited by shares incorporated in England and Wales. The
registered office is Engollan, St. Eval, Wadebridge, Cornwall, United Kingdom, PL27 7UL.
2.Accounting policies
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have performed an assessment of the ability of the business to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements, a cash flow forecast up to the period ending 30th April 2026 has been prepared. This forecast has considered the possible impact of a continued cost of living crisis and a possible shallow recession. the scenario modelled determined that the business has sufficient cash to continue operating until the end of April 2026 as a result the directors consider it appropriate to prepare the financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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:
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.
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and 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, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Depreciation period for tangible fixed assets Depreciation is estimated, based upon the estimated useful economic life and residual value of assets. Stock Provision A stock provision should be recognised when net realisable value falls below cost. Bad Debt Provision A bad debt provision should be recognised where management deem trade debtor amounts irrecoverable.
Analysis of turnover by country of destination:
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
There were no factors that may affect future tax charges.
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 26
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Capital redemption reserve
the Company's own shares out of distributable profits.
Profit and loss account
adjustments.
The Company operates a defined contribution pension scheme for staff. The assets of the schemes are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the funds and amounted to £34,683 (2023: £26,257). Contributions totaling £13,061 (2023: £8,009) were payable to the fund at the balance sheet date and are included in creditors.
The Company also pays into two personal pension schemes for the directors, amounts are disclosed within Note 9.
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ST EVAL CANDLE CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The ultimate controlling party is SG Young-Jamieson by virtue of her majority shareholding in the ordinary
share capital of the Company.
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