Company registration number 01117804 (England and Wales)
COCOA RESEARCH ASSOCIATION LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
COCOA RESEARCH ASSOCIATION LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 6
COCOA RESEARCH ASSOCIATION LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company has continued to be that of scientific research on cocoa. The company has received contributions towards this research programme from chocolate manufacturers, cocoa processors and the cocoa trade.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R A Lass
Dr M Gilmour

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
R A Lass
Director
21 July 2024
COCOA RESEARCH ASSOCIATION LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COCOA RESEARCH ASSOCIATION LTD FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cocoa Research Association Ltd for the year ended 31 December 2023 set out on pages 3 to 6 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 https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cocoa Research Association Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cocoa Research Association Ltd and state those matters that we have agreed to state to the Board of Directors of Cocoa Research Association Ltd, 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 Cocoa Research Association Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Cocoa Research Association Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cocoa Research Association Ltd. You consider that Cocoa Research Association Ltd 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 financial statements of Cocoa Research Association Ltd. 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 financial statements.

Chartwells
21 July 2024
Chartered Accountants
North Benfleet
Wickford
Essex
SS12 9JR
COCOA RESEARCH ASSOCIATION LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
£
£
Turnover
538,990
510,958
Research expenditure
(569,027)
(602,811)
Administrative expenses
(45,150)
(48,438)
Operating profit
(75,187)
(140,291)
Interest receivable and similar income
29,335
24,835
Fair value gains / loss on investments
36,714
(155,514)
Surplus/ deficit for the financial year
(9,138)
(270,970)
COCOA RESEARCH ASSOCIATION LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1,133,010
1,105,935
Current assets
Debtors
4
405,222
464,529
Cash at bank and in hand
167,661
102,205
572,883
566,734
Creditors: amounts falling due within one year
5
(288,500)
(246,139)
Net current assets
284,383
320,595
Net assets
1,417,393
1,426,530
Capital and reserves
Called up share capital
24
24
Reserves
1,417,369
1,426,506
Total equity
1,417,393
1,426,530

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 July 2024 and are signed on its behalf by:
R A Lass
Director
Company Registration No. 01117804
COCOA RESEARCH ASSOCIATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information

Cocoa Research Association Ltd is a private company limited by shares incorporated in England and Wales. The registered office is North Benfleet, Wickford, Essex, SS12 9JR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

1.2
Turnover

The turnover consists of contributions from cocoa processing companies, chocolate manufacturers, the cocoa trade and industry associations. These are recognised in the year they are receivable.

 

 

1.3
Fixed asset investments

Investments are initially measured at transaction price , and are subsequently stated at fair value at each reporting date. Changes in fair value are recognised in profit or loss.

 

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6
Taxation

The company qualifies as a Scientific Research Association for corporation tax purposes. A claim for exemption from corporation tax is made annually.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.8
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

COCOA RESEARCH ASSOCIATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Research Grant

 

The company has continued to support research at the University of Reading, UK ,the University of the West Indies, Trinidad and Centro Agronómico Tropical de Investigación y Enseñanza (CATIE), Costa Rica. This expenditure is written off as incurred.

 

 

 

 

2
Employees

The average monthly number of persons employed by the company during the year was 1 (2022 - 1). and this employee is not a director of the company.

2023
2022
Number
Number
Total
1
1
3
Fixed asset investments
2023
2022
£
£
Other investments other than loans
1,133,010
1,105,935
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
167,207
372,642
Other debtors
238,015
91,887
405,222
464,529
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
73,235
Value Added Tax
34,718
61,441
Other creditors
253,782
111,463
288,500
246,139
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