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Company Registration No. 11050914 (England and Wales)
Islands Chocolate Limited Unaudited accounts for the year ended 31 December 2023
Islands Chocolate Limited Unaudited accounts Contents
Page
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Islands Chocolate Limited Company Information for the year ended 31 December 2023
Directors
Wilfred Marriott Henry Marriott
Company Number
11050914 (England and Wales)
Registered Office
Unit 16 2 Linford Street LONDON SW8 4AB England
Accountants
AGL Tax Solutions LLP 2A Station Yard Haddington East Lothian EH41 3PP
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Islands Chocolate Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
14,400 
19,200 
Tangible assets
70,260 
96,708 
84,660 
115,908 
Current assets
Inventories
867,588 
434,002 
Debtors
1,020,557 
558,645 
Cash at bank and in hand
92,672 
271,285 
1,980,817 
1,263,932 
Creditors: amounts falling due within one year
(145,892)
(13,133)
Net current assets
1,834,925 
1,250,799 
Total assets less current liabilities
1,919,585 
1,366,707 
Creditors: amounts falling due after more than one year
(2,610,421)
(1,883,267)
Net liabilities
(690,836)
(516,560)
Capital and reserves
Called up share capital
1,000 
975 
Share premium
999,900 
749,925 
Profit and loss account
(1,691,736)
(1,267,460)
Shareholders' funds
(690,836)
(516,560)
For the year ending 31 December 2023 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by
Henry Marriott Director Company Registration No. 11050914
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Islands Chocolate Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Islands Chocolate Limited is a private company, limited by shares, registered in England and Wales, registration number 11050914. The registered office is Unit 16, 2 Linford Street , LONDON, SW8 4AB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The accounts have been prepared on a going concern basis. The company does not require an overdraft facility for the continuing operation of business and as at 31 Dec 2022 the company had net current liabilities of £302,965 (31 Dec 2021 - £865,389). The directors have indicated their willingness to support the business and therefore have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. As a result the directors are satisfied that it is appropriate to adopt the going concern basis of accounting.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25%
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Islands Chocolate Limited Notes to the Accounts for the year ended 31 December 2023
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 January 2023
24,000 
At 31 December 2023
24,000 
Amortisation
At 1 January 2023
4,800 
Charge for the year
4,800 
At 31 December 2023
9,600 
Net book value
At 31 December 2023
14,400 
At 31 December 2022
19,200 
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Islands Chocolate Limited Notes to the Accounts for the year ended 31 December 2023
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 January 2023
71,296 
18,128 
35,817 
23,799 
4,940 
153,980 
Additions
- 
- 
4,500 
- 
2,932 
7,432 
At 31 December 2023
71,296 
18,128 
40,317 
23,799 
7,872 
161,412 
Depreciation
At 1 January 2023
18,976 
14,003 
14,728 
6,691 
2,874 
57,272 
Charge for the year
14,259 
2,750 
9,704 
5,148 
2,019 
33,880 
At 31 December 2023
33,235 
16,753 
24,432 
11,839 
4,893 
91,152 
Net book value
At 31 December 2023
38,061 
1,375 
15,885 
11,960 
2,979 
70,260 
At 31 December 2022
52,320 
4,125 
21,089 
17,108 
2,066 
96,708 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
36,274 
12,854 
Trade debtors
419,520 
258,622 
Other debtors
154,450 
28,350 
610,244 
299,826 
Amounts falling due after more than one year
Other debtors
410,313 
258,819 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
133,756 
(1,683)
Taxes and social security
8,698 
13,496 
Other creditors
2,188 
- 
Accruals
1,250 
1,320 
145,892 
13,133 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Other creditors
1,528,323 
250,000 
Loans from directors
1,082,098 
1,633,267 
2,610,421 
1,883,267 
9
Average number of employees
During the year the average number of employees was 8 (2022: 5).
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