R Chocolate Limited

R Chocolate Limited

R CHOCOLATE LIMITED - Company Information

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Company Registration No. 06612844 (England and Wales)
R Chocolate Limited Unaudited accounts for the year ended 31 December 2018
R Chocolate Limited Unaudited accounts Contents
Page
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R Chocolate Limited Company Information for the year ended 31 December 2018
Directors
Heather Frances Blackman Sir Evelyn Robert Adrian De Rothschild Lady Lynn Forester De Rothschild Benjamin William Elliot
Company Number
06612844 (England and Wales)
Registered Office
198, Ebury Street Belgravia London SW1W 8UN England
Accountants
Fusion Accountants Limited Quest House 125 - 135 Staines Road Hounslow Middlesex TW3 3JB
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R Chocolate Limited Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of R Chocolate Limited for the year ended 31 December 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R Chocolate Limited for the year ended 31 December 2018 as set out on pages 5 - 8 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 icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 7/16 as detailed at icaew.com/compilation.
Fusion Accountants Limited Chartered Accountants Quest House 125 - 135 Staines Road Hounslow Middlesex TW3 3JB 22 March 2019
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R Chocolate Limited Statement of financial position as at 31 December 2018
2018 
2017 
Notes
£ 
£ 
Fixed assets
Intangible assets
4
1,302 
1,482 
Tangible assets
5
443,963 
492,965 
445,265 
494,447 
Current assets
Inventories
6
10,405 
10,501 
Debtors
7
71,395 
117,584 
Cash at bank and in hand
24,332 
31,757 
106,132 
159,842 
Creditors: amounts falling due within one year
8
(3,912,896)
(3,337,170)
Net current liabilities
(3,806,764)
(3,177,328)
Net liabilities
(3,361,499)
(2,682,881)
Capital and reserves
Called up share capital
9
2,968 
2,968 
Share premium
818,032 
818,032 
Profit and loss account
(4,182,499)
(3,503,881)
Shareholders' funds
(3,361,499)
(2,682,881)
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 22 March 2019.
Benjamin William Elliot Director Company Registration No. 06612844
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R Chocolate Limited Notes to the Accounts for the year ended 31 December 2018
1
Statutory information
R Chocolate Limited is a private company, limited by shares, registered in England and Wales, registration number 06612844. The registered office is 198, Ebury Street, Belgravia, London, SW1W 8UN, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
20% straight line
Fixtures & fittings
10% straight line
Computer equipment
20% straight line
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Trademarks - 10% straight line
Going concern
The company is dependent on the continuing financial support of its bankers HSBC Private Bank (UK) Limited and its director Sir Evelyn de Rothschild, who has provided the company with loan finance and given personal guarantees to HSBC Private Bank (UK) Limited. The financial statements have been drawn up on going concern basis which assumes the company will continue to receive this financial support.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods sold during the year, exclusive of Value Added Tax and trade discounts.
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R Chocolate Limited Notes to the Accounts for the year ended 31 December 2018
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Stocks
Stocks are valued at the lower of cost and net realisable value. Stock includes raw ingredients to manufacture products, finished products and associated packaging materials.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 January 2018
1,800 
At 31 December 2018
1,800 
Amortisation
At 1 January 2018
318 
Charge for the year
180 
At 31 December 2018
498 
Net book value
At 31 December 2018
1,302 
At 31 December 2017
1,482 
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 January 2018
459,971 
175,951 
7,990 
448,124 
31,169 
1,123,205 
Additions
- 
7,909 
- 
3,730 
- 
11,639 
At 31 December 2018
459,971 
183,860 
7,990 
451,854 
31,169 
1,134,844 
Depreciation
At 1 January 2018
272,218 
110,932 
2,663 
228,742 
15,685 
630,240 
Charge for the year
18,775 
13,908 
2,663 
22,198 
3,097 
60,641 
At 31 December 2018
290,993 
124,840 
5,326 
250,940 
18,782 
690,881 
Net book value
At 31 December 2018
168,978 
59,020 
2,664 
200,914 
12,387 
443,963 
At 31 December 2017
187,753 
65,019 
5,327 
219,382 
15,484 
492,965 
6
Inventories
2018 
2017 
£ 
£ 
Raw materials
10,405 
10,501 
10,405 
10,501 
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R Chocolate Limited Notes to the Accounts for the year ended 31 December 2018
7
Debtors
2018 
2017 
£ 
£ 
Trade debtors
43,916 
57,398 
Accrued income and prepayments
- 
2,000 
Other debtors
27,479 
58,186 
71,395 
117,584 
8
Creditors: amounts falling due within one year
2018 
2017 
£ 
£ 
Bank loans and overdrafts
750,000 
750,000 
Trade creditors
80,629 
146,829 
Taxes and social security
8,043 
22,552 
Other creditors
5,985 
10,261 
Loans from directors
3,068,239 
2,384,739 
Accruals
- 
22,789 
3,912,896 
3,337,170 
9
Share capital
2018 
2017 
£ 
£ 
Allotted, called up and fully paid:
1,324 Ordinary shares of £1 each
1,324 
1,324 
636 Convertible ordinary shares of £1 each
636 
636 
1,008 Series 2 convertible ordinary shares of £1 each
1,008 
1,008 
2,968 
2,968 
10
Transactions with related parties
Sir Evelyn de Rothschild, who is a director and the company's controlling shareholder has provided the company with interest free loan finance. He has also given personal guarantees in respect of the company's bank loans. At 31 December 2018 the company owed Sir Evelyn de Rothschild £3,066,710 (2017: £2,383,210 ).
11
Average number of employees
During the year the average number of employees was 24 (2017: 27).
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