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Registered number: 10735793










CHOCLEYS LIMITED










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

 
CHOCLEYS LIMITED
REGISTERED NUMBER: 10735793

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
-
-

Tangible assets
 6 
177,021
175,659

  
177,021
175,659

Current assets
  

Stocks
 7 
640,234
575,122

Debtors: amounts falling due within one year
 8 
368,901
413,107

Cash at bank and in hand
  
39,741
25,535

  
1,048,876
1,013,764

Creditors: amounts falling due within one year
 9 
(825,999)
(916,558)

Net current assets
  
 
 
222,877
 
 
97,206

Total assets less current liabilities
  
399,898
272,865

Provisions for liabilities
  

Deferred tax
 10 
(28,690)
(26,025)

Net assets
  
371,208
246,840


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
371,207
246,839

  
371,208
246,840


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 on 16 April 2025.




G Connah
Director
Page 1

 
CHOCLEYS LIMITED
REGISTERED NUMBER: 10735793
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024


The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
CHOCLEYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Chocleys Limited is a private company limited by shares, incorporated in England and Wales (registered number: 10735793). Its registered office address is Mitre House Duttons Way, Shadsworth Business Park, Blackburn, BB1 2QR. The principal activity of the Company throughout the year continued to be that of the manufacture of confectionery.

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 company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Confections Limited as at 31 July 2024 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The directors have made an assessment of the Company's ability to continue as a going concern for a period of at least 12 months from the date on which the financial statements were approved for release. As a result of their assessment they consider that the company is able to continue to operate as a going concern and that is is appropriate to prepare the financial statements on a going concern basis.
The directors have also indicated their intention to continue supporting the Company for the foreseeable future and therefore it is considered a going concern.

Page 3

 
CHOCLEYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.6

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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CHOCLEYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income.

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.

 
2.9

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:

Goodwill
-
5
years

 
2.10

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 straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
1 - 10 years
Fixtures and fittings
-
3 years
Computer equipment
-
1 - 3 years

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.

Page 5

 
CHOCLEYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.11

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 reporting 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.

 
2.12

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.

 
2.13

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets and liabilities are offset, and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
CHOCLEYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgements:

Determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit.

Determine whether stock balances are valued correctly, which is required and is based on up to date trading information. The directors use their knowledge of the business, the trading environment and future projections to assess whether provision is necessary in these areas.

Determine whether leases entered by the Company either as a lessor or lessee are operating leases or finance leases. These decisions depend on the assessment of whether the risk and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.


4.


Employees

The average monthly number of employees, including directors, during the year was 34 (2023 - 35).


5.


Intangible assets




Goodwill

£



Cost


At 1 August 2023
9,313



At 31 July 2024

9,313



Amortisation


At 1 August 2023
9,313



At 31 July 2024

9,313



Net book value



At 31 July 2024
-



At 31 July 2023
-



Page 7

 
CHOCLEYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 August 2023
734,411
1,668
6,409
742,488


Additions
56,998
3,395
2,028
62,421



At 31 July 2024

791,409
5,063
8,437
804,909



Depreciation


At 1 August 2023
561,137
1,117
4,575
566,829


Charge for the year on owned assets
57,457
1,510
2,092
61,059



At 31 July 2024

618,594
2,627
6,667
627,888



Net book value



At 31 July 2024
172,815
2,436
1,770
177,021



At 31 July 2023
173,274
551
1,834
175,659

Page 8

 
CHOCLEYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Stocks

2024
2023
£
£

Raw materials
353,555
266,445

Work in progress
46,761
4,931

Finished goods and goods for resale
239,918
303,746

640,234
575,122



8.


Debtors

2024
2023
£
£


Trade debtors
275,553
304,773

Other debtors
-
78

Prepayments and accrued income
93,348
108,256

368,901
413,107



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
317

Trade creditors
486,177
375,956

Amounts owed to group undertakings
153,007
374,882

Corporation tax
39,373
23,347

Other taxation and social security
44,664
38,128

Other creditors
22,503
12,861

Accruals and deferred income
80,275
91,067

825,999
916,558


Amounts owed to group undertakings are secured by way of a fixed and floating charge in favour of Stockley Sweets Limited.
The Company is subject to an unlimited multilateral guarantee in respect of fellow group companies.


10.


Deferred taxation

Page 9

 
CHOCLEYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
10.Deferred taxation (continued)




2024


£






At beginning of year
26,025


Charged to profit or loss
2,665



At end of year
28,690

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(33,991)
(31,398)

Short term timing differences
5,301
5,373

(28,690)
(26,025)


11.


Commitments under operating leases

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
75,000
75,000

Later than 1 year and not later than 5 years
186,164
261,370

261,164
336,370


12.


Related party transactions

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group.
During the year, rental and other property related charges totalling £75,745 (2023: £71,142) were paid to the self invested personal pensions (SIPP) of MN Adcock, the SIPP of G Connah and Applegarth Holdings in relation to the rental of land and buildings. At the year end, an amount of £nil. was outstanding (2023: £nil).

Page 10

 
CHOCLEYS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

13.


Controlling party

The immediate and ultimate parent undertaking is Confections Limited, a company registered in England and Wales.
The largest and smallest group of undertakings for which group accounts for the year ended 31 July 2024 have been drawn up is headed by Confections Limited. Copies of the group accounts are available at Companies House.
There is no overall controlling party of the company.

14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 July 2024 was unqualified.

The audit report was signed on 16 April 2025 by Howard Freeman BSc FCA (Senior Statutory Auditor) on behalf of Shorts.

 
Page 11