1 1 Candy Plus Ltd NI660324 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is wholesale of sugar, chocolate, sugar confectionery and vapes. Digita Accounts Production Advanced 6.30.9574.0 true true NI660324 2023-04-01 2024-03-31 NI660324 2024-03-31 NI660324 bus:Director1 1 2024-03-31 NI660324 bus:OrdinaryShareClass1 2024-03-31 NI660324 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 NI660324 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 NI660324 core:CurrentFinancialInstruments 2024-03-31 NI660324 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI660324 core:Non-currentFinancialInstruments 2024-03-31 NI660324 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI660324 core:Goodwill 2024-03-31 NI660324 core:MotorVehicles 2024-03-31 NI660324 bus:SmallEntities 2023-04-01 2024-03-31 NI660324 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI660324 bus:FilletedAccounts 2023-04-01 2024-03-31 NI660324 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI660324 bus:RegisteredOffice 2023-04-01 2024-03-31 NI660324 bus:Director1 2023-04-01 2024-03-31 NI660324 bus:Director1 1 2023-04-01 2024-03-31 NI660324 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI660324 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI660324 core:Goodwill 2023-04-01 2024-03-31 NI660324 core:MotorVehicles 2023-04-01 2024-03-31 NI660324 countries:AllCountries 2023-04-01 2024-03-31 NI660324 2023-03-31 NI660324 bus:Director1 1 2023-03-31 NI660324 core:Goodwill 2023-03-31 NI660324 core:MotorVehicles 2023-03-31 NI660324 2022-04-01 2023-03-31 NI660324 2023-03-31 NI660324 bus:Director1 1 2023-03-31 NI660324 bus:OrdinaryShareClass1 2023-03-31 NI660324 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 NI660324 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 NI660324 core:CurrentFinancialInstruments 2023-03-31 NI660324 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI660324 core:Non-currentFinancialInstruments 2023-03-31 NI660324 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI660324 core:Goodwill 2023-03-31 NI660324 core:MotorVehicles 2023-03-31 NI660324 bus:Director1 1 2022-04-01 2023-03-31 NI660324 bus:Director1 1 2022-03-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: NI660324

Candy Plus Ltd

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Candy Plus Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Candy Plus Ltd

Company Information

Director

Mr Mark Ferris

Registered office

6 Windmill Avenue
Ballynahinch
Co. Down
BT2 8PF

 

Candy Plus Ltd

(Registration number: NI660324)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,000

7,200

Tangible assets

5

24,365

32,486

 

30,365

39,686

Current assets

 

Stocks

6

95,000

85,000

Debtors

7

53,024

102,994

Cash at bank and in hand

 

37,063

17,375

 

185,087

205,369

Creditors: Amounts falling due within one year

8

(100,201)

(126,825)

Net current assets

 

84,886

78,544

Total assets less current liabilities

 

115,251

118,230

Creditors: Amounts falling due after more than one year

8

(24,361)

(41,343)

Net assets

 

90,890

76,887

Capital and reserves

 

Called up share capital

11

10

10

Retained earnings

90,880

76,877

Shareholders' funds

 

90,890

76,887

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

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Candy Plus Ltd

(Registration number: NI660324)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 17 January 2025
 

.........................................
Mr Mark Ferris
Director

 

Candy Plus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland .

The address of its registered office is:
6 Windmill Avenue
Ballynahinch
Co. Down
BT2 8PF

These financial statements were authorised for issue by the director on 17 January 2025.

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.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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 substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Candy Plus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

25% reducing balance method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment 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.

 

Candy Plus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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, where applicable, direct labour costs 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.

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 and subsequently measured at amortised cost using the effective interest method.

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Candy Plus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

12,000

12,000

At 31 March 2024

12,000

12,000

Amortisation

At 1 April 2023

4,800

4,800

Amortisation charge

1,200

1,200

At 31 March 2024

6,000

6,000

Carrying amount

At 31 March 2024

6,000

6,000

At 31 March 2023

7,200

7,200

 

Candy Plus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

51,550

51,550

At 31 March 2024

51,550

51,550

Depreciation

At 1 April 2023

19,064

19,064

Charge for the year

8,121

8,121

At 31 March 2024

27,185

27,185

Carrying amount

At 31 March 2024

24,365

24,365

At 31 March 2023

32,486

32,486

6

Stocks

2024
£

2023
£

Other inventories

95,000

85,000

7

Debtors

2024
£

2023
£

Trade debtors

52,474

102,994

Other debtors

550

-

53,024

102,994

 

Candy Plus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

48,306

71,502

Trade creditors

 

21,231

15,256

Taxation and social security

 

27,494

36,970

Accruals and deferred income

 

3,170

1,250

Other creditors

 

-

1,847

 

100,201

126,825

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

24,361

41,343

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

17,390

27,391

Hire purchase contracts

6,971

13,952

24,361

41,343

Current loans and borrowings

2024
£

2023
£

Bank borrowings

8,334

8,333

Bank overdrafts

-

9,104

Hire purchase contracts

6,981

7,700

Other borrowings

32,991

46,365

48,306

71,502

 

Candy Plus Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Repayments from director
£

At 31 March 2024
£

Mr Mark Ferris

Directors current account

46,365

(13,374)

32,991

       
     

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr Mark Ferris

Directors current account

14,406

31,960

46,365

       
     

 

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each of £1 each

10

10

10

10