Company registration number 08881721 (England and Wales)
PREMIER CHOCOLATE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PREMIER CHOCOLATE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
PREMIER CHOCOLATE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PREMIER CHOCOLATE LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Premier Chocolate Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Premier Chocolate Limited, as a body, in accordance with the terms of our standard engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Premier Chocolate Limited and state those matters that we have agreed to state to the Board of Directors of Premier Chocolate Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Chocolate Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Premier Chocolate Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Premier Chocolate Limited. You consider that Premier Chocolate Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Premier Chocolate Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Nicholas & Walters Limited
27 January 2025
Chartered Accountants
35 Sherwood Street
Warsop
Mansfield
Notts
NG20 0JR
PREMIER CHOCOLATE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,143,452
4,006,833
Current assets
Stocks
310,848
466,430
Debtors
5
487,474
543,414
Cash at bank and in hand
56,622
56,578
854,944
1,066,422
Creditors: amounts falling due within one year
6
(938,254)
(1,026,241)
Net current (liabilities)/assets
(83,310)
40,181
Total assets less current liabilities
4,060,142
4,047,014
Creditors: amounts falling due after more than one year
7
(769,638)
(961,057)
Provisions for liabilities
(357,271)
(223,142)
Net assets
2,933,233
2,862,815
Capital and reserves
Called up share capital
8
622,408
622,408
Revaluation reserve
2,395,063
2,395,063
Profit and loss reserves
(84,238)
(154,656)
Total equity
2,933,233
2,862,815

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

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have 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.

PREMIER CHOCOLATE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
S Thorsteinsson
Director
Company registration number 08881721 (England and Wales)
PREMIER CHOCOLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Premier Chocolate Limited is a private company limited by shares incorporated in England and Wales. The registered office is Premier House, Vernon Street Industrial Estate, Shirebrook, Mansfield, NG20 8SS.

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 £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include property, plant and equipment and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Freehold land and buildings
5% straight line
Plant and equipment
10% reducing balance
Fixtures and fittings
15% 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.

PREMIER CHOCOLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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.

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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs, as they are receivable within one year.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and other loans recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

PREMIER CHOCOLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
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.

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.

1.10
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.

1.11
Retirement benefits

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

1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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.

PREMIER CHOCOLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Employees

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

2024
2023
Number
Number
Total
35
43
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 May 2023
1,600,000
1,913,359
1,246,314
4,759,673
Additions
-
0
42,982
98,637
141,619
Disposals
-
0
(5,000)
-
0
(5,000)
At 30 April 2024
1,600,000
1,951,341
1,344,951
4,896,292
Depreciation and impairment
At 1 May 2023 and 30 April 2024
-
0
492,786
260,054
752,840
Carrying amount
At 30 April 2024
1,600,000
1,458,555
1,084,897
4,143,452
At 30 April 2023
1,600,000
1,420,573
986,260
4,006,833
Tangible assets held at valuation

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Land and buildings
Plant and machinery etc
Fixtures, fittings and equipment
Total
£
£
£
£
Cost or valuation
At 30 April 2024
259,294
1,009,671
1,270,972
2,539,937
Aggregate Deprecation
(116,685)
(417,467)
(610,771)
(1,144,923)
Other changes
-
0
-
-
0
-
Carrying amount
142,609
592,204
660,201
1,395,014
Cost or valuation
At 30 April 2023
259,294
966,689
1,172,336
2,398,319
Aggregate Deprecation
(103,720)
(387,303)
(501,802)
(992,825)
Other changes
-
0
-
0
-
0
-
PREMIER CHOCOLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Tangible fixed assets
(Continued)
- 8 -
Carrying amount
155,574
579,386
670,534
1,405,494

Plant & machinery and Fixtures, fittings & equipment at costs of £774,653 and £547,461 were previously revalued at the year ended 31st March 2019 by the directors. During the period ended 30th April 2024 the directors who consider the whole asset classes of Plant & machinery and Fixtures, fittings & equipment value in use and separated re-sale values to be £1,456,841 and £1,086,610 respectively.

 

Land & buildings at cost of £259,294 were revalued during the year ended 31st March 2020 using the value provided by CPRE Chartered Surveyors who consider the market value to be higher at £1,200,000. The director's have considered the property value against market value and have decided at 30th April 2023 that the property would have a value of £1,600,000 and have revalued the property in the year. During the year, the directors consider the property value to be unchanged from the previous year.

 

The revaluation amounts are disallowed for tax purposes.

Freehold land and buildings with a carrying amount of £1,600,000 (2023 - £1,200,000) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
396,386
391,809
Other debtors
48,375
111,462
Prepayments and accrued income
42,713
40,143
487,474
543,414
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
155,447
140,311
Trade creditors
357,165
465,288
Taxation and social security
320,107
386,554
Other creditors
105,535
34,088
938,254
1,026,241

The bank overdrafts / loans / debentures are secured by a fixed and floating charge over the assets and property of the company.

PREMIER CHOCOLATE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
706,453
837,545
Other creditors
63,185
123,512
769,638
961,057
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
700
700
70
70
Ordinary B Shares of £1 each
622,300
622,300
622,301
622,301
Ordinary C shares of 10p each
54
54
5
5
Ordinary A1 shares of 10p each
323
323
32
32
623,377
623,377
622,408
622,408
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