Company registration number 03173541 (England and Wales)
COCOA RESEARCH (UK) LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
COCOA RESEARCH (UK) LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Income and expenditure account
3
Balance sheet
4
Notes to the financial statements
5 - 6
COCOA RESEARCH (UK) 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 company was established as a not for profit organisation to finance the undertaking of research into the growing and handling of cocoa by supporting suitable project activities, primarily in the UK. After many successful developments, it became clear to the Board that it was not possible to maintain the capital value of the Company’s assets whilst at the same time funding research which is worthwhile. Consequently the Board took the decision, communicated to DEFRA, that we would continue to fund new work which is indeed of significance to the cocoa community and which otherwise would be unlikely to attract sponsorship. However, the effect of this decision will be that the fund will be run down to zero within a few years. Furthermore, the Board decided to crystallise the assets to ensure that all commitments to existing projects and any commitments to future activities will be met in full.

 

There remains the possibility that new sources of funds will become available for specific projects. The Directors would welcome the expansion into activity areas which have not received much attention in the past yet show potential for taking forward the objectives of the Company.

 

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
P Thornton
M Gilmour
R Dand

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 Dand
Director
15 May 2024
COCOA RESEARCH (UK) LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF COCOA RESEARCH (UK) 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 (UK) 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 (UK) 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 (UK) Ltd and state those matters that we have agreed to state to the Board of Directors of Cocoa Research (UK) 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 (UK) 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 (UK) 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 deficit of Cocoa Research (UK) Ltd. You consider that Cocoa Research (UK) 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 (UK) 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
15 May 2024
Chartered Accountants
North Benfleet
Wickford
Essex
SS12 9JR
COCOA RESEARCH (UK) LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
Notes
£
£
Research grants
(114,093)
(27,318)
Administration expenses
(678)
(3,343)
Professional fees
(1,296)
(1,200)
Operating deficit
(116,067)
(31,861)
Interest receivable and similar income
3,695
1,718
Deficit for the financial year
(112,372)
(30,143)
COCOA RESEARCH (UK) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
416,881
453,715
Creditors: amounts falling due within one year
3
(106,012)
(30,474)
Net current assets
310,869
423,241
Reserves
Reserves
2,200,000
2,200,000
Income and expenditure reserve
(1,889,131)
(1,776,759)
Members' funds
310,869
423,241

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 15 May 2024 and are signed on its behalf by:
R Dand
Director
Company Registration No. 03173541
COCOA RESEARCH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information

Cocoa Research (UK) Ltd is a private company limited by guarantee 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
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. There remains the possibility that new sources of funds will become available. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Research grants are recognised in the period in which the work is undertaken.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.4
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.

1.5
Taxation

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
-
0
COCOA RESEARCH (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
106,012
30,474
4
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

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