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REGISTRAR OF COMPANIES

Registration number: SC285798

The Cocoa Bean Company Limited

Unaudited Financial Statements

30 June 2023

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The Cocoa Bean Company Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Cocoa Bean Company Limited
for the Year Ended 30 June 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Cocoa Bean Company Limited for the year ended 30 June 2023 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Cocoa Bean Company Limited, as a body, in accordance with the terms of our engagement letter dated 11 September 2020. Our work has been undertaken solely to prepare for your approval the accounts of The Cocoa Bean Company Limited and state those matters that we have agreed to state to the Board of Directors of The Cocoa Bean Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Cocoa Bean Company Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Cocoa Bean Company Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Cocoa Bean Company Limited. You consider that The Cocoa Bean Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Cocoa Bean Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

20 February 2024

 

The Cocoa Bean Company Limited

(Registration number: SC285798)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,124,063

1,178,560

Current assets

 

Stocks

265,957

295,831

Debtors

6

88,471

129,690

Cash at bank and in hand

 

4,183

36,416

 

358,611

461,937

Creditors: Amounts falling due within one year

7

(449,141)

(524,726)

Net current liabilities

 

(90,530)

(62,789)

Total assets less current liabilities

 

1,033,533

1,115,771

Creditors: Amounts falling due after more than one year

7

(633,227)

(726,266)

Provisions for liabilities

(69,394)

(87,126)

Net assets

 

330,912

302,379

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

330,812

302,279

Total equity

 

330,912

302,379

 

The Cocoa Bean Company Limited

(Registration number: SC285798)
Balance Sheet as at 30 June 2023 (continued)

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.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2024
 

.........................................

CL Beck

Company secretary and director

 

The Cocoa Bean 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 Scotland.

The address of its registered office is:
Ashland
Twynholm
KIRKCUDBRIGHT
DG6 4NP

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.

The company has net current liabilities at 30 June 2023 and meets its day to day working capital requirements through bank borrowings and its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition the director has provided financial support by way of short term loans. On the basis of this support, the director considers it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.

 

The Cocoa Bean Company Limited

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


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

Included in the profit and loss account are government grants receivable in respect of Scottish Government initiatives to respond to the financial impact of the Covid-19 pandemic totalling £nil (2022 : £40,325).

Tax

The tax expense for the period comprises 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.

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 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

Land and buildings

1% reducing balance

Plant and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Furniture, fittings and office equipment

20% reducing balance

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 Cocoa Bean Company Limited

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

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed 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.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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 profit and loss account 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.

 

The Cocoa Bean Company Limited

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 the director) during the year, was 34 (2022 - 37).

4

Exceptional items

£21,328 of insurance proceeds were receivable in 2023 in respect of the fire that occured in October 2021 and business interruption. There was £275,000 of exceptional income and £252,666 exceptional expenditure incurred in 2022.
 

 

The Cocoa Bean Company Limited

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

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 July 2022

1,020,866

753,269

10,000

223,549

2,007,684

Additions

-

13,029

-

-

13,029

Disposals

-

(5,067)

-

(5,746)

(10,813)

At 30 June 2023

1,020,866

761,231

10,000

217,803

2,009,900

Depreciation

At 1 July 2022

109,519

579,130

8,665

131,810

829,124

Charge for the year

8,569

37,188

334

17,874

63,965

Eliminated on disposal

-

(3,861)

-

(3,391)

(7,252)

At 30 June 2023

118,088

612,457

8,999

146,293

885,837

Carrying amount

At 30 June 2023

902,778

148,774

1,001

71,510

1,124,063

At 30 June 2022

911,347

174,139

1,335

91,739

1,178,560

6

Debtors

2023
£

2022
£

Trade debtors

31,216

27,245

Other debtors

57,255

102,445

88,471

129,690

 

The Cocoa Bean Company Limited

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

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

49,564

37,565

Trade creditors

 

122,323

160,937

Taxation and social security

 

46,230

44,675

Other creditors

 

231,024

281,549

 

449,141

524,726

Due after one year

 

Loans and borrowings

8

633,227

726,266

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

35,952

37,565

Bank overdrafts

8,194

-

Finance lease liabilities

5,418

-

49,564

37,565

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

35,952

37,565

Bank overdrafts

8,194

-

Finance lease liabilities

5,418

-

49,564

37,565

Bank borrowings and bank overdrafts are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.

 

The Cocoa Bean Company Limited

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

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

46,467

82,229

Finance lease liabilities

1,806

-

Other borrowings

584,954

644,037

633,227

726,266

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

46,467

82,229

Finance lease liabilities

1,806

-

48,273

82,229

Bank borrowings are secured by fixed and floating charges over the company's assets.

Finance lease liabilities are secured on the assets to which they relate.