Company registration number 01793651 (England and Wales)
NATIONAL WHOLESALE CONFECTIONERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NATIONAL WHOLESALE CONFECTIONERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
NATIONAL WHOLESALE CONFECTIONERS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
48,039
40,521
Investments
4
153
153
48,192
40,674
Current assets
Debtors
5
2,062,693
2,984,509
Cash at bank and in hand
1,916,973
2,160,302
3,979,666
5,144,811
Creditors: amounts falling due within one year
6
(3,048,980)
(4,283,086)
Net current assets
930,686
861,725
Total assets less current liabilities
978,878
902,399
Provisions for liabilities
(5,962)
(2,071)
Net assets
972,916
900,328
Reserves
Other reserves
8
216,000
182,000
Profit and loss reserves
756,916
718,328
Members' funds
972,916
900,328

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
T Cox
Director
Company registration number 01793651 (England and Wales)
NATIONAL WHOLESALE CONFECTIONERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

National Wholesale Confectioners Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Richmond House, 570-572 Etruria Road, Newcastle-Under-Lyme, Staffordshire, ST5 0SU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

Turnover comprises advertising income, membership fees and special events income less any members rebates paid out in the period. Turnover is recognised in the year to which it relates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over term of lease
Fixtures and fittings
Straight line over 3 years
Computers
Straight line over 3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.4
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

NATIONAL WHOLESALE CONFECTIONERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companie s, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NATIONAL WHOLESALE CONFECTIONERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.11

Overriding discounts

The overriding discounts receipts and payments are not included within the company's profit and loss account. Included in the balance sheet are the cash balances or debtor balances which are held for the members of the company. The corresponding liability is included within the overriding discounts due to members.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
30
28
NATIONAL WHOLESALE CONFECTIONERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2024
25,944
9,931
66,965
102,840
Additions
-
0
312
33,239
33,551
At 31 December 2024
25,944
10,243
100,204
136,391
Depreciation and impairment
At 1 January 2024
4,970
8,543
48,806
62,319
Depreciation charged in the year
8,581
1,060
16,392
26,033
At 31 December 2024
13,551
9,603
65,198
88,352
Carrying amount
At 31 December 2024
12,393
640
35,006
48,039
At 31 December 2023
20,974
1,388
18,159
40,521
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
153
153
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,692,293
2,558,686
Amounts owed by group undertakings
-
0
8,987
Other debtors
370,400
416,836
2,062,693
2,984,509

Amounts owed by group undertakings are interest free, have no fixed date of repayment and are repayable upon demand.

NATIONAL WHOLESALE CONFECTIONERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
134,188
138,314
Amounts owed to group undertakings
76,136
38,500
Corporation tax
46,312
32,919
Other taxation and social security
289,766
362,254
Other creditors
-
0
10,941
Amounts owed to members
2,076,757
3,424,626
Accruals and deferred income
425,821
275,532
3,048,980
4,283,086

Amounts owed to group undertakings are interest free, have no fixed date of repayment and are repayable upon demand.

Included within the amounts owed to members are overriding discounts which represent amounts held for the members. A corresponding amount is included within the trade debtors and cash at bank balance as shown in the balance sheet.

7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £10.

Each member is also required to contribute a £2,000 loan to the company for the period of their membership. This is represented by members' loans on the company's balance sheet.

8
Other reserves

Other reserves include £216,000 (202 3: £1 82,000) of members loans which are interest free and repayable upon six months notice of cessation of membership.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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 surplus 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.

NATIONAL WHOLESALE CONFECTIONERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Laura Leslie BSc FCA
Statutory Auditor:
DSG Audit
Date of audit report:
7 May 2025
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
62,500
62,500
Between two and five years
156,250
218,750
218,750
281,250
11
Events after the reporting date

The company was involved in legal proceedings that where still ongoing at the balance sheet date. Subsequent to the year end a court ruling has been made against the company. The court case pertains to a former members claim against the company in respect of unpaid surplus payout. As of the date of this report, the company is unable to determine the exact financial impact of the ruling, as the costs associated with the case, including potential legal fees, remain uncertain, however the accounts currently include a provision of £148,169, which is disclosed within accruals in note 6 . The company is currently assessing the implications of the court's decision and will provide further updates as more information becomes available.

12
Transactions with members

During the year the company charged its members £453,475 (202 3: £488,387) in respect of fees. The company also made year end rebates of £1,075,000 (202 3: £1,200,000) to its members. As at 31 December 202 4, the balance payable to the company's members was £2,076,757 (202 3: £3,424,626).

During the year the company was charged management fees of £76,261 (202 3: £54,760) and expenses of £20,074 (202 3: £5,864) by businesses in which various members of its board of directors have a material interest.

13
Related party transactions

The company has taken advantage of the reduced disclosure exemption available under Financial Reporting Standard 102 relating to the disclosure of related party transactions between wholly owned group companies.

No other transactions with related parties were undertaken such as are required to be disclosed by Financial Reporting Standard 102.

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