GODIVA U.K. LIMITED

Company Registration Number:
00356451 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

GODIVA U.K. LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

GODIVA U.K. LIMITED

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

selling luxury chocolate and sugar confectionary

Political and charitable donations

GBP 2,000 donation



Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

Murat Ulker
Ali Ulker
Manoj Loya
Abdulaziz Mohammedabdo Yamani


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
6 March 2024

And signed on behalf of the board by:
Name: Manoj Loya
Status: Director

GODIVA U.K. LIMITED

Profit And Loss Account

for the Period Ended 31 December 2022

2022 2021


£

£
Turnover: 4,114,536 3,252,265
Cost of sales: ( 1,930,111 ) ( 1,561,050 )
Gross profit(or loss): 2,184,425 1,691,215
Administrative expenses: ( 5,725,959 ) ( 3,556,929 )
Other operating income: 51,437 205,174
Operating profit(or loss): (3,490,097) (1,660,540)
Interest payable and similar charges: ( 2,356,920 ) ( 1,315,770 )
Profit(or loss) before tax: (5,847,017) (2,976,310)
Profit(or loss) for the financial year: (5,847,017) (2,976,310)

GODIVA U.K. LIMITED

Balance sheet

As at 31 December 2022

Notes 2022 2021


£

£
Fixed assets
Tangible assets: 3 332,615 410,609
Total fixed assets: 332,615 410,609
Current assets
Stocks: 4 624,473 396,595
Debtors: 5 939,983 1,187,369
Cash at bank and in hand: 135,057 145,388
Total current assets: 1,699,513 1,729,352
Creditors: amounts falling due within one year: 6 ( 16,963,978 ) ( 39,808,422 )
Net current assets (liabilities): (15,264,465) (38,079,070)
Total assets less current liabilities: (14,931,850) ( 37,668,461)
Total net assets (liabilities): (14,931,850) (37,668,461)
Capital and reserves
Called up share capital: 658,652 658,652
Other reserves: 33,484,606 4,901,000
Profit and loss account: (49,075,108 ) (43,228,113 )
Total Shareholders' funds: ( 14,931,850 ) (37,668,461)

The notes form part of these financial statements

GODIVA U.K. LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

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

This report was approved by the board of directors on 6 March 2024
and signed on behalf of the board by:

Name: Manoj Loya
Status: Director

The notes form part of these financial statements

GODIVA U.K. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover comprises the invoiced value excluding valued-added tax of sales to third parties in the United Kingdom. All sales are attributable to the sales of premium chocolate and sugar confectionery. Turnover is stated net of VAT and trade discount and is recognized when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sales of goods is recognised at the point of the sale or when the goods are physically delivered to the customers.

    Tangible fixed assets depreciation policy

    Fixed assets are stated at historical purchase cost less accumulated depreciation which is provided to write the cost of each fixed asset down to its residual value over its estimated useful economic life on a straight-line basis at the following rates: Fixtured and fittings: 20% per annumDepreciation methods, useful lives, and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset’s future economic benefits.

    Other accounting policies

    Financial instrumentsBasic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.Basic financial liabilities, including trade and other payables, and loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.Stocks Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labor and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the average cost method. Provision is made for obsolete, slow-moving or defective items where appropriate. Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the financial year end exchange rates. Transactions in foreign currencies are translated at the rate of exchange ruling at the relevant transaction dates. Exchange differences arising on translation are included as part of the operating profit. Defined contribution pension plan Payments are made on the basis of a defined contribution scheme. The charge in these financial statements comprises contributions payable on the salaries for the year. Further details are included in note 14 of the financial statements. The assets of the scheme are held separately from those of the Company in an independently administrated fund.Critical accounting judgements and key sources of estimation uncertainty In the application of the Company’s accounting policies, which are described in this note, the directors are required to make judgements, estimates, and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key estimates to the business are around the lease accounting and deprecation of fixed assets. i. Onerous leasesEstimates and underlying assumptions are reviewed on an ongoing basis, to determine whether leases are onerous. The estimate of free cash flow to determine the future profitability of our leases and associated assumptions is based on historical experience, and other factors that are considered to be relevant. Actual results may differ from these estimates. ii. Useful lives of property, plant and equipmentThe directors have made critical judgements, estimates, and assumptions with regards to depreciation. These judgments and estimates have been made on management’s ability to amend lease terms. The accounting policies for this is discussed above. Operating leases Operating lease rentals are charged to the profit and loss account on a straight-line basis over the lease term. Taxation Current tax is provided the amount expected to be paid or recovered using the tax rates and laws that have been enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Deferred taxation is provided at current rates of corporation tax, to take account of all timing differences between profits as stated in the financial statements and as computed for tax purposes except for assets not expected to crystallise in the foreseeable future. Deferred tax assets and liabilities have not been discounted. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Interest Interest income and expenses are recognised in the profit and loss as they accrue, using the effective interest method. Grant Income Grant income is made up of a miscellaneous grant from the government including furlough payments. The same are recorded as and when the company’s application for the grant has been approved by the appropriate authority.Cash and cash equivalents Cash and cash equivalents are basic financial assets and include in hand, deposits held at call with banks. Equity instruments Equity instruments issued by the company at the proceeds received, net of transaction costs.

GODIVA U.K. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 34 36

GODIVA U.K. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2022 4,023,569 4,023,569
Additions 57,087 57,087
Disposals
Revaluations
Transfers
At 31 December 2022 4,080,656 4,080,656
Depreciation
At 1 January 2022 3,612,960 3,612,960
Charge for year 135,081 135,081
On disposals
Other adjustments
At 31 December 2022 3,748,041 3,748,041
Net book value
At 31 December 2022 332,615 332,615
At 31 December 2021 410,609 410,609

GODIVA U.K. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Stocks

2022 2021
£ £
Stocks 624,473 396,595
Total 624,473 396,595

GODIVA U.K. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Debtors

2022 2021
£ £
Trade debtors 681,307 889,769
Prepayments and accrued income 114,572 153,496
Other debtors 144,104 144,104
Total 939,983 1,187,369

amounts owed by group undertakings are also included under trade debtors

GODIVA U.K. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Creditors: amounts falling due within one year note

2022 2021
£ £
Trade creditors 16,719,438 39,398,686
Taxation and social security 130,365 185,874
Accruals and deferred income 114,175 223,862
Total 16,963,978 39,808,422

amounts owed to group undertakings also included in the trade creditors

GODIVA U.K. LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Financial Commitments

Operating lease commitmentsTotal future minimum lease payments under non-cancellable operating leases are as follows:Within one year 2022: £666472 (2021: £696883)Within two to five years 2022: £775586 (2021: £1361298)After five years 2022: £ 0 (2021: £80760)