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Registration number: SC443065

The Fudge House of Edinburgh Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

The Fudge House of Edinburgh Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

The Fudge House of Edinburgh Ltd

Company Information

Directors

Mr Paolo Di Sotto

Mr Giancarlo Di Sotto

Mr Raymond Di Sotto

Registered office

197 Canongate
Edinburgh
EH8 8BN

Accountants

Brown, Scott & Main
Chartered Accountants
91 West Savile Terrace
Edinburgh
Lothian
EH9 3DP

 

The Fudge House of Edinburgh Ltd

(Registration number: SC443065)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

69,524

77,249

Current assets

 

Stock

6

23,000

20,606

Debtors

7

916

25,921

Cash at bank and in hand

 

360,909

234,911

 

384,825

281,438

Creditors: Amounts falling due within one year

8

(42,487)

(7,904)

Net current assets

 

342,338

273,534

Total assets less current liabilities

 

411,862

350,783

Provisions for liabilities

9

(17,381)

(14,677)

Net assets

 

394,481

336,106

Capital and reserves

 

Called up share capital

10

10

10

Retained earnings

394,471

336,096

Shareholders' funds

 

394,481

336,106

For the financial year ending 31 March 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 2 November 2023 and signed on its behalf by:
 

.........................................
Mr Paolo Di Sotto
Director

 

The Fudge House of Edinburgh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
197 Canongate
Edinburgh
EH8 8BN
United Kingdom

These financial statements were authorised for issue by the Board on 2 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

The presentation currency is sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

Tax

The tax expense for the year comprises current and deferred 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

 

The Fudge House of Edinburgh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Fixtures, fittings and equipment : 10% reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold 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.

Stock

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

 

The Fudge House of Edinburgh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

 

4

Taxation

The tax charge on the profit for the year was as follows:

2023

2022

£

£

UK corporation tax

26,273

(2,652)

Deferred tax

2,704

-

28,977

(2,652)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 April 2022

164,039

164,039

At 31 March 2023

164,039

164,039

Depreciation

At 1 April 2022

86,790

86,790

Charge for the year

7,725

7,725

At 31 March 2023

94,515

94,515

Carrying amount

At 31 March 2023

69,524

69,524

At 31 March 2022

77,249

77,249

6

Stock

2023
£

2022
£

Materials

23,000

20,606

7

Debtors

Current

2023
£

2022
£

Prepayments

520

-

Other debtors

396

25,921

 

916

25,921

 

The Fudge House of Edinburgh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,362

1,633

Taxation and social security

36,132

-

Accruals and deferred income

2,223

4,831

Other creditors

1,770

1,440

42,487

7,904

 

9

Provisions for liabilities

2023

2022

£

£

Deferred tax

17,381

14,677

£

Balance at

1 April 2022

14,677

Charge / (credit) to P & L account during the year

2,704

Balance at

31 March 2023

17,381

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £1 shares of £1 each

10

10

10

10

         

11

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £432.00 (2022 - £280.00) per ordinary share

 

43,200

 

28,000

         
 

The Fudge House of Edinburgh Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

77,600

-

Dividends paid to directors

   

2023
£

 

2022
£

Mr Giancarlo Di Sotto

       

Final dividend paid to 31 March 2023

 

26,400

 

14,000

         

Mr Paolo Di Sotto

       

Final dividends paid to 31 March 2023

 

16,800

 

14,000