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Registration number: 02637646

Creme d'Or Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Creme d'Or Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Creme d'Or Limited

Company Information

Directors

AW Nelder

M Pullan

DCB Watkins

G Coggin

Company secretary

BE Watkins

Registered office

Weel Road
Hull Bridge
Tickton
Beverley
East Yorkshire
HU17 9RY

 

Creme d'Or Limited

(Registration number: 02637646)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

55,978

72,106

Current assets

 

Stocks

5

915,132

875,333

Debtors

6

1,440,095

1,603,721

Cash at bank and in hand

 

23,297

131,963

 

2,378,524

2,611,017

Creditors: Amounts falling due within one year

7

(1,824,418)

(2,099,940)

Net current assets

 

554,106

511,077

Total assets less current liabilities

 

610,084

583,183

Provisions for liabilities

(11,134)

(15,636)

Net assets

 

598,950

567,547

Capital and reserves

 

Called up share capital

100

100

Retained earnings

598,850

567,447

Shareholders' funds

 

598,950

567,547

For the financial year ending 31 December 2023 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.

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 15 April 2024 and signed on its behalf by:
 

.........................................
AW Nelder
Director

   
     
 

Creme d'Or Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 02637646.

The address of its registered office is:
Weel Road
Hull Bridge
Tickton
Beverley
East Yorkshire
HU17 9RY

These financial statements were authorised for issue by the Board on 15 April 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 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 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 financial statements have been prepared in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover arises from the sale of goods. Turnover is measured at the fair value of the consideration received or receivable for the sale of confectionery items and represents amounts for the sale of goods in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.

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 of each of the companies activities.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

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.

 

Creme d'Or Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 subsequently enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the finance statements of the current and previous periods. It is recognised in respect of all timing differences, within certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense tax assessments in the periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is proabable 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 balance sheet date that are expected to apply to the reversal of the timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investemnt properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Improvements to property

10% on cost

Computer equipment

25% on cost

Fixtures & fittings

20% on cost

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.

Trade debtors

Trade debtors are amounts due from customers for confectionery items sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts 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 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.

 

Creme d'Or Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

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.

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 40 (2022 - 39).

 

Creme d'Or Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Improvements to property
£

Total
£

Cost or valuation

At 1 January 2023

510,551

108,133

618,684

Additions

3,072

-

3,072

At 31 December 2023

513,623

108,133

621,756

Depreciation

At 1 January 2023

465,910

80,668

546,578

Charge for the year

15,981

3,219

19,200

At 31 December 2023

481,891

83,887

565,778

Carrying amount

At 31 December 2023

31,732

24,246

55,978

At 31 December 2022

44,641

27,465

72,106

5

Stocks

2023
£

2022
£

Other inventories

915,132

875,333

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,317,135

1,526,227

Prepayments

84,518

67,906

Other debtors

38,442

9,588

 

1,440,095

1,603,721

 

Creme d'Or Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

87,257

160,371

Trade creditors

 

783,220

753,333

Taxation and social security

 

356,745

327,092

Accruals and deferred income

 

543,842

800,127

Other creditors

 

53,354

59,017

 

1,824,418

2,099,940

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

29,888

-

Other borrowings

57,369

160,371

87,257

160,371

Other borrowings include unsecured amounts due to Directors. Bank overdrafts are secured.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £668,880 (2022 - £751,880). The commitments are in relation to a 10 year property rental agreement as well as vehicle leasing and photocopier leasing.

10

Related party transactions

Transactions with Directors

2023

At 1 January 2023
£

Advances to Director
£

At 31 December 2023
£

DCB Watkins

Unsecured, interest free loan, repayable on demand

(77,335)

77,848

513

       
     

 

Creme d'Or Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

Other transactions with Directors

D Watkins
At the year end, the director owed the company £513 (2022: the company owed the director £77,335). This amount is unsecured, interest free and repayable on demand.

T Nelder
At the year end, the company owed the director £32,369 (2022: £40,036). This amount is unsecured, interest free and repayable on demand.

M Pullan
At the year end, the company owed the director £12,500 (2022: £20,500). This amount is unsecured, interest free and repayable on demand.

G Coggin
At the year end, the company owed the director £12,500 (2022: £22,500). This amount is unsecured, interest free and repayable on demand.