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REGISTRAR OF COMPANIES

Registration number: 13823297

The Toffee Shop Limited

Unaudited Financial Statements

30 September 2024

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The Toffee Shop Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Toffee Shop Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Toffee Shop Limited for the year ended 30 September 2024 as set out on pages 2 to 10 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Toffee Shop Limited, as a body, in accordance with the terms of our engagement letter dated 25 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of The Toffee Shop Limited and state those matters that we have agreed to state to the Board of Directors of The Toffee Shop 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 Toffee Shop Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Toffee Shop Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Toffee Shop Limited. You consider that The Toffee Shop 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 accounts of The Toffee Shop 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 accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

8 April 2025

 

The Toffee Shop Limited

(Registration number: 13823297)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

654,632

707,354

Tangible assets

5

14,242

19,269

 

668,874

726,623

Current assets

 

Stocks

50,796

60,109

Debtors

6

58,626

49,405

Cash at bank and in hand

 

115,919

76,416

 

225,341

185,930

Creditors: Amounts falling due within one year

7

(840,196)

(888,838)

Net current liabilities

 

(614,855)

(702,908)

Total assets less current liabilities

 

54,019

23,715

Provisions for liabilities

(2,897)

(3,750)

Net assets

 

51,122

19,965

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

51,022

19,865

Total equity

 

51,122

19,965

 

The Toffee Shop Limited

(Registration number: 13823297)
Balance Sheet as at 30 September 2024 (continued)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 April 2025
 

.........................................

K A Graves

Director

 

The Toffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wood Lee
Beacon Edge
PENRITH
CA11 8BN

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 30 September 2024 and meets its day to day working capital requirements through its directors loan which, in common with all such facilities, is repayable on demand. On the basis of this support, the director consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its director, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

The Toffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other 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 reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and office equipment

25% reducing balance and 3 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

15 years straight line

 

The Toffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

The Toffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2023 - 14).

 

The Toffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

790,831

790,831

At 30 September 2024

790,831

790,831

Amortisation

At 1 October 2023

83,477

83,477

Amortisation charge

52,722

52,722

At 30 September 2024

136,199

136,199

Carrying amount

At 30 September 2024

654,632

654,632

At 30 September 2023

707,354

707,354

5

Tangible assets

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 October 2023

28,444

28,444

At 30 September 2024

28,444

28,444

Depreciation

At 1 October 2023

9,175

9,175

Charge for the year

5,027

5,027

At 30 September 2024

14,202

14,202

Carrying amount

At 30 September 2024

14,242

14,242

At 30 September 2023

19,269

19,269

 

The Toffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

57,930

44,936

Other debtors

696

4,469

58,626

49,405

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

774,256

831,856

Trade creditors

 

12,580

14,258

Taxation and social security

 

21,566

21,832

Corporation tax liability

 

26,914

16,121

Other creditors

 

4,880

4,771

 

840,196

888,838

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

774,256

831,856

 

The Toffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

9

Transition to FRS 102

For the year ended 30 September 2024, the company is no longer eligible to prepare financial statements in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. As such the financial statements have been prepared in accordance with FRS 102, involving a full retrospective restatement of assets and liabilities from the transition date, 1 October 2022. The only transition adjustment being the inclusion of a deferred tax liability, as follows:

Balance Sheet at 1 October 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

(3,573)

(3,573)

Capital and reserves

Profit and loss account

12,656

-

(3,573)

9,083

Balance Sheet at 30 September 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Provisions for liabilities

-

-

(3,750)

(3,750)

Capital and reserves

Profit and loss account

23,615

-

(3,750)

19,865