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Registration number: SC355578

Lime Chocolate Consultancy Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Lime Chocolate Consultancy Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

Lime Chocolate Consultancy Ltd.

Company Information

Directors

Mr Neil Nicol Johnston

Mrs Suzanne Johnston

Company secretary

Mrs Suzanne Johnston

Registered office

66 Redford Loan
Colinton
Edinburgh
Lothian
EH13 0AT

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Lime Chocolate Consultancy Ltd.

(Registration number: SC355578)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Debtors

5

18,484

22,429

Creditors: Amounts falling due within one year

6

(16,580)

(11,648)

Total assets less current liabilities

 

1,904

10,781

Creditors: Amounts falling due after more than one year

6

(7,200)

(10,440)

Net (liabilities)/assets

 

(5,296)

341

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(5,298)

339

Shareholders' (deficit)/funds

 

(5,296)

341

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 

.........................................
Mr Neil Nicol Johnston
Director

 

Lime Chocolate Consultancy Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

It is the opinion of the directors that there is reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason the going concern basis has been adopted in preparing the financial statements for the period ended 28 February 2023.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, 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.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Lime Chocolate Consultancy Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Lime Chocolate Consultancy Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

1,647

1,647

At 28 February 2023

1,647

1,647

Depreciation

At 1 March 2022

1,647

1,647

At 28 February 2023

1,647

1,647

Carrying amount

At 28 February 2023

-

-

5

Debtors

Current

2023
£

2022
£

Other debtors

18,484

22,429

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

11,706

5,445

Taxation and social security

 

1,059

2,250

Other creditors

 

3,815

3,953

 

16,580

11,648

 

Lime Chocolate Consultancy Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

7,200

10,440

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

7,200

10,440

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,567

3,566

Bank overdrafts

8,139

1,879

11,706

5,445

 

Lime Chocolate Consultancy Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2023

At 1 March 2022
£

Repayments by director
£

At 28 February 2023
£

Mr Neil Nicol Johnston

Loan

8,437

(1,936)

6,501

-

-

-

 

8,437

(1,936)

6,501

     

Mrs Suzanne Johnston

Loan

8,437

(1,936)

6,501

-

-

-

 

8,437

(1,936)

6,501

     

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

Mr Neil Nicol Johnston

Loan

5,572

2,865

8,437

 

5,572

2,865

8,437

     

Mrs Suzanne Johnston

Loan

5,572

2,865

8,437

 

5,572

2,865

8,437

     

 

The above loan is non-interest bearing and carries no fixed terms of repayment.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Lime Chocolate Consultancy Ltd.
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lime Chocolate Consultancy Ltd. for the year ended 28 February 2023 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Lime Chocolate Consultancy Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Lime Chocolate Consultancy Ltd. and state those matters that we have agreed to state to the Board of Directors of Lime Chocolate Consultancy Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lime Chocolate Consultancy Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lime Chocolate Consultancy Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Lime Chocolate Consultancy Ltd.. You consider that Lime Chocolate Consultancy Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lime Chocolate Consultancy Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

28 September 2023