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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditor |
9-11 Vittoria Street |
Birmingham |
B1 3ND |
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 |
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 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( | ) | ( | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 18 | ( | ) | ( | ) |
NET ASSETS |
SUNCREAM HOLDINGS LIMITED (REGISTERED NUMBER: 01204416) |
COMPANY BALANCE SHEET - continued |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Share premium | 20 |
Revaluation reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( | ) | - | - | ( | ) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
Changes in equity |
Dividends | - | ( | ) | - | - | ( | ) |
Total comprehensive income | - | - |
Balance at 31 December 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Motor vehicles | - |
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 |
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 |
Additions |
Disposals | ( | ) | ( | ) |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
Eliminated on disposal | ( | ) | ( | ) |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
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 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
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 | - |
Prepayments | 3,675 | 5,586 |
1,615,761 | 1,754,990 |
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 |
Hire purchase contracts (see note 17) | 134,019 | 193,656 |
Trade creditors | 494,858 | 1,100,825 |
Corporation tax | 261,826 | 196,393 |
Social security and other taxes | 85,232 | 52,987 |
VAT | 287,729 | 185,336 | - | - |
Other creditors | 47,100 | 50,000 |
Accrued expenses | 165,561 | 67,858 |
1,856,652 | 2,112,710 |
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 |
Hire purchase contracts (see note 17) | 220,438 | 378,746 |
Amounts owed to participating interests | - | - | 1,847,042 | 1,254,245 |
1,542,858 | 2,086,749 |
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 | - | - |
Bank loans | 380,327 | 265,655 |
380,327 | 265,655 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 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 |
Between one and five years |
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 |
Provided during year |
Balance at 31 December 2024 |
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 | 1,270,999 |
Profit for the year |
Dividends | ( | ) | ( | ) |
At 31 December 2024 | 1,165,680 |