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Registration number: 07583291

Gnaw Chocolate Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 29 February 2024

 

Gnaw Chocolate Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Gnaw Chocolate Ltd

Company Information

Directors

M R Legon

T A Legon

Registered office

55-59 Whiffler Road Unit 6
Whiffler Road Ind. Est
Norwich
Norfolk
NR3 2AW

Accountants

Richardson & Co Accountants Limited
Chartered Certified Accountants
Cornish & Sussex Suite, House 3
Lynderswood Business Park
Lynderswood Lane
Black Notley
Essex
CM77 8JT

 

Gnaw Chocolate Ltd

(Registration number: 07583291)
Abridged Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,240,853

1,376,035

Current assets

 

Stocks

5

1,310,929

1,513,693

Debtors

6

381,615

486,054

Cash at bank and in hand

 

19,014

1,649

 

1,711,558

2,001,396

Prepayments and accrued income

 

7,624

-

Creditors: Amounts falling due within one year

(449,584)

(655,192)

Net current assets

 

1,269,598

1,346,204

Total assets less current liabilities

 

2,510,451

2,722,239

Creditors: Amounts falling due after more than one year

(459,142)

(584,302)

Provisions for liabilities

(235,762)

(246,671)

Accruals and deferred income

 

(76,220)

(84,953)

Net assets

 

1,739,327

1,806,313

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,739,227

1,806,213

Shareholders' funds

 

1,739,327

1,806,313

 

Gnaw Chocolate Ltd

(Registration number: 07583291)
Abridged Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 July 2024 and signed on its behalf by:
 

.........................................
M R Legon
Director

 

Gnaw Chocolate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
55-59 Whiffler Road Unit 6
Whiffler Road Ind. Est
Norwich
Norfolk
NR3 2AW
England

These financial statements were authorised for issue by the Board on 12 July 2024.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Gnaw Chocolate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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

Lease hold property

15 years straight line

Fixtures, fitting & equipment

15% straight line

Office equipment

15% straight line

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.

 

Gnaw Chocolate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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. Accounts payable 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.

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.

 

Gnaw Chocolate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 28 (2023 - 30).

 

Gnaw Chocolate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Long leasehold land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 March 2023

43,547

66,870

372,608

1,540,810

Additions

-

-

1,095

21,576

Disposals

-

-

-

(13,543)

At 29 February 2024

43,547

66,870

373,703

1,548,843

Depreciation

At 1 March 2023

30,966

6,687

55,598

562,803

Charge for the year

2,903

6,686

36,890

203,528

Eliminated on disposal

-

-

-

(13,541)

At 29 February 2024

33,869

13,373

92,488

752,790

Carrying amount

At 29 February 2024

9,678

53,497

281,215

796,053

At 28 February 2023

12,581

60,183

317,010

978,007

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

20,661

5,000

2,049,496

Additions

11,609

135,906

170,186

Disposals

-

(22,900)

(36,443)

At 29 February 2024

32,270

118,006

2,183,239

Depreciation

At 1 March 2023

17,407

-

673,461

Charge for the year

4,208

28,251

282,466

Eliminated on disposal

-

-

(13,541)

At 29 February 2024

21,615

28,251

942,386

Carrying amount

At 29 February 2024

10,655

89,755

1,240,853

At 28 February 2023

3,254

5,000

1,376,035

 

Gnaw Chocolate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

Included within the net book value of land and buildings above is £9,678 (2023 - £12,581) in respect of long leasehold land and buildings and £53,497 (2023 - £60,183) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

1,310,929

1,513,693

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

8

Dividends

2024

2023

£

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

-

-

Interim dividend of £797.10 (2023 - £760.00) per ordinary share

79,710

76,000

79,710

76,000

 

 
 

Gnaw Chocolate Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 29 February 2024

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

25,140

Contributions paid to money purchase schemes

379

379

25,519

25,519