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Financial Statements for the Year Ended 31 December 2020 |
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Cooking Development Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 December 2020 |
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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 2020 |
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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 2020 |
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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 2020 |
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31.12.20 | 31.12.19 |
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 (LIABILITIES)/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
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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 2020 |
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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 2020 of £46,010 (2019: £154,819). 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 2020 |
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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 2020 |
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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 2020 |
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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 |
In determining whether to prepare the financial statements on a going concern basis, the directors have considered the Company's developing business opportunities, future cash flow forecasts and continued financial support and non-call of intercompany balances payable from its parent company Ducasse Développement SA and other group companies. On the basis of their assessment, the directors have assessed that the Company has adequate resources to continue in operational existence for a minimum of 12 months from the signing of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis. |
Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
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COST |
At 1 January 2020 |
and 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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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 2020 |
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5. | FIXED ASSET INVESTMENTS |
Interest |
in other |
participating |
interests |
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COST |
At 1 January 2020 |
and 31 December 2020 | 994,581 |
PROVISIONS |
At 1 January 2020 | 538,824 |
Provision for year | (21,437 | ) |
At 31 December 2020 | 517,387 |
NET BOOK VALUE |
At 31 December 2020 | 477,194 |
At 31 December 2019 | 455,757 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 22,351 | 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. |
Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.20 | 31.12.19 |
£ | £ |
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 | 31.12.20 | 31.12.19 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
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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. | CONTINGENT LIABILITIES |
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On 27 April 2018 Cooking Development Limited entered into a 10 year lease on behalf of its subsidiaries CDL Coffee Ltd and CDL Chocolate Ltd respectively. There is a probability that CDL Coffee will discontinue its operations within the next financial year and therefore vacate the premises and look to break the lease agreement. The annual rent payable on this lease is £50,000 per annum. Due to commercial sensitivity and negotiations which are underway, the value of the possible liability could not be reliably estimated at the date of approval of the annual financial statements and accordingly no provision has been made in these accounts. |
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12. | 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. |
Cooking Development Limited (Registered number: 03929927) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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13. | 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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14. | APPROVAL OF FINANCIAL STATEMENTS |
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The board of directors approved these financial statements for issue on |