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Registered number: 09365028










HILLTOP HONEY LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
HILLTOP HONEY LIMITED
 
 
COMPANY INFORMATION


Directors
S E Davies 
R J Bridges 
M Leverington 




Company secretary
S E Davies



Registered number
09365028



Registered office
Unit 5 Dyffryn Enterprise Park
Pool Road

Newtown

Powys

SY16 3BD




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
HILLTOP HONEY LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10 - 11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 33


 
HILLTOP HONEY LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
Hilltop has continued to be one of the leading independent suppliers of honey in the UK, with its principal activity being the packaging and distribution of sweet spreads.

Business review
 
The Directors present the results of the Company for the year ended 31 August 2024. The review of the business performance included below is considered appropriate given the size and nature of the Company. 
Hilltop has continued to expand and achieve exceptional levels of growth, while also investing in its production capacity and quality control systems to ensure full compliance with evolving domestic and international regulations. As a business, we have streamlined supply chain operations and strategically managed rising packaging and import costs. Adapting to these pressures has been essential to maintaining competitiveness and ensuring long-term business sustainability.
The Company undertook several initiatives to reduce energy consumption, enhance product quality, and minimise waste within its honey processing and warming operations. Throughout the year, particular emphasis was placed on increasing productivity, improving operational efficiency, optimising stock management, and streamlining supply chain processes. The Company also continued to focus on developing new product categories, with a strategic shift towards export and e-commerce-led growth.  
The Company’s secondary site maintained successful operations, providing packing services for peanut butter brands in the UK market. 
During the year, the Company’s turnover has increased by 31% to £44.1m (2023: £33.7m) Gross profit has increased by 69% to £9.7m (2023: £5.7m).  The increase in turnover and gross profit has been due to the continued expansion of the Company. Operating profit increased by 466% to £3.8m (2023: £688k).
The Company’s cash position has remained consistent with a cash balance of £409k at year end (2023: £353k)  
The Company’s financial position has remained strong, with net assets increasing to £3.8m (2023: £1.7m).

Principal risks and uncertainties
 
The Directors continually monitor the risks and uncertainties which may impact the performance of the Company. 
The principal risks during the year included the impact of inflation, increased shipping costs, higher interest rates, and the Company’s ability to absorb these additional expenses. The directors monitor these factors on a regular basis and adapt strategies as required to ensure that the business mitigates the risk as much as commercially possible. 
These risks are over and above the normal operational risks associated with safety and product quality. 

Page 1

 
HILLTOP HONEY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Financial key performance indicators
 
The key performance indicators used by the business to measure its financial performance those relating to turnover, gross profit and operating profit. The Company measures its financial position by reference to the bank balance, net current assets and net assets. A description of the Company’s performance with reference to these key performance indicators is included in the business review above.

Other key performance indicators
 
The Company uses a number of other non financial key performance indicators to measure its ongoing performance. The Company monitors its relationships with key customer and suppliers which continue to be strong. The Company continually monitors customer service and staff productivity.

Research and Development Activities

The Company remains committed to research and development activities in line with its long term growth ambitions.


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



S E Davies
Director

Date: 24 May 2025

Page 2

 
HILLTOP HONEY LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

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

Directors' responsibilities statement

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 judgements 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,576,076 (2023 - £308,289).

Interim dividends of £459,620 (2023: £175,333) were declared during the year.

Directors

The directors who served during the year were:

S E Davies 
R J Bridges 
M Leverington 

Page 3

 
HILLTOP HONEY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


Future developments

The Company continues to trade in relation to its principal activities and there are no likely future developments which the Directors consider relevant to the understanding of the accounts for the year ended 31 August 2024. 
Hilltop will continue to invest in the Vastre factory in the new financial year, with an emphasis on automation, all of which will support continued growth well into the future. 

Qualifying third party indemnity provisions

Qualifying third party indemnity are in force for the Directors as of the date of this report and were in force for the duration of the accounting period covered by these financial statements.

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.

Post balance sheet events

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

Auditors

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

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





S E Davies
Director

Date: 24 May 2025

Page 4

 
HILLTOP HONEY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HILLTOP HONEY LIMITED
 

Opinion


We have audited the financial statements of Hilltop Honey Limited (the 'Company') for the year ended 31 August 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 August 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.


Page 5

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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the 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.


Page 6

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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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.


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:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on this understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


Page 7

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


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.





John Fletcher BA (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

27 May 2025
Page 8

 
HILLTOP HONEY LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 4 
44,125,077
33,741,312

Cost of sales
  
(34,440,789)
(27,994,729)

Gross profit
  
9,684,288
5,746,583

Distribution costs
  
(1,259,121)
(991,940)

Administrative expenses
  
(4,644,375)
(4,106,920)

Other operating income
 5 
-
20,204

Operating profit
 6 
3,780,792
667,927

Interest payable and similar expenses
 10 
(350,366)
(370,695)

Profit before tax
  
3,430,426
297,232

Tax on profit
 11 
(854,350)
11,057

Profit for the financial year
  
2,576,076
308,289

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

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

The notes on pages 13 to 33 form part of these financial statements.

Page 9

 
HILLTOP HONEY LIMITED
REGISTERED NUMBER: 09365028

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
5,150,947
4,745,782

  
5,150,947
4,745,782

Current assets
  

Stocks
 14 
4,897,787
4,100,763

Debtors: amounts falling due within one year
 15 
4,183,083
5,722,703

Current asset investments
 16 
5,821
5,821

Cash at bank and in hand
 17 
409,228
352,895

  
9,495,919
10,182,182

Creditors: amounts falling due within one year
 18 
(8,548,599)
(10,406,452)

Net current assets/(liabilities)
  
 
 
947,320
 
 
(224,270)

Total assets less current liabilities
  
6,098,267
4,521,512

Creditors: amounts falling due after more than one year
 19 
(1,199,663)
(1,869,759)

Provisions for liabilities
  

Deferred tax
 22 
(1,052,511)
(997,116)

Other provisions
 23 
(75,000)
-

  
 
 
(1,127,511)
 
 
(997,116)

Net assets
  
3,771,093
1,654,637

Page 10

 
HILLTOP HONEY LIMITED
REGISTERED NUMBER: 09365028
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 24 
1
1

Profit and loss account
 25 
3,771,092
1,654,636

  
3,771,093
1,654,637


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




S E Davies
Director

Date: 24 May 2025

The notes on pages 13 to 33 form part of these financial statements.

Page 11

 
HILLTOP HONEY LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2022
1
1,521,680
1,521,681


Comprehensive income for the year

Profit for the year
-
308,289
308,289
Total comprehensive income for the year
-
308,289
308,289


Contributions by and distributions to owners

Dividends: Equity capital
-
(175,333)
(175,333)


Total transactions with owners
-
(175,333)
(175,333)



At 1 September 2023
1
1,654,636
1,654,637


Comprehensive income for the year

Profit for the year
-
2,576,076
2,576,076
Total comprehensive income for the year
-
2,576,076
2,576,076


Contributions by and distributions to owners

Dividends: Equity capital
-
(459,620)
(459,620)


Total transactions with owners
-
(459,620)
(459,620)


At 31 August 2024
1
3,771,092
3,771,093


The notes on pages 13 to 33 form part of these financial statements.

Page 12

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Hilltop Honey Limited, 09365028, is a private company limited by shares, incorporated in England and Wales, with its registered office and principal place of business at Unit 5 Dyffryn Enterprise Park, Pool Road, Newtown, Powys, United Kingdom, SY16 3BD.
The principal activity of the Company is honey production.

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 judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Davies Enterprise Holdings Ltd as at 31 August 2024 and these financial statements may be obtained from Companies House or the parent's registered office.

 
2.3

Going concern

The company meets its day-to-day working capital requirements through its bank facilities. The company’s forecasts and projections show that the company should be able to operate within the level of its current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Page 13

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

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'.
 
 
2.5

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.

Page 14

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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

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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 15

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.10

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

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 balance sheet date in the countries where the Company operates and generates income.

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

Page 16

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.12

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.

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:

Freehold property
-
2%
Short-term leasehold property
-
14%
Plant and machinery
-
15%
Motor vehicles
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
25%
Other fixed assets
-

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.

Freehold land is considered to have an indefinite useful economic life and is therefore not depreciated.
Assets in the course of construction are stated at cost. These assets are not depreciated until they are available for use and are reviewed for impairment at each reporting period. 

 
2.13

Stocks

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

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 17

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.14

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.
The carrying amount of the trade debtors includes debtors which are subject to a factoring arrangement. Under this arrangement, the company has transferred the relevant debtors to the factor in exchange for cash and is prevented from selling and pledging the debtors. The risks and rewards related to the factored debtors are transferred under the factoring agreement. The Company has therefore de-recognised the transferred assets in their entirety from the Balance Sheet. 

Page 18

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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.

 
2.17

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.

Dilapidation provisions are established over the life of leases to cover remedial work necessary at termination under the terms of those leases. 

Page 19

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 20

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.19

Dividends

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 21

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
42,127,861
33,026,244

Europe and Ireland
573,699
232,848

USA
1,423,517
482,220

44,125,077
33,741,312



5.


Other operating income

2024
2023
£
£

Sundry income
-
20,204

-
20,204



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(108,466)
2,135

Other operating lease rentals
77,979
76,825


7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
15,695
13,150

Page 22

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Employees

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


2024
2023
£
£

Wages and salaries
3,574,070
3,251,527

Social security costs
387,754
273,969

Cost of defined contribution scheme
292,773
241,342

4,254,597
3,766,838


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


        2024
        2023
            No.
            No.







Employees
138
123


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
163,751
142,841

Company contributions to defined contribution pension schemes
213,618
133,883

377,369
276,724


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £115,443 (2023 - £96,004). 
The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £27,289 (2023 - £9,828).

Page 23

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
113,571
111,751

Other loan interest payable
169,283
201,996

Finance leases and hire purchase contracts
67,508
56,869

Other interest payable
4
79

350,366
370,695


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
284,255
-

Adjustments in respect of previous periods
-
(67,688)


284,255
(67,688)


Total current tax
284,255
(67,688)

Deferred tax


Origination and reversal of timing differences
570,095
56,631

Total deferred tax
570,095
56,631


Taxation on profit/(loss) on ordinary activities
854,350
(11,057)
Page 24

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25.0% (2023 - 21.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,430,426
297,232


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.0% (2023 - 21.5%)
857,607
63,905

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,342
4,300

Adjustments to tax charge in respect of prior periods
-
(67,688)

Timing differences net of movements in tax rates
(6,277)
(11,574)

Group relief
(322)
-

Total tax charge for the year
854,350
(11,057)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


On ordinary share capital
459,620
175,333

459,620
175,333

Page 25
 


 
HILLTOP HONEY LIMITED


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


13.


Tangible fixed assets






Freehold property
S/T leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Assets under construction
Total

£
£
£
£
£
£
£
£



Cost or valuation


At 1 September 2023
640,024
1,671,158
4,168,601
17,651
74,295
194,103
-
6,765,832


Additions
9,134
27,203
1,069,525
-
30,615
32,596
179,175
1,348,248



At 31 August 2024

649,158
1,698,361
5,238,126
17,651
104,910
226,699
179,175
8,114,080



Depreciation


At 1 September 2023
68,469
435,156
1,330,136
17,651
37,100
131,538
-
2,020,050


Charge for the year on owned assets
13,603
235,181
640,245
-
21,732
32,322
-
943,083



At 31 August 2024

82,072
670,337
1,970,381
17,651
58,832
163,860
-
2,963,133



Net book value



At 31 August 2024
567,086
1,028,024
3,267,745
-
46,078
62,839
179,175
5,150,947



At 31 August 2023
571,555
1,236,002
2,838,465
-
37,195
62,565
-
4,745,782

Page 26
 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
916,333
1,402,431

916,333
1,402,431


14.


Stocks

2024
2023
£
£

Raw materials and consumables
2,015,211
2,036,280

Finished goods and goods for resale
2,882,576
2,064,483

4,897,787
4,100,763


Inventory is pledged as security over the revolving loan. 


15.


Debtors

2024
2023
£
£


Trade debtors
3,097,791
4,562,713

Amounts owed by group undertakings
276,425
-

Other debtors
261,585
195,257

Prepayments and accrued income
547,282
450,033

Deferred taxation
-
514,700

4,183,083
5,722,703


Page 27

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Current asset investments

2024
2023
£
£

Listed investments
5,821
5,821

5,821
5,821


Current assets investments are held at fair value.


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
409,228
352,895

Less: bank overdrafts
(35,536)
(8,152)

373,692
344,743


Page 28

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
35,536
8,152

Bank loans
411,234
408,054

Trade creditors
6,358,789
5,130,739

Amounts owed to group undertakings
-
32,371

Corporation tax
284,255
-

Other taxation and social security
95,895
83,783

Obligations under finance lease and hire purchase contracts
338,255
387,575

Other creditors
478,843
3,944,841

Accruals and deferred income
545,792
410,937

8,548,599
10,406,452



19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
457,334
822,053

Net obligations under finance leases and hire purchase contracts
580,627
886,004

Accruals and deferred income
161,702
161,702

1,199,663
1,869,759


Page 29

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
411,234
408,054


411,234
408,054

Amounts falling due 1-2 years

Bank loans
32,667
302,829


32,667
302,829

Amounts falling due 2-5 years

Bank loans
424,667
423,070


424,667
423,070

Amounts falling due after more than 5 years

Bank loans
-
96,154

-
96,154

868,568
1,230,107


Bank loans are secured by fixed and floating charges over the Company's assets.
Included within bank loans in the prior year were loans issued by National Westminster Bank PLC for £235,298 and £400,000. These loans were repaid in August 2024.
Included within bank loans in the prior year is a CBIL loan for £489,583 and was repaid in August 2024.
Included within bank loans are loans issued by Santander UK PLC for £490,000 (2023: Nil). This loan is repayable by quarterly instalments with a final repayment date of August 2027. Interest is charged at a rate of 2.5% per annum at the Bank of England Base rate. 
Included within bank loans is a revolving facility of £1.5m issued by Santander PLC secured over the stock of the business. This revolving facility is payable on demand. Interest is charged at 2.5% per annum above the Santander Base Rate.

Page 30

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
338,255
387,575

Between 1-5 years
580,627
886,004

918,882
1,273,579

Obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.


22.


Deferred taxation




2024


£






At beginning of year
(482,416)


Charged to profit or loss
(570,095)



At end of year
(1,052,511)

The deferred tax balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,058,888)
(1,002,286)

Short term timing differences - unpaid pension contributions
6,377
5,170

Unused taxable losses
-
514,700

(1,052,511)
(482,416)

Comprising:

Asset - due within one year
-
514,700

Liability
(1,052,511)
(997,116)

(1,052,511)
(482,416)


Page 31

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

23.


Provisions




Dilapidation provision

£





Charged to profit or loss
75,000



At 31 August 2024
75,000

The dilapidation provision relates to the Company's warehouse leases.


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



75 (2023 - 75) Ordinary A shares of £0.01 each
0.75
0.75
25 (2023 - 25) Ordinary B shares of £0.01 each
0.25
0.25

1.00

1.00



25.


Reserves

Profit and loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders.


26.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme 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 fund and amounted to £292,773 (2023: £241,342). Contributions totaling £25,507 (2023: £20,678) were payable to the fund at the balance sheet date and are included in creditors.

Page 32

 
HILLTOP HONEY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

27.


Commitments under operating leases

At 31 August 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
145,203
149,720

Later than 1 year and not later than 5 years
398,643
546,031

543,846
695,751


28.


Related party transactions

As the Company is a wholly owned subsidiary of Davies Enterprise Holdings Limited, the Company has taken advantage of the exemption contained in FRS102 and has therefore not disclosed transactions or balances with entities which form part of the group. The financial statements of Davies Enterprise Holdings Limited, the ultimate parent Company of the group, can be obtained from Companies House.
                                                     
Included within other debtors is a loan due from S E Davies, Director, in the sum of £54,622 (2023: creditor of £2,451).


29.


Controlling party

The ultimate parent Company is Davies Enterprise Holdings Limited, a company incorporated in England and Wales. The Company is included within the consolidated financial statements of the ultimate parent, which can be found at Companies House or the ultimate parent's registered office of Unit 5, Dyffryn Enterprise Park, Pool Road, Newtown, Powys, SY16 3BD.
S E Davies is considered to be the ultimate controlling party by virtue of his 100% shareholding in the ultimate parent company.
 
Page 33