Registered number
SC497664
Chocolate Galley Ltd
Filleted Accounts
31 March 2024
Chocolate Galley Ltd
Registered number: SC497664
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 31,096 39,172
Current assets
Stocks 8,250 8,250
Debtors 5 200 12,860
Cash at bank and in hand 65,233 53,866
73,683 74,976
Creditors: amounts falling due within one year 6 (94,881) (107,459)
Net current liabilities (21,198) (32,483)
Total assets less current liabilities 9,898 6,689
Creditors: amounts falling due after more than one year 7 - (900)
Net assets 9,898 5,789
Capital and reserves
Called up share capital 100 100
Profit and loss account 9,798 5,689
Shareholder's funds 9,898 5,789
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Carol Wood
Director
Approved by the board on 15 August 2024
Chocolate Galley Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going Concern
The financial statements have been prepared on the going concern basis as the director believes it is appropriate to do so. In coming to this conclusion, she has considered the cashflow of the business over the twelve months from the date of approval of these financial statements. The director has confirmed that she will support the company for at least twelve months from the approval of the accounts and in addition she will not withdraw her loan until all other creditors have been paid.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life , which is five years.
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Website costs 33% straight line per annum
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements 10% straight line per annum
Plant and machinery 20% straight line per annum
Fixtures, fittings, tools and equipment 20% straight line per annum
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 13,900
At 31 March 2024 13,900
Amortisation
At 1 April 2023 13,900
At 31 March 2024 13,900
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 64,602 52,518 117,120
Additions - 1,782 1,782
At 31 March 2024 64,602 54,300 118,902
Depreciation
At 1 April 2023 35,534 42,414 77,948
Charge for the year 6,460 3,398 9,858
At 31 March 2024 41,994 45,812 87,806
Net book value
At 31 March 2024 22,608 8,488 31,096
At 31 March 2023 29,068 10,104 39,172
5 Debtors 2024 2023
£ £
Trade debtors - 1,081
Other debtors 200 11,779
200 12,860
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 933 400
Trade creditors 3,713 4,917
Taxation and social security costs 10,817 9,604
Other creditors 79,418 92,538
94,881 107,459
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 900
8 Loans by director
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Carol Wood
Loan to company 91,508 - (13,638) 77,870
91,508 - (13,638) 77,870
The above loan due to Carol Wood, director, by the company is included in other creditors. The loan is unsecured, interest free and there are no set terms for repayment.
9 Controlling party
The company is controlled by Carol Wood, director, who holds the issued share capital.
10 Other information
Chocolate Galley Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
18 West High Street
Crieff
Perthshire
PH7 4DL
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