Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-31182023-06-01truefalse16trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09599097 2023-06-01 2024-05-31 09599097 2024-05-31 09599097 2022-06-01 2023-05-31 09599097 2023-05-31 09599097 c:Director1 2023-06-01 2024-05-31 09599097 d:PlantMachinery 2023-06-01 2024-05-31 09599097 d:PlantMachinery 2024-05-31 09599097 d:PlantMachinery 2023-05-31 09599097 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09599097 d:ComputerEquipment 2023-06-01 2024-05-31 09599097 d:ComputerEquipment 2024-05-31 09599097 d:ComputerEquipment 2023-05-31 09599097 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09599097 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 09599097 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 09599097 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 09599097 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 09599097 d:Goodwill 2023-06-01 2024-05-31 09599097 d:Goodwill 2024-05-31 09599097 d:Goodwill 2023-05-31 09599097 d:CurrentFinancialInstruments 2024-05-31 09599097 d:CurrentFinancialInstruments 2023-05-31 09599097 d:Non-currentFinancialInstruments 2024-05-31 09599097 d:Non-currentFinancialInstruments 2023-05-31 09599097 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 09599097 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 09599097 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 09599097 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 09599097 d:ShareCapital 2024-05-31 09599097 d:ShareCapital 2023-05-31 09599097 d:SharePremium 2024-05-31 09599097 d:SharePremium 2023-05-31 09599097 d:RetainedEarningsAccumulatedLosses 2024-05-31 09599097 d:RetainedEarningsAccumulatedLosses 2023-05-31 09599097 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 09599097 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 09599097 c:FRS102 2023-06-01 2024-05-31 09599097 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 09599097 c:FullAccounts 2023-06-01 2024-05-31 09599097 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09599097 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-06-01 2024-05-31 09599097 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2023-06-01 2024-05-31 09599097 2 2023-06-01 2024-05-31 09599097 d:ExternallyAcquiredIntangibleAssets 2023-06-01 2024-05-31 09599097 d:Goodwill d:OwnedIntangibleAssets 2023-06-01 2024-05-31 09599097 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-06-01 2024-05-31 09599097 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Registered number: 09599097


LOVE COCOA LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
LOVE COCOA LTD
REGISTERED NUMBER: 09599097

BALANCE SHEET
AS AT 31 MAY 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
28,013
32,472

Tangible assets
 6 
13,679
16,869

  
41,692
49,341

Current assets
  

Stocks
 7 
730,446
1,211,452

Debtors: amounts falling due after more than one year
 8 
11,766
11,766

Debtors: amounts falling due within one year
 8 
456,633
516,623

Cash at bank and in hand
 9 
1,352,734
3,014,887

  
2,551,579
4,754,728

Creditors: amounts falling due within one year
 10 
(390,062)
(756,933)

Net current assets
  
 
 
2,161,517
 
 
3,997,795

Total assets less current liabilities
  
2,203,209
4,047,136

Creditors: amounts falling due after more than one year
 11 
(49,000)
(232,572)

Provisions for liabilities
  

Deferred tax
 12 
(7,922)
(11,559)

  
 
 
(7,922)
 
 
(11,559)

Net assets
  
2,146,287
3,803,005


Capital and reserves
  

Called up share capital 
  
8,031
8,031

Share premium account
  
4,545,710
4,545,710

Profit and loss account
  
(2,407,454)
(750,736)

  
2,146,287
3,803,005


Page 1

 
LOVE COCOA LTD
REGISTERED NUMBER: 09599097
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr J N Cadbury
Director

Date: 26 February 2025

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Love Cocoa Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09599097. The registered office is 11-13 Benwell Studios Unit 4, London, N7 7BL. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Prior period adjustment

A prior period adjustment has been made to restate called up share capital and share premium to reflect amended filings which are held for public view at Companies House.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis which assumes that the
company will continue in operational existence for the foreseeable future.
The directors are not aware of any reason why the company will not be operational for the foreseeable future and expect the company to be a going concern for at least 12 months from the date of these accounts.
Should the going concern basis of preparation of the financial statements be found to be inappropriate, adjustments may have to be made to reduce the value of assets to their recoverable
amount, to provide further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities respectively, both adjustments having a consequent
effect on the profit and loss account. It is not practical to quantify these potential adjustments which
are not included within these financial statements.

Page 3

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

Pensions

Defined contribution pension plan

The Company contributes into a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
4
years

Page 6

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods:.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Straight Line
Computer equipment
-
33%
Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key judgments are as follows:
- Computer equipment
- Plant and machinery
- Development expenditure
The above are depreciated/amortised over their useful economic life taking into account, where  appropriate, residual values. Assessment of useful lives and residual values are performed  annually.  In  assessing  the  residual  values,  the  remaining  life  of  the  asset,  its  projected disposal value and future market conditions are taken into account.


4.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 18).

Page 8

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Intangible assets




Development expenditure
Goodwill
Total

£
£
£



Cost


At 1 June 2023
36,248
16,541
52,789


Additions
6,137
-
6,137


Disposals
-
(16,541)
(16,541)



At 31 May 2024

42,385
-
42,385



Amortisation


At 1 June 2023
3,776
16,541
20,317


Charge for the year on owned assets
10,596
-
10,596


On disposals
-
(16,541)
(16,541)



At 31 May 2024

14,372
-
14,372



Net book value



At 31 May 2024
28,013
-
28,013



At 31 May 2023
32,472
-
32,472



Page 9

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
4,278
26,147
30,425


Additions
2,341
708
3,049



At 31 May 2024

6,619
26,855
33,474



Depreciation


At 1 June 2023
3,352
10,204
13,556


Charge for the year on owned assets
787
5,452
6,239



At 31 May 2024

4,139
15,656
19,795



Net book value



At 31 May 2024
2,480
11,199
13,679



At 31 May 2023
926
15,943
16,869


7.


Stocks

2024
2023
£
£

Materials
354,472
550,230

Finished goods and goods for resale
375,974
661,222

730,446
1,211,452


Page 10

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
11,766
11,766

11,766
11,766


2024
2023
£
£

Due within one year

Trade debtors
223,392
479,594

Prepayments and accrued income
233,241
36,935

Director's loan account
-
94

456,633
516,623



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,352,734
3,014,887

1,352,734
3,014,887


Page 11

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
53,083
103,060

Trade creditors
227,802
406,288

Other taxation and social security
65,537
59,546

Other creditors
22,644
47,551

Accruals and deferred income
20,996
140,488

390,062
756,933


The following liabilities were secured:

2024
2023
£
£



Bank loans
53,083
103,060

53,083
103,060

Details of security provided:

HSBC UK Bank PLC has a fixed and floating charge over the company which was registered on 16th September 2022. The charges are over all the assets and undertaking of Love Cocoa Ltd. The charges will be settled once the outstanding balance on the bank loan have been settled.
HSBC Invoice Finance (UK) LTD has a fixed and floating charge over the company which was registered on 19th August 2022. The charges are over all the assets and undertaking of Love Cocoa Ltd. The charges will be settled upon expiry of the security period and any outstanding balance has been settled.

Page 12

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
49,000
232,572

49,000
232,572


The following liabilities were secured:

2024
2023
£
£



Bank loans
49,000
232,572

49,000
232,572

Details of security provided:

HSBC UK Bank PLC has a fixed and floating charge over the company which was registered on 16th September 2022. The charges are over all the assets and undertaking of Love Cocoa Ltd. The charges will be settled once the outstanding balance on the bank loan have been settled.
HSBC Invoice Finance (UK) LTD has a fixed and floating charge over the company which was registered on 19th August 2022. The charges are over all the assets and undertaking of Love Cocoa Ltd. The charges will be settled upon expiry of the security period and any outstanding balance has been settled.


12.


Deferred taxation




2024


£






At beginning of year
(11,559)


Charged to profit or loss
3,637



At end of year
(7,922)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(7,922)
(11,559)

(7,922)
(11,559)

Page 13

 
LOVE COCOA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Pension commitments

The Company contributes into defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,867 (2023 - £12,740). Contributions totaling £2,270 (2023 - £3,275) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 14