REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Cooldelight Desserts Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 March 2024 |
for |
Cooldelight Desserts Limited |
Cooldelight Desserts Limited (Registered number: 04370310) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
Cooldelight Desserts Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants, Statutory Auditor |
Carlyle House |
78 Chorley New Road |
Bolton |
Cooldelight Desserts Limited (Registered number: 04370310) |
Strategic Report |
for the Year Ended 31 March 2024 |
The director presents his strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The Company's turnover for the year increased by £1,905,772 to £21,916,408 from £20,010,636 in the year ended 31 March 2023. This increase was as a result of the Company's introduction of two new product lines. The increase in turnover was reflected in an increase in profit before tax for the year from £1,049,122 in 2023 to £2,067,964 in 2024. |
The company's gross profit margin for the year was 17% up from 12.4% in 2023, it's net profit margin increased to 9.4% in the year from 5.2% in 2023. |
The Company continues to have a healthy balance sheet with net assets increasing during the year to £3,115,610 up £1,254,492 on the net assets at 31 March 2023 which were £1,861,118. |
The director is confident that the company will continue to expand in the coming year and expects turnover and net profit to increase accordingly. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company faces a number of business risks and uncertainties. |
The principal risk to which the company is exposed is liquidity, however this is managed on a day to day basis by the director to ensure sufficient funds are available to meet it's liabilities as they fall due and to enable them to take advantage of any expansion opportunities that may arise. There has been no liquidity problems in the past and the director does not envisage any in the foreseeable future. |
Credit risk (the risk of financial loss arising from the failure of a customer to meet its payment obligations) has always been maintained at a relatively low level as the majority of it's sales are receivable within 30 days and there is no significant history of bad debts and the director does not envisage any issues in the foreseeable future. |
The other main risk area is that of regulatory risk, including food industry regulations, health and safety and employment laws. The director constantly monitors the business operations to ensure a high level of compliance in all areas. |
ON BEHALF OF THE BOARD: |
Cooldelight Desserts Limited (Registered number: 04370310) |
Report of the Director |
for the Year Ended 31 March 2024 |
The director presents his report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of wholesalers of ice cream and associated products. |
DIVIDENDS |
Interim dividends totalling £ |
The total distribution of dividends for the year ended 31 March 2024 will be £ |
FUTURE DEVELOPMENTS |
The director expects further growth in turnover and units sold in the coming year. The company had two new product lines that were introduced in 2024 and the director is confident that these will further increase the company's growth both in turnover and profitability. |
DIRECTOR |
His beneficial interest in the shares of the company, according to the register of directors' interests, was as follows: |
31.3.24 | 1.4.23 |
Ordinary shares of £1 each | 100 | 100 |
He did not hold any non-beneficial interests in the shares of the company. |
FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise of a bank overdraft facility that is in place, a bank loan, a debt factoring facility and credit card facilities, together with cash and short term deposits. The main purpose of these financial instruments is to manage the company's funding and liquidity requirements. The company has other financial assets and liabilities such as trade receivables and trade payables, which arise mainly from its operations. |
EMPLOYEE INVOLVEMENT |
The company's managers hold regular meetings with employees to discuss policy, procedures, products, financial performance and whats new in the business. |
The company operates various bonus schemes to encourage employees to become involved in the company's performance. |
DISABLED PERSONS |
The company does not differentiate between able bodied and disabled persons in the recruitment, employment, general training, career development and promotion of it's employees. |
GOING CONCERN |
The company is in a net current assets position at the balance sheet date. The company reported a profit during the year and the director expects this to continue into 2025 and beyond. |
The director has considered the application of the going concern basis of accounting, in doing so he has considered the 12 month period from the date of approval of this report. The director has assessed the expected future financial performance of the company and has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
DISCLOSURE IN THE STRATEGIC REPORT |
Statements relating to Review of Business and Principal Risks and Uncertainties are included in the Strategic Report on page 2. |
Cooldelight Desserts Limited (Registered number: 04370310) |
Report of the Director |
for the Year Ended 31 March 2024 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Barlow Andrews LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Cooldelight Desserts Limited |
Qualified Opinion |
_ |
We have audited the financial statements of Cooldelight Desserts Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion, except for the possible effects on the corresponding figures of the matter described in the basis for qualified opinion section of our report, the financial statements: |
- give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion |
The financial statements for the year ended 31 March 2022 were not required to be audited, thus we did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £787,425 held at 31 March 2022 by using other audit procedures. Consequently, we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 31 March 2023. Our audit opinion on the financial statements for the year ended 31 March 2023 was modified accordingly. Our opinion on the current period's financial statements is also modified because of the possible effect of this matter on the comparability of the current period's figures and the corresponding figures. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard, however, we draw your attention to the basis for qualified opinion section of this report. |
Report of the Independent Auditors to the Members of |
Cooldelight Desserts Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: |
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
Except for the matter described in the basis for qualified opinion section of our report, in respect solely of the limitation on our work relating to the opening stock at 1 April 2022, described above: |
- We have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
- We were unable to determine whether adequate accounting records had been monitored. |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of director's remuneration specified by law are not made. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Cooldelight Desserts Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. |
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience; |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; and |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; and |
- enquiring of management as to actual and potential litigation and claims. |
There are inherent limitations in our audit procedures described above. The more removed that laws and |
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. |
Report of the Independent Auditors to the Members of |
Cooldelight Desserts Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants, Statutory Auditor |
Carlyle House |
78 Chorley New Road |
Bolton |
Cooldelight Desserts Limited (Registered number: 04370310) |
Statement of Comprehensive |
Income |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,965,643 | 948,055 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
2,139,105 | 1,113,938 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Cooldelight Desserts Limited (Registered number: 04370310) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors: amounts falling due within one year | 11 | 4,313,507 | 4,809,672 |
Debtors: amounts falling due after more than one year |
11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 | 3,115,510 | 1,861,018 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Cooldelight Desserts Limited (Registered number: 04370310) |
Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | 100 |
Prior year adjustment | - | (65,662 | ) | (65,662 | ) |
As restated | 100 | 1,357,366 | 1,357,466 |
Changes in equity |
Dividends | - | (277,974 | ) | (277,974 | ) |
Total comprehensive income | - | 781,626 | 781,626 |
Balance at 31 March 2023 | 100 | 1,861,018 | 1,861,118 |
Changes in equity |
Dividends | - | (351,244 | ) | (351,244 | ) |
Total comprehensive income | - | 1,605,736 | 1,605,736 |
Balance at 31 March 2024 | 100 | 3,115,510 | 3,115,610 |
Cooldelight Desserts Limited (Registered number: 04370310) |
Cash Flow Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
12,431 |
Cash and cash equivalents at end of year | 2 | 2,580 | 6,965 |
Cooldelight Desserts Limited (Registered number: 04370310) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance costs | 71,141 | 64,816 |
Finance income | (704 | ) | (1,457 | ) |
2,220,745 | 1,182,752 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,580 | 6,965 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 6,965 | 21,504 |
Bank overdrafts | ( |
) |
6,965 | 12,431 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 6,965 | (4,385 | ) | 2,580 |
6,965 | ( |
) | 2,580 |
Debt |
Finance leases | (738,920 | ) | 172,363 | (566,557 | ) |
Debts falling due within 1 year | (110,000 | ) | - | (110,000 | ) |
Debts falling due after 1 year | (229,167 | ) | 110,000 | (119,167 | ) |
(1,078,087 | ) | 282,363 | (795,724 | ) |
Total | (1,071,122 | ) | 277,978 | (793,144 | ) |
Cooldelight Desserts Limited (Registered number: 04370310) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Cooldelight Desserts Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Significant judgements and estimates |
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Restatement |
In the prior year the company recharged £488,974 of expenses which were previously netted off in cost of sales. These amounts have subsequently been reclassified within turnover and cost of sales at the gross amounts. There is no overall impact on the financial statements |
Turnover |
Turnover is all from the UK and is measured at the fair value of the consideration received or receivable but excluding discounts, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of goods have transferred to the buyer, usually at the point of sale, the amount of revenue can be reliably measured, it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be reliably measured. |
Going concern |
At the time of approving the financial statements, the director had a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. There is a risk that the company is reliant on key customers in preparation of this assessment however, as at the date of the audit report there is no indication that these customers are expecting to cease trading with the company. Thus, the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
Tangible fixed assets |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation. At the balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered impairment losses, no such losses were identified. |
Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life or, if held under a finance lease, over the term of the lease, whichever is the shorter. |
Plant and machinery etc. - varying rates between 25% and 30% on reducing balance and 5% and 25% on cost. |
Cooldelight Desserts Limited (Registered number: 04370310) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost comprises direct materials and those overheads that have been incurred in bringing the stock to their present location and condition. |
Financial instruments |
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. |
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement 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. |
Cooldelight Desserts Limited (Registered number: 04370310) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | ACCOUNTING POLICIES - continued |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using effective interest method unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities |
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
4. | EMPLOYEES AND DIRECTORS |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
Directors | 1 | 1 |
Admin staff | 10 | 8 |
Sales staff | 2 | 2 |
Included in the profit or loss is £34,061 of pensions costs under defined contribution schemes. |
31.3.24 | 31.3.23 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Cooldelight Desserts Limited (Registered number: 04370310) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Bank interest |
Bank loan interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax: |
Provision movement |
Rate movement | - | 58,276 |
Total deferred tax |
Tax on profit |
Cooldelight Desserts Limited (Registered number: 04370310) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
Deferred tax on origination and reversal of timing differences | 6,895 | 92,028 |
Total tax charge | 462,228 | 267,496 |
8. | DIVIDENDS |
31.3.24 | 31.3.23 |
£ | £ |
Interim |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cooldelight Desserts Limited (Registered number: 04370310) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
10. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Stocks - Finished goods |
Stock recognised in cost of sales during the year as an expense was £13,210,098 (2023 - £13,107,050). |
11. | DEBTORS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by associates |
Other debtors |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Cooldelight Desserts Limited (Registered number: 04370310) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 235,679 | 284,624 |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 14) |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Cooldelight Desserts Limited (Registered number: 04370310) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.3.24 | 31.3.23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Hire purchase contracts | 566,557 | 738,920 |
Amount due to factors | 255,562 | 1,399,402 |
Hire purchase creditors are secured on the assets concerned. |
Amounts due to factors are secured on trade debtors. |
Cooldelight Desserts Limited (Registered number: 04370310) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
17. | FINANCIAL INSTRUMENTS |
Under FRS 102 the company holds financial instruments that qualify as derivatives in order to cover risks arising from its operations. The company places forward contracts for the purchase of Euros at set agreed rates.Under the contracts, the company is committed to exchange a set amount of sterling for an agreed amount of Euros. |
The contracts entered into by the company have maturity dates up to and including 31 May 2024. |
At the balance sheet date the company is committed to purchase €1.39m (2023 - €643k) under the contracts at a fixed sterling amount. |
18. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Charge to Statement of Comprehensive Income during year |
Balance at 31 March 2024 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
The shares have attached to them full voting rights and each share is entitled to one vote in any circumstances. |
The shares have attached to them full dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption. |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year | 1,605,736 |
Dividends | (351,244 | ) |
At 31 March 2024 |
21. | CONTINGENT LIABILITIES |
The company has given an unlimited guarantee to The Royal Bank of Scotland against the bank borrowings of a related company, 5 Star Cups Limited, for the amount of £28,900. |
Cooldelight Desserts Limited (Registered number: 04370310) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
22. | CAPITAL COMMITMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
23. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £351,244 (2023 - £277,974) were paid to the director . |
During the year under review the Company paid rent of £26,400 (2023 - £28,200) to Yarn Estates Limited a company in which Mr S W Binns, director, is sole director and shareholder. At the balance sheet date, £2,596 (2023 - £413 due to) was due from Yarn Estates Limited. |
The company also recharged management fees of £114,762 (2023 - £106,430) and charged machine hire of £57,996 (2023 - £57,996) to a company 5 Star Cups Limited, Mr S W Binns is a shareholder and director of this company. At the balance sheet date, £785,331 (2023 - £965,857) was due from 5 Star Cups Limited. |
Total wages of £327,615 (2023 - £310,155) were paid to family members of the director. |
24. | ULTIMATE CONTROLLING PARTY |
The controlling party is S W Binns. |