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REGISTERED NUMBER: 02798360 (England and Wales)




STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

FREEMANS CONFECTIONERY SUPPLIES LIMITED

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


FREEMANS CONFECTIONERY SUPPLIES LIMITED

COMPANY INFORMATION
for the year ended 31 October 2024







DIRECTORS: T J L Freeman
M J M Freeman
Mrs L B Freeman
H L Freeman
B J Freeman





SECRETARY: Mrs L B Freeman





REGISTERED OFFICE: National Distribution Centre
Fryers Road
Walsall
West Midlands
WS2 7LZ





REGISTERED NUMBER: 02798360 (England and Wales)





AUDITORS: Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

STRATEGIC REPORT
for the year ended 31 October 2024

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

REVIEW OF BUSINESS
Freemans Confectionery Supplies Ltd are wholesale distributors within the food industry, selling ambient confectionery products to wholesalers and retailers.

Continuing strong demand from our major customers and sales in the North East, saw stable sales for the year resulting in a small increase in our turnover of 1.15%. Cost pressures resulted in a reduction in gross margin which decreased by 2.26% to 14.87%. This has resulted in a decrease in net profit before tax to £2,863,320 from £3,505,498 in 2023.

During the year net assets were decreased by £6,450,535 to £8,381,592, as dividends of £8,600,000 were paid during the year.

The directors view the future prospects with cautious optimism and expect the current year results to be similar to 2024.

PRINCIPAL RISKS AND UNCERTAINTIES
The environment that we operate in is still one of the most challenging we have ever seen and we are very aware that our plans and projections may be subject to unforeseen events outside of our control.

Our principal risks are suppliers being unable to supply goods due to insolvency and the time taken to source new suppliers.

KEY PERFORMANCE INDICATORS
We consider that our key performance indicators are those that communicate the financial performance and strength of the company, these being turnover, gross margin and net profit.

ON BEHALF OF THE BOARD:





Mrs L B Freeman - Director


17 July 2025

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

REPORT OF THE DIRECTORS
for the year ended 31 October 2024

The directors present their report with the financial statements of the company for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesalers of food and confectionery products.

DIVIDENDS
Interim dividends per share were paid as follows:
£50,000 - 9 February 2024
£36,000 - 3 September 2024
£86,000

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 October 2024 will be £ 8,600,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2023 to the date of this report.

T J L Freeman
M J M Freeman
Mrs L B Freeman
H L Freeman
B J Freeman

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

REPORT OF THE DIRECTORS
for the year ended 31 October 2024


AUDITORS
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs L B Freeman - Director


17 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FREEMANS CONFECTIONERY SUPPLIES LIMITED

Opinion
We have audited the financial statements of Freemans Confectionery Supplies Limited (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 October 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 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FREEMANS CONFECTIONERY SUPPLIES LIMITED


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 Report of the Directors.

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 three, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FREEMANS CONFECTIONERY SUPPLIES LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Enquiring of management and employees, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to:
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they had knowledge of any actual, suspected or alleged fraud; and
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

We obtained an understanding of the legal and regulatory frameworks applicable to the company based on our understanding of the company and sector experience and discussions with management. The most significant considerations for the company are the Companies Act 2006, corporate taxes and VAT legislation, employment taxes, health and safety and the Bribery Act 2010.

We carried out discussions among the engagement team, who also undertook the audit testing, to assess how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of these discussions, we identified potential for fraud in the following areas:
- management override of control; and
- revenue recognition, particularly in respect of delivery of goods

We designed and executed procedures in line with our responsibilities to detect material misstatements in respect of irregularities, including fraud. These procedures, together with the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
- We critically assessed the appropriateness and tested the application of the revenue and cost recognition policies.
- We tested the appropriateness of accounting journals and other adjustments made in the preparation of the financial statements. We used data assurance techniques to identify and analyse the complete population of all journals in the year to identify and substantively test any which we considered were indicative of management override.
- We reviewed the company's accounting policies for non-compliance with relevant standards. Our work also included considering significant accounting estimates for evidence of misstatement or possible bias and testing any significant transactions that appeared to be outside the normal course of business.
- We made enquiries of management and reviewed correspondence with the relevant authorities to identify any irregularities or instances of non-compliance with laws and regulations.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FREEMANS CONFECTIONERY SUPPLIES LIMITED


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 a Report of the Auditors 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.




Mark Spafford FCA FCCA (Senior Statutory Auditor)
for and on behalf of Luckmans Duckett Parker Limited
Chartered Accountants
Statutory Auditors
1110 Elliott Court
Herald Avenue
Coventry Business Park
Coventry
West Midlands
CV5 6UB

17 July 2025

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

INCOME STATEMENT
for the year ended 31 October 2024

2024 2023
Notes £    £   

TURNOVER 4 25,000,801 24,715,866

Cost of sales 21,284,330 20,482,874
GROSS PROFIT 3,716,471 4,232,992

Administrative expenses 1,261,664 1,120,250
OPERATING PROFIT 6 2,454,807 3,112,742

Interest receivable and similar income 433,225 410,493
2,888,032 3,523,235

Interest payable and similar expenses 7 24,712 17,737
PROFIT BEFORE TAXATION 2,863,320 3,505,498

Tax on profit 8 713,855 773,565
PROFIT FOR THE FINANCIAL YEAR 2,149,465 2,731,933

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

OTHER COMPREHENSIVE INCOME
for the year ended 31 October 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,149,465 2,731,933


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,149,465

2,731,933

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

BALANCE SHEET
31 October 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 54,853 57,980

CURRENT ASSETS
Stocks 11 1,612,934 1,715,517
Debtors 12 3,195,562 3,241,733
Cash at bank 7,057,820 13,493,473
11,866,316 18,450,723
CREDITORS
Amounts falling due within one year 13 3,532,277 3,668,280
NET CURRENT ASSETS 8,334,039 14,782,443
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,388,892

14,840,423

PROVISIONS FOR LIABILITIES 14 7,200 8,196
NET ASSETS 8,381,692 14,832,227

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 8,381,592 14,832,127
SHAREHOLDERS' FUNDS 8,381,692 14,832,227

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2025 and were signed on its behalf by:





H L Freeman - Director


FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 October 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2022 100 12,100,194 12,100,294

Changes in equity
Total comprehensive income - 2,731,933 2,731,933
Balance at 31 October 2023 100 14,832,127 14,832,227

Changes in equity
Total comprehensive income - 2,149,465 2,149,465
Dividends - (8,600,000 ) (8,600,000 )
Balance at 31 October 2024 100 8,381,592 8,381,692

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

CASH FLOW STATEMENT
for the year ended 31 October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,474,023 2,643,325
Interest paid (24,712 ) (17,737 )
Tax paid (741,457 ) (632,614 )
Net cash from operating activities 1,707,854 1,992,974

Cash flows from investing activities
Purchase of tangible fixed assets (11,030 ) (58,729 )
Sale of tangible fixed assets - 6,500
Interest received 467,523 376,195
Net cash from investing activities 456,493 323,966

Cash flows from financing activities
Equity dividends paid (8,600,000 ) -
Net cash from financing activities (8,600,000 ) -

(Decrease)/increase in cash and cash equivalents (6,435,653 ) 2,316,940
Cash and cash equivalents at
beginning of year

2

13,493,473

11,176,533

Cash and cash equivalents at end of
year

2

7,057,820

13,493,473

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

NOTES TO THE CASH FLOW STATEMENT
for the year ended 31 October 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 2,863,320 3,505,498
Depreciation charges 14,987 5,370
Profit on disposal of fixed assets (831 ) (522 )
Finance costs 24,712 17,737
Finance income (433,225 ) (410,493 )
2,468,963 3,117,590
Decrease/(increase) in stocks 102,583 (598,108 )
Decrease/(increase) in trade and other debtors 11,873 (727,498 )
(Decrease)/increase in trade and other creditors (109,396 ) 851,341
Cash generated from operations 2,474,023 2,643,325

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 7,057,820 13,493,473
Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 13,493,473 11,176,533


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank 13,493,473 (6,435,653 ) 7,057,820
13,493,473 (6,435,653 ) 7,057,820
Total 13,493,473 (6,435,653 ) 7,057,820

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2024

1. STATUTORY INFORMATION

Freemans Confectionery Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Interest income is recognised using the effective interest method as the company's right to receive payment is established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Cost is determined on the first-in, first-out (FIFO) method. The cost of finished goods and work in progress includes raw materials, direct labour and other direct costs and related production overheads (based on normal operating capacity).

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

2. ACCOUNTING POLICIES - continued

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 instruments are recognised in the company's statement of financial position 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 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

2. ACCOUNTING POLICIES - continued

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
Home 24,666,320 24,595,688
Exports 334,481 120,178
25,000,801 24,715,866

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 774,314 576,113
Social security costs 77,486 56,080
Other pension costs 12,012 10,573
863,812 642,766

The average number of employees during the year was as follows:
2024 2023

Directors 5 5
Administrative and warehouse 19 19
24 24

2024 2023
£    £   
Directors' remuneration 161,013 27,803

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 14,988 5,370
Profit on disposal of fixed assets (831 ) (522 )
Auditors' remuneration 16,574 9,600
Foreign exchange differences (59,559 ) (1,786 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
HMRC Interest 24,712 17,737

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 714,851 785,145
Prior year adjustment - (18,276 )
Total current tax 714,851 766,869

Deferred tax (996 ) 6,696
Tax on profit 713,855 773,565

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,863,320 3,505,498
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

715,830

876,375

Effects of:
Expenses not deductible for tax purposes - 1,975
Adjustments to tax charge in respect of previous periods - (18,276 )
Change in rate of taxation - (86,549 )
Adjustments to deferred tax charge in respect of previous periods (1,975 ) 40
Total tax charge 713,855 773,565

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 8,600,000 -

10. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 November 2023 62,398 132,274 194,672
Additions - 12,030 12,030
Disposals - (3,750 ) (3,750 )
At 31 October 2024 62,398 140,554 202,952
DEPRECIATION
At 1 November 2023 62,398 74,294 136,692
Charge for year - 14,988 14,988
Eliminated on disposal - (3,581 ) (3,581 )
At 31 October 2024 62,398 85,701 148,099
NET BOOK VALUE
At 31 October 2024 - 54,853 54,853
At 31 October 2023 - 57,980 57,980

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

10. TANGIBLE FIXED ASSETS - continued

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 profit or loss.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

11. STOCKS
2024 2023
£    £   
Stocks 1,612,934 1,715,517

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,135,436 3,136,048
Other debtors 2,679 2,679
Prepayments and accrued income 57,447 103,006
3,195,562 3,241,733

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,904,850 1,890,316
Amounts owed to group undertakings 951,987 1,088,463
Tax 539,563 566,169
Social security and other taxes 28,377 11,015
VAT 92,900 91,475
Other creditors 3,730 9,046
Directors' current accounts 906 906
Accrued expenses 9,964 10,890
3,532,277 3,668,280

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 7,846 8,196
Other timing differences (646 ) -
7,200 8,196

Deferred
tax
£   
Balance at 1 November 2023 8,196
Credit to Income Statement during year (996 )
Balance at 31 October 2024 7,200

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

16. RESERVES
Retained
earnings
£   

At 1 November 2023 14,832,127
Profit for the year 2,149,465
Dividends (8,600,000 )
At 31 October 2024 8,381,592

FREEMANS CONFECTIONERY SUPPLIES LIMITED (REGISTERED NUMBER: 02798360)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024

17. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Charge to profit or loss in the year in respect of defined contribution schemes amounted to £12,012 (2023 - £10,573)

Contributions totalling £2,584 (2023 - £7,901) were due to the scheme at the end of the period.

18. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Freemans Holdings Limited, a company incorporated in Guernsey, whose registered address is Les Echelons Court, Les Echelons, St Peter Port, Guernsey, GY1 1AR.

H L Freeman and Mrs L B Freeman control the company by virtue of their holding in the parent undertaking's issued share capital.