Company No: 05982646 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	1,241,544		819,593
		1,241,544		819,593
Current assets
Stocks		137,764		110,422
Debtors	5	69,684		34,087
Cash at bank and in hand		17,308		111,228
		224,756		255,737
Creditors: amounts falling due within one year	6	( 412,430)		( 203,995)
Net current (liabilities)/assets		(187,674)		51,742
Total assets less current liabilities		1,053,870		871,335
Creditors: amounts falling due after more than one year	7	( 950,335)		( 616,961)
Provision for liabilities		0		( 30,133)
Net assets		103,535		224,241
Capital and reserves
Called-up share capital		2		2
Profit and loss account		103,533		224,239
Total shareholders' funds		103,535		224,241

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Styles Farmhouse Ice Cream Limited (registered number: 05982646) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

D Baker Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Styles Farmhouse Ice Cream Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Styles Farmhouse Ice Cream Ltd, Wibble Business Park, Williton, TA4 4DD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	0 - 50 years straight line
Plant and machinery	20 % reducing balance
Vehicles	25 % reducing balance
Computer equipment	20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in other operating income over the period in which the related costs are recognised, and timing differences are presented as other debtors or deferred income within the balance sheet. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	22		21

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2024	300,000		300,000
At 31 December 2024	300,000		300,000
Accumulated amortisation
At 01 January 2024	300,000		300,000
At 31 December 2024	300,000		300,000
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	677,351		311,965		573,990		1,281		1,564,587
Additions	397,607		67,712		20,379		0		485,698
Disposals	0		( 17,785)		( 8,971)		0		( 26,756)
At 31 December 2024	1,074,958		361,892		585,398		1,281		2,023,529
Accumulated depreciation
At 01 January 2024	2,720		251,195		490,590		489		744,994
Charge for the financial year	18,790		17,427		25,088		159		61,464
Disposals	0		( 16,452)		( 8,021)		0		( 24,473)
At 31 December 2024	21,510		252,170		507,657		648		781,985
Net book value
At 31 December 2024	1,053,448		109,722		77,741		633		1,241,544
At 31 December 2023	674,631		60,770		83,400		792		819,593

Land at historic cost of £135,470 has not been depreciated.

5. Debtors

	2024		2023
	£		£
Trade debtors	45,009		32,477
Corporation tax	11,840		0
Other debtors	12,835		1,610
	69,684		34,087

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	49,367		30,107
Trade creditors	94,890		18,315
Taxation and social security	2,941		18,221
Obligations under finance leases and hire purchase contracts	66,535		1,967
Other creditors	198,697		135,385
	412,430		203,995

Bank loans include a mortgage which is secured with a charge over the freehold property.

Personal guarantees have been given on the mortgage and one other loan as per the related party transaction note 9.

Obligations under finance leases and hire purchase contracts are secured on the asset to which the lease relates.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	520,407		459,965
Obligations under finance leases and hire purchase contracts	224,926		0
Other creditors	205,002		156,996
	950,335		616,961

Bank loans include a mortgage which is secured with a charge over the freehold property.

Personal guarantees have been given on the mortgage and one other loan as per the related party transaction note 9.

Obligations under finance leases and hire purchase contracts are secured on the asset to which the lease relates.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	13,706		0
between one and five years	50,257		0
	63,963		0

9. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Joint personal guarantees to the company's bankers from the directors totalling	210,000		210,000
Loan from the directors to the company	101,060		140,109