Company registration number 02707330 (England and Wales)
THE FINE CONFECTIONERY CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
THE FINE CONFECTIONERY CO. LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
THE FINE CONFECTIONERY CO. LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE FINE CONFECTIONERY CO. LIMITED FOR THE YEAR ENDED 31 JULY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Fine Confectionery Co. Limited for the year ended 31 July 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Fine Confectionery Co. Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Fine Confectionery Co. Limited and state those matters that we have agreed to state to the Board of Directors of The Fine Confectionery Co. Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Fine Confectionery Co. Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that The Fine Confectionery Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Fine Confectionery Co. Limited. You consider that The Fine Confectionery Co. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Fine Confectionery Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Moore Northern Home Counties Limited
Chartered Accountants
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
29 April 2025
THE FINE CONFECTIONERY CO. LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
253
378
Tangible assets
4
30,756
40,353
31,009
40,731
Current assets
Stocks
228,501
347,989
Debtors
5
441,863
513,321
Cash at bank and in hand
256,447
197,511
926,811
1,058,821
Creditors: amounts falling due within one year
6
(699,999)
(751,145)
Net current assets
226,812
307,676
Total assets less current liabilities
257,821
348,407
Creditors: amounts falling due after more than one year
7
(66,713)
(116,733)
Provisions for liabilities
(5,383)
(7,470)
Net assets
185,725
224,204
Capital and reserves
Called up share capital
10
2
2
Profit and loss reserves
185,723
224,202
Total equity
185,725
224,204
THE FINE CONFECTIONERY CO. LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2024
31 July 2024
- 3 -

For the financial year ended 31 July 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 29 April 2025 and are signed on its behalf by:
Mrs Z  Mitchell
Director
Company registration number 02707330 (England and Wales)
THE FINE CONFECTIONERY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information

The Fine Confectionery Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Mead Business Centre, Mead Lane, Hertford, Hertfordshire, SG13 7BJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a customer list in 2009, has been amortised evenly over its estimated useful life of three years.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website costs
amortised evenly over 3 years
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% on cost and 25% on reducing balance
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition..

THE FINE CONFECTIONERY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE FINE CONFECTIONERY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
11
13
THE FINE CONFECTIONERY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 August 2023 and 31 July 2024
20,000
2,800
22,800
Amortisation and impairment
At 1 August 2023
20,000
2,422
22,422
Amortisation charged for the year
-
0
125
125
At 31 July 2024
20,000
2,547
22,547
Carrying amount
At 31 July 2024
-
0
253
253
At 31 July 2023
-
0
378
378
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2023
98,039
227,252
325,291
Additions
-
0
570
570
At 31 July 2024
98,039
227,822
325,861
Depreciation and impairment
At 1 August 2023
96,078
188,860
284,938
Depreciation charged in the year
482
9,685
10,167
At 31 July 2024
96,560
198,545
295,105
Carrying amount
At 31 July 2024
1,479
29,277
30,756
At 31 July 2023
1,961
38,392
40,353
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
348,480
155,008
Corporation tax recoverable
-
0
7,297
Other debtors
93,383
351,016
441,863
513,321
THE FINE CONFECTIONERY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
50,000
50,000
Trade creditors
516,545
481,880
Taxation and social security
57,502
45,772
Other creditors
75,952
173,493
699,999
751,145

A fixed and floating charge was created on 17th June 2020 in respect of the loan from Barclays Bank Plc, which covers the property and undertaking, with the persons entitled being Barclays Security Trustee Limited.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
66,713
116,733
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
57,559
70,554
Between two and five years
123,500
249,151
In over five years
92,625
123,500
273,684
443,205
9
Financial instruments

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Financial assets measured at fair value measured through the profit and loss account as at 31 July 2024 comprises forward foreign exchange contracts totalling £nil (2023: £1,273).

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
THE FINE CONFECTIONERY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
11
Related party transactions

The following loans from/(to) directors subsisted during the years ended 31 July 2024 and 31 July 2023:

This is an interest free loan which is repayable on demand.

2024

2023

£

£

Mr & Mrs Mitchell

Balance outstanding at start of year

91,648

89,044

Balance outstanding at end of year

23,654

91,648

Maximum balance outstanding during year

91,648

136,208

 

During the year, total dividends of £nil (2023: £116,000) were paid to the directors.

 

During the year rent of £29,809 (2023: £24,712) was invoiced by The Fine Confectionery Retirement Benefit Scheme for the use of Unit 19 Mead Lane by the company and this is considered to be the full market rate. The remaining term of the lease is eight years.

 

During the year rent of £62,219 (2023: £55,862) was invoiced by Mr and Mrs Mitchell, the company directors, for the use of Units 20, 23 & 24 Mead Lane.The remaining term of the lease on units 23 and 24 is three years. The lease has not been renewed yet for unit 20.

12
Parent company

The company is under the joint control of Mr A Mitchell and Mrs Z J Mitchell.

13
Other Financial Commitments

At 31 July 2024, the company was committed to forward foreign exchange deals to the value of £nil (2023: £71,557).

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