| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| SOLLEYS FARMS ICE CREAM LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| SOLLEYS FARMS ICE CREAM LIMITED |
| SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| SOLLEYS FARMS ICE CREAM LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Charlton House |
| Dour Street |
| DOVER |
| Kent |
| CT16 1BL |
| SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Share premium |
| Revaluation reserve | 13 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Solleys Farms Ice Cream Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Government grants |
| Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purposes of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable. |
| The company receives government grants in respect of the purchase of fixed assets. These grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisaton and any accumulated impairment losses. |
| Client lists are being amortised evenly over their estimated useful life of ten years. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Freehold buildings are depreciated over an estimated useful life of 50 years. However, as the residual value of freehold buildings exceed the carrying amount shown in the financial statements, no depreciation charge has been provided. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first out formula. Provision is made for damaged, obsolete and slow- moving stock where appropriate. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and |
| depreciated over their estimated useful lives. |
| The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit and loss as incurred. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors and creditors receivable / payable within one year |
| 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 profit and loss account in other administrative expenses. |
| Loans and borrowings |
| 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. If an arrangement constitutes a finance transaction it is measured at present value. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 January 2024 |
| Disposals | ( |
) |
| At 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Eliminated on disposal | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| Revaluations |
| 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 |
| SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 December 2024 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2006 | 1,179,181 | - | 1,179,181 |
| Valuation in 2012 | 1,699,569 | - | 1,699,569 |
| Valuation in 2017 | 274,040 | - | 274,040 |
| Valuation in 2019 | 10,000 | - | 10,000 |
| Valuation in 2020 | 296,500 | - | 296,500 |
| Valuation in 2024 | 286,500 | - | 286,500 |
| Cost | 799,978 | 901,095 | 1,701,073 |
| 4,545,768 | 901,095 | 5,446,863 |
| The freehold land was revalued based on a professional valuation by Hobbs Parker in April 2012. |
| Further valuations have been carried out by the directors in subsequent years which have been based on current market land values. |
| The directors have increased the valuation of land and buildings as at 31 December 2024. |
| The net book value of fixed assets included in the above, which are held under hire purchase contacts is £34,550 (2023 £63,977). |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The above fixed asset investment is a 100% holding in the ordinary share capital of Hillside Farm Estates Limited. its registered office address is The Dairy, Church Lane, Ripple, Deal, Kent, England, CT14 8JL. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 10) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 203,919 | 227,401 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 15,613 | 34,197 |
| The loans are secured by a fixed and floating charge covering all the properties or undertakings of the Company. The charge also contains a negative pledge. |
| Hire purchase contracts and leases are secured on the related assets. |
| SOLLEYS FARMS ICE CREAM LIMITED (REGISTERED NUMBER: 04479849) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary 'A' shares | 1 | 48,000 | 48,000 |
| Ordinary non- Voting 'B' |
| Shares | 1 | 100 | 100 |
| Ordinary 'C' and 'D' Voting |
| Shares | 1 | 72,000 | 72,000 |
| 120,100 | 120,100 |
| 13. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 January 2024 |
| Revaluation of land and buildings | 214,875 |
| At 31 December 2024 |
| 14. | GOVERNMENT GRANTS |
| In the year ended 31 December 2024, the company received a grant of £2,050 for hedging. |