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REGISTERED NUMBER: 04545164 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BEECH'S FINE CHOCOLATES LIMITED

BEECH'S FINE CHOCOLATES LIMITED (REGISTERED NUMBER: 04545164)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


BEECH'S FINE CHOCOLATES LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: A D Whiting
P Whiting



SECRETARY: A D Whiting



REGISTERED OFFICE: The Chocolate Factory
Fletcher Road
Preston
Lancashire
PR1 5AD



REGISTERED NUMBER: 04545164 (England and Wales)



ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: HSBC
60 Church Street
Blackburn
Lancashire
BB1 5AS

BEECH'S FINE CHOCOLATES LIMITED (REGISTERED NUMBER: 04545164)

STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,472,827 1,540,204
1,472,827 1,540,204

CURRENT ASSETS
Stocks 6 557,106 596,017
Debtors 7 979,232 474,114
Cash at bank and in hand 111,981 241,139
1,648,319 1,311,270
CREDITORS
Amounts falling due within one year 8 1,666,569 1,398,715
NET CURRENT LIABILITIES (18,250 ) (87,445 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,454,577

1,452,759

CREDITORS
Amounts falling due after more than one
year

9

637,651

689,896
NET ASSETS 816,926 762,863

CAPITAL AND RESERVES
Called up share capital 45,000 45,000
Revaluation reserve 11 907,724 907,724
Retained earnings 11 (135,798 ) (189,861 )
SHAREHOLDERS' FUNDS 816,926 762,863

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BEECH'S FINE CHOCOLATES LIMITED (REGISTERED NUMBER: 04545164)

STATEMENT OF FINANCIAL POSITION - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





P Whiting - Director


BEECH'S FINE CHOCOLATES LIMITED (REGISTERED NUMBER: 04545164)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Beech's Fine Chocolates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern
The company meets its day to day working capital requirements through a bank loan, invoice discounting facilities and family loans.

Management have prepared profit projections and cash flow forecasts for 2024/25 and, on the basis of current management accounts and these forecasts, the directors anticipate that the company will be profitable and able to operate within available bank and loan facilities. On this basis the directors believe it is appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer, which is usually at the point the customer has signed for the goods. Turnover is measured at the fair value of the consideration received or receivable for goods and services and is shown net of VAT.

Intangible fixed assets
Patents and trade marks are stated at cost and amortised over 10 years, being the directors estimate of their useful economic life.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less depreciation and any impairment.

Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its estimated useful life. The annual depreciation rates used are as follows:

Freehold property-1% straight line
Freehold property additions- 10% - 20% straight line
Plant and machinery - 6.67% - 33.33% straight line
Fixtures and fittings - 10% - 33.33% straight line
Computer equipment - 33.33% - 50% straight line


Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.

BEECH'S FINE CHOCOLATES LIMITED (REGISTERED NUMBER: 04545164)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are measured at the lower of cost and selling price less cost to complete and sell. Cost is measured at the most recent purchase price and other costs incurred in bringing the stocks to their present location and condition. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

Taxation
Taxation expense represents the sum of the current and deferred tax payable.

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting period using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. All other leases are classified as operating leases.

Rentals payable under operating leases are charged to the profit or loss on a straight-line basis over the lease term. The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight-line basis.

Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short term employee benefits are recognised as an expense in the period in which they are incurred.

Financial instruments
Basic financial instruments that are payable or receivable within one year, typically trade creditors and debtors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration that is expected to be paid or received less impairment losses for bad and doubtful debts.

Related party loans have no stated interest rate, are payable on demand and are measured at the undiscounted amount due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 53 ) .

BEECH'S FINE CHOCOLATES LIMITED (REGISTERED NUMBER: 04545164)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 January 2023
and 31 December 2023 5,731
AMORTISATION
At 1 January 2023
and 31 December 2023 5,731
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 790,700 1,635,624 53,958 48,703 2,528,985
Additions - 15,143 - - 15,143
At 31 December 2023 790,700 1,650,767 53,958 48,703 2,544,128
DEPRECIATION
At 1 January 2023 28,326 873,718 42,471 44,266 988,781
Charge for year 7,200 71,148 3,212 960 82,520
At 31 December 2023 35,526 944,866 45,683 45,226 1,071,301
NET BOOK VALUE
At 31 December 2023 755,174 705,901 8,275 3,477 1,472,827
At 31 December 2022 762,374 761,906 11,487 4,437 1,540,204

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
Valuation in 2022 604,326 231,980 - - 836,306
Cost 186,374 1,418,787 53,958 48,703 1,707,822
790,700 1,650,767 53,958 48,703 2,544,128

BEECH'S FINE CHOCOLATES LIMITED (REGISTERED NUMBER: 04545164)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

The historical cost of the freehold property included at valuation is as follows:
2023 2022
£ £
Cost186,374186,374
Accumulated depreciation39,38837,524
146,986148,850

The freehold property was valued on 25 January 2019 by Parkinson Real Estate (Registered Valuers), on an existing use open market value basis at £785,000. Management consider the valuations of property and certain plant and machinery to be not materially different to their net book values at 31 December 2023.

6. STOCKS
2023 2022
£    £   
Raw materials 380,657 399,627
Work-in-progress 24,679 16,119
Finished goods 151,770 180,271
557,106 596,017

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 749,885 369,618
Amounts owed by group undertakings 101,105 101,105
Other debtors 128,242 3,391
979,232 474,114

The company has an invoice discounting arrangement against which certain trade debtors are assigned.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 60,900 59,601
Other loans 66,452 99,176
Trade creditors 377,024 239,588
Social security and other taxes 173,855 137,912
Other creditors 13,672 19,674
Invoice discounting 97,654 188,963
Director's current account 838,306 619,848
Accrued expenses 38,706 33,953
1,666,569 1,398,715



BEECH'S FINE CHOCOLATES LIMITED (REGISTERED NUMBER: 04545164)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 637,651 689,896

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 698,551 749,497
Invoice discounting 97,654 188,963
796,205 938,460

There are fixed and floating charges, along with cross company guarantees to/from Beech's Confectionery Group Limited in favour of HSBC Bank Plc and Close Brothers Limited.

11. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 (189,861 ) 907,724 717,863
Profit for the year 54,063 - 54,063
At 31 December 2023 (135,798 ) 907,724 771,926

12. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

A personal guarantee has been provided to the bank by the director, A D Whiting in the amount of £875,000.

The total amount of commitments in respect of operating leases is £23,292 (2022 : £46,669).

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. PARENT COMPANY

The company is a wholly owned subsidiary of Beech's Confectionery Group Limited, a company registered in England and Wales whose registered office is The Chocolate Factory, Fletcher Road, Preston, Lancashire, PR1 5AD.