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Registered number: 01656459 C D T SIDOLI (WELSHPOOL) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
C D T SIDOLI (WELSHPOOL) LIMITED COMPANY INFORMATION
Directors | C D T Sidoli
| P A Sidoli
| S Croucher
| P Cummings
Registered number | 01656459
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
C D T SIDOLI (WELSHPOOL) LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 5
Independent auditors' report | 6 - 9
Statement of comprehensive income | 10
Statement of financial position | 11 - 12
Statement of changes in equity | 13
Notes to the financial statements | 14 - 32
C D T SIDOLI (WELSHPOOL) LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 JANUARY 2026
Introduction
The Directors present their Strategic Report for the year ended 31 January 2026.
Business review
The business has faced broadly similar challenges throughout the last year as in the previous few years. With the continual disruptions to supply chains and market pricing due to global uncertainty and escalating conflicts in Europe and the rest of the world. More locally additional rise in Minimum Wage and overall tax burden both on ourselves and our key customers along with the general economic uncertainty appears to have had a major effect on our customer base. For probably the first time we are seeing a general reduction in activity in the hospitality sector driving increased pressure on sales volume and price. However, we continue to focus on our key drivers of Quality, Availability, Value and Innovation. Combined with a continued focus on operational and fiscal efficiency has enabled us to maintain a positive performance throughout the year. We are continuing to look at investment in new processes and automation where appropriate along with skills and training for our workforce. We believe this puts us in a very strong position to react positively to any changes in the marketplace as we have in the past. In the coming year the business will continue to be exposed to the fiscal and regulatory pressures with changes in employment laws coming into force along side the instability in the world trading markets and increasing regional conflicts. However, we are confident that our history of financial stability and prudence, continual review and close management we will remain in a strong position to trade through all difficult periods.
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 Company’s continued success is also dependent on the retention of key personnel, and the Company aims to provide an excellent working environment and terms of employment.
Financial key performance indicators
The Directors monitor the performance of the Company through key performance indicators such as sales, gross margin and the diversity of its key customers.
Other key performance indicators
The Company 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
C D T SIDOLI (WELSHPOOL) LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2026
Directors' statement of compliance with duty to promote the success of the Company
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: 19 August 2026
Page 2
C D T SIDOLI (WELSHPOOL) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 JANUARY 2026 The Directors present their report and the financial statements for the year ended 31 January 2026.
Directors' responsibilities statement
The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £3,950,856 (2025 - £4,199,968). A dividend was declared and paid during the year of £5,000,000 (2025: £2,500,000).
Directors
The Directors who served during the year were:
C D T Sidoli
P A Sidoli
S Croucher
P Cummings
Page 3
C D T SIDOLI (WELSHPOOL) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2026
Research and development activities
The Company’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 Company 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 action, when necessary, to prevent involvement in modern slavery, corruption, bribery 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 company 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 company. It is the policy of the Company 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
C D T SIDOLI (WELSHPOOL) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY 2026
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'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's auditors are aware of that information.
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: 19 August 2026
Page 5
C D T SIDOLI (WELSHPOOL) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C D T SIDOLI (WELSHPOOL) LIMITED
Opinion
We have audited the financial statements of C D T Sidoli (Welshpool) Limited (the 'Company') for the year ended 31 January 2026, which comprise the Statement of comprehensive income, the Statement of financial position, the 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 Company's affairs as at 31 January 2026 and of its 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 Company 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 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
C D T SIDOLI (WELSHPOOL) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C D T SIDOLI (WELSHPOOL) 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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 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 Company or to cease operations, or have no realistic alternative but to do so. Page 7
C D T SIDOLI (WELSHPOOL) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C D T SIDOLI (WELSHPOOL) LIMITED (CONTINUED)
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 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 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 is 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'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
C D T SIDOLI (WELSHPOOL) LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF C D T SIDOLI (WELSHPOOL) 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: 19 August 2026 Page 9
C D T SIDOLI (WELSHPOOL) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 JANUARY 2026
| 2026 | 2025
Note | £ | £
Turnover | 4 | 32,710,219 | 31,770,743
Cost of sales |  | (20,418,421) | (19,708,851)
Gross profit |  | 12,291,798 | 12,061,892
Administrative expenses |  | (7,048,640) | (6,635,097)
Other operating income | 5 | 22,167 | 23,259
Operating profit | 6 | 5,265,325 | 5,450,054
Profit on disposal of investments |  | 795,421 | 750,366
Interest receivable and similar income | 10 | 395,739 | 181,297
Interest payable and similar expenses | 11 | (1,308,671) | (1,030,495)
Profit before tax |  | 5,147,814 | 5,351,222
Tax on profit | 12 | (1,196,958) | (1,151,254)
Profit for the financial year |  | 3,950,856 | 4,199,968
There were no recognised gains and losses for 2026 or 2025 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2026 (2025:£NIL).
The notes on pages 14 to 32 form part of these financial statements.
Page 10
C D T SIDOLI (WELSHPOOL) LIMITED REGISTERED NUMBER: 01656459 STATEMENT OF FINANCIAL POSITION AS AT 31 JANUARY 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 2,075,344 |  | 1,875,566
Investment property | 15 |  | 1,280,000 |  | 925,000
|  |  | 3,355,344 |  | 2,800,566
Current assets |  |  |  |  |
Stocks | 16 | 3,595,394 |  | 3,851,773 |
Debtors: amounts falling due within one year | 17 | 4,718,899 |  | 4,502,708 |
Current asset investments | 18 | 6,048,199 |  | 5,252,779 |
Cash at bank and in hand | 19 | 14,269,401 |  | 10,428,044 |
|  | 28,631,893 |  | 24,035,304 |
Creditors: amounts falling due within one year | 20 | (22,842,137) |  | (16,789,266) |
Net current assets |  |  | 5,789,756 |  | 7,246,038
Total assets less current liabilities |  |  | 9,145,100 |  | 10,046,604
Creditors: amounts falling due after more than one year | 21 |  | - |  | (22,167)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 | (313,457) |  | (154,785) |
Other provisions | 23 | (382,306) |  | (371,171) |
|  |  | (695,763) |  | (525,956)
Net assets |  |  | 8,449,337 |  | 9,498,481
Page 11
C D T SIDOLI (WELSHPOOL) LIMITED REGISTERED NUMBER: 01656459 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 JANUARY 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 24 |  | 26,000 |  | 26,000
Capital redemption reserve | 25 |  | 24,000 |  | 24,000
Profit and loss account | 25 |  | 8,399,337 |  | 9,448,481
|  |  | 8,449,337 |  | 9,498,481
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: 19 August 2026
Page 12
C D T SIDOLI (WELSHPOOL) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 JANUARY 2026
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 February 2024 | 26,000 | 24,000 | 7,748,513 | 7,798,513
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 4,199,968 | 4,199,968
Total comprehensive income for the year | - | - | 4,199,968 | 4,199,968
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 | 26,000 | 24,000 | 9,448,481 | 9,498,481
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 3,950,856 | 3,950,856
Total comprehensive income for the year | - | - | 3,950,856 | 3,950,856
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (5,000,000) | (5,000,000)
Total transactions with owners | - | - | (5,000,000) | (5,000,000)
At 31 January 2026 | 26,000 | 24,000 | 8,399,337 | 8,449,337
| The notes on pages 14 to 32 form part of these financial statements.
Page 13
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
1. | General information
C D T Sidoli (Welshpool) 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 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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
After making enquires, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.3 | Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": - the requirements of Section 7 Statement of Cash Flows; - the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); - the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Sidoli Holdings Limited as at 31 January 2026 and these financial statements may be obtained from Companies House. Page 14
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 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 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'.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company 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 Company 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 15
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 2.Accounting policies (continued)
| 2.6 | Operating leases: the Company 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 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.9 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds. Page 16
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 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 operates and generates 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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:
|  |  |  | 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 17
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 2.Accounting policies (continued)
| 2.13 | Investment property
Investment property is carried at fair value determined annually by the Directors 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 | 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.
| 2.15 | 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.
| 2.16 | 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.
| 2.17 | 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.
| 2.18 | 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. Page 18
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 2.Accounting policies (continued)
| 2.19 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position when the Company 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 Company'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. 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. Page 19
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 2.Accounting policies (continued)
| 2.19 | Financial instruments (continued)
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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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. 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.
| 2.20 | 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. Page 20
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
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 £1,280,000 (2025 £925,000). The 2026 valuation was prepared by an external party, being Halls Holdings Ltd, on an open market value basis. In the prior year the valuation was 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 costs to complete and sell. Raw materials cost is based on the cost of purchase on an average cost basis. Work in progress and finished goods include labour and attributable overheads including processing costs. The carrying value of stock is £3,595,394 (2025: £3,851,773)
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:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| United Kingdom | 31,759,739 | 30,661,797
| Rest of Europe | 950,480 | 1,108,946
|  | 32,710,219 | 31,770,743
5. | Other operating income
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Government grants receivable | 22,167 | 23,259
|  | 22,167 | 23,259
Page 21
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Exchange differences | - | 3,362
| Other operating lease rentals | 483,256 | 427,351
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 33,400 | 32,600
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
Page 22
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
8. | Employees
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 7,027,384 | 6,534,735
| Social security costs | 735,521 | 525,598
| Cost of defined contribution scheme | 137,375 | 148,870
|  | 7,900,280 | 7,209,203
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2026 | 2025
|  |  | No. | No.
|  |  | 224 | 234
9. | Directors' remuneration
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Directors' emoluments | 379,999 | 365,830
| Company contributions to defined contribution pension schemes | 16,489 | 17,321
|  | 396,488 | 383,151
| During the year retirement benefits were accruing to 2 Directors (2025 - 2) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £168,625 (2025 - £169,696).
| The Directors are considered to constitute the key management personnel of the Company.
Page 23
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
10. | Interest receivable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest receivable | 395,739 | 181,297
|  | 395,739 | 181,297
11. | Interest payable and similar expenses
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Bank interest payable | 1,308,671 | 1,030,495
|  | 1,308,671 | 1,030,495
Page 24
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
12. | Taxation
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 1,038,286 | 1,005,088
|  | 1,038,286 | 1,005,088
| Total current tax | 1,038,286 | 1,005,088
| Deferred tax |  |
| Origination and reversal of timing differences | 69,922 | 146,166
| On revaluation surplus | 88,750 | -
| Total deferred tax | 158,672 | 146,166
| Tax on profit | 1,196,958 | 1,151,254
Page 25
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2025 - lower than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 5,147,814 | 5,351,222
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24% (2025 - 25%) | 1,286,954 | 1,337,806
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 350 | -
| Capital allowances for year in excess of depreciation | (79,736) | (144,349)
| Deferred tax charge | 158,672 | 146,166
| Non-taxable income | (198,855) | (187,592)
| (Profit)/loss on chargeable assets | 3,829 | 330
| Changes in provisions leading to an increase (decrease) in the tax charge | 25,744 | (1,107)
| Total tax charge for the year | 1,196,958 | 1,151,254
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Dividends | 5,000,000 | 2,500,000
|  | 5,000,000 | 2,500,000
Page 26
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
14. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 February 2025 | 11,503,351 | 342,969 | 11,846,320
| Additions | 608,693 | 94,758 | 703,451
| Disposals | (45,769) | (75,945) | (121,714)
| At 31 January 2026 | 12,066,275 | 361,782 | 12,428,057
| Depreciation |  |  |
| At 1 February 2025 | 9,845,434 | 125,320 | 9,970,754
| Charge for the year on owned assets | 379,015 | 83,510 | 462,525
| Disposals | (45,758) | (34,808) | (80,566)
| At 31 January 2026 | 10,178,691 | 174,022 | 10,352,713
| Net book value |  |  |
| At 31 January 2026 | 1,887,584 | 187,760 | 2,075,344
| At 31 January 2025 | 1,657,917 | 217,649 | 1,875,566
Page 27
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
15. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 February 2025 | 925,000
| Surplus on revaluation | 355,000
| At 31 January 2026 | 1,280,000
The 2026 valuations were made by Halls Holdings Ltd, on an open market value basis.
| If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Historic cost | 1,225,000 | 1,225,000
|  | 1,225,000 | 1,225,000
16. | Stocks
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Raw materials and consumables | 2,116,622 | 2,401,974
| Finished goods and goods for resale | 1,478,772 | 1,449,799
|  | 3,595,394 | 3,851,773
| Included within the above stock value is an obsolete stock provision of £135,093 (2025: £194,502).
Page 28
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
17. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 4,211,045 | 4,026,149
| Other debtors | 450,663 | 424,369
| Prepayments and accrued income | 57,191 | 52,190
|  | 4,718,899 | 4,502,708
18. | Current asset investments
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Investments | 6,048,199 | 5,252,779
|  | 6,048,199 | 5,252,779
19. | Cash and cash equivalents
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 14,269,401 | 10,428,044
|  | 14,269,401 | 10,428,044
20. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 1,150,175 | 1,160,048
| Amounts owed to group undertakings | 19,995,723 | 14,384,798
| Corporation tax | 414,289 | (79,749)
| Other taxation and social security | 177,631 | 124,206
| Other creditors | 365,872 | 222,811
| Accruals and deferred income | 738,447 | 977,152
|  | 22,842,137 | 16,789,266
Page 29
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
21. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Accruals and deferred income | - | 22,167
|  | - | 22,167
22. | Deferred taxation
|  | 2026
|  | £
| At beginning of year | (154,785)
| Charged to profit or loss | (158,672)
| At end of year | (313,457)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Accelerated capital allowances | (227,651) | (158,121)
| Short term timing differences | 2,944 | 3,336
| On revaluation surplus | (88,750) | -
|  | (313,457) | (154,785)
23. | Provisions
|  | Dilapidation provision
|  | £
| At 1 February 2025 | 371,171
| Charged to profit or loss | 11,135
| At 31 January 2026 | 382,306
Page 30
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
24. | Share capital
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 26,000 (2025 - 26,000) Ordinary shares of £1.00 each | 26,000 | 26,000
25. | Reserves
Capital redemption reserve The capital redemption reserve represents the value of share repurchases made by the Company since incorporation. Profit and loss account The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders. The profit and loss account included the cumulative unrecognised gains on the current asset investments. The profit and loss account also includes an unrealised gain on investment property which was revalued in the year of £355,000.
26. | Pension commitments
The Company contributes to a defined contribution pension scheme for the benefit of eligible employees. The pension charge for the year was £137,375 (2025: £198,628). At the balance sheet date there were amounts payable totalling £11,777 (2025: £13,344).
27. | Commitments under operating leases
| At 31 January 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 101,115 | 147,525
| Later than 1 year and not later than 5 years | 244,671 | 377,155
| Later than 5 years | - | 14,846
|  | 345,786 | 539,526
Page 31
C D T SIDOLI (WELSHPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2026
28. | Related party transactions
| The Company has taken advantage of the exemption within FRS102 to not disclose transactions with group members. All such transactions are included in the consolidated accounts of Sidoli Holdings Limited, the parent Company of this Company.
29. | Controlling party
The ultimate parent undertaking of the Company is Sidoli Holdings Limited, a Company which owns 100% of the issued share capital of the Company. The ultimate controlling party is C D T Sidoli by virtue of his majority shareholding in Sidoli Holdings Limited.
Page 32