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Financial Statements for the Year Ended 31 December 2018 |
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Cooking Development Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2018 |
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for |
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Cooking Development Limited |
Cooking Development Limited (Registered number: 03929927) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Cooking Development Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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9 Exchange Place |
International Financial Services Centre |
Dublin 1 |
Ireland |
Cooking Development Limited (Registered number: 03929927) |
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Balance Sheet |
31 December 2018 |
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31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
signed on its behalf by: |
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Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Cooking Development Limited is a
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England and Wales. The company's registered number and registered office address can be |
found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about Cooking Development Limited as an |
individual company and do not contain consolidated financial information as the parent of a |
group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the |
requirements to prepare consolidated financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland', not to disclose related party transactions with wholly owned subsidiaries within the |
group. |
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Significant judgements and estimates |
When preparing the financial statements, management undertakes a number of judgements, |
estimates and assumptions about recognition and measurement of assets, liabilities, income |
and expenses. |
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Recoverability of Debtors |
The directors considered the recoverability of the trade debtors balance included in the |
balance sheet at 31 December 2017 of £474,445 (2016: £687,837). The directors have |
reviewed the individual debtors balances and expect the amounts to be recoverable. Based |
on these reviews, the directors are satisfed with the recoverability of the trade debtors |
balance due at the balance sheet date. |
Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover is recognised to the extent that it is probable that it is probable that the economic |
benefits will flow to the company and the revenue can be reliably measured. Revenue is |
measured at 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: |
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Licencing of Trademarks |
Revenue is initially recognised upon signature of the licensing contract with regular fees |
charged thereafter for continued use of trademarks. |
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Consultancy Services |
Revenue from Consultancy services is recognised as the service is provided. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Financial instruments are recognised in the company's balance sheet when the company |
becomes party to the contractual provisions of the instrument. |
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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. |
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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. |
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Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the |
contractual arrangements entered into. An equity instrument is any contract that evidences a |
residual interest in the assets of the company after deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including creditors, taxation, accruals and loans from fellow group |
companies 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. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate |
method. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the |
ordinary course of business from suppliers. Amounts payable 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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that |
have been enacted or substantively enacted by the balance sheet date. |
Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in |
periods different from those in which they are recognised in financial statements. Deferred |
tax is measured using tax rates and laws that have been enacted or substantively enacted |
by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it |
is probable that they will be recovered against the reversal of deferred tax liabilities or other |
future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the 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 transaction. Exchange differences |
are taken into account in arriving at the operating result. While the greater part of the |
company's revenues and expenses are denominated in Sterling, the company is exposed to |
some foreign exchange risk in the normal course of business. |
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The reporting currency of the company is the Pound Sterling (£) |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Fixed assets investments |
Fixed asset investments are stated at cost, less any provision for impairment. |
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Going concern |
After reviewing the company's forecasts and projections, the directors have a reasonable |
expectation that the company has adequate resources to continue in operational existence |
for the foreseeable future. Therefore the company continues to adopt the going concern |
basis in preparing its financial statements. |
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Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, |
unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
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The cost of any unused holiday entitlement is recognised in the period in which the |
employee’s services are received. |
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Termination benefits are recognised immediately as an expense when the company is |
demonstrably committed to terminate the employment of an employee or to provide |
termination benefits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | FIXED ASSET INVESTMENTS |
Interest |
in other |
participatin |
interests |
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COST |
At 1 January 2018 | 992,581 |
Additions | 2,000 |
At 31 December 2018 | 994,581 |
PROVISIONS |
At 1 January 2018 | 527,870 |
Provision for year | 1,770 |
At 31 December 2018 | 529,640 |
NET BOOK VALUE |
At 31 December 2018 | 464,941 |
At 31 December 2017 | 464,711 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income | ( |
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Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.18 | 31.12.17 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.18 | 31.12.17 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | POST BALANCE SHEET EVENTS |
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There have been no significant events since the year end and the directors do not envisage |
any substantial changes to the nature of the business for the foreseeable future. |
Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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12. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is Ducasse Développement SA, a company registered in |
Belgium. |
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The parent undertaking of the smallest and largest group of undertakings for which group |
financial statements are drawn up, and of which the company is a member, is Ducasse |
Développement SA. |