Company No:
Contents
Note | 14.03.2025 | 30.04.2024 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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0 | 4,422 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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2,782,234 | 1,186,905 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 2,373,627 | 1,107,937 | ||
Total assets less current liabilities | 2,373,627 | 1,112,359 | ||
Provision for liabilities |
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 6 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Chocolate Frog Record Company Limited (registered number:
Mr D Dick
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Chocolate Frog Record Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Johnston Carmichael LLP Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom.
The financial statements have been prepared under the historical cost convention in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
During the period the directors, having explored all available options to maintain and continue the trade of the Company, concluded that none of these options are viable and resolved that the Company would cease trading on 14 March 2025. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements, provisions for future costs of terminating the business, which were committed to at the balance sheet date and where the Company's assets have been sold to the shareholders at market value. The remaining assets at the Balance Sheet date represent their net realisable value.
The reporting period covers a period of 11 months. The directors note that the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery etc. |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Period from 01.05.2024 to 14.03.2025 |
Year ended 30.04.2024 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2024 |
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Disposals | (
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At 14 March 2025 |
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Accumulated depreciation | |||
At 01 May 2024 |
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Charge for the financial period |
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Disposals | (
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At 14 March 2025 |
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Net book value | |||
At 14 March 2025 |
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At 30 April 2024 |
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14.03.2025 | 30.04.2024 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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14.03.2025 | 30.04.2024 | ||
£ | £ | ||
Trade creditors |
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Taxation and social security |
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Other creditors |
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14.03.2025 | 30.04.2024 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
14.03.2025 | 30.04.2024 | ||
£ | £ | ||
Amounts owed by/(from) Directors | 30,907 | (25,745) |
At the year end, advances of £30,907 were made to the director. No interest has been charged as the advance was outstanding for less than 30 days. The balance was repaid in full shortly following the year end.