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Registration number: 07232009

The Meaningful Chocolate Company Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

The Meaningful Chocolate Company Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

The Meaningful Chocolate Company Limited

(Registration number: 07232009)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

941

1,542

Tangible assets

5

6,671

7,057

 

7,612

8,599

Current assets

 

Stocks

6

6,557

2,947

Debtors

7

4,026

5,377

Cash at bank and in hand

 

116,498

133,068

 

127,081

141,392

Creditors: Amounts falling due within one year

8

(38,922)

(51,968)

Net current assets

 

88,159

89,424

Total assets less current liabilities

 

95,771

98,023

Creditors: Amounts falling due after more than one year

8

(19,686)

(29,388)

Provisions for liabilities

(1,903)

(1,764)

Net assets

 

74,182

66,871

Capital and reserves

 

Called up share capital

100

100

Retained earnings

74,082

66,771

Shareholders' funds

 

74,182

66,871

 

The Meaningful Chocolate Company Limited

(Registration number: 07232009)
Statement of Financial Position as at 30 June 2023

For the financial year ending 30 June 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 Income Statement.

Approved and authorised by the Board on 3 November 2023 and signed on its behalf by:
 

.........................................
Mr D Marshall
Director

 

The Meaningful Chocolate Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Beever and Struthers
One Express
1 George Leigh Street
Manchester
M4 5DL
England

These financial statements were authorised for issue by the Board on 3 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

Due to the current unprecedented market and economic conditions in the U.K. and internationally, the expected impact of the COVID-19 pandemic on the Company’s operations cannot be reasonably estimated. However, we expect our results from operations and cash flows for the remainder of financial year 2020 and 2021 to be adversely impacted by the pandemic.

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.

Government grants

Government grants in relation to expenditure are credited when the expenditure is charged to the income
statement.

 

The Meaningful Chocolate Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period 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 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.

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 statement of financial position 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.

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

Plant and machinery

20% on cost

Office equipment

20% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

over 5 years

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.

 

The Meaningful Chocolate Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

The Meaningful Chocolate Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 July 2022

17,607

17,607

At 30 June 2023

17,607

17,607

Amortisation

At 1 July 2022

16,065

16,065

Amortisation charge

601

601

At 30 June 2023

16,666

16,666

Carrying amount

At 30 June 2023

941

941

At 30 June 2022

1,542

1,542

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 July 2022

4,927

20,359

25,286

Additions

-

1,224

1,224

At 30 June 2023

4,927

21,583

26,510

Depreciation

At 1 July 2022

4,927

13,302

18,229

Charge for the year

-

1,610

1,610

At 30 June 2023

4,927

14,912

19,839

Carrying amount

At 30 June 2023

-

6,671

6,671

At 30 June 2022

-

7,057

7,057

6

Stocks

2023
£

2022
£

Other inventories

6,557

2,947

 

The Meaningful Chocolate Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

901

2,604

Prepayments

1,763

1,720

Other debtors

1,362

1,053

 

4,026

5,377

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,000

10,000

Trade creditors

 

2,131

15,353

Taxation and social security

 

19,500

21,162

Accruals and deferred income

 

3,192

4,441

Other creditors

 

4,099

1,012

 

38,922

51,968

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

19,686

29,388