REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2021 |
for |
Chocolate Brownies (Southern) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2021 |
for |
Chocolate Brownies (Southern) Limited |
Chocolate Brownies (Southern) Limited (Registered number: 10167033) |
Contents of the Financial Statements |
for the Year Ended 31 May 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chocolate Brownies (Southern) Limited |
Company Information |
for the Year Ended 31 May 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Airport House |
Suite 43-45 Purley Way |
Croydon |
Surrey |
CR0 0XZ |
Chocolate Brownies (Southern) Limited (Registered number: 10167033) |
Balance Sheet |
31 May 2021 |
2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 10 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Chocolate Brownies (Southern) Limited (Registered number: 10167033) |
Balance Sheet - continued |
31 May 2021 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Chocolate Brownies (Southern) Limited (Registered number: 10167033) |
Notes to the Financial Statements |
for the Year Ended 31 May 2021 |
1. | STATUTORY INFORMATION |
Chocolate Brownies (Southern) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The Company's principal activity continues to be that of the running restaurants and operation of ice cream cafes. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Revenue represents net invoiced sales of restaurants including food and beverages and both dine-in and delivery sales from retail sales all excluding value added tax. |
Revenue from restaurant sales is recognised when the goods or services have been delivered to the customer. Revenue is recognised net of discounts provided. |
TANGIBLE FIXED ASSETS |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Leasehold | 10% Straight Line |
Plant and machinery | 20% Reducing Balance |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses. |
FINANCIAL INSTRUMENTS |
The company only enters into basic financial instrument transactions that results in the recognition of financial asset and liability such as trade and other debtors and creditors, loan from bank and other third parties, loan to related parties and investments in non puttable ordinary shares. |
TAXATION |
The tax expense represents the sum of the tax currently payable and deferred tax. |
CURRENT TAX |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
Chocolate Brownies (Southern) Limited (Registered number: 10167033) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date. |
LEASING COMMITMENTS |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed. |
PENSION |
DEFINED CONTRIBUTION PENSION PLAN |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. |
The contributions are recognised as an expense in the statement of income and retained earning when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. |
GOING CONCERN |
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
PROVISION FOR LIABILITIES |
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the Statement of income and retained earning in the year that the company becomes aware of the obligation, and are measured at the best estimates at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the Balance sheet. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Chocolate Brownies (Southern) Limited (Registered number: 10167033) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
4. | TANGIBLE FIXED ASSETS |
Short | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST |
At 1 June 2020 |
and 31 May 2021 |
DEPRECIATION |
At 1 June 2020 |
Charge for year |
At 31 May 2021 |
NET BOOK VALUE |
At 31 May 2021 |
At 31 May 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Other debtors |
The directors consider the carrying value of trade and other receivables approximate to their fair value. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
The directors consider the carrying amounts of current liabilities approximate to their fair values. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
Chocolate Brownies (Southern) Limited (Registered number: 10167033) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
9. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 11,870 | 14,643 |
Deferred |
tax |
£ |
Balance at 1 June 2020 |
Provided during year | ( |
) |
Balance at 31 May 2021 |
10. | RESERVES |
PROFIT AND LOSS RESERVES |
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. |
11. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £570 (2020 - £550). |
Contributions totalling £318 (2020 - £203) were payable to fund at the balance sheet date and are included in creditors. |
Chocolate Brownies (Southern) Limited (Registered number: 10167033) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2021 |
12. | RELATED PARTY DISCLOSURES |
At the balance sheet date, included in other creditors, are amounts due from the directors of £644 (2020 - Nil). |
Kaspas Investments Ltd is a company which is controlled by the director of Chocolate Brownies (Southern) Limited. |
Included in Trade creditors of £6,896 (2020 - £2,644) due to Kaspas Investments Ltd. |
Included in Advertising of £4,954 (2020 - £9,136) made from Kaspas Investments Ltd. |
Parent Company |
Chocolate Brownies (Southern) Limited is a wholly owned subsidiary of Kaspas Distribution Limited registered at 73 Park Lane, Croydon, England, CR0 1JG. |
Included in Trade creditors of Nil (2020 - £11,453) due to Kaspas Distribution Ltd. |
Included in cost of sales are purchases of £21,585 (2020 - £32,674) and cleaning of £147 (2020 - £226) made from Kaspas Distribution Limited. |