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Registration number: 11997133

Babynov Chichester Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Babynov Chichester Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 21

 

Babynov Chichester Limited

Company Information

Directors

M R F Beguinot

Financiere Messine SAS

Registered office

Unit 12
Terminus Road
Chichester
West Sussex
PO19 8TX

Auditors

Blue Spire Limited Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Babynov Chichester Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the company is the manufacture and wholesale of food products.

Fair review of the business

In 2024, the company’s turnover increased by 16.9% to £20.1m (2023: £17.2m).

Babynov Chichester’s earnings before interest, tax, depreciation and amortisation (EBITDA) stands at
+£174,123 for the financial year ending 31 December 2024 (2023: -£473,061).

Investments initiated by the company in new product development, in people and in the quality of its products and installations are maintained at a high level in 2024.
In order to increase its production capability, the company has invested £3.2m in plant & machinery, leasehold improvement and office and computer equipment during the 2024 financial year.
 

Principal risks and uncertainties

Inflation
The inflation in year 2024 has been slowing down, compared to previous last 2 years and this effect is mitigated through regular selling price updates with the main customer.

Interest rates
Interest rates in 2024 have remained at their highest, as the interest rate decrease has started only in second semester. The company has a stable relationship with its bank. Indebtedness in the UK is on a variable-rate basis and the cost of hedging has been estimated too high in 2024. The company also benefits from stable financing from its parent company.


Ukraine and conflict in the Middle East
The company has not detected any economic risk that could affect its results, as it has neither customers nor suppliers located in these regions.

Liquidity Risk
The company uses a mixture of long term and short term debt finance as well as financing by its immediate parent company Materna Operations SAS to ensure that sufficient funds are available to meet the operating needs and future planned investments.
 

Approved and authorised by the Board on 27 May 2025 and signed on its behalf by:
 

.........................................
M R F Beguinot
Director

 

Babynov Chichester Limited

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.

Directors of the company

The directors who held office during the year were as follows:

M R F Beguinot

Financiere Messine SAS

Objectives and policies

The company objective is to continue its development through the continuation of its subcontracting activity and the development of the baby food activity.

People and Management

Colleagues at Babynov Chichester are the most important asset that the business has, and it is acknowledged at all levels in the business that all colleagues should be allowed to progress their career and their personal development within the business. Development plans are rolled out across the employees to identify and implement all relevant training requirements, developmental needs and career enhancement objectives. The business does this for all colleagues including those that are disabled and does not discriminate in any way against disabled colleagues.

Communication is an integral element of colleague engagement, and significant efforts are made throughout the organisation update all colleagues with regards to business performance, the commercial environment, health & safety matters and all other matters of concern to the colleague base.

Health, Safety and the Environment

The company is committed to manufacturing quality products. Food safety and training of employees are viewed as paramount to safe and quality products. With that in mind, the company and Babynov Chichester’s employees have retained its AA+ standards with the BRC Global Standard for Food Safety. Babynov Chichester has a well-established HACCP food safety management program that covers all production activities across the site.

The company continuously monitors its impact on the environment, attempting to minimise where possible its activities affecting the environment.
 

Going concern

The directors have received a letter of financial support from the parent company (significant creditor) that they will not withdraw the financial support given to Babynov Chichester Limited for at least 12 months following the balance sheet date and therefore believe it is appropriate to prepare the accounts on the basis the company is a going concern.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves 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.

Approved and authorised by the Board on 27 May 2025 and signed on its behalf by:
 

.........................................
M R F Beguinot
Director

 

Babynov Chichester Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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 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.

 

Babynov Chichester Limited

Independent Auditor's Report to the Members of Babynov Chichester Limited

Opinion

We have audited the financial statements of Babynov Chichester Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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).

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 loss 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 auditor 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 UK, including the FRC’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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our 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 and the Directors' Report.

 

Babynov Chichester Limited

Independent Auditor's Report to the Members of Babynov Chichester Limited

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 4], 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.

Auditor 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 auditor’s 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 mistatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

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

We identified the laws and regulations applicable to the company through discussions with management and those charged with governance, and from our commercial knowledge and experience of the company's sector and activities.

We focused on the specific laws and regulations which we considered may have a direct material effect on the financial statements, including Companies Act 2006, FRS102, employment law, data protection, health & safety, and food hygiene standards.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and consideration of breaches throughout our testing.

Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud; and

Considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations.

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

agreeing financial statement disclosures to underlying supporting documentation.

enquiring of management as to actual and potential litigation or claims.

 

Babynov Chichester Limited

Independent Auditor's Report to the Members of Babynov Chichester Limited

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry management and the inspection of regulatory and legal correspondence, if any.

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

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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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 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 auditor’s 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.

......................................
James O'Rourke FCA (Senior Statutory Auditor)
For and on behalf of Blue Spire Limited, Statutory Auditor
 Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

27 May 2025

 

Babynov Chichester Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

20,087,074

17,221,009

Cost of sales

 

(14,884,920)

(12,647,558)

Gross profit

 

5,202,154

4,573,451

Administrative expenses

 

(6,582,466)

(5,932,574)

Other operating income

4

415,566

111,466

Operating loss

5

(964,746)

(1,247,657)

Structuring, incorporation and set-up fees

6

(19,176)

(76,703)

Other interest receivable and similar income

6

2,640

-

Interest payable and similar expenses

7

(222,949)

(604,823)

   

(239,485)

(681,526)

Loss before tax

 

(1,204,231)

(1,929,183)

Loss for the financial year

 

(1,204,231)

(1,929,183)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Babynov Chichester Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

Loss for the year

(1,204,231)

(1,929,183)

Total comprehensive income for the year

(1,204,231)

(1,929,183)

 

Babynov Chichester Limited

(Registration number: 11997133)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

10

149,777

236,721

Tangible assets

11

12,913,358

10,724,467

 

13,063,135

10,961,188

Current assets

 

Stocks

12

2,606,733

1,861,198

Debtors

13

2,329,001

2,075,574

Cash at bank and in hand

 

584,294

308,295

 

5,520,028

4,245,067

Creditors: Amounts falling due within one year

15

(13,284,943)

(9,697,389)

Net current liabilities

 

(7,764,915)

(5,452,322)

Total assets less current liabilities

 

5,298,220

5,508,866

Creditors: Amounts falling due after more than one year

15

(4,703,585)

(5,710,000)

Net assets/(liabilities)

 

594,635

(201,134)

Capital and reserves

 

Called up share capital

5,500,100

3,500,100

Retained earnings

(4,905,465)

(3,701,234)

Shareholders' funds/(deficit)

 

594,635

(201,134)

Approved and authorised by the Board on 27 May 2025 and signed on its behalf by:
 

.........................................
M R F Beguinot
Director

 

Babynov Chichester Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

3,500,100

(3,701,234)

(201,134)

Loss for the year

-

(1,204,231)

(1,204,231)

New share capital subscribed

2,000,000

-

2,000,000

At 31 December 2024

5,500,100

(4,905,465)

594,635

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1,500,100

(1,772,051)

(271,951)

Loss for the year

-

(1,929,183)

(1,929,183)

New share capital subscribed

2,000,000

-

2,000,000

At 31 December 2023

3,500,100

(3,701,234)

(201,134)

 

Babynov Chichester Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Loss for the year

 

(1,204,231)

(1,929,183)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,138,866

774,597

Finance income

6

(2,640)

-

Finance costs

7

638,983

572,847

 

570,978

(581,739)

Working capital adjustments

 

Increase in stocks

12

(745,535)

(28,457)

(Increase)/decrease in trade debtors

13

(253,427)

351,432

Increase in trade creditors

15

3,583,115

441,927

Net cash flow from operating activities

 

3,155,131

183,163

Cash flows from investing activities

 

Interest received

6

2,640

-

Acquisitions of tangible assets

(3,234,332)

(2,732,077)

Acquisition of intangible assets

10

(6,481)

(23,858)

Net cash flows from investing activities

 

(3,238,173)

(2,755,935)

Cash flows from financing activities

 

Interest paid

7

(638,983)

(572,847)

Proceeds from issue of ordinary shares, net of issue costs

 

2,000,000

2,000,000

Proceeds from bank borrowing draw downs

 

(1,001,976)

363,132

Net cash flows from financing activities

 

359,041

1,790,285

Net increase/(decrease) in cash and cash equivalents

 

275,999

(782,487)

Cash and cash equivalents at 1 January

 

308,295

1,090,782

Cash and cash equivalents at 31 December

 

584,294

308,295

 

Babynov Chichester Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 12
Terminus Road
Chichester
West Sussex
PO19 8TX
United Kingdom

These financial statements were authorised for issue by the Board on 27 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Babynov Chichester Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Asset class

Depreciation method and rate

Leasehold improvements included in land & buildings

5%/10%/20% straight line basis

Plant and machinery

10% straight line basis

Computer and office equipment

10%-33.33% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Babynov Chichester Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

20,087,074

17,221,009

The analysis of the company's turnover for the year by class of business is as follows:

2024
£

2023
£

Adult food

15,796,275

16,510,781

Baby food

4,290,799

710,228

20,087,074

17,221,009

The analysis of the company's turnover for the year by market is as follows:

2024
£

2023
£

UK

20,087,074

17,221,009

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

415,566

111,466

5

Operating loss

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,045,441

683,453

Amortisation expense

93,425

91,144

New product development

35,870

43,915

6

Other interest receivable and similar income

2024
£

2023
£

Other finance income

2,640

-

 

Babynov Chichester Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

521,809

491,173

Interest expense on other finance liabilities

117,174

81,674

Foreign exchange (gains)/losses

(416,034)

31,976

222,949

604,823

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

3,119,952

2,555,948

Social security costs

313,818

277,228

Other short-term employee benefits

19,152

13,047

Pension costs, defined contribution scheme

408,945

349,606

Recruitment costs

9,334

3,255

Other employee expense

16,124

12,474

3,887,325

3,211,558

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

43

34

Administration and support

46

41

89

75

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

12,750

10,000


 

 

Babynov Chichester Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2024

467,125

467,125

Additions acquired separately

6,481

6,481

At 31 December 2024

473,606

473,606

Amortisation

At 1 January 2024

230,404

230,404

Amortisation charge

93,425

93,425

At 31 December 2024

323,829

323,829

Carrying amount

At 31 December 2024

149,777

149,777

At 31 December 2023

236,721

236,721

11

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

6,050,069

6,029,054

169,528

12,248,651

Additions

284,538

2,901,062

48,732

3,234,332

At 31 December 2024

6,334,607

8,930,116

218,260

15,482,983

Depreciation

At 1 January 2024

739,942

700,628

83,614

1,524,184

Charge for the year

315,226

690,147

40,068

1,045,441

At 31 December 2024

1,055,168

1,390,775

123,682

2,569,625

Carrying amount

At 31 December 2024

5,279,439

7,539,341

94,578

12,913,358

At 31 December 2023

5,310,127

5,328,426

85,914

10,724,467

Included within the net book value of land and buildings above is £2,677,592 (2023 - £2,835,206) in respect of freehold land and buildings and £2,601,846 (2023 - £2,474,922) in respect of long leasehold land and buildings.
 

 

Babynov Chichester Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Stocks

2024
£

2023
£

Raw materials and consumables

2,180,267

1,590,911

Work in progress

25,909

2,336

Finished goods and goods for resale

108,976

53,142

Engineering supplies

291,581

214,809

2,606,733

1,861,198

13

Debtors

Current

2024
£

2023
£

Trade debtors

1,790,823

1,696,968

Other debtors

247,887

177,145

Prepayments

263,839

201,461

Accrued income

26,452

-

 

2,329,001

2,075,574

14

Cash and cash equivalents

2024
£

2023
£

Cash at bank

584,294

308,295

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

963,472

959,033

Trade creditors

 

1,622,793

1,208,060

Amounts due to related parties

20

10,030,690

6,832,098

Social security and other taxes

 

76,857

66,492

Other creditors

 

59,449

33,716

Accruals

 

531,682

597,990

 

13,284,943

9,697,389

Due after one year

 

Loans and borrowings

18

4,703,585

5,710,000

 

Babynov Chichester Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £408,945 (2023 - £349,606).

Contributions totalling £37,011 (2023 - £30,193) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

5,500,100

5,500,100

3,500,100

3,500,100

       

New shares allotted

During the year 2,000,000 Ordinary shares having an aggregate nominal value of £2,000,000 were allotted for an aggregate consideration of £2,000,000.

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Full voting, dividend and capital distribution rights

 

Babynov Chichester Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

18

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,703,585

5,710,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

963,472

959,033

Bank borrowings

HSBC hold a first legal charge over Freehold property known as Princes Industrial Estate and unlimited multilateral guarantee given by Materna UK Limited and Babynov Chichester Limited. Security given to HSBC includes a debenture including fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 31 March 2021.

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

1,015,808

1,815,291

-

-

19

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

134,064

68,395

Later than one year and not later than five years

444,378

239,057

Later than five years

3,419,438

3,474,149

3,997,880

3,781,601

The amount of non-cancellable operating lease payments recognised as an expense during the year was £147,175 (2023 - £127,312).

 

Babynov Chichester Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

20

Related party transactions

The company has taken advantage of exemption, under the terms of FRS 102 'The Financial Reporting Standard applicable in the UK', not to disclose related party transactions or balances with wholly owned subsidiaries within the group.

Transactions with other related parties are disclosed below:

Summary of transactions with other related parties

During the year Babynov Chichester Limited made and received recharges to/from companies within the ultimate group. At the
balance sheet date £758 (2023: £37,346) was owed to the ultimate parent company Financiere Messine and £24,094 (2023:
£203,518) was owed to Global Baby (parent of Babynov's immediate parent Materna Operations SAS).

During the year Babynov Chichester Limited made and received recharges to/from other companies within the group. At the balance sheet date £4,560 (2023: £4,427) was owed from Yabon, £4,797 (2023: £(823)) from Babynov France and £16,611 (2023: £NIL) from Unidiet.

21

Parent and ultimate parent undertaking

The company's ultimate controlling party is Financiere Messine SAS, a company incorporated in France, whose registered address is 30 avenue de Messine,75008 Paris, France.

Financière Messine SAS is the most senior parent entity providing publicly consolidated accounts. Copies of these consolidated accounts are available at 30 Avenue de Messine, 75008 Paris, France.