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Registered number: 04540135
















ST EVAL CANDLE CO LTD




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


































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ST EVAL CANDLE CO LTD

 
COMPANY INFORMATION


Directors
Ian Greaves 
Harry Oswin Young-Jamieson 
Sarah Gifford Young-Jamieson 




Company secretary
Sarah Gifford Young-Jamieson



Registered number
04540135



Registered office
St Eval Candle Co Ltd
Engollan

St Eval

Wadebridge

Cornwall

PL27 7UL




Independent auditors
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Chy Nyverow

Newham Road

Truro

Cornwall

TR1 2DP






ST EVAL CANDLE CO LTD


CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditors' report
6 - 9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13 - 14
Analysis of net debt
15
Notes to the financial statements
16 - 30


ST EVAL CANDLE CO LTD

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
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.

Business review
 
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.

Going concern

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.

Capital expenditure

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.

Future developments

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.

Principal risks and uncertainties
 
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


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.

Financial instruments

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.

Financial key performance indicators
 
See details provided in the Business Review.


This report was approved by the board on 8 May 2025 and signed on its behalf.


Ian Greaves
Director
Page 2


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.

Results and dividends

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.

Directors

The directors who served during the year were:

Ian Greaves 
Harry Oswin Young-Jamieson 
Sarah Gifford Young-Jamieson 

Future developments

Details of future developments are provided in the Strategic Report.

Financial instruments

Details of financial instruments are provided in the Strategic Report.

Going concern

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.

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'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's auditors are aware of that information.

The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

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

Page 3


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.
 






Ian Greaves
Director

Date: 8 May 2025

St Eval Candle Co Ltd
Engollan
St Eval
Wadebridge
Cornwall
PL27 7UL
Page 4


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 2006They 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.

Page 5


ST EVAL CANDLE CO LTD

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST EVAL CANDLE CO LTD
Opinion


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 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 Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Other information


The 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.


Page 6


ST EVAL CANDLE CO LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST EVAL CANDLE CO LTD (CONTINUED)

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 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.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 5, 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7


ST EVAL CANDLE CO LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ST EVAL CANDLE CO LTD (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 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
 
Page 8


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.


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.






Alison Oliver FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Truro
Cornwall
TR1 2DP

8 May 2025
Page 9


ST EVAL CANDLE CO LTD

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
7,584,860
7,032,706

Cost of sales
  
(3,291,642)
(3,110,318)

Gross profit
  
4,293,218
3,922,388

Administrative expenses
  
(3,721,779)
(3,350,180)

Other operating income
 5 
61,641
33,600

Operating profit
 6 
633,080
605,808

Interest receivable and similar income
 10 
16,650
2,280

Interest payable and similar expenses
 11 
(24,544)
(31,741)

Profit before tax
  
625,186
576,347

Tax on profit
 12 
(159,834)
(132,587)

Profit for the financial year
  
465,352
443,760

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 30 form part of these financial statements.
Page 10


ST EVAL CANDLE CO LTD
REGISTERED NUMBER:04540135

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
3,398,274
3,603,690

  
3,398,274
3,603,690

Current assets
  

Stocks
 15 
808,345
903,703

Debtors
 16 
645,853
708,578

Cash at bank and in hand
 17 
2,056,585
1,685,483

  
3,510,783
3,297,764

Creditors: amounts falling due within one year
 18 
(1,142,700)
(1,273,873)

Net current assets
  
 
 
2,368,083
 
 
2,023,891

Total assets less current liabilities
  
5,766,357
5,627,581

Creditors: amounts falling due after more than one year
 19 
(77,404)
(190,930)

Provisions for liabilities
  

Deferred tax
 22 
(330,724)
(337,774)

Deferred grants
 23 
(124)
(6,124)

  
 
 
(330,848)
 
 
(343,898)

Net assets
  
5,358,105
5,092,753


Capital and reserves
  

Called up share capital 
 24 
100
100

Share premium account
 25 
43,365
43,365

Capital redemption reserve
 25 
1
1

Profit and loss account
 25 
5,314,639
5,049,287

  
5,358,105
5,092,753


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





Ian Greaves
Director

Date: 8 May 2025

The notes on pages 16 to 30 form part of these financial statements.
Page 11


ST EVAL CANDLE CO LTD


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total equity

£
£
£
£
£


At 1 January 2023
100
43,365
1
4,761,777
4,805,243


Comprehensive income for the year

Profit for the year
-
-
-
443,760
443,760
Total comprehensive income for the year
-
-
-
443,760
443,760


Contributions by and distributions to owners

Dividends
-
-
-
(156,250)
(156,250)


Total transactions with owners
-
-
-
(156,250)
(156,250)



At 1 January 2023
100
43,365
1
5,049,287
5,092,753


Comprehensive income for the year

Profit for the year
-
-
-
465,352
465,352
Total comprehensive income for the year
-
-
-
465,352
465,352


Contributions by and distributions to owners

Dividends
-
-
-
(200,000)
(200,000)


Total transactions with owners
-
-
-
(200,000)
(200,000)


At 31 December 2024
100
43,365
1
5,314,639
5,358,105


The notes on pages 16 to 30 form part of these financial statements.
Page 12


ST EVAL CANDLE CO LTD


STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
465,352
443,760

Adjustments for:

Depreciation of tangible assets
476,348
440,785

Loss on disposal of tangible assets
1,202
(647)

Government grants
(6,000)
(8,985)

Interest paid
24,544
5,595

Interest received
(16,650)
(2,280)

Taxation charge
159,834
132,587

Decrease in stocks
64,979
120,718

(Increase)/decrease in debtors
(96,711)
64,601

(Decrease) in creditors
(76,299)
(289,890)

(Decrease) in provisions
(16,185)
(6,000)

Net fair value losses/(gains) recognised in P&L
-
(16,000)

Corporation tax (paid)
(122,255)
(52,714)

Net cash generated from operating activities

858,159
831,530


Cash flows from investing activities

Purchase of tangible fixed assets
(272,134)
(469,220)

Sale of tangible fixed assets
-
1,667

Government grants received
6,000
8,985

Interest received
16,650
2,280

Net cash from investing activities

(249,484)
(456,288)

Cash flows from financing activities

New secured loans
-
34,845

Repayment of loans
(141,746)
(101,792)

Repayment of/new finance leases
(71,765)
(32,664)

Dividends paid
-
(140,250)

Interest paid
(24,544)
(5,595)

Net cash used in financing activities
(238,055)
(245,456)

Net increase in cash and cash equivalents
370,620
129,786

Cash and cash equivalents at beginning of year
1,684,439
1,554,653

Cash and cash equivalents at the end of year
2,055,059
1,684,439


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,056,585
1,685,483

Bank overdrafts
(1,526)
(1,044)
Page 13


ST EVAL CANDLE CO LTD


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


2024
2023

£
£


2,055,059
1,684,439


The notes on pages 16 to 30 form part of these financial statements.

Page 14


ST EVAL CANDLE CO LTD


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,685,483

371,102

2,056,585

Bank overdrafts

(1,044)

(482)

(1,526)

Debt due after 1 year

(190,930)

113,526

(77,404)

Debt due within 1 year

(141,626)

28,220

(113,406)

Finance leases

(148,489)

71,765

(76,724)


1,203,394
584,131
1,787,525

The notes on pages 16 to 30 form part of these financial statements.
Page 15


ST EVAL CANDLE CO LTD

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

1.


General information

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

 
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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

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.   

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 16


ST EVAL CANDLE CO LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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 Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

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

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
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.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 17


ST EVAL CANDLE CO LTD

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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Borrowing costs

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

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 18


ST EVAL CANDLE CO LTD

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

2.Accounting policies (continued)

 
2.13

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.

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:

Long-term leasehold property
-
4 to 25% straight line
Plant and machinery
-
15% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
25% straight line
Renewable energy
-
5% straight line

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.

 
2.14

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 19


ST EVAL CANDLE CO LTD

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

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

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.

 
2.19

Financial instruments


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.

 
2.20

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.

Page 20


ST EVAL CANDLE CO LTD

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these significant judgements and estimates have been made include:
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.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,528,553
6,979,461

Rest of Europe
6,250
5,676

Rest of the world
50,057
47,569

7,584,860
7,032,706



5.


Other operating income

2024
2023
£
£

Other operating income
55,641
24,615

Government grants receivable
6,000
8,985

61,641
33,600



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
2,386
3,132

Other operating lease rentals
22,760
20,358

Page 21


ST EVAL CANDLE CO LTD

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

7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
17,700
16,750

8.


Employees

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


2024
2023
£
£

Wages and salaries
2,144,892
1,921,725

Social security costs
211,951
180,363

Cost of defined contribution scheme
67,325
55,899

2,424,168
2,157,987


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


        2024
        2023
            No.
            No.







Employees
63
61


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
422,924
434,841

Company contributions to defined contribution pension schemes
32,642
29,642

Compensation for loss of office
35,326
-

490,892
464,483


During the year retirement benefits were accruing to 2 directors (2023: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £215,256 (2023: £191,823).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023: £NIL).

Page 22


ST EVAL CANDLE CO LTD

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

10.


Interest receivable

2024
2023
£
£


Other interest receivable
16,650
2,280

16,650
2,280


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
7,643
5,595

Other loan interest payable
16,901
26,146

24,544
31,741


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
166,884
122,637

Adjustments in respect of previous periods
-
(792)


166,884
121,845


Total current tax
166,884
121,845

Deferred tax


Origination and reversal of timing differences
(7,050)
11,783

Adjustments in respect of prior periods
-
(1,041)

Total deferred tax
(7,050)
10,742


Tax on profit
159,834
132,587
Page 23


ST EVAL CANDLE CO LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


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 25.00% (2023: 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
625,186
576,347


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
156,297
135,560

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,299
475

Capital allowances for year in excess of depreciation
1,238
(2,312)

Adjustments to tax charge in respect of prior periods
-
(792)

Remeasurement of deferred tax for changes in tax rates
-
697

Adjustments to tax charge in respect of previous periods - deferred tax
-
(1,041)

Total tax charge for the year
159,834
132,587


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




13.


Dividends

2024
2023
£
£


Dividends analysis
200,000
156,250

200,000
156,250

Page 24


ST EVAL CANDLE CO LTD



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



14.


Tangible fixed assets






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Renewable energy
Total

£
£
£
£
£
£



COST 


At 1 January 2024
3,261,123
1,294,863
70,315
527,482
177,497
5,331,280


Additions
3,620
241,732
-
13,192
13,590
272,134


Disposals
-
-
-
(1,202)
-
(1,202)



At 31 December 2024

3,264,743
1,536,595
70,315
539,472
191,087
5,602,212



Depreciation


At 1 January 2024
748,183
525,286
18,981
349,416
85,724
1,727,590


Charge for the year on owned assets
190,578
187,633
10,547
79,633
9,159
477,550


Disposals
-
-
-
(1,202)
-
(1,202)



At 31 December 2024

938,761
712,919
29,528
427,847
94,883
2,203,938



Net book value



At 31 December 2024
2,325,982
823,676
40,787
111,625
96,204
3,398,274



At 31 December 2023
2,512,940
769,577
51,334
178,066
91,773
3,603,690

Page 25


ST EVAL CANDLE CO LTD

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

15.


Stocks

2024
2023
£
£

Raw materials and consumables
567,369
586,924

Finished goods and goods for resale
240,976
316,779

808,345
903,703



16.


Debtors

2024
2023
£
£


Trade debtors
479,640
513,539

Other debtors
2,534
63,176

Prepayments and accrued income
163,679
131,863

645,853
708,578


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,056,585
1,685,483

Less: bank overdrafts
(1,526)
(1,044)

2,055,059
1,684,439



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
1,526
1,044

Bank loans
113,406
141,626

Trade creditors
314,411
383,909

Corporation tax
166,473
121,844

Other taxation and social security
411,874
415,382

Obligations under finance lease and hire purchase contracts
76,724
148,489

Other creditors
13,061
26,131

Accruals and deferred income
45,225
35,448

1,142,700
1,273,873


Page 26


ST EVAL CANDLE CO LTD

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

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
77,404
190,930

77,404
190,930



20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
113,406
141,626


113,406
141,626

Amounts falling due 1-2 years

Bank loans
77,404
190,930


77,404
190,930



190,810
332,556


Debenture
The bank loan is secured over any monies due to the Company by the chargee and by way of a fixed and
floating charge over all assets of the Company.


21.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,056,585
1,685,483




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
Page 27


ST EVAL CANDLE CO LTD

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

22.


Deferred taxation




2024


£






At beginning of year
(337,774)


Charged to profit or loss
7,050



At end of year
(330,724)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(330,724)
(337,774)

(330,724)
(337,774)


23.


Deferred capital grants




2024

£





At 1 January 2024
6,124


Utilised in year
(6,000)



At 31 December 2024
124


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023: 100) Ordinary shares of £1.00 each
100
100


Page 28


ST EVAL CANDLE CO LTD

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

25.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares net of issue costs.

Capital redemption reserve

The capital redemption reserve represents amounts transferred following the redemption or purchase of
the Company's own shares out of distributable profits.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other
adjustments.


26.


Pension commitments

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.


27.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
23,021
21,292

Later than 1 year and not later than 5 years
69,324
72,868

Later than 5 years
265,000
280,000

357,345
374,160

Page 29


ST EVAL CANDLE CO LTD

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

28.


Transactions with directors

Dividends totaling £200,000 (2023: £140,250) were paid in the period in respect of shares held by the
Company's directors. Dividends payable at the balance sheet date were £Nil (2023: £16,000).
Directors loans are payable on demand and charged a 2.25% rate of interest.

Opening balance
Amounts advanced
Interest charged
Interest earned
Amounts repaid
Closing Balance
        £
        £
        £
        £
        £
        £

SG Young-Jamieson

63,056

210,342

445
 
(551)
 
(271,376)

1,916


63,056

210,342

445
 
(551)
 
(271,376)

1,916



29.


Controlling party

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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