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Registered number: 07829948
LOLA'S CUPCAKES (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
COMPANY INFORMATION
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Hillsdown House 1st Floor
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Chartered Accountants & Statutory Auditor
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
CONTENTS
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Independent Auditors' Report
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Consolidated Statement of Comprehensive Income
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Consolidated Statement of Financial Position
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Company Statement of Financial Position
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Notes to the Financial Statements
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Lola's Cupcakes (Holdings) Limited heads a group that is a manufacturer of high-quality fresh cakes, cupcakes, brownies and cheesecakes which are sold through our UK stores or through our successful and growing online sales platform.
The business has achieved strong historic sales growth through its reputation of providing high-quality, innovative fresh product, and has continued to expand its offering by investing behind and developing a strong online platform and distribution network.
The Group continued growth reflects its reputation for providing premium quality celebration cakes and cupcakes through its high-profile stores and its strong online platform. The business has also seen growth in its “mailed” business, principally brownies and following on from the introduction of mailed cupcakes we are now seeing further success with mailed cakes.
As reported in the Business Review (below) both our retail and online businesses remain profitable and cash generative.
The businesses retail outlets have returned to pre-Covid levels, and our online business has continued to grow on the successful base that was established during Covid. Our current forecasts show we continue to make positive returns and be cash generative.
Based on these forecasts and together with the support of its holding company the directors have a reasonable expectation that the Group will have adequate resources to meet its financial obligations as they fall due for the foreseeable future, and hence they continue to adopt the going concern basis of accounting in preparing the financial statements.
Following a successful 2023 as the Group returned to normal after covid lockdowns and an uncertain business environment, the Group has had a successful 2024 as well, with sales growing by 5.46% to £26,734,864. With careful control of input costs, gross profit increased to 61.5%, from 60.9%, and despite labour cost increases the Group almost tripled pre-tax profits to £2,010,106 and EBITDA increased by 41.4% to £2,640,648, representing 9.88% of sales.
Though Next Day Solar, our renewable energy business which commenced trading in 2021 saw sales increase to £566,013 from the £479,968 delivered in 2023, the company continued to be loss making. As the directors could not see the business attain the necessary sales volumes in the foreseeable future to deliver meaningful profits the decision was taken to close the business.
The directors of the Group consider the performance and current growth of the business to be successful, and after a positive start to 2025 as we see further growth in our online business and pre-Covid activity levels in our stores, the directors look forward to another successful year.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Principal risks and uncertainties
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The Directors are constantly reviewing potential risks to the business and see the following as principal risks going forward:
We are currently seeing price rises and volatility in many of our edible raw materials, labour costs and utility prices. Though our ingredients are predominantly sourced from overseas suppliers, the business principally buys in £ sterling, with the price being impacted by foreign currency movements.
The risk of both currency movement and underlying price rises is mitigated as far as possible by the placing of frequent forward contracts with major suppliers to reduce risk as far as possible of any large movements in raw material pricing.
In these uncertain times, continuing liquidity is a key risk to all businesses and the directors manage the business to ensure it continues to be cash generative. The Group ended the year with £1,284,165 of cash, with no borrowings and has access to an overdraft facility of £350,000 to give the business sufficient flexibility and headroom to meet day to day requirements whilst also planning for future development.
Other risks which Management believe could seriously impact on the performance of the business, include a decline in city centre footfall, as working from home becomes more entrenched, the loss of a major raw material supplier or continuing pressure on sugarbased products. Management believes it has sufficient awareness of all possible major risks to manage the Group successfully through any impact of these risks.
Financial key performance indicators
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The Directors consider that the Group's Key Performance Indicators (KPI's) are set out in the Business Review above.
We continue to invest in innovative designs and products, promotional activity and web development to raise brand awareness and drive online sales. We also continue to extend our geographic coverage beyond our traditional South East market.
This report was approved by the board and signed on its behalf.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activity of the Company continued to be that of a non-trading company. The principal activity of the Group continued to be the manufacture and sale of high quality fresh cakes, cupcakes, brownies, and cheese cakes which are sold through our stores or through our successful and growing online sales platform.
The profit for the year, after taxation, amounted to £1,533,269 (2023 - £519,115).
Ordinary dividends of £NIL (2023 - £NIL) were paid in the year.
The directors who served during the year were:
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Engagement with employees
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The group's policy is to consult and discuss with employees, including at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the Group's performance.
The directors see the retention and training of employees to be a key driver to the future growth of the business and accordingly offer training, both work related and extra curricular, to ensure employees remain motivated and committed to the Group.
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the Group continues and that the appropriate training is arranged. It is the policy of the Group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Matters covered in the Group Strategic Report
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The Directors have chosen, in accordance with s414C of the Companies Act, to disclose the information relating to principal risk and uncertanties, review of the business, key performance indicators and future developments in the Strategic Report.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOLA'S CUPCAKES (HOLDINGS) LIMITED
We have audited the financial statements of Lola's Cupcakes (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOLA'S CUPCAKES (HOLDINGS) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOLA'S CUPCAKES (HOLDINGS) LIMITED (CONTINUED)
Responsibilities of directors
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As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOLA'S CUPCAKES (HOLDINGS) LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiring of management and those charged with governance around actual and potential litigation and claims;
∙Enquiring of management and those charged with governance to identify any instances of non-compliance with laws and regulations;
∙Reviewing board meeting minutes for all meetings taking place throughout the year and indeed up until the date of signature of these financial statements;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing the general ledger in detail for all transactions with related parties;
∙Performing walkthrough testing to ensure systems and controls are operating as recorded, where appropriate.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LOLA'S CUPCAKES (HOLDINGS) LIMITED (CONTINUED)
that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Nick Bishop FCA (Senior Statutory Auditor)
for and on behalf of
BKL Audit LLP
Chartered Accountants
Statutory Auditor
London
26 June 2025
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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Interest receivable and similar income
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Profit for the financial year
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Total comprehensive income for the year
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Profit for the year attributable to:
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Owners of the parent Company
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There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.
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The notes on pages 20 to 36 form part of these financial statements.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
REGISTERED NUMBER: 07829948
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Equity attributable to owners of the parent Company
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
REGISTERED NUMBER: 07829948
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 36 form part of these financial statements.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
REGISTERED NUMBER: 07829948
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Profit and loss account brought forward
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Profit and loss account carried forward
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
REGISTERED NUMBER: 07829948
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 20 to 36 form part of these financial statements.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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The notes on pages 20 to 36 form part of these financial statements.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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The notes on pages 20 to 36 form part of these financial statements.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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(Increase)/decrease in stocks
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Corporation tax (paid)/received
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Purchase of unlisted and other investments
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Net cash from investing activities
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 20 to 36 form part of these financial statements.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is a private company limited by shares and registered in England and Wales. The Company's registered number and registered office address can be found on the Company Information page.
The principal activity of the Company continued to be that of a non-trading company. The principal activity of the Group continued to be the manufacture and sale of high quality fresh cakes, cupcakes, brownies, and cheesecakes which are sold through our stores or through our successful and growing online sales platform.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
The directors continue to assess the Group’s ongoing operations, working capital needs and access to external financing from bank facilities, or through the continued support from the Group's major shareholder. On the basis of this assessment, and having reviewed the results of the period to date and short and medium term forecasts, the directors have a reasonable expectation that the Group has adequate resources to meet its liabilities as they fall due, for at least twelve months from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:
Sales of goods
Revenue generated online and in-store are both recognised at the point of sale, when the order is placed or when the goods change hands, respectively.
Rendering of services
Revenue from the rendering of services is recognised once the service has been provided.
Other operating income includes electric vehicle grants and licence fees for the use of the Lola's brand by International franchisees.
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Operating leases: the Group as lessee
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Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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 are as follows:
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.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
Fixed asset investments are measured at cost less accumulated impairment.
Investments in subsidiaries are measured at cost less accumulated impairment.
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 weighted average basis.
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.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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Provisions for liabilities
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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 charged as an expense to profit or loss.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Group only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, 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 receipts discounted at a market rate of interest.
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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenes and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the tangible assets, and accounting policy note 2.11 for the useful economic lives of each class of asset.
Dilapidation provision
The leasehold dilapidation provision is an estimate of the cost of work required to be performed at the end of the lease, to return the leasehold property to the condition it was in at the commencement of the lease term. The estimated value of this work is reassessed annually and is amended when necessary to reflect any further changes made to the leasehold property or changes in estimated costs during the year. See note 19 for the carrying amount of the dilapidation provision.
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An analysis of turnover by class of business is as follows:
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Sales of cupcakes and cakes
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Sustainable energy sales and services rendered
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Analysis of turnover by country of destination:
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The operating profit is stated after charging:
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Other operating lease rentals
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During the year, the Group obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
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Fees payable to the Company's auditors in respect of:
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The auditing of accounts of associates of the Company
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Taxation compliance services
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Remuneration for qualifying services
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £189,492 (2023 - £209,601).
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The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).
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The total accrued pension provision of the highest paid director at 31 December 2024 amounted to £257 (2023 - £257).
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Utilisation of tax losses
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Other timing differences leading to an increase (decrease) in taxation
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Profit and loss on sale of fixed assets
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Deferred tax adjustment relating to prior period
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Assessed loss carried forward from discontinued operations
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Total tax charge for the year
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
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Licenses and web platforms
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During the year the Company continued the in-house development of its new online website, based on a “Shopify” platform to replace its existing hosted platform. No amortisation has been provided on the new site, which is expected to go live in Q1 2025. The existing web site, which is fully amortised will be written off once the new site is fully operational. Accordingly, no amortisation has been provided in the current year.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Other fixed asset investments
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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Hillsdown House 1st Floor, 32 Hampstead High Street, London, NW3 1QD
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Lola's Cupcakes (International) Limited
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Hillsdown House 1st Floor, 32 Hampstead High Street, London, NW3 1QD
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Hillsdown House 1st Floor, 32 Hampstead High Street, London, NW3 1QD
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The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Lola's Cupcakes (International) Limited
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Next Day Solar Limited is exempt from audit under S479A of the Companies Act 2006 by way of having received a parent company guarantee under S479C.
Next Day Solar Limited is currently in the process of being struck off.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The difference between purchase price or production cost of stocks and their replacement cost is not material.
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The carrying value of stocks are stated net of impairment losses totalling £NIL (2023 - £NIL). Impairment losses totalling £NIL (2023 - £NIL) were recognised in profit and loss.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, do not bear interest and are repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, do not bear interest and are repayable on demand.
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Creditors: Amounts falling due after more than one year
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The loan has been settled during the 2024 period.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charged to profit or loss
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Accelerated capital allowances
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Allotted, called up and fully paid
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680,000 (2023 - 680,000) Deferred shares of £0.001 each
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120,000 (2023 - 120,000) Ordinary, non-redeemable shares of £0.001 each
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8,648 (2023 - 8,650) A ordinary (growth) shares of £0.001 each
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
20.Share capital (continued)
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The deferred shares do not confer entitlement to attend or vote at any general meeting of the Company, nor do they confer entitlement to any participation in the profits or assets of the Company.
The ordinary shares contain full rights in respect of attendance and voting rights at general meetings, dividends and capital distributions. Dividend rights are subject to there being available profits after the payment of the preferred dividend, and are subject to certain criteria being met, as defined in the Company's articles.
The A ordinary shares contain full rights in respect of dividends and capital distributions, and A ordinary shareholders are entitled to attend and vote at any general meeting of the Company once certain conditions are met, as set out in the Company's articles. Dividend rights are subject to certain criteria being met, as defined in the Company's articles. The 8,648 A Ordinary (growth) shares of £0.001 each were issued for a price of £14.46 each. An amount of £9 was partly paid and £125,074 remains unpaid at the year end date.
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Share premium account
Includes amounts paid for share capital over the nominal value of the shares.
Profit and loss account
The profit and loss account represents total undistributed profits less losses.
During the year one of the subsidiary companies, Next Day Solar Limited, ceased trading and the directors plan to liquidate the company. Therefore the results of Next Day Solar Limited have been shown as discontinued operations in these financial statements.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £161,048 (2023 - £143,223) were paid to the fund during the year. Contributions totalling £43,272 (2023 - £38,444) were payable to the fund at the reporting date and are included in creditors.
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Commitments under operating leases
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At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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25.Other financial commitments
At the year end, the Group had entered into 4 forward contracts at a cost of £331,621. The impact of the forward contract is deemed to be immaterial and is not included within the financial statements.
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Transactions with directors
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At the year end, an amount of £125,083 (2023 - £125,083) was owed by A Budwig to the Group. The amount is unsecured, does not bear interest and is repayable on demand.
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Related party transactions
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The Company has taken advantage of the exemption conferred by FRS 102 section 33.1 A from the requirement to disclose transactions with other wholly owned group undertakings.
Refer to note 8 for details of directors' remuneration paid to those charged with governance.
The Company paid management charges to a business in which a key member of the management personnel of the Company has a controlling interest. Fees incurred amounted to £160,192 (2023 - £180,000).
The Company paid consultancy fees to a business in which a key member of the management personnel of the Company has a controlling interest. Fees incurred amounted to £20,000 (2023 - £20,000).
The Company paid consultancy fees to a shareholder of the controlling party. Fees incurred amounted to £30,000 (2023 - £30,000).
At the year end, an amount of £252,357 (2023 - £251,654) was owed by a key member of the management personnel of the parent company to the Company. Interest income of £5,000 (2023 - £14,033) was received from the same related party. The amount owed includes advances of £50,000 made on 11 October 2021, £100,000 made on 10 January 2022, £50,000 made on 15 March 2022 and £50,000 made on 17 June 2022 at a commercial rate of 2% per annum.
Loan capital payable by the Company and the Group, and shown within creditors falling due after more than one year, is from a company in which the major shareholder has a controlling interest. At the balance sheet date the total loan amount outstanding was £NIL (2023 - £377,593).
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LOLA'S CUPCAKES (HOLDINGS) LIMITED
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