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REGISTERED NUMBER: 01204416 (England and Wales)










SUNCREAM HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)







CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024





Page



Company Information  

1



Group Strategic Report  

2



Report of the Directors  

4



Report of the Independent Auditors  

6



Consolidated Income Statement  

10



Consolidated Other Comprehensive Income  

11



Consolidated Balance Sheet  

12



Company Balance Sheet  

13



Consolidated Statement of Changes in Equity  

15



Company Statement of Changes in Equity  

16



Consolidated Cash Flow Statement  

17



Notes to the Consolidated Cash Flow Statement

18



Notes to the Consolidated Financial Statements

20




SUNCREAM HOLDINGS LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024









DIRECTORS:

Mrs S M Manfredi


Mrs S R Manfredi


Mrs S D Thirlby







SECRETARY:

Mrs S M Manfredi







REGISTERED OFFICE:

Unit 7 D1


Claymore Tame Valley Industrial Estate


Wilnecote


Tamworth


Staffordshire


B77 5DQ







REGISTERED NUMBER:

01204416 (England and Wales)







AUDITORS:

UHY Hacker Young (Birmingham) LLP,


Statutory Auditor


9-11 Vittoria Street


Birmingham


B1 3ND


SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report of the company and the group for the year ended 31 December 2024.


REVIEW OF BUSINESS

The business model stayed largely unchanged during 2024 and is expected to continue during 2025. Raw materials are mixed and pasteurised on site, the mix is sent to age in vats and packed down five possible production lines into pack sizes ranging from 90ml to 10 litres. The packed goods are stored in a 1500 pallet space cold storage facility where goods are either sent out as full pallets or are picked as multi sku pallets for smaller accounts. Two routes to market are employed, either direct haulage or via the backhaul operations of customers.


The company achieved steady growth in turnover during 2024 with some further low level growth experienced in the retail sector. Wholesale and Foodservice continued to form the majority of the client base, but has as a whole began to fall in line with the current economic predictions of a struggling hospitality sector.


For the bulk of the year overhead costs continued to put margin under pressure with some easing towards the back end of the year. The seasonal nature of the ice cream trade adds additional pressure on cash. The significant increase in the National Minimum Wage and during 2024 increased the production operative labour cost significantly and with this there was extra pressure on the tiers above.  Tamworth is an area of high employment and Suncream have as usual invested early in staff salaries, ahead of the national move, in order to retain skill and stay ahead of local labour pool pressures. There is a firm view that well paid employees lead to a better product and better customer service.


2024 saw the fit out, racking and upgrade of the purchased additional storage warehouse. The lease of the previous rented warehouse space has now lapsed and all additional storage is via the purchased facility.


There has been further investment in robotics during 2024 along with another automated filling machine.


There has been some significant work towards ESG in 2024 with the achievement of a two pillar Smeta accreditation. In addition, there have been staff training days where there has been a focus on positive mental health. In addition, the membership of the Rainforest Alliance continues with ethically sourced cocoa powder. 2025 will see a RSPO accreditation for responsibly sourced palm oil.


A "Customer Comes First" initiative was launched in 2023 to ensure the customer is always centre of all that Suncream does, at every level within the business, this has continued to be the focus during 2024.


2024 saw the retention of a BRCGS AA factory accreditation.



SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024


PRINCIPAL RISKS AND UNCERTAINTIES

The economic climate still feels unsettled, and the new Labour government has exacerbated this. Suncream is cautious to make major changes to their business model. The conflicts in Ukraine and the Middle East continue to bring challenges in terms of supply reliability and price stability, although Suncream are mitigating this where possible with contracts for raw materials.


Recruitment and the local labour pool is being closely monitored as any reduction in staff numbers will put the business under undue pressure. The new National Minimum Wage and National Insurance rise and banding has been mitigated by the reduction in some of the commodity pricing. This will be monitored very closely through 2025. There has been a brake on further recruitment until the landscape of the hospitality industry during 2025 becomes clearer.


There continues to be a need for significant investment in the short to medium term in a cross company IT solution as the merging of departmental systems is labour intensive and creating some inaccuracies. Labour resource has been allocated to this task in 2025 to bring about a formal plan for a new SAP system.


There are changes required as a result of the F gas legislation and plans are being made to ensure all refrigeration equipment is compliant well ahead of the cut off date of 2030.


FINANCIAL PERFORMANCE AND KEY PERFORMANCE INDICATORS

The company uses turnover and gross profit margin to monitor ongoing results and performance targets.



                          

2024


2023



Turnover


                            

£13,480,195


                      

£12,852,118



Gross profit margin


                            

26.4%


                              

25.8%



Current assets ratio


                                

1.88:1


1.80:1





ON BEHALF OF THE BOARD:






Mrs S R Manfredi - Director



27 May 2025


SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024


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


DIVIDENDS

The directors recommend a final dividend per share as follows:


Ordinary A


134.38


Ordinary B


30.53


Ordinary C


NIL


Ordinary D


100


Ordinary E


100


Ordinary F


100


Ordinary G


100


Preferred A


71.50



The total distribution of dividends for the year ended 31 December 2024 will be £367,759.


DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.


Mrs S M Manfredi

Mrs S R Manfredi

Mrs S D Thirlby


STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 DECEMBER 2024




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 group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.


AUDITORS

The auditors,  UHY Hacker Young (Birmingham) LLP,, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






Mrs S R Manfredi - Director



27 May 2025


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SUNCREAM HOLDINGS LIMITED


Opinion

We have audited the financial statements of Suncream Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company 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 Auditors' 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 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 group's and the parent 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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SUNCREAM HOLDINGS LIMITED



Other information

The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the 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 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 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 Statement of Directors' Responsibilities set out on page four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

SUNCREAM HOLDINGS 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:


-


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 commercial knowledge and experience of the sector; and


-


we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or 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 susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:


-


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


-


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



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


-


performed analytical procedures to identify any unusual or unexpected relationships;


-


tested journal entries to identify unusual transactions; 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; and


-


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




There are inherent limitations in the audit procedures described abvove; any instance of non compliance with laws and regualtions and fraud which is far removed from transactions reflected in the financial statments would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greter than the risk of not detecting one resulting from error. Fraud may invlove deliberate concealment by for example forgery or intentional misrepresentation or through an act of collusion that would mitigate internal controls.


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

SUNCREAM HOLDINGS 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.





Malcolm Winston (Senior Statutory Auditor)

for and on behalf of UHY Hacker Young (Birmingham) LLP,

Statutory Auditor

9-11 Vittoria Street

Birmingham

B1 3ND


27 May 2025


SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024



2024


2023


Notes

£   

£   



TURNOVER

13,480,195


12,852,118




Cost of sales

9,915,093


9,534,152



GROSS PROFIT

3,565,102


3,317,966




Administrative expenses

2,316,974


2,199,556



OPERATING PROFIT

5

1,248,128


1,118,410




Interest receivable and similar income

6,034


-



1,254,162


1,118,410




Interest payable and similar expenses

6

185,123


164,417



PROFIT BEFORE TAXATION

1,069,039


953,993




Tax on profit

7

265,851


217,731



PROFIT FOR THE FINANCIAL YEAR

803,188


736,262



Profit attributable to:

Owners of the parent

803,188


736,262




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024



2024


2023


Notes

£   

£   



PROFIT FOR THE YEAR

803,188


736,262





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR

THE YEAR

803,188


736,262




Total comprehensive income attributable to:

Owners of the parent

803,188


736,262




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


CONSOLIDATED BALANCE SHEET

31 DECEMBER 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

10

5,748,498


5,734,502



Investments

11

-


-



5,748,498


5,734,502




CURRENT ASSETS

Stocks

12

1,553,400


1,444,958



Debtors

13

1,615,761


1,754,990



Cash at bank

300,064


621,639



3,469,225


3,821,587



CREDITORS

Amounts falling due within one year

14

1,856,652


2,112,710



NET CURRENT ASSETS

1,612,573


1,708,877



TOTAL ASSETS LESS CURRENT

LIABILITIES

7,361,071


7,443,379




CREDITORS

Amounts falling due after more than

one year

15

(1,542,858

)

(2,086,749

)



PROVISIONS FOR LIABILITIES

18

(644,323

)

(618,168

)


NET ASSETS

5,173,890


4,738,462




CAPITAL AND RESERVES

Called up share capital

19

5,000


5,000



Share premium

20

84,966


84,966



Revaluation reserve

20

93,144


93,144



Retained earnings

20

4,990,780


4,555,352



SHAREHOLDERS' FUNDS

5,173,890


4,738,462




The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025 and were signed on its behalf by:




Mrs S R Manfredi - Director



SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


COMPANY BALANCE SHEET

31 DECEMBER 2024



2024

2023



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

10

5,748,498


5,734,502



Investments

11

40,000


40,000



5,788,498


5,774,502




CURRENT ASSETS

Debtors

13

7,460


-



Cash at bank

57,550


-



65,010


-



CREDITORS

Amounts falling due within one year

14

648,605


539,341



NET CURRENT LIABILITIES

(583,595

)

(539,341

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

5,204,903


5,235,161




CREDITORS

Amounts falling due after more than

one year

15

(3,389,900

)

(3,340,994

)



PROVISIONS FOR LIABILITIES

18

(644,323

)

(618,168

)


NET ASSETS

1,170,680


1,275,999




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


COMPANY BALANCE SHEET - continued

31 DECEMBER 2024



2024

2023



Notes

£   

£   

£   

£   


CAPITAL AND RESERVES

Called up share capital

19

5,000


5,000



Share premium

20

84,966


84,966



Revaluation reserve

20

93,144


93,144



Retained earnings

20

987,570


1,092,889



SHAREHOLDERS' FUNDS

1,170,680


1,275,999




Company's profit for the financial year

262,440


133,619





The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2025  and were signed on its behalf by:






Mrs S M Manfredi - Director



SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024



Called up



share


Retained


Share


Revaluation


Total


capital


earnings


premium


reserve


equity

£   

£   

£   

£   

£   


Balance at 1 January 2023

5,000


4,069,008


84,966


93,144


4,252,118




Changes in equity

Dividends

-


(249,918

)

-


-


(249,918

)


Total comprehensive income

-


736,262


-


-


736,262



Balance at 31 December 2023

5,000


4,555,352


84,966


93,144


4,738,462




Changes in equity

Dividends

-


(367,760

)

-


-


(367,760

)


Total comprehensive income

-


803,188


-


-


803,188



Balance at 31 December 2024

5,000


4,990,780


84,966


93,144


5,173,890




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024



Called up



share


Retained


Share


Revaluation


Total


capital


earnings


premium


reserve


equity

£   

£   

£   

£   

£   


Balance at 1 January 2023

5,000


1,209,188


84,966


93,144


1,392,298




Changes in equity

Dividends

-


(249,918

)

-


-


(249,918

)


Total comprehensive income

-


133,619


-


-


133,619



Balance at 31 December 2023

5,000


1,092,889


84,966


93,144


1,275,999




Changes in equity

Dividends

-


(367,759

)

-


-


(367,759

)


Total comprehensive income

-


262,440


-


-


262,440



Balance at 31 December 2024

5,000


987,570


84,966


93,144


1,170,680




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024



2024


2023


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

1,319,151


1,413,490



Interest paid

(139,156

)

(122,827

)


Interest element of hire purchase

payments paid

(45,967

)

(41,590

)


Tax paid

(174,263

)

(37,647

)


Net cash from operating activities

959,765


1,211,426




Cash flows from investing activities

Purchase of tangible fixed assets

(440,758

)

(944,420

)


Sale of tangible fixed assets

10,000


-



Interest received

6,034


-



Net cash from investing activities

(424,724

)

(944,420

)



Cash flows from financing activities

Loan repayments in year

(270,911

)

-



Capital repayments in year

(217,945

)

(4,559

)


Equity dividends paid

(367,760

)

(249,918

)


Net cash from financing activities

(856,616

)

(254,477

)



(Decrease)/increase in cash and cash equivalents

(321,575

)

12,529



Cash and cash equivalents at beginning

of year

2

621,639


609,110




Cash and cash equivalents at end of

year

2

300,064


621,639




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024


1.

RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS



2024


2023

£   

£   



Profit before taxation

1,069,039


953,993




Depreciation charges

373,165


333,980




Loss on disposal of fixed assets

43,597


-




Finance costs

185,123


164,417




Finance income

(6,034

)

-



1,664,890


1,452,390




(Increase)/decrease in stocks

(108,442

)

142,586




Decrease/(increase) in trade and other debtors

139,229


(208,199

)



(Decrease)/increase in trade and other creditors

(376,526

)

26,713




Cash generated from operations

1,319,151


1,413,490




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 December 2024


31.12.24


1.1.24

£   

£   



Cash and cash equivalents

300,064


621,639




Year ended 31 December 2023


31.12.23


1.1.23

£   

£   



Cash and cash equivalents

621,639


609,110





SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024


3.

ANALYSIS OF CHANGES IN NET DEBT



At 1.1.24

Cash flow

At 31.12.24

£   

£   

£   



Net cash



Cash at bank

621,639


(321,575

)

300,064



621,639


(321,575

)

300,064




Debt


Finance leases

(572,402

)

217,945


(354,457

)



Debts falling due within 1 year

(265,655

)

(114,672

)

(380,327

)



Debts falling due after 1 year

(1,708,003

)

385,583


(1,322,420

)


(2,546,060

)

488,856


(2,057,204

)



Total

(1,924,421

)

167,281


(1,757,140

)



SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


1.

STATUTORY INFORMATION



Suncream Holdings 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 General 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.  



Related party exemption


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



Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Freehold property

-

2% on cost


Plant and machinery

-

10% on reducing balance


Motor vehicles

-

25% on reducing balance



Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


2.

ACCOUNTING POLICIES - continued


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.


Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


Pension costs and other post-retirement benefits


The group operates a defined contribution pension scheme.  Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.


SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


2.

ACCOUNTING POLICIES - continued



Financial instruments


Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.



Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.



Tangible assets


Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.



Share premium


Where shares are issued for a consideration greater than the par value of the share, the difference between the consideration and the par value is described as share premium upon the issue.


Dividends


Dividends are recognised as a liability in the period in which they are formally declared and approved by the shareholders. Interim dividends are recognised when paid.



Revaluation Reserve


The revaluation reserve represents the surplus arising on the revaluation of property, plant, and equipment. Revaluation gains are recognised in other comprehensive income and accumulated in the reserve, unless they reverse a previous revaluation decrease recognised in the profit and loss account. On disposal of a revalued asset, any remaining balance in the revaluation reserve is transferred to retained earnings.



Preference Shares


Preference shares are classified as equity or liabilities in accordance with their terms and conditions. Dividends on preference shares classified as equity are recognised in equity when approved. Preference shares classified as liabilities are measured at amortised cost, and dividends are recognised as a finance cost in the profit and loss account when incurred.


SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


3.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY



Estimation Uncertainty - Stock Overhead Percentage Allocation


The allocation of overhead costs to inventory involves significant judgement and estimation. Overhead costs are apportioned to stock based on a percentage allocation, which requires an assessment of various factors, including production activities, labour costs, and other indirect expenses.



The determination of the overhead percentage involves inherent uncertainty, as it is influenced by variable factors such as changes in production levels, efficiency rates, and cost structures. Consequently, these estimates may differ from the actual outcomes, resulting in adjustments to the valuation of stock and, potentially, to cost of sales in future periods.



Management regularly reviews the basis of overhead allocation, ensuring that estimates remain reasonable and reflective of current conditions. Any significant changes to estimation methods or assumptions are disclosed accordingly. Overhead % allocation has increased in 2024 to 45% from 43%


4.

EMPLOYEES AND DIRECTORS


2024


2023

£   

£   



Wages and salaries

2,190,188


2,315,197




Social security costs

195,266


198,888




Other pension costs

99,255


47,790



2,484,709


2,561,875





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


2024


2023



Employees

72


90




Directors

3


3



75


93





The average number of employees by undertakings that were proportionately consolidated during the year was 72 (2023 - 92 ) .



During the year key management personnel remuneration totalled £544,228 (2023: £487,170).


SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


4.

EMPLOYEES AND DIRECTORS - continued




2024


2023




£   


£   




Directors' remuneration


177,000


204,000




Directors' pension contributions to money purchase schemes


65,400


8,400




Directors' benefits


25,572


47,228






2024


2023





No


No




The number of directors to whom retirement

benefits were accruing was as follows:





Money purchase schemes


1


1




Information regarding the highest paid director is as follows:





2024


2023





£   


£   




Directors' remuneration


168,000


168,000




Directors' pension contributions to money purchase schemes


65,400


8,400




Directors' benefits


15,815


18,504




5.

OPERATING PROFIT



The operating profit is stated after charging:



2024


2023

£   

£   



Hire of plant and machinery

27,559


40,430




Plant repairs

654,107


599,030




Depreciation - owned assets

373,165


333,980




Loss on disposal of fixed assets

43,597


-




Auditors' remuneration

10,200


7,500




Operating lease payments  

28,736


26,238




6.

INTEREST PAYABLE AND SIMILAR EXPENSES



2024


2023

£   

£   



Bank interest

139,156


122,827




Hire purchase

45,967


41,590



185,123


164,417




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


7.

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

239,696


150,096





Deferred tax

26,155


67,635




Tax on profit

265,851


217,731




8.

INDIVIDUAL INCOME STATEMENT



As permitted by Section 408 of the Companies Act 2006, the Profit and loss account of the parent company is not presented as part of these financial statements.



9.

DIVIDENDS




2024


2023




£   


£   




Dividends payable to directors


307,759


249,918




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


10.

TANGIBLE FIXED ASSETS



Group


Freehold


Plant and


Motor



property


machinery


vehicles


Totals

£   

£   

£   

£   



COST


At 1 January 2024

3,824,578


5,120,952


60,918


9,006,448




Additions

38,296


402,462


-


440,758




Disposals

-


(73,000

)

-


(73,000

)



At 31 December 2024

3,862,874


5,450,414


60,918


9,374,206




DEPRECIATION


At 1 January 2024

868,362


2,376,265


27,319


3,271,946




Charge for year

74,461


290,304


8,400


373,165




Eliminated on disposal

-


(19,403

)

-


(19,403

)



At 31 December 2024

942,823


2,647,166


35,719


3,625,708




NET BOOK VALUE


At 31 December 2024

2,920,051


2,803,248


25,199


5,748,498




At 31 December 2023

2,956,216


2,744,687


33,599


5,734,502





Company


Freehold


Plant and


Motor



property


machinery


vehicles


Totals

£   

£   

£   

£   



COST


At 1 January 2024

3,824,578


5,120,952


60,918


9,006,448




Additions

38,296


402,462


-


440,758




Disposals

-


(73,000

)

-


(73,000

)



At 31 December 2024

3,862,874


5,450,414


60,918


9,374,206




DEPRECIATION


At 1 January 2024

868,362


2,376,265


27,319


3,271,946




Charge for year

74,461


290,304


8,400


373,165




Eliminated on disposal

-


(19,403

)

-


(19,403

)



At 31 December 2024

942,823


2,647,166


35,719


3,625,708




NET BOOK VALUE


At 31 December 2024

2,920,051


2,803,248


25,199


5,748,498




At 31 December 2023

2,956,216


2,744,687


33,599


5,734,502




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


11.

FIXED ASSET INVESTMENTS



Company


Shares in


group


undertakings

£   



COST


At 1 January 2024


and 31 December 2024

40,000




NET BOOK VALUE


At 31 December 2024

40,000




At 31 December 2023

40,000





12.

STOCKS



Group


2024

2023


£   

£   



Raw materials and WiP

818,056


836,484




Finished goods

735,344


608,474



1,553,400


1,444,958




13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Trade debtors

1,604,626


1,749,404


-


-




Other debtors

7,460


-


7,460


-




Prepayments

3,675


5,586


-


-



1,615,761


1,754,990


7,460


-




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR




Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Bank loans and overdrafts (see note 16)

380,327


265,655


380,327


266,860




Hire purchase contracts  (see note 17)

134,019


193,656


134,020


193,656




Trade creditors

494,858


1,100,825


-


-




Corporation tax

261,826


196,393


78,511


22,336




Social security and other taxes

85,232


52,987


7,947


-




VAT

287,729


185,336


-


-




Other creditors

47,100


50,000


47,100


50,000




Accrued expenses

165,561


67,858


700


6,489



1,856,652


2,112,710


648,605


539,341





Included within other creditors is an amount of £47,100 (2023: £50,000) was owed to Mrs SM Manfredi, a director. The loan is unsecured, has no fixed repayment date, and attracts interest at 7% per annum.


15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR




Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Bank loans (see note 16)

1,322,420


1,708,003


1,322,420


1,708,003




Hire purchase contracts  (see note 17)

220,438


378,746


220,438


378,746




Amounts owed to participating

interests

-


-


1,847,042


1,254,245



1,542,858


2,086,749


3,389,900


3,340,994





Bank loans and overdrafts are secured by way of a fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.



The expiry date of loans range from June 2025 to December 2043. Interest rates vary from 7.69% to 7.75%.


SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


16.

LOANS



An analysis of the maturity of loans is given below:



Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Amounts falling due within one year or

on demand:



Bank overdrafts

-


-


-


1,205




Bank loans

380,327


265,655


380,327


265,655



380,327


265,655


380,327


266,860




Amounts falling due between two and

five years:



Bank loans - 2-5 years

1,063,280


908,046


1,063,280


908,046




Amounts falling due in more than five

years:



Repayable by instalments


Bank loans more 5 yr by instal

259,140


799,957


259,140


799,957




17.

LEASING AGREEMENTS



Minimum lease payments fall due as follows:



Group


Hire purchase



contracts


2024

2023


£   

£   



Net obligations repayable:


Within one year

134,019


193,656




Between one and five years

220,438


378,746



354,457


572,402




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


17.

LEASING AGREEMENTS - continued



Company


Hire purchase



contracts


2024

2023


£   

£   



Net obligations repayable:


Within one year

134,020


193,656




Between one and five years

220,438


378,746



354,458


572,402





Group


Non-cancellable



operating leases


2024

2023


£   

£   



Within one year

22,305


26,238




Between one and five years

43,934


38,596



66,239


64,834




18.

PROVISIONS FOR LIABILITIES



Group


Company


2024

2023

2024

2023


£   

£   

£   

£   



Deferred tax

644,323


618,168


644,323


618,168





Group


Deferred



tax


£   



Balance at 1 January 2024

618,168




Provided during year

26,155




Balance at 31 December 2024

644,323




SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416)


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024


18.

PROVISIONS FOR LIABILITIES - continued



Company


Deferred



tax


£   



Balance at 1 January 2024

618,168




Provided during year

26,155




Balance at 31 December 2024

644,323




19.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Nominal


2024


2023




Number:


Class:


Value:


£   


£   




4,286


Ordinary


1


4,286


4,286




714


Preferred


1


714


714





5,000


5,000




20.

RESERVES



Group


Retained


Share


Revaluation



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1 January 2024

4,555,352


84,966


93,144


4,733,462




Profit for the year

803,188


803,188




Dividends

(367,760

)

(367,760

)



At 31 December 2024

4,990,780


84,966


93,144


5,168,890





Company


Retained


Share


Revaluation



earnings


premium


reserve


Totals

£   

£   

£   

£   




At 1 January 2024

1,092,889


84,966


93,144


1,270,999




Profit for the year

262,440


262,440




Dividends

(367,759

)

(367,759

)



At 31 December 2024

987,570


84,966


93,144


1,165,680