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Registered number: 09955541 SIDOLI HOLDINGS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
SIDOLI HOLDINGS LIMITED COMPANY INFORMATION
Directors | C D T Sidoli
| P A Sidoli
Registered number | 09955541
Registered office | Henfaes Lane
| Welshpool
| Powys
| SY21 7BE
Independent auditors | WR Partners
| Chartered Accountants & Statutory Auditors
| Belmont House
| Shrewsbury Business Park
| Shrewsbury
| Shropshire
| SY2 6LG
SIDOLI HOLDINGS LIMITED CONTENTS
| Page
Group Strategic Report | 1 - 2
Directors' Report | 3 - 5
Independent Auditors' Report | 6 - 9
Consolidated Statement of Comprehensive Income | 10
Consolidated Statement of Financial Position | 11 - 12
Company Statement of Financial Position | 13
Consolidated Statement of Changes in Equity | 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16 - 17
Notes to the Financial Statements | 18 - 39
SIDOLI HOLDINGS LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 JANUARY 2025
Introduction
The Directors present their Strategic Report for the year ended 31 January 2025.
Business review
The economic challenges the business has faced over the last year continue the themes of the last few years with disruption to supply chains and markets along with the worldwide economic uncertainty. The autumn budget 2024 and increases in employer NI and Minimum Wage along with inflation and lending rates are a significant driver of increases in input costs across the board ranging across commodities, packaging, energy, and labour. These additional costs plus changes in small business rates appear to be disproportionally affecting the hospitality industry and there are warnings that several smaller businesses may close. The business has however continued to focus on simplification, rationalisation and tight controls, in all areas we have again managed these challenges and perform strongly in all markets. We continually review our business strategy, our product range and offering based on in-depth understanding, market insight and customer requirements within our sector. Despite all the external forces we have seen some evidence of a return to stronger trading in many of our key sectors along with renewed interest from many areas where we have seen weaker trading in the last few years. We continue to invest heavily in our workforce and skills including where appropriate automation, driving the benefit of improving efficiency and capacity which puts us in a strong position to react to continued and future growth in all sectors. We continue to review our business structures and are confident that we are in a strong position to trade positively through the coming year and react rapidly and effectively to opportunities as markets and trading conditions vary. As in previous years the business will continue to be subject to price pressures along with regulatory and taxation increases broadly beyond our control. However, we are confident that with our continued history of fiscal prudence, continual review, and close management we are and will remain in a strong position to trade through any difficult situations.
Principal risks and uncertainties
The principal risks to the business are set out in the business review above, namely the challenging economic circumstances, in particular the broad inflationary pressures impacting the UK and the broader global economy. The Group’s continued success is also dependent on the retention of key personnel, and the Group aims to provide an excellent working environment and terms of employment.
Financial key performance indicators
The Directors monitor the performance of the Group through key performance indicators such as sales, gross margin and the diversity of its key customers.
Other key performance indicators
The Group uses a suite of non-financial KPIs to monitor and measure success on a weekly basis which cover the whole business operating spectrum reflecting the changing needs of the business. In addition other non financial areas of the business such as customer service, staff productivity and wellbeing indicators considered key to the business are also monitored using KPIs. Page 1
SIDOLI HOLDINGS LIMITED GROUP STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
Directors' statement of compliance with duty to promote the success of the Group
The Board of Directors consider, both individually and collectively, that they have acted in ways that they believe in good faith to be most likely to promote the success of the Company for the benefit of its shareholders as a whole. We recognise our people as our most important asset and aim to be a responsible employer. The health, safety and wellbeing of our people is of the highest importance and continually work hard to create a culture were this is paramount in our day-to-day operations. Customers are at the heart of everything we do. This is demonstrated in our passion for desserts and dessert development together with investing heavily in Innovation, research and development so that we can continue to offer the best quality products. We seek to develop long term partnerships with our Customers and Suppliers, which are mutually beneficial and have a reputation for transparency and fair dealing in our interactions. This ultimately benefits our customer with value and a high-quality product range. As the Board of Directors, our intention is always to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance. We recognise that the maintenance of our good reputation, founded on responsible behaviour, is fundamental to our continuing ability to achieve profitable growth for the benefit of all our stakeholders in the future. This report was approved by the board and signed on its behalf.
................................................ C D T Sidoli Director
Date: 29 August 2025
Page 2
SIDOLI HOLDINGS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 JANUARY 2025 The Directors present their report and the financial statements for the year ended 31 January 2025.
Directors' responsibilities statement
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Group's financial statements and then apply them consistently; ∙make judgments 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; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.
Results and dividends
The profit for the year, after taxation, amounted to £5,117,558 (2024 - £4,557,147). A dividend was declared and paid during the year of £2,500,000 (2024: £2,500,000).
Directors
The Directors who served during the year were:
C D T Sidoli
P A Sidoli
Page 3
SIDOLI HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
Future developments
The outlook for the business is set out in the strategic report. The business continues to undertake research and development activity with a view to enhancing its product quality and production processes. It also continues to invest in its infrastructure and explore the development of new geographical markets.
Research and development activities
The Group’s core R&D activities are three-fold and cover: New product development – the development of new products and reformulation of existing recipes, to meet new regulatory requirements (e.g. low sugar, low salt) or target new markets (e.g. vegan or gluten-free diets); Process improvement – substantial changes and improvements to the processes within the Welshpool factory environment; and Software and systems development – the design and implementation of novel software solutions to support the changing business needs.
Engagement with employees
The Group places considerable value on the involvement of its employees and has continued its previous practice of keeping them informed on matters affecting them.
Engagement with suppliers, customers and others
Engagement with suppliers and customers is key to our sucess. We work closely with our supply chain and take, when necessary, to prevent involvement in modern slavery, corruption, bribrary and breaches of competition law. The Directors recognise the importance of building strong relationships with suppliers. Our suppliers provide products and services that helps us to execute our strategy. We also recognise that developing a strong understanding of customers' needs and putting that into our business strategy is critical.
Disabled employees
We are responsive to the needs of our employees. As such, should any employee of the Group become disabled during their time with us, we will actively retrain that employee and make reasonable adjustments to their working environment where possible, in order to keep the employee within the Group. It is the policy of the Group that the recruitment, training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. Page 4
SIDOLI HOLDINGS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company and Group is exempt from disclosing information in respect of greenhouse gas emissions, energy consumption and energy efficiency action in the current year.
Disclosure of information to auditors
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
The auditors, WR Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ C D T Sidoli Director
Date: 29 August 2025
Page 5
SIDOLI HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDOLI HOLDINGS LIMITED
Opinion
We have audited the financial statements of Sidoli Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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's affairs as at 31 January 2025 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or 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. Page 6
SIDOLI HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDOLI HOLDINGS LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept 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. Page 7
SIDOLI HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDOLI HOLDINGS LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the 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.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and the Group and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, BRC accreditation, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company and the Group are complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company and Group's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 8
SIDOLI HOLDINGS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SIDOLI HOLDINGS LIMITED (CONTINUED)
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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Malpass BA FCA (Senior Statutory Auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG Date: 29 August 2025 Page 9
SIDOLI HOLDINGS LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JANUARY 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 31,770,743 | 32,337,150
Cost of sales |  | (19,708,851) | (19,459,174)
Gross profit |  | 12,061,892 | 12,877,976
Administrative expenses |  | (6,809,798) | (7,505,311)
Other operating income | 5 | 23,259 | 23,259
Operating profit | 6 | 5,275,353 | 5,395,924
Gain/(Loss) on revaluation of investments |  | 1,053,287 | 426,875
Interest receivable and similar income | 10 | 181,297 | 187,081
Profit before taxation |  | 6,509,937 | 6,009,880
Tax on profit | 11 | (1,392,379) | (1,452,733)
Profit for the financial year |  | 5,117,558 | 4,557,147
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 5,117,558 | 4,557,147
|  | 5,117,558 | 4,557,147
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 18 to 39 form part of these financial statements.
Page 10
SIDOLI HOLDINGS LIMITED REGISTERED NUMBER: 09955541 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 JANUARY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 6,444,728 |  | 6,202,600
Investments | 14 |  | 3,319,782 |  | 3,015,962
Investment property | 15 |  | 925,000 |  | 925,000
|  |  | 10,689,510 |  | 10,143,562
Current assets |  |  |  |  |
Stocks | 16 | 3,851,773 |  | 3,920,685 |
Debtors: amounts falling due within one year | 17 | 4,509,471 |  | 4,435,982 |
Current asset investments | 18 | 5,252,779 |  | 4,502,413 |
Cash at bank and in hand | 19 | 12,428,206 |  | 9,969,411 |
|  | 26,042,229 |  | 22,828,491 |
Creditors: amounts falling due within one year | 20 | (16,410,758) |  | (15,391,537) |
Net current assets |  |  | 9,631,471 |  | 7,436,954
Total assets less current liabilities |  |  | 20,320,981 |  | 17,580,516
Creditors: amounts falling due after more than one year | 21 |  | (22,167) |  | (45,426)
Deferred taxation | 22 |  | (154,785) |  | (8,619)
Net assets |  |  | 20,144,029 |  | 17,526,471
Page 11
SIDOLI HOLDINGS LIMITED REGISTERED NUMBER: 09955541 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 JANUARY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 52,000 |  | 52,000
Merger reserve | 24 |  | 18,265,299 |  | 18,265,299
Profit and loss account | 24 |  | 1,826,730 |  | (790,828)
Equity attributable to owners of the parent Company |  |  | 20,144,029 |  | 17,526,471
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ C D T Sidoli
Director
Date: 29 August 2025
Page 12
SIDOLI HOLDINGS LIMITED REGISTERED NUMBER: 09955541 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 JANUARY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 4,569,162 |  | 4,701,179
Investments | 14 |  | 16,789,747 |  | 16,485,927
|  |  | 21,358,909 |  | 21,187,106
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 14,391,561 |  | 11,957,510 |
Cash at bank and in hand | 19 | 2,000,162 |  | 1,443,827 |
|  | 16,391,723 |  | 13,401,337 |
Creditors: amounts falling due within one year | 20 | (14,006,291) |  | (11,738,381) |
Net current assets |  |  | 2,385,432 |  | 1,662,956
Total assets less current liabilities |  |  | 23,744,341 |  | 22,850,062
Net assets |  |  | 23,744,341 |  | 22,850,062
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 52,000 |  | 52,000
Merger reserve | 24 |  | 13,469,965 |  | 13,469,965
Profit and loss account | 24 |  | 10,222,376 |  | 9,328,097
|  |  | 23,744,341 |  | 22,850,062
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ C D T Sidoli
Director
Date: 29 August 2025
The notes on pages 18 to 39 form part of these financial statements. Page 13
SIDOLI HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JANUARY 2025
| Called up share capital | Merger reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 February 2023 | 52,000 | 18,265,299 | (2,847,975) | 15,469,324
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 4,557,147 | 4,557,147
Total comprehensive income for the year | - | - | 4,557,147 | 4,557,147
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (2,500,000) | (2,500,000)
Total transactions with owners | - | - | (2,500,000) | (2,500,000)
At 1 February 2024 | 52,000 | 18,265,299 | (790,828) | 17,526,471
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 5,117,558 | 5,117,558
Total comprehensive income for the year | - | - | 5,117,558 | 5,117,558
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (2,500,000) | (2,500,000)
Total transactions with owners | - | - | (2,500,000) | (2,500,000)
At 31 January 2025 | 52,000 | 18,265,299 | 1,826,730 | 20,144,029
| The notes on pages 18 to 39 form part of these financial statements.
Page 14
SIDOLI HOLDINGS LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JANUARY 2025
| Called up share capital | Merger reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 February 2023 | 52,000 | 13,469,965 | 9,133,067 | 22,655,032
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,695,030 | 2,695,030
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (2,500,000) | (2,500,000)
Total transactions with owners | - | - | (2,500,000) | (2,500,000)
At 1 February 2024 | 52,000 | 13,469,965 | 9,328,097 | 22,850,062
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 3,394,279 | 3,394,279
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (2,500,000) | (2,500,000)
Total transactions with owners | - | - | (2,500,000) | (2,500,000)
At 31 January 2025 | 52,000 | 13,469,965 | 10,222,376 | 23,744,341
| The notes on pages 18 to 39 form part of these financial statements.
Page 15
SIDOLI HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 5,117,558 | 4,557,147
Adjustments for: |  |
Depreciation of tangible assets | 542,692 | 512,652
Loss on disposal of tangible assets | 1,319 | (42,316)
Government grants | (23,259) | (23,259)
Interest received | (181,297) | (187,081)
Taxation charge | 1,392,379 | 1,452,733
Decrease in stocks | 68,912 | 560,306
(Increase) in debtors | (73,489) | (604,306)
Increase in creditors | 1,744,337 | 1,187,328
Net fair value losses recognised in P&L | - | 300,000
Corporation tax (paid) | (1,994,588) | (861,985)
Net cash generated from operating activities | 6,594,564 | 6,851,219
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (819,105) | (882,989)
Sale of tangible fixed assets | 32,966 | 113,208
Movement on short-term investments | (750,366) | (426,875)
Government grants received | 23,259 | 23,259
Interest received | 181,297 | 187,081
Movement of listed investments | (303,820) | -
Net cash from investing activities | (1,635,769) | (986,316)
Page 16
SIDOLI HOLDINGS LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Dividends paid | (2,500,000) | (2,500,000)
Net cash used in financing activities | (2,500,000) | (2,500,000)
Net increase in cash and cash equivalents | 2,458,795 | 3,364,903
Cash and cash equivalents at beginning of year | 9,969,411 | 6,604,508
Cash and cash equivalents at the end of year | 12,428,206 | 9,969,411
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 12,428,206 | 9,969,411
| 12,428,206 | 9,969,411
Page 17
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. | General information
Sidoli Holdings Limited is a Company incorporated and domiciled in the UK and has its registered office and principal place of business at Henfaes Lane, Welshpool, SY21 7BE. The principal activity of the Company is that of a holding Company. The principal activity of the trading subsidiary Company is the manufacture and production of ice cream, desserts, cakes and puddings. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). 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 following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 February 2015.
| 2.3 | Going concern
After making enquires, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial statements. Page 18
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Group has transferred the significant risks and rewards of ownership to the buyer; ∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Page 19
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.6 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.7 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.8 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
| 2.9 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.10 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds. Page 20
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.12 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2%
|  |  |  | Plant and machinery | - | 10-33%
|  |  |  | Motor vehicles | - | 25%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 21
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.13 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.14 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.15 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.16 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.17 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.18 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 22
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.19 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.20 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Page 23
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 24
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments (continued)
Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
| 2.21 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors, the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are as follows; Investment Property At the Balance Sheet date, the carrying value of investment property was £925,000. The 2025 valuations were made by the directors, on an open market value for existing use basis. Stock Valuation Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less coststo complete and sell. Raw materials cost is based on the cost of purchase on an average cost basis. Workin progress and finished goods include labour and attributable overheads including processing costs. Thecarrying value of stock is £3,851,773 (2024: £3,920,685) Page 25
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
4. | Turnover
The whole of the turnover is attributable to the manufacture and production of ice cream, desserts, cakes and puddings. Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 30,661,797 | 30,977,493
| Rest of Europe | 1,108,946 | 1,359,657
|  | 31,770,743 | 32,337,150
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Government grants receivable | 23,259 | 23,259
|  | 23,259 | 23,259
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | 3,362 | (50,313)
| Other operating lease rentals | 427,351 | 558,696
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements | 34,900 | 34,250
| Fees payable to the Company's auditors and their associates in respect of: |  |
| All non-audit services not included above | 3,050 | 3,000
Page 26
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
8. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 6,529,293 | 6,871,695
| Social security costs | 525,598 | 517,350
| Cost of defined contribution scheme | 148,870 | 124,447
|  | 7,203,761 | 7,513,492
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  |  | 234 | 233
| The Company has no employees other than the Directors, who did not receive any remuneration (2024 - £NIL)
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 128,221 | 1,126,795
|  | 128,221 | 1,126,795
| During the year retirement benefits were accruing to 2 Directors (2024 - 2) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of 112,268 (2024 - £1,111,420).
| The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to NIL (2024 - NIL).
Page 27
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 181,297 | 187,081
|  | 181,297 | 187,081
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,246,213 | 1,274,191
|  | 1,246,213 | 1,274,191
| Total current tax | 1,246,213 | 1,274,191
| Deferred tax |  |
| Accelerated capital allowances | 146,166 | 178,542
| Total deferred tax | 146,166 | 178,542
|  | 1,392,379 | 1,452,733
Page 28
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 24%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 6,509,937 | 6,009,880
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24%) | 1,627,484 | 1,442,371
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | (269,149) | (30,535)
| Capital allowances for year in excess of depreciation | (111,015) | (127,610)
| Profit on disposal of fixed assets | - | (10,372)
| Short-term timing difference leading to an increase (decrease) in taxation | - | (1,830)
| Changes in provisions leading to an increase (decrease) in the tax charge | (1,107) | 1,807
| Deferred tax charge | 146,166 | 178,542
| Unrelieved tax losses carried forward | - | 360
| Total tax charge for the year | 1,392,379 | 1,452,733
| Factors that may affect future tax charges
There are no factors that may affect future tax charges.
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid on ordinary shares | 2,500,000 | 2,500,000
|  | 2,500,000 | 2,500,000
Page 29
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
13. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 February 2024 | 5,612,421 | 11,058,925 | 310,869 | 16,982,215
| Additions | - | 717,410 | 101,695 | 819,105
| Disposals | - | (232,271) | (69,595) | (301,866)
| At 31 January 2025 | 5,612,421 | 11,544,064 | 342,969 | 17,499,454
| Depreciation |  |  |  |
| At 1 February 2024 | 911,242 | 9,791,212 | 77,161 | 10,779,615
| Charge for the year on owned assets | 132,017 | 322,295 | 88,380 | 542,692
| Disposals | - | (227,360) | (40,221) | (267,581)
| At 31 January 2025 | 1,043,259 | 9,886,147 | 125,320 | 11,054,726
| Net book value |  |  |  |
| At 31 January 2025 | 4,569,162 | 1,657,917 | 217,649 | 6,444,728
| At 31 January 2024 | 4,701,179 | 1,267,713 | 233,708 | 6,202,600
Page 30
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 13.Tangible fixed assets (continued)
| Company
|  | Freehold property | Plant and machinery | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 February 2024 | 5,612,421 | 40,712 | 5,653,133
| At 31 January 2025 | 5,612,421 | 40,712 | 5,653,133
| Depreciation |  |  |
| At 1 February 2024 | 911,242 | 40,712 | 951,954
| Charge for the year on owned assets | 132,017 | - | 132,017
| At 31 January 2025 | 1,043,259 | 40,712 | 1,083,971
| Net book value |  |  |
| At 31 January 2025 | 4,569,162 | - | 4,569,162
| At 31 January 2024 | 4,701,179 | - | 4,701,179
Page 31
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
14. | Fixed asset investments
| Company
|  | Investments in subsidiary companies | Listed investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 February 2024 | 13,469,965 | 3,015,962 | 16,485,927
| Revaluations | - | 303,820 | 303,820
| At 31 January 2025 | 13,469,965 | 3,319,782 | 16,789,747
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| C D T Sidoli (Welshpool) Limited | Henfaes Lane, Welshpool, Powys, SY21 7BE | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 January 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:
| Name | Profit/(Loss)
| C D T Sidoli (Welshpool) Limited | 4,246,752
Page 32
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
15. | Investment property
| Group
|  | Freehold investment property
|  | £
| Valuation |
| At 1 February 2024 | 925,000
| At 31 January 2025 | 925,000
The 2025 valuations were made by the Directors, on an open market value for existing use basis.
| If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 1,225,000 | 1,225,000
|  | 1,225,000 | 1,225,000
| The Company has no investment property.
16. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 2,401,974 | 2,045,823
| Finished goods and goods for resale | 1,449,799 | 1,874,862
|  | 3,851,773 | 3,920,685
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
| Within cost of sales there is an obsolete stock provision write back of £86,657 (2024: £20,087).
Page 33
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 4,026,149 | 4,025,561 | - | -
| Amounts owed by group undertakings | - | - | 14,384,798 | 11,957,086
| Other debtors | 430,708 | 366,469 | 6,339 | -
| Prepayments and accrued income | 52,190 | 43,528 | - | -
| Deferred taxation | 424 | 424 | 424 | 424
|  | 4,509,471 | 4,435,982 | 14,391,561 | 11,957,510
18. | Current asset investments
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Unlisted investments | 5,252,779 | 4,502,413
|  | 5,252,779 | 4,502,413
19. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 12,428,206 | 9,969,411 | 2,000,162 | 1,443,827
|  | 12,428,206 | 9,969,411 | 2,000,162 | 1,443,827
Page 34
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
20. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 1,160,048 | 878,481 | - | -
| Corporation tax | 161,376 | 909,751 | 241,125 | 190,982
| Other taxation and social security | 124,206 | 109,997 | - | -
| Other creditors | 13,987,976 | 11,726,162 | 13,765,166 | 11,542,899
| Accruals and deferred income | 977,152 | 1,767,146 | - | 4,500
|  | 16,410,758 | 15,391,537 | 14,006,291 | 11,738,381
21. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accruals and deferred income | 22,167 | 45,426
|  | 22,167 | 45,426
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SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
22. | Deferred taxation
| Group
|  | 2025
|  | £
| At beginning of year | (8,195)
| Charged to profit or loss | (146,166)
| At end of year | (154,361)
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SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 22.Deferred taxation (continued)
| Company
|  | 2025
|  | £
| At beginning of year | 424
| At end of year | 424
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (157,697) | (13,015) | 424 | 424
| Short term timing differences | 3,336 | 4,820 | - | -
|  | (154,361) | (8,195) | 424 | 424
| Comprising: |  |  |  |
| Asset - due within one year | 424 | 424 | 424 | 424
| Liability | (154,785) | (8,619) | - | -
|  | (154,361) | (8,195) | 424 | 424
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SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | nil (2024 - 52,000) Ordinary shares of £1.00 each | - | 52,000
|  | 48,360 (2024 - nil) A Shares shares of £1.00 each | 48,360 | -
|  | 3,640 (2024 - nil) B Shares shares of £1.00 each | 3,640 | -
|  |  | 52,000 | 52,000
24. | Reserves
Merger Reserve The merger reserve was created upon the 2017 restructure of the business. Profit and loss account The profit and loss account represents the accumulated profits of the Group since incorporation less distributions made to shareholders. The profit and loss account also inclued the cumulative unrecognised gains on the current asset investments. The profit and loss account also includes an unrealised loss on investment property of £300k (2024: £300k)
25. | Analysis of net debt
|  | At 1 February 2024 | Cash flows | At 31 January 2025
|  | £ | £ | £
| Cash at bank and in hand | 9,969,411 | 2,458,795 | 12,428,206
| Liquid investments | (11,552,389) | (2,221,369) | (13,773,758)
|  | (1,582,978) | 237,426 | (1,345,552)
26. | Pension commitments
The Group contributes to a defined contribution pension scheme for the benefit of eligible employees. The pension charge for the year was £148,870 (2024: £124,447). At the balance sheet date there were amounts payable totalling £13,344 (2024: £17,771). Page 38
SIDOLI HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
27. | Commitments under operating leases
| At 31 January 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Not later than 1 year | 147,525 | 257,831
| Later than 1 year and not later than 5 years | 377,155 | 594,785
| Later than 5 years | 14,846 | -
|  | 539,526 | 852,616
28. | Related party transactions
| During the year dividends of £2,500,000 have been paid to Directors (2024: £2,500,000). At the year end £14,793,753 was owed to the Directors (2024: £11,541,889). Interest has been accrued on the balances at a rate of 9.5%. The Directors' loan accounts are unsecured. The Company is exempt from disclosing other related party transactions with Companies that are wholly owned within the Group.
29. | Controlling party
The ultimate controlling party is C D T Sidoli by virtue of his majority shareholding in the Company.
Page 39