Company registration number 07585278 (England and Wales)
THE CANDY BOX LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE CANDY BOX LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THE CANDY BOX LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
188,517
208,728
Investments
4
47,500
-
0
236,017
208,728
Current assets
Stocks
199,173
176,080
Debtors
5
453,908
306,080
Cash at bank and in hand
40,029
44,040
693,110
526,200
Creditors: amounts falling due within one year
Loans and overdrafts
11,251
11,251
Obligations under finance leases
8
28,890
26,348
Taxation and social security
88,293
15,322
Other creditors
186,335
159,711
314,769
212,632
Net current assets
378,341
313,568
Total assets less current liabilities
614,358
522,296
Creditors: amounts falling due after more than one year
7
(80,550)
(120,691)
Provisions for liabilities
(53,156)
(44,530)
Net assets
480,652
357,075
Capital and reserves
Called up share capital
90
90
Non-distributable profits reserve
9
28,125
-
0
Distributable profit and loss reserves
452,437
356,985
Total equity
480,652
357,075
THE CANDY BOX LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 16 October 2024
Mr J Marlow
Director
Company registration number 07585278 (England and Wales)
THE CANDY BOX LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

The Candy Box Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19 Brunel Close, Daventry, Northamptonshire, UK, NN11 8RB.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
2% Reducing Balance
Plant and equipment
25% Reducing Balance
Fixtures and fittings
25% Reducing Balance
Motor vehicles
20% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

THE CANDY BOX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing 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 interest 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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE CANDY BOX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

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

2024
2023
Number
Number
Total
9
7
THE CANDY BOX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
13,944
79,123
5,476
191,752
290,295
Additions
-
0
856
-
0
25,000
25,856
Disposals
-
0
-
0
-
0
(11,995)
(11,995)
At 31 March 2024
13,944
79,979
5,476
204,757
304,156
Depreciation and impairment
At 1 April 2023
279
60,119
809
20,360
81,567
Depreciation charged in the year
273
4,807
1,167
34,915
41,162
Eliminated in respect of disposals
-
0
-
0
-
0
(7,090)
(7,090)
At 31 March 2024
552
64,926
1,976
48,185
115,639
Carrying amount
At 31 March 2024
13,392
15,053
3,500
156,572
188,517
At 31 March 2023
13,665
19,004
4,667
171,392
208,728

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
113,735
142,168
113,735
142,168
THE CANDY BOX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
47,500
-
0
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
-
Additions
10,000
Valuation changes
37,500
At 31 March 2024
47,500
Carrying amount
At 31 March 2024
47,500
At 31 March 2023
-

Fixed asset investments are held at fair value. The fair value has been determined by the director and is made by reference to securities of a similar nature. The historical cost of the investment is £10,000.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
322,617
304,371
Amounts owed by group undertakings
124,809
42
Prepayments and accrued income
6,482
1,667
453,908
306,080
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
11,251
11,251
Obligations under finance leases
8
28,890
26,348
Trade creditors
181,350
152,055
Corporation tax
58,305
11,131
Other taxation and social security
29,988
4,191
Other creditors
3,749
7,075
Accruals and deferred income
1,236
581
314,769
212,632
THE CANDY BOX LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14,063
25,314
Obligations under finance leases
8
66,487
95,377
80,550
120,691
8
Finance lease and hire purchase contract obligations
2024
2023
Future minimum payments due under finance leases and hire purchase contracts:
£
£
Within one year
28,890
26,348
In two to five years
66,487
95,377
95,377
121,725

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
28,125
-
At the end of the year
28,125
-
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