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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
Page
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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
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Islands Chocolate Limited Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
9,600 
14,400 
Tangible assets
47,208 
70,260 
56,808 
84,660 
Current assets
Inventories
1,180,307 
867,588 
Debtors
1,545,821 
1,020,557 
Cash at bank and in hand
91,231 
92,672 
2,817,359 
1,980,817 
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)
Capital and reserves
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
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Islands Chocolate Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
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
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
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:
Land & buildings
20%
Plant & machinery
25%
Motor vehicles
25%
Fixtures & fittings
20%
Computer equipment
25%
Stock
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred taxation
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.
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Islands Chocolate Limited Notes to the Accounts for the year ended 31 December 2024
Leased assets
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.
Pension costs
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.
Foreign exchange
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 
£ 
Cost
At 1 January 2024
24,000 
At 31 December 2024
24,000 
Amortisation
At 1 January 2024
9,600 
Charge for the year
4,800 
At 31 December 2024
14,400 
Net book value
At 31 December 2024
9,600 
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 
Depreciation
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 
Net book value
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 
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Islands Chocolate Limited Notes to the Accounts for the year ended 31 December 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
83,869 
36,274 
Trade debtors
627,535 
419,520 
Accrued income and prepayments
12,640 
- 
Other debtors
300,603 
154,450 
1,024,647 
610,244 
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 
Accruals
1,800 
1,250 
279,373 
145,892 
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 
3,416,726 
2,610,421 
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).
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