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Company No: 04007392 (England and Wales)

CHOCOLATE FROG RECORD COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 MAY 2024 TO 14 MARCH 2025
PAGES FOR FILING WITH THE REGISTRAR

CHOCOLATE FROG RECORD COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 MAY 2024 TO 14 MARCH 2025

Contents

CHOCOLATE FROG RECORD COMPANY LIMITED

BALANCE SHEET

AS AT 14 MARCH 2025
CHOCOLATE FROG RECORD COMPANY LIMITED

BALANCE SHEET (continued)

AS AT 14 MARCH 2025
Note 14.03.2025 30.04.2024
£ £
Fixed assets
Tangible assets 3 0 4,422
0 4,422
Current assets
Stocks 0 80,782
Debtors 4 664,810 10,134
Cash at bank and in hand 2,117,424 1,095,989
2,782,234 1,186,905
Creditors: amounts falling due within one year 5 ( 408,607) ( 78,968)
Net current assets 2,373,627 1,107,937
Total assets less current liabilities 2,373,627 1,112,359
Provision for liabilities 0 ( 840)
Net assets 2,373,627 1,111,519
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 2,373,527 1,111,419
Total shareholders' funds 2,373,627 1,111,519

For the financial period ending 14 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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: 04007392) were approved and authorised for issue by the Board of Directors on 28 March 2025. They were signed on its behalf by:

Mr D Dick
Director
CHOCOLATE FROG RECORD COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 MAY 2024 TO 14 MARCH 2025
CHOCOLATE FROG RECORD COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 MAY 2024 TO 14 MARCH 2025
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Reporting period length

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for royalty fees, merchandise and ticket sales 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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

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.

2. Employees

Period from
01.05.2024 to
14.03.2025
Year ended
30.04.2024
Number Number
Monthly average number of persons employed by the Company during the period, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2024 23,534 23,534
Disposals ( 23,534) ( 23,534)
At 14 March 2025 0 0
Accumulated depreciation
At 01 May 2024 19,112 19,112
Charge for the financial period 921 921
Disposals ( 20,033) ( 20,033)
At 14 March 2025 0 0
Net book value
At 14 March 2025 0 0
At 30 April 2024 4,422 4,422

4. Debtors

14.03.2025 30.04.2024
£ £
Trade debtors 132,051 3,341
Other debtors 532,759 6,793
664,810 10,134

5. Creditors: amounts falling due within one year

14.03.2025 30.04.2024
£ £
Trade creditors 9,229 34,019
Taxation and social security 394,234 12,769
Other creditors 5,144 32,180
408,607 78,968

6. Called-up share capital

14.03.2025 30.04.2024
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

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.