Holleys Fine Foods Holdings Limited 08846787 false 2024-01-01 2024-12-31 2024-12-31 2024-12-31 The principal activity of the company is the wholesale of food, beverages and confectionary. The principal activity of the company is that of a holding company providing management services to the group undertaking. Digita Accounts Production Advanced 6.30.9574.0 true true true false true false true false 08846787 2024-01-01 2024-12-31 08846787 2024-12-31 08846787 bus:Director3 bus:Consolidated 1 2024-12-31 08846787 bus:Director5 bus:Consolidated 1 2024-12-31 08846787 bus:Director9 bus:Consolidated 1 2024-12-31 08846787 bus:Consolidated 2024-12-31 08846787 bus:Consolidated 1 2024-12-31 08846787 core:CapitalRedemptionReserve 2024-12-31 08846787 core:CapitalRedemptionReserve bus:Consolidated 2024-12-31 08846787 core:RetainedEarningsAccumulatedLosses 2024-12-31 08846787 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-12-31 08846787 core:RevaluationReserve bus:Consolidated 2024-12-31 08846787 core:ShareCapital 2024-12-31 08846787 core:ShareCapital bus:Consolidated 2024-12-31 08846787 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-12-31 08846787 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2024-12-31 08846787 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-12-31 08846787 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2024-12-31 08846787 core:CurrentFinancialInstruments 2024-12-31 08846787 core:CurrentFinancialInstruments bus:Consolidated 2024-12-31 08846787 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 08846787 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-12-31 08846787 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2 2024-12-31 08846787 core:CurrentFinancialInstruments core:WithinOneYear 2 2024-12-31 08846787 core:Non-currentFinancialInstruments 2024-12-31 08846787 core:Non-currentFinancialInstruments bus:Consolidated 2024-12-31 08846787 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 08846787 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-12-31 08846787 core:Goodwill bus:Consolidated 2024-12-31 08846787 core:OtherResidualIntangibleAssets bus:Consolidated 2024-12-31 08846787 core:FurnitureFittings bus:Consolidated 2024-12-31 08846787 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-12-31 08846787 core:MotorVehicles bus:Consolidated 2024-12-31 08846787 core:OfficeEquipment bus:Consolidated 2024-12-31 08846787 core:PlantMachinery 2024-12-31 08846787 core:PlantMachinery bus:Consolidated 2024-12-31 08846787 core:DeferredTaxation 2024-12-31 08846787 core:DeferredTaxation bus:Consolidated 2024-12-31 08846787 bus:FRS102 bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:Audited bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:FullAccounts bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:RegisteredOffice bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:Director1 bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:Director2 bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:Director3 2024-01-01 2024-12-31 08846787 bus:Director3 bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:Director3 bus:Consolidated 1 2024-01-01 2024-12-31 08846787 bus:Director4 bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:Director5 2024-01-01 2024-12-31 08846787 bus:Director5 bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:Director5 bus:Consolidated 1 2024-01-01 2024-12-31 08846787 bus:Director6 bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:Director7 bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:Director9 2024-01-01 2024-12-31 08846787 bus:Director9 bus:Consolidated 1 2024-01-01 2024-12-31 08846787 bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:Consolidated 1 2024-01-01 2024-12-31 08846787 bus:Consolidated 1 2024-01-01 2024-12-31 08846787 bus:Consolidated 1 2024-01-01 2024-12-31 08846787 bus:PrivateLimitedCompanyLtd bus:Consolidated 2024-01-01 2024-12-31 08846787 bus:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 08846787 bus:Agent1 bus:Consolidated 2024-01-01 2024-12-31 08846787 1 2024-01-01 2024-12-31 08846787 core:CapitalRedemptionReserve 2024-01-01 2024-12-31 08846787 core:CapitalRedemptionReserve bus:Consolidated 2024-01-01 2024-12-31 08846787 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 08846787 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-01-01 2024-12-31 08846787 core:RevaluationReserve bus:Consolidated 2024-01-01 2024-12-31 08846787 core:ShareCapital 2024-01-01 2024-12-31 08846787 core:ShareCapital bus:Consolidated 2024-01-01 2024-12-31 08846787 core:ComputerSoftware bus:Consolidated 2024-01-01 2024-12-31 08846787 core:Goodwill bus:Consolidated 2024-01-01 2024-12-31 08846787 core:OtherResidualIntangibleAssets bus:Consolidated 2024-01-01 2024-12-31 08846787 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2024-01-01 2024-12-31 08846787 core:FurnitureFittings bus:Consolidated 2024-01-01 2024-12-31 08846787 core:LandBuildings bus:Consolidated 2024-01-01 2024-12-31 08846787 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-01-01 2024-12-31 08846787 core:MotorVehicles bus:Consolidated 2024-01-01 2024-12-31 08846787 core:OfficeEquipment bus:Consolidated 2024-01-01 2024-12-31 08846787 core:PlantMachinery 2024-01-01 2024-12-31 08846787 core:PlantMachinery bus:Consolidated 2024-01-01 2024-12-31 08846787 core:DeferredTaxation 2024-01-01 2024-12-31 08846787 core:DeferredTaxation bus:Consolidated 2024-01-01 2024-12-31 08846787 core:Subsidiary1 2024-01-01 2024-12-31 08846787 core:Subsidiary1 1 2024-01-01 2024-12-31 08846787 core:Subsidiary1 countries:England 2024-01-01 2024-12-31 08846787 core:Subsidiary2 2024-01-01 2024-12-31 08846787 core:Subsidiary2 1 2024-01-01 2024-12-31 08846787 core:Subsidiary2 countries:England 2024-01-01 2024-12-31 08846787 core:UKTax bus:Consolidated 2024-01-01 2024-12-31 08846787 countries:AllCountries bus:Consolidated 2024-01-01 2024-12-31 08846787 2023-12-31 08846787 bus:Director3 bus:Consolidated 1 2023-12-31 08846787 bus:Director5 bus:Consolidated 1 2023-12-31 08846787 bus:Director9 bus:Consolidated 1 2023-12-31 08846787 bus:Consolidated 2023-12-31 08846787 core:CapitalRedemptionReserve 2023-12-31 08846787 core:CapitalRedemptionReserve bus:Consolidated 2023-12-31 08846787 core:RetainedEarningsAccumulatedLosses 2023-12-31 08846787 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-12-31 08846787 core:RevaluationReserve bus:Consolidated 2023-12-31 08846787 core:ShareCapital 2023-12-31 08846787 core:ShareCapital bus:Consolidated 2023-12-31 08846787 core:Goodwill bus:Consolidated 2023-12-31 08846787 core:OtherResidualIntangibleAssets bus:Consolidated 2023-12-31 08846787 core:CostValuation 2023-12-31 08846787 core:FurnitureFittings bus:Consolidated 2023-12-31 08846787 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2023-12-31 08846787 core:MotorVehicles bus:Consolidated 2023-12-31 08846787 core:OfficeEquipment bus:Consolidated 2023-12-31 08846787 core:PlantMachinery 2023-12-31 08846787 core:PlantMachinery bus:Consolidated 2023-12-31 08846787 core:DeferredTaxation 2023-12-31 08846787 core:DeferredTaxation bus:Consolidated 2023-12-31 08846787 2023-01-01 2023-12-31 08846787 2023-12-31 08846787 bus:Director3 bus:Consolidated 1 2023-12-31 08846787 bus:Director9 bus:Consolidated 1 2023-12-31 08846787 bus:Consolidated 2023-12-31 08846787 bus:Consolidated core:PreviouslyStatedAmount 2023-12-31 08846787 bus:Consolidated 1 2023-12-31 08846787 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 08846787 core:HirePurchaseContracts core:CurrentFinancialInstruments bus:Consolidated 2023-12-31 08846787 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 08846787 core:HirePurchaseContracts core:Non-currentFinancialInstruments bus:Consolidated 2023-12-31 08846787 core:CurrentFinancialInstruments 2023-12-31 08846787 core:CurrentFinancialInstruments bus:Consolidated 2023-12-31 08846787 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08846787 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-12-31 08846787 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2 2023-12-31 08846787 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated core:PreviouslyStatedAmount 2023-12-31 08846787 core:CurrentFinancialInstruments core:WithinOneYear 2 2023-12-31 08846787 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-12-31 08846787 core:Non-currentFinancialInstruments 2023-12-31 08846787 core:Non-currentFinancialInstruments bus:Consolidated 2023-12-31 08846787 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 08846787 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-12-31 08846787 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated core:PreviouslyStatedAmount 2023-12-31 08846787 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2023-12-31 08846787 core:Goodwill bus:Consolidated 2023-12-31 08846787 core:OtherResidualIntangibleAssets bus:Consolidated 2023-12-31 08846787 core:FurnitureFittings bus:Consolidated 2023-12-31 08846787 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2023-12-31 08846787 core:MotorVehicles bus:Consolidated 2023-12-31 08846787 core:OfficeEquipment bus:Consolidated 2023-12-31 08846787 core:PlantMachinery 2023-12-31 08846787 core:PlantMachinery bus:Consolidated 2023-12-31 08846787 core:PreviouslyStatedAmount 2023-12-31 08846787 bus:Director3 bus:Consolidated 1 2023-01-01 2023-12-31 08846787 bus:Director9 bus:Consolidated 1 2023-01-01 2023-12-31 08846787 bus:Consolidated 2023-01-01 2023-12-31 08846787 bus:Consolidated core:PreviouslyStatedAmount 2023-01-01 2023-12-31 08846787 bus:Consolidated core:PreviouslyStatedAmount 1 2023-01-01 2023-12-31 08846787 core:CapitalRedemptionReserve 2023-01-01 2023-12-31 08846787 core:CapitalRedemptionReserve bus:Consolidated 2023-01-01 2023-12-31 08846787 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08846787 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-01-01 2023-12-31 08846787 core:ShareCapital 2023-01-01 2023-12-31 08846787 core:ShareCapital bus:Consolidated 2023-01-01 2023-12-31 08846787 core:PlantEquipmentUnderOperatingLeases bus:Consolidated 2023-01-01 2023-12-31 08846787 core:PreviouslyStatedAmount 2023-01-01 2023-12-31 08846787 core:PreviouslyStatedAmount 1 2023-01-01 2023-12-31 08846787 core:Subsidiary1 1 2023-01-01 2023-12-31 08846787 core:Subsidiary2 1 2023-01-01 2023-12-31 08846787 core:UKTax bus:Consolidated 2023-01-01 2023-12-31 08846787 2022-12-31 08846787 bus:Director3 bus:Consolidated 1 2022-12-31 08846787 bus:Director9 bus:Consolidated 1 2022-12-31 08846787 bus:Consolidated 2022-12-31 08846787 bus:Consolidated core:PreviouslyStatedAmount 2022-12-31 08846787 core:CapitalRedemptionReserve 2022-12-31 08846787 core:CapitalRedemptionReserve bus:Consolidated 2022-12-31 08846787 core:RetainedEarningsAccumulatedLosses 2022-12-31 08846787 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-12-31 08846787 core:ShareCapital 2022-12-31 08846787 core:ShareCapital bus:Consolidated 2022-12-31 08846787 core:PreviouslyStatedAmount 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 08846787

Holleys Fine Foods Holdings Limited

Annual Report and Audited Consolidated Financial Statements

for the Year Ended 31 December 2024

 

Holleys Fine Foods Holdings Limited

Contents

Company Information

1

Group Strategic Report

2 to 3

Group Directors' Report

4 to 6

Independent Auditor's Report

7 to 10

Consolidated Profit and Loss Account

11

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Statement of Cash Flows

18

Notes to the Financial Statements

19 to 34

 

Holleys Fine Foods Holdings Limited

Company Information

Directors

Mr C D Holley

Mr J C Holley

Mr K Holley

Mr M Wallis

Mr R S Holley

Mr S A Rogers

Registered office

Unit F Boscombe Business Park
Severn Road
Hallen
Bristol
BS10 3DU

Bankers

Handelsbanken
66 Queen Square
Bristol
BS1 4JP

Auditors

Moore Scarrott Audit Limited Calyx House
South Road
Taunton
Somerset
TA1 3DU

 

Holleys Fine Foods Holdings Limited

Group Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the Group is the wholesale of food, beverages and confectionary. The principal activity of the company is that of a holding company providing management services to the group undertaking.

Fair review of the business

The company saw further growth in turnover and operating profit this year, which continues the success of the past few years in growing market share and expanding its customer base across the UK.

This past 12 months has seen significant investments to facilitate continued growth for the future and to allow the team to focus on delivering excellent service and efficient distribution of our product range.

The Directors look forward to the year ahead knowing that the investment made in 2024 will put the business in a stronger position for the years ahead.

The Company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Gross profit margin

%

22.1

19.68

Net profit margin

%

4.42

3.09

Principal risks and uncertainties


Uncertainties in wider economy

The company is exposed to potential negative changes in the global economic and geopolitical environment, including but not restricted to, the impact of Brexit and the war in the Ukraine. Rising inflation is an ongoing concern for all businesses, including our own.
The ongoing effects of rising energy costs and the cost of living crisis, for our staff, our group, our customers and our consumers, is an area for concern. As a producer, we continue to experience rapidly increasing costs arising from food produce and energy.

The risk is managed through continuous monitoring of the economic environment and regulatory changes, including ongoing engagement with regulators and external bodies, to assess the potential impact and mitigate accordingly.

Operational performance and reputation

Owing to a number of factors, there is a risk of decline to the high customer service levels which customers are accustomed to. The board maintains oversight of the key performance indicators of Company operations including regular board meetings with management.

There is also a risk of supply chain disruption adversely affecting product availability, delivery and cost. Risks are reviewed by the appropriate teams to manage key suppliers and products. Supplier assessments and due diligence are undertaken during the procurement process. There is also ongoing monitoring of supply chain demand against potential supply capacity constraints. Should significant circumstances arise, supply chain continuation plans are agreed upon by the Board and implemented by management.






 

Holleys Fine Foods Holdings Limited

Group Strategic Report for the Year Ended 31 December 2024

Section 172(1) statement

The directors understand the business, strategic targets and ever changing market and environment that the company operates in. Strategic decisions are taken at board level. The directors have taken decisions they believe are in the best interests of the company, members and stakeholders. The board meets every month to discuss current topics across all areas of the business. They receive an overview of the current financial performance and discuss matters of importance during the board meetings.

The directors recognise that the employees are fundamental and are integral to the business to deliver strategic ambitions. The success of the business depends on attracting, retaining and motivating employees. Directors ensure that the company does the upmost to be a responsible employer considering pay, benefits, upkeep of health and safety requirements and workplace environments. When making decisions the directors factor the implication of decisions on the employees where it is relevant and possible to do so.

The directors recognise that in order to achieve its strategic objectives it must have strong relationships with its customers and suppliers. The directors receive regular information and feedback from business operations that inform them how current and emerging relationships are developing. The directors actively seek and receive third party information indicating performance from a customer point of view. The directors also receive regular updates on supplier activities and contract management topics.

The directors will take into account the impact of the company's operations on the community and environment in any decision making process where it is necessary to do.

The directors are fully aware of their legal responsibilities and obligations, they are also fully aware of the Group Policies and Code of conduct which are designed to uphold the core values of the Group and ensure all stakeholders conduct themselves as it would expect. By following these principles and guidelines, the business is conducted with the upmost integrity. Regular internal reviews take place, which help ensure that the guidelines are followed and identify any areas or processes that can be improved.

The directors consider the best possible action in its decision making process to deliver the strategy aligned with the Group. When making these decisions the Directors act as fairly as they can for all members however this can mean that sometimes certain stakeholder interests may not be fully aligned.

The Board understand their duties and responsibilities individually and collectively. They have acted in accordance with their duties codified in law, which include their duty to act in a way in which they consider would be most likely to promote the success of the company to the benefit of its members whilst considering the stakeholders of the company and matters set out in section 172 (1) of the Companies Act 2006.

Approved and authorised by the Board on 30 July 2025 and signed on its behalf by:
 


Mr R S Holley
Director

 

Holleys Fine Foods Holdings Limited

Group Directors' Report for the Year Ended 31 December 2024

The Directors present their report and the for the year ended 31 December 2024.

Directors of the Group

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

Mr C D Holley

Mr J C Holley

Mr K Holley

Mr M Wallis

Mr R S Holley

Mr S A Rogers

Mr R J Holley (sadly passed away on 5 February 2024)

Prior year adjustment - reclassification of investment property

During the year, Holleys Fine Foods Holdings Limited reassessed the use of a freehold property previously classified as property, plant and equipment. As a result of this reassessment, the directors concluded that the property now meets the definition of an investment property under FRS 102 Section 16, as it is held to earn rentals and/or for capital appreciation rather than for use in the production or supply of goods or services or for administrative purposes.

Accordingly, the property was reclassified from property, plant and equipment to investment property as at 1 January 2024. The carrying amount at the date of reclassification was £6,445,404, which has been treated as the deemed cost of the investment property on initial recognition under FRS 102. Comparative figures for the prior year have been restated to reflect this adjustment as follows:

• The carrying amount of freehold buildings as at 31 December 2023 has decreased by £6,445,404
• The carrying amount of investment property as at 31 December 2023 has increased by £6,445,404

The investment property is measured subsequently at fair value, in line with the company’s accounting policy. A revaluation was conducted on 4 November 2024 by Russell Property Consultants Ltd, an independent external valuer. A revaluation gain was recognised as a result of this.
 

Financial instruments

Objectives and policies

The group has adopted policies in respect of achieving its objectives relating to financial instruments through a mixture of bank facilities including overdraft arrangements and finance lease arrangements.

Further details of financial instruments are given within the notes to the financial statements under note 2 - Accounting Policies.

 

Holleys Fine Foods Holdings Limited

Group Directors' Report for the Year Ended 31 December 2024

Price risk, credit risk, liquidity risk and cash flow risk

Price risk
The group's revenue derives from the wholesale of foods and as such, the group is exposed to the risk of price changes in the supply of the food market.

Credit risk
The group supplies goods to other companies and credit terms are offered to those customers. The group has credit risk insurance in place to protect against the risk of default by these debtors.

Interest rate risk
The group has a bank debt in place to fund the building of new premises, as such the group is exposed to the risk of increased interest rates when servicing capital repayments

Trading risk
The group is exposed to the risk in change of importation legislation and demand following the United Kingdom's exit from the European Union.

Supply chain risk
The group is also reliant on a good supply chain within the food and beverage industry without which the company is unable to fulfil customer contracts.

Cash flow risk
Risks of this nature generally arise from timing differences which arise during the group's trading cycle. Any exceptional cash flow risks are mitigated by careful management of banking facilities, level of stock, trade debtors and trade creditors by the group's experienced staff.

Future developments

The Directors expect the business to continue operating along similar lines to the current year for the next financial year. The Directors remain focused on maintaining operational efficiency and financial stability while carefully monitoring external factors that may affect future performance.

Statement of Directors' Responsibilities

The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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.

 

Holleys Fine Foods Holdings Limited

Group Directors' Report for the Year Ended 31 December 2024

Important non adjusting events after the financial period

On 8 February 2025, the Group redeemed £150,000 of its £810,000 preference shares, which are classified as a financial liability. The remaining balance of £660,000 remains outstanding. The transaction does not impact the liabilities reported as of 31 December 2024, as it is a non-adjusting post-balance-sheet event, in accordance with FRS 102, Section 32.

Disclosure of information to the auditor

Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditor is aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
 

Reappointment of auditors

The auditors Moore Scarrott Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 30 July 2025 and signed on its behalf by:
 


Mr R S Holley
Director

 

Holleys Fine Foods Holdings Limited

Independent Auditor's Report to the Members of Holleys Fine Foods Holdings Limited

Opinion

We have audited the financial statements of Holleys Fine Foods Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the Group's and the parent Company's affairs as at 31 December 2024 and of the Group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The Directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

We have nothing to report in this regard.

 

Holleys Fine Foods Holdings Limited

Independent Auditor's Report to the Members of Holleys Fine Foods Holdings Limited

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Group Strategic Report and Group Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Group Strategic Report and Group Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report and the Group Directors' Report.

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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent Company 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 Director's Report, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

 

Holleys Fine Foods Holdings Limited

Independent Auditor's Report to the Members of Holleys Fine Foods Holdings Limited

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s, ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company, to cease to continue as a going concern.

 

In planning our audit, we determined materiality for the financial statements as a whole based on considerations of the company’s revenue, assets, and financial performance. Our assessment of materiality was designed to identify misstatements that, individually or in aggregate, could reasonably be expected to influence the economic decisions of users of the financial statements.

We also applied a lower threshold, known as performance materiality, to identify and respond to the risk of undetected misstatements. Any misstatements identified above this threshold were evaluated in the context of the financial statements as a whole.

Our approach to materiality was communicated to those charged with governance, and we considered both qualitative and quantitative factors, including the nature of balances and disclosures in the financial statements.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

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

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company, through discussions with directors and other management, and from our knowledge and experience of the sector;

we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements of the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

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

 

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

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

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

understanding the design of the company’s remuneration policies.

 

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

 

Holleys Fine Foods Holdings Limited

Independent Auditor's Report to the Members of Holleys Fine Foods Holdings Limited

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

 

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

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

enquiring of management as to actual and potential litigation and claims

obtain the most recent FSA reviews and scrutinise for evidence of non-compliance;

 

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

obtain the most recent SALSA review and scrutinise for evidence of non-compliance;

review key health and safety documents for reasonableness;

meet with the Director responsible for Health and Safety to discuss any reports during the year;

complete a Google News search to identify any evidence of breaches causing negative publicity; and

review legal nominals to identify any expenses which may relate to a possible breach in laws and regulations.

reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors;

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

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.


Mr Duncan Nicholas (Senior Statutory Auditor)
For and on behalf of Moore Scarrott Audit Limited, Statutory Auditor

Calyx House
South Road
Taunton
Somerset
TA1 3DU

1 August 2025

 

Holleys Fine Foods Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

4

23,874,575

22,543,264

Cost of sales

 

(18,598,207)

(18,107,709)

Gross profit

 

5,276,368

4,435,555

Administrative expenses

 

(3,613,960)

(3,121,465)

Operating profit

5

1,662,408

1,314,090

Other interest receivable and similar income

6

16,142

8,595

Interest payable and similar expenses

7

(373,426)

(397,672)

   

(357,284)

(389,077)

Profit before tax

 

1,305,124

925,013

Tax on profit

11

(332,965)

(228,985)

Profit for the financial year

 

972,159

696,028

Profit/(loss) attributable to:

 

Owners of the Company

 

972,159

696,028

All the above results relate to continuing operations.

 

Holleys Fine Foods Holdings Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

Profit for the year

972,159

696,028

Surplus on property, plant and equipment revaluation

304,597

-

Total comprehensive income for the year

1,276,756

696,028

Total comprehensive income attributable to:

Owners of the Company

1,276,756

696,028

 

Holleys Fine Foods Holdings Limited

(Registration number: 08846787)
Consolidated Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

13

75,265

68,390

Tangible assets

14

7,126,151

7,020,054

 

7,201,416

7,088,444

Current assets

 

Stocks

17

1,303,732

1,440,524

Debtors

18

2,575,623

2,939,602

Cash at bank and in hand

 

1,003,921

281,973

 

4,883,276

4,662,099

Creditors: Amounts falling due within one year

20

(2,862,513)

(2,614,052)

Net current assets

 

2,020,763

2,048,047

Total assets less current liabilities

 

9,222,179

9,136,491

Creditors: Amounts falling due after more than one year

20

(4,297,864)

(4,685,798)

Provisions for liabilities

21

(453,847)

(474,920)

Net assets

 

4,470,468

3,975,773

Capital and reserves

 

Called up share capital

23

180,000

180,000

Capital redemption reserve

4

4

Revaluation reserve

304,597

-

Retained earnings

3,985,867

3,795,769

Equity attributable to owners of the company

 

4,470,468

3,975,773

Shareholders' funds

 

4,470,468

3,975,773

Approved and authorised by the Board on 30 July 2025 and signed on its behalf by:
 


Mr R S Holley
Director

 

Holleys Fine Foods Holdings Limited

(Registration number: 08846787)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

14

46,732

38,694

Investment property

15

6,750,001

6,445,404

Investments

16

118,900

118,900

 

6,915,633

6,602,998

Current assets

 

Debtors

18

1,193,934

1,021,954

Cash at bank and in hand

 

3,698

47,810

 

1,197,632

1,069,764

Creditors: Amounts falling due within one year

20

(1,109,129)

(914,941)

Net current assets

 

88,503

154,823

Total assets less current liabilities

 

7,004,136

6,757,821

Creditors: Amounts falling due after more than one year

20

(4,292,451)

(4,615,425)

Provisions for liabilities

21

(354,616)

(330,342)

Net assets

 

2,357,069

1,812,054

Capital and reserves

 

Called up share capital

23

180,000

180,000

Capital redemption reserve

4

4

Retained earnings

2,177,065

1,632,050

Shareholders' funds

 

2,357,069

1,812,054

Approved and authorised by the Board on 30 July 2025 and signed on its behalf by:
 


Mr R S Holley
Director

 

Holleys Fine Foods Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Profit and loss account
£

Total equity
£

At 1 January 2024

180,000

4

-

3,795,769

3,975,773

Profit for the year

-

-

-

972,159

972,159

Other comprehensive income

-

-

304,597

-

304,597

Total comprehensive income

-

-

304,597

972,159

1,276,756

Dividends

-

-

-

(782,061)

(782,061)

At 31 December 2024

180,000

4

304,597

3,985,867

4,470,468

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total equity
£

At 1 January 2023

160,004

-

3,951,225

4,111,229

Profit for the year

-

-

696,028

696,028

Total comprehensive income

-

-

696,028

696,028

Dividends

-

-

(831,484)

(831,484)

New share capital subscribed

20,000

-

-

20,000

Purchase of own share capital

(4)

-

-

(4)

Transfers

-

-

(20,000)

(20,000)

Other capital redemption reserve movements

-

4

-

4

At 31 December 2023

180,000

4

3,795,769

3,975,773

 

Holleys Fine Foods Holdings Limited

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

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2024

180,000

4

1,632,050

1,812,054

Profit for the year

-

-

1,327,076

1,327,076

Dividends

-

-

(782,061)

(782,061)

At 31 December 2024

180,000

4

2,177,065

2,357,069

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

160,004

-

1,886,014

2,046,018

Profit for the year

-

-

597,520

597,520

Dividends

-

-

(831,484)

(831,484)

New share capital subscribed

20,000

-

-

20,000

Purchase of own share capital

(4)

-

-

(4)

Transfers

-

-

(20,000)

(20,000)

Other capital redemption reserve movements

-

4

-

4

At 31 December 2023

180,000

4

1,632,050

1,812,054

 

Holleys Fine Foods Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

972,159

696,028

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

249,350

258,782

Loss on disposal of tangible assets

35,759

-

Finance income

6

(16,142)

(8,595)

Finance costs

7

357,420

398,723

Income tax expense

11

332,965

228,985

 

1,931,511

1,573,923

Working capital adjustments

 

Decrease/(increase) in stocks

17

136,792

(395,323)

Decrease/(increase) in debtors

18

363,947

(883,709)

(Decrease)/increase in creditors

20

(119,451)

4,264

Cash generated from operations

 

2,312,799

299,155

Income taxes paid

11

(136,095)

(85,556)

Net cash flow from operating activities

 

2,176,704

213,599

Cash flows from investing activities

 

Interest received

16,142

8,595

Acquisitions of tangible assets

(77,714)

(270,119)

Proceeds from sale of tangible assets

 

21,000

29,555

Acquisition of intangible assets

13

(36,772)

-

Net cash flows from investing activities

 

(77,344)

(231,969)

Cash flows from financing activities

 

Interest paid

7

(357,420)

(398,723)

Repayment of bank borrowing

 

(172,971)

(86,489)

Payments to finance lease creditors

 

(64,960)

135,333

Dividends paid

(782,061)

(831,484)

Net cash flows from financing activities

 

(1,377,412)

(1,181,363)

Net increase/(decrease) in cash and cash equivalents

 

721,948

(1,199,733)

Cash and cash equivalents at 1 January

 

281,973

1,481,706

Cash and cash equivalents at 31 December

 

1,003,921

281,973

 

Holleys Fine Foods Holdings Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,327,076

597,520

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

5,525

71,090

Finance income

(784,137)

(937,156)

Finance costs

357,420

398,723

Income tax expense

11

75,351

195,322

Fair value adjustments

 

(304,597)

-

 

676,638

325,499

Working capital adjustments

 

Increase in debtors

18

(172,012)

(539,628)

Decrease in creditors

20

(91,169)

(91,303)

Cash generated from operations

 

413,457

(305,432)

Income taxes received/(paid)

11

84,312

(122)

Net cash flow from operating activities

 

497,769

(305,554)

Cash flows from investing activities

 

Interest received

2,075

5,672

Acquisitions of tangible assets

(13,563)

(29,842)

Acquisition of investment properties

-

(44,299)

Proceeds from sale of investment properties

 

-

29,555

Dividend income

782,061

931,484

Net cash flows from investing activities

 

770,573

892,570

Cash flows from financing activities

 

Interest paid

(357,420)

(398,723)

Repayment of bank borrowing

 

(172,973)

(86,487)

Dividends paid

(782,061)

(831,484)

Net cash flows from financing activities

 

(1,312,454)

(1,316,694)

Net decrease in cash and cash equivalents

 

(44,112)

(729,678)

Cash and cash equivalents at 1 January

 

47,810

777,488

Cash and cash equivalents at 31 December

 

3,698

47,810

 

Holleys Fine Foods Holdings Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales (Registered Number 08846787).

The address of its registered office is:
Unit F Boscombe Business Park
Severn Road
Hallen
Bristol
BS10 3DU
England

These financial statements were authorised for issue by the Board on 30 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 31 December 2024.

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the Company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

 

Holleys Fine Foods Holdings Limited

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

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable
assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are
met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are
received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Foreign currency transactions and balances

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

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

Tax

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

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

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

 

Holleys Fine Foods Holdings Limited

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

Asset class

Depreciation method and rate

Plant and machinery

3 - 5 Years Straight Line

Fixtures and fittings

3 - 5 Years Straight Line

Office equipment

3 - 5 Years Straight Line

Motor vehicles

3 - 5 Years Straight Line

Land and buildings

100 Years Straight Line

Previously, depreciation on all assets were calculated using the reducing balance method. The method was changed on 1 January 2024, as management considers the straight-line method to more accurately reflect the pattern of consumption of economic benefits.


Investment property is carried at fair value, derived from the current market prices for comparable real estate determined by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

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

Asset class

Amortisation method and rate

Software

3 - 5 Years Straight Line

Goodwill

10 Years Straight Line

Investments

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

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

Trade debtors

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

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

 

Holleys Fine Foods Holdings Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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

Trade creditors

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

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

Borrowings

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

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

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

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

Dividends

Dividend distribution to the Group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Holleys Fine Foods Holdings Limited

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

3 Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However the nature of estimation means that actual outcomes could differ from those 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 if the revision affects that period, or in the period of revision and future periods if the revision affects both current and future periods. The critical judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Critical judgements

Depreciation rates and residual values
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing assets lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Sources if estimation uncertainty
Impairment of fixed assets
The company determines whether there are indicators of impairment of tangible asset. Factors taken into account consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Stock provision
The company determines whether there are conditions that exist at the balance sheet date that indicates that the net realisable value of individual stock lines are less than the carrying value. Such indicators include post year end sales, and market demand.

Bad debt provision
The company determines whether there are conditions that exist at the balance sheet date that indicates the recoverable value of debtors is less than the carrying value. Such indicators include post year end cash receipts, and customer sales activity.

4

Turnover

The analysis of the Group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

23,702,047

22,279,803

Other revenue

172,528

263,461

23,874,575

22,543,264

All turnover arose within the United Kingdom.

 

Holleys Fine Foods Holdings Limited

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

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

221,111

233,974

Amortisation expense

28,239

24,808

Operating lease expense - plant and machinery

48,841

63,051

Loss on disposal of property, plant and equipment

35,759

-

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

14,664

8,254

Other finance income

1,478

341

16,142

8,595

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

281,170

285,723

Interest expense on other finance liabilities

76,250

113,000

Foreign exchange gains/(losses)

16,006

(1,051)

373,426

397,672

8

Staff costs

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

2024
£

2023
£

Wages and salaries

2,578,460

2,060,632

Other employee expense

87,547

80,897

2,666,007

2,141,529

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

2024
No.

2023
No.

Administration and support

16

16

Other departments

73

65

89

81

9

Directors' remuneration

The Directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

82,460

122,914

 

Holleys Fine Foods Holdings Limited

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

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

14,275

13,250

Other fees to auditors

All other non-audit services

33,332

25,232


 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

354,039

80,258

Deferred taxation

Arising from origination and reversal of timing differences

(21,074)

148,727

Tax expense in the income statement

332,965

228,985

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,305,124

925,013

Corporation tax at standard rate

326,281

231,253

Expenses not deductible for tax purposes

37,850

38,935

Tax increase/(decrease) in relation to capital allowances and depreciation

18,031

(20,581)

Tax (decrease)/increase in relation to deferred tax

(21,073)

148,727

Tax decrease in relation to losses carried forward

-

(139,941)

Tax increase (decrease) from other tax effects

(30,026)

(24,095)

Tax increase (decrease) from effect of different UK tax rates on some earnings

1,902

(5,313)

Total tax charge

332,965

228,985


12 Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £1,022,479 (2023: £597,520).
 

 

Holleys Fine Foods Holdings Limited

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

13

Intangible assets

Group

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

857,887

106,033

963,920

Additions acquired separately

-

36,772

36,772

Disposals

-

(25,268)

(25,268)

At 31 December 2024

857,887

117,537

975,424

Amortisation

At 1 January 2024

845,791

49,739

895,530

Amortisation charge

10,489

17,750

28,239

Amortisation eliminated on disposals

-

(23,610)

(23,610)

At 31 December 2024

856,280

43,879

900,159

Carrying amount

At 31 December 2024

1,607

73,658

75,265

At 31 December 2023

12,096

56,294

68,390

 

Holleys Fine Foods Holdings Limited

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

14

Tangible assets

Group

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

6,510,807

508,218

302,216

190,744

19,600

7,531,585

Revaluations

304,597

-

-

-

-

304,597

Additions

-

5,240

30,743

41,731

-

77,714

Disposals

-

(118,925)

(93,148)

(61,943)

-

(274,016)

At 31 December 2024

6,815,404

394,533

239,811

170,532

19,600

7,639,880

Depreciation

At 1 January 2024

65,404

191,655

162,556

75,284

16,635

511,534

Charge for the year

67,500

80,676

36,051

34,581

2,303

221,111

Eliminated on disposal

-

(98,061)

(75,271)

(45,584)

-

(218,916)

At 31 December 2024

132,904

174,270

123,336

64,281

18,938

513,729

Carrying amount

At 31 December 2024

6,682,500

220,263

116,475

106,251

662

7,126,151

At 31 December 2023

6,445,404

316,563

139,662

115,460

2,965

7,020,054

Included within the net book value of land and buildings above is £6,682,500 (2023 - £6,445,404) in respect of freehold land and buildings.

 

Holleys Fine Foods Holdings Limited

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

Company

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2024

44,380

44,380

Additions

13,563

13,563

At 31 December 2024

57,943

57,943

Depreciation

At 1 January 2024

5,686

5,686

Charge for the year

5,525

5,525

At 31 December 2024

11,211

11,211

Carrying amount

At 31 December 2024

46,732

46,732

At 31 December 2023

38,694

38,694



Change in Depreciation Method

On 1 January 2024, the company changed its depreciation method for all assets from the reducing balance method to the straight-line method. The change was made as management believes that the straight-line method provides a more accurate reflection of the consumption of economic benefits.

The effect of this change has been an increase in depreciation expense of £225 for the group in the current year.

Prior-year figures have not been restated, as this represents a change in accounting estimate rather than an accounting policy change.


Prior year adjustment - reclassification of freehold land and buildings

During the year, Holleys Fine Foods Holdings Limited reassessed the use of a freehold property previously classified as property, plant and equipment. As a result of this reassessment, the directors concluded that the property now meets the definition of an investment property under FRS 102 Section 16, as it is held to earn rentals and/or for capital appreciation rather than for use in the production or supply of goods or services or for administrative purposes.

Accordingly, the property was reclassified from property, plant and equipment to investment property as at 1 January 2024. The carrying amount at the date of reclassification was £6,445,404, which has been treated as the deemed cost of the investment property on initial recognition under FRS 102. Comparative figures for the prior year have been restated to reflect this adjustment as follows:

• The carrying amount of freehold buildings as at 31 December 2023 has decreased by £6,445,404
• The carrying amount of investment property as at 31 December 2023 has increased by £6,445,404

The investment property is measured subsequently at fair value, in line with the company’s accounting policy. A revaluation was conducted on 4 November 2024 by Russell Property Consultants Ltd, an independent external valuer. A revaluation gain was recognised as a result of this.

 

 

Holleys Fine Foods Holdings Limited

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

15

Investment properties

Company

2024
£

At 1 January

6,445,404

Fair value adjustments

304,597

At 31 December

6,750,001

A revaluation was conducted on 4 November 2024 by Russell Property Consultants Ltd, an independent external valuer.

16

Investments

Company

2024
£

2023
£

Investments in subsidiaries

118,900

118,900

Subsidiaries

£

Cost or valuation

At 1 January 2024

118,900

Provision

Carrying amount

At 31 December 2024

118,900

At 31 December 2023

118,900

 

Holleys Fine Foods Holdings Limited

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Westerleigh Brands Ltd

Unit F
Boscombe Business Park
Severn Road
Hallen
Bristol
England
BS10 7SB

England

Ordinary

100%

100%

Holleys Fine Foods Limited

Unit F
Boscombe Business Park
Severn Road
Hallen
Bristol
England
BS10 7SB

England

Ordinary

100%

100%

Subsidiary undertakings

Westerleigh Brands Ltd

The principal activity of Westerleigh Brands Ltd is wholesale of food, beverages and confectionery. The company has been dormant since 1 January 2025.

Holleys Fine Foods Limited

The principal activity of Holleys Fine Foods Limited is wholesale of food, beverages and confectionery.

The consolidated financial statements include all subsidiaries transactions and balances, with intercompany transactions eliminated in full.

 

Holleys Fine Foods Holdings Limited

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

17

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Stock

1,303,732

1,440,524

-

-

18

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

2,137,645

2,547,255

-

11,621

Amounts owed by related parties

26

126,054

85,327

1,193,934

1,010,301

Other debtors

 

2,408

24,667

-

-

Prepayments

 

279,727

265,162

-

-

Accrued income

 

29,789

17,159

-

-

Income tax asset

11

-

32

-

32

   

2,575,623

2,939,602

1,193,934

1,021,954

19

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash at bank and on hand

1,003,921

281,973

3,698

47,810

20

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

24

237,934

237,934

172,974

172,974

Trade creditors

 

1,436,148

1,421,869

1,227

3,334

Social security and other taxes

 

137,866

115,232

44,136

10,168

Outstanding defined contribution pension costs

 

7,526

7,688

-

-

Other payables

 

180,934

63,319

150,000

-

Accruals

 

35,201

97,607

10,578

72,197

Income tax liability

11

232,047

14,135

135,357

-

Amounts due to related parties

 

594,857

656,268

594,857

656,268

 

2,862,513

2,614,052

1,109,129

914,941

Due after one year

 

Bank loans and overdrafts

24

3,637,864

3,875,798

3,632,451

3,805,425

Other financial liabilities

 

660,000

810,000

660,000

810,000

 

4,297,864

4,685,798

4,292,451

4,615,425

 

Holleys Fine Foods Holdings Limited

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

21

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 January 2024

474,920

474,920

Increase (decrease) in existing provisions

(21,073)

(21,073)

At 31 December 2024

453,847

453,847

Company

Deferred tax
£

Total
£

At 1 January 2024

330,342

330,342

Increase (decrease) in existing provisions

24,274

24,274

At 31 December 2024

354,616

354,616

22

Defined Contribution Pension Schemes

The total cost relating to defined contribution schemes for the year recognised in profit or loss as an expense was £97,950 (2023 - £92,227).

Contributions totalling £7,526 (2023 - £7,688) were payable to the scheme at the end of the year and are included in creditors.

23

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A - R of £1 each

180,000

180,000

180,000

180,000

       

Redeemable preference shares

The company has in issue £810,000 redeemable preference shares of £1 each. These shares are redeemable at the option of the shareholders. The redemption price per share is £1.

Dividends on these preference shares are paid at a fixed rate per annum.
 

 

Holleys Fine Foods Holdings Limited

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

24

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

3,632,451

3,805,425

3,632,451

3,805,425

Hire purchase contracts

5,413

70,373

-

-

3,637,864

3,875,798

3,632,451

3,805,425

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

172,974

172,974

172,974

172,974

Hire purchase contracts

64,960

64,960

-

-

237,934

237,934

172,974

172,974

Group

Bank borrowings

Bank loans and overdrafts have a carrying amount at year end of £3,805,425 (2023 - £3,978,399). Bank loans are secured by a charge over the freehold property.

25

Operating Leases

Group

2024
 £

2023
 £

Due within 1 year

132,524

-

Due within 1 - 5 years

273,419

-

405,943

-

 

Holleys Fine Foods Holdings Limited

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

26

Related party transactions

Group

Advances to directors

2024

At 1 January 2024
£

Advances to Director
£

Repayments by Director
£

At 31 December 2024
£

Mr K Holley

Director's loan account

26,869

229,752

(194,548)

62,073

Mr R S Holley

Director's loan account

-

202,044

(196,011)

6,033

Mrs S A Holley

Shareholder's loan account

58,457

140,881

(141,391)

57,947

2023

At 1 January 2023
£

Advances to Director
£

Repayments by Director
£

At 31 December 2023
£

Mr K Holley

Director's loan account

24,388

58,238

(55,757)

26,869

Mrs S A Holley

Shareholder's loan account

-

62,555

(4,098)

58,457


27 Controlling party

There is no single controlling party of the Group.

28

Non adjusting events after the financial period

On 8 February 2025, the Group redeemed £150,000 of its £810,000 preference shares, which are classified as a financial liability. The remaining balance of £660,000 remains outstanding. The transaction does not impact the liabilities reported as of 31 December 2024, as it is a non-adjusting post-balance-sheet event, in accordance with FRS 102, Section 32.