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Financial Statements for the Year Ended 31 December 2019 |
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Cooking Development Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2019 |
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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 2019 |
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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 2019 |
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DIRECTOR: |
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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 2019 |
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31.12.19 | 31.12.18 |
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 director and authorised for issue on
and were signed 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 2019 |
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1. | STATUTORY INFORMATION |
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Cooking Development Limited is a private company, limited by shares, incorporated and |
registered in 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 |
The financial statements are prepared in sterling, which is the functional currency of the |
company. Monetary amounts in these financial statements are rounded to the nearest £. |
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The financial statements have been prepared under the historical cost convention unless |
otherwise specified, modified to include the revaluation of freehold properties and to include |
investment properties and certain financial instruments at fair value, 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 management to exercise judgment in applying the company's |
accounting policies.The following principal accounting policies have been applied. |
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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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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make |
judgements, estimates and assumptions about the carrying amount of assets and liabilities |
that are not readily apparent from other sources. The estimates and associated assumptions |
are based on historical experience and other factors that are considered to be relevant. |
Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to |
accounting estimates are recognized in the period in which the estimate is revised where the |
revision affects only that period, or in the period of the revision and future periods where the |
revision affects both current and future periods. |
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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 2019 of £154,819 (2018: £567,324). The directors have |
reviewed the individual debtors balances and expect the amounts to be recoverable. Based |
on these reviews, the directors are satisfied 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 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover is recognised to the extent 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 |
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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The company adds to the carrying amounts of an item of fixed assets the cost of replacing |
part of such an item when that cost is incurred, if the replacement part is expected to provide |
incremental future benefits to the company. The carrying amount of the replaced part is |
derecognized. |
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Repairs and maintenance are charged to the profit or loss during the period in which they |
are incurred. |
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Depreciation is provided on the following basis: |
Computer Equipment - 33% on cost |
Fixtures and fittings - 20% on cost |
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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. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying |
amount and are recognized within "administrative expenses" in the profit and loss account. |
Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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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 2019 |
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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 in which they relate. |
Amounts not paid are shown in accruals as a liability in the Balance Sheet. |
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The assets of the plan are held separately from the company in independently administered |
funds. |
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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. |
Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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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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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | FIXED ASSET INVESTMENTS |
Interest |
in other |
participatin |
interests |
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COST |
At 1 January 2019 |
and 31 December 2019 | 994,581 |
PROVISIONS |
At 1 January 2019 | 529,640 |
Provision for year | 9,184 |
At 31 December 2019 | 538,824 |
NET BOOK VALUE |
At 31 December 2019 | 455,757 |
At 31 December 2018 | 464,941 |
Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
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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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
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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VAT | 34,609 | - |
Other creditors |
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Accruals and deferred income |
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Trade creditors are payable at various dates over the coming months in accordance with the |
suppliers' usual and customary credit terms. |
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The term of the accruals are based on the underlying contracts. |
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Taxes including social insurance are payable at various dates over the coming months in |
accordance with the applicable statutory provisions. |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.19 | 31.12.18 |
£ | £ |
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 | 31.12.19 | 31.12.18 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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9. | CALLED UP SHARE CAPITAL - continued |
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Each Ordinary Share represents one vote. There are no restrictions or preferences placed |
on the shares. Dividends are declared and paid at the discretion of the directors. |
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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. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of the exemption, under the terms of Financial Reporting |
Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" under Section 33 1.A not to disclose related party transactions with wholly owned |
subsidiaries. |
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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. |
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13. | POST BALANCE SHEET EVENTS |
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The World Health Organisation declared the COVID-19 coronavirus outbreak to be a |
pandemic on 12 March 2020, with many governments taking stringent steps to contain and / |
or delay the spread of the virus. Actions taken in response to the spread of COVID-19 have |
resulted in significant disruption to business operations and presented a significant increase |
in economic uncertainty impacting the global economy. |
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At the date of approval of the financial statements, the full effect of the pandemic and the |
steps taken by world governments cannot be reliably estimated; the UK government has |
announced a phased approach to the easing of restrictions implemented to limit and delay |
the spread of COVID-19 coronavirus and the directors are paying close attention to these |
developments and guidelines in order to take the appropriate steps to mitigate the impact on |
the company and return to operating effectively under these guidelines. |
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14. | APPROVAL OF FINANCIAL STATEMENTS |
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The board of directors approved these financial statements for issue on |