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
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
Islands Chocolate Limited
Statement of financial position
as at 31 December 2023
Intangible assets
14,400
19,200
Tangible assets
70,260
96,708
Inventories
867,588
434,002
Cash at bank and in hand
92,672
271,285
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)
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
Islands Chocolate Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
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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.
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.
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 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 (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:
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.
Islands Chocolate Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
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.
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Intangible fixed assets
Other
At 31 December 2023
24,000
At 31 December 2023
14,400
At 31 December 2022
19,200
Islands Chocolate Limited
Notes to the Accounts
for the year ended 31 December 2023
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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
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
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
Amounts falling due within one year
Trade debtors
419,520
258,622
Other debtors
154,450
28,350
Amounts falling due after more than one year
Other debtors
410,313
258,819
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
133,756
(1,683)
Taxes and social security
8,698
13,496
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
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Average number of employees
During the year the average number of employees was 8 (2022: 5).