Company Registration No. 11050914 (England and Wales)
Islands Chocolate Limited
Unaudited accounts
for the year ended 31 December 2024
Islands Chocolate Limited
Unaudited accounts
Contents
Islands Chocolate Limited
Company Information
for the year ended 31 December 2024
Directors
Wilfred Marriott
Henry Marriott
Alexander Millar
Company Number
11050914 (England and Wales)
Registered Office
Unit 16
2 Linford Street
London
SW8 4AB
England
Accountants
AGL Tax Solutions LLP
2A Station Yard
Haddington
East Lothian
EH41 3PP
Islands Chocolate Limited
Statement of financial position
as at 31 December 2024
Intangible assets
9,600
14,400
Tangible assets
47,208
70,260
Inventories
1,180,307
867,588
Debtors
1,545,821
1,020,557
Cash at bank and in hand
91,231
92,672
Creditors: amounts falling due within one year
(279,373)
(145,892)
Net current assets
2,537,986
1,834,925
Total assets less current liabilities
2,594,794
1,919,585
Creditors: amounts falling due after more than one year
(3,416,726)
(2,610,421)
Net liabilities
(821,932)
(690,836)
Called up share capital
2,024
1,000
Share premium
1,353,626
999,900
Profit and loss account
(2,177,582)
(1,691,736)
Shareholders' funds
(821,932)
(690,836)
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 April 2025 and were signed on its behalf by
Henry Marriott
Director
Company Registration No. 11050914
Islands Chocolate Limited
Notes to the Accounts
for the year ended 31 December 2024
Islands Chocolate Limited is a private company, limited by shares, registered in England and Wales, registration number 11050914. The registered office is Unit 16, 2 Linford Street , London, SW8 4AB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts have been prepared on a going concern basis. After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to maintain operational existence for the foreseeable future. Furthermore, they have expressed their willingness to continue supporting the business and have no intention of calling in the loans they have advanced, which totalled £2,493,597 on 31 December 2024, as disclosed in note 8.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
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 accounts. 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.
Islands Chocolate Limited
Notes to the Accounts
for the year ended 31 December 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Intangible fixed assets
Other
At 31 December 2024
24,000
At 31 December 2024
14,400
At 31 December 2023
14,400
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2024
71,296
18,128
40,317
23,799
7,872
161,412
Additions
-
118
-
2,455
8,450
11,023
At 31 December 2024
71,296
18,246
40,317
26,254
16,322
172,435
At 1 January 2024
33,235
16,753
24,432
11,839
4,893
91,152
Charge for the year
14,259
1,388
10,079
5,368
2,981
34,075
At 31 December 2024
47,494
18,141
34,511
17,207
7,874
125,227
At 31 December 2024
23,802
105
5,806
9,047
8,448
47,208
At 31 December 2023
38,061
1,375
15,885
11,960
2,979
70,260
Islands Chocolate Limited
Notes to the Accounts
for the year ended 31 December 2024
Amounts falling due within one year
Trade debtors
627,535
419,520
Accrued income and prepayments
12,640
-
Other debtors
300,603
154,450
Amounts falling due after more than one year
Other debtors
521,174
410,313
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
250,897
133,756
Taxes and social security
20,766
8,698
Other creditors
5,910
2,188
8
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
2,307,189
1,528,323
Loans from directors
1,109,537
1,082,098
Other creditors includes amounts of £1,384,060 due to a director of the company.
9
Average number of employees
During the year the average number of employees was 13 (2023: 8).