Company registration number 11124943 (England and Wales)
Candy Mountain Limited
Unaudited Financial Statements
For the year ended 31 May 2023
PAGES FOR FILING WITH REGISTRAR
Candy Mountain Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Candy Mountain Limited
Balance Sheet
As at 31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,472
2,250
Investments
4
215,000
-
0
219,472
2,250
Current assets
Debtors
5
5,852
8,909
Cash at bank and in hand
-
0
30,301
5,852
39,210
Creditors: amounts falling due within one year
6
(239,133)
(17,100)
Net current (liabilities)/assets
(233,281)
22,110
Total assets less current liabilities
(13,809)
24,360
Creditors: amounts falling due after more than one year
7
(74,843)
(25,185)
Net liabilities
(88,652)
(825)
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
17,300
17,300
Profit and loss reserves
(106,952)
(19,125)
Total equity
(88,652)
(825)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Candy Mountain Limited
Balance Sheet (Continued)
As at 31 May 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 November 2023 and are signed on its behalf by:
Mr Amit Thakkar
Mr Takuji Mizutani
Director
Director
Company Registration No. 11124943
Candy Mountain Limited
Notes to the Financial Statements
For the year ended 31 May 2023
- 3 -
1
Accounting policies
Company information

Candy Mountain Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4, Morris House, Swainson Road, London, W3 7UP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
Computers
25% straight line
1.5
Fixed asset investments

Investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Candy Mountain Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
3
Candy Mountain Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
3,435
Additions
3,608
At 31 May 2023
7,043
Depreciation and impairment
At 1 June 2022
1,185
Depreciation charged in the year
1,386
At 31 May 2023
2,571
Carrying amount
At 31 May 2023
4,472
At 31 May 2022
2,250
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
215,000
-
0
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 June 2022
-
Additions
215,000
At 31 May 2023
215,000
Carrying amount
At 31 May 2023
215,000
At 31 May 2022
-
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
5,852
8,909
Candy Mountain Limited
Notes to the Financial Statements (Continued)
For the year ended 31 May 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
14,269
-
0
Taxation and social security
2,082
9,131
Other creditors
222,782
7,969
239,133
17,100
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
74,843
25,185
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