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REGISTERED NUMBER: 07457856 (England and Wales)


















Financial Statements

for the Year Ended 31 March 2018

for

The Grown Up Chocolate Company Limited

The Grown Up Chocolate Company Limited (Registered number: 07457856)






Contents of the Financial Statements
for the Year Ended 31 March 2018




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


The Grown Up Chocolate Company Limited

Company Information
for the Year Ended 31 March 2018







DIRECTORS: S C Bennett (Chairman)
J M Ecclestone (Chief Executive)
J A Steinberg (Finance Director)
A M Cohen (Non Exec. Director)





REGISTERED OFFICE: Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ





REGISTERED NUMBER: 07457856 (England and Wales)





AUDITORS: Mudd Partners LLP
Statutory Auditors
Chartered Accountants
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ

The Grown Up Chocolate Company Limited (Registered number: 07457856)

Balance Sheet
31 March 2018

31.3.18 31.3.17
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 245,042 262,550
Tangible assets 5 238,574 319,394
483,616 581,944

CURRENT ASSETS
Stocks 6 416,257 357,829
Debtors 7 817,347 418,195
Cash at bank 7,079 23,248
1,240,683 799,272
CREDITORS
Amounts falling due within one year 8 1,142,913 786,446
NET CURRENT ASSETS 97,770 12,826
TOTAL ASSETS LESS CURRENT
LIABILITIES

581,386

594,770

CREDITORS
Amounts falling due after more than one
year

9

6,843

34,677
NET ASSETS 574,543 560,093

CAPITAL AND RESERVES
Called up share capital 12 434 434
Share premium 1,382,080 1,382,080
Retained earnings (807,971 ) (822,421 )
SHAREHOLDERS' FUNDS 574,543 560,093

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 31 December 2018 and were signed on its behalf
by:





S C Bennett (Chairman) - Director


The Grown Up Chocolate Company Limited (Registered number: 07457856)

Notes to the Financial Statements
for the Year Ended 31 March 2018

1. STATUTORY INFORMATION

The Grown Up Chocolate Company Limited is a private company, limited by shares , registered in England and
Wales. The company's registered number and registered office address can be found on the Company
Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover from the sale of chocolate bars is recognised when significant risks and rewards of ownership of the
goods have transferred to the buyer, the fair value of turnover can be measured reliably, it is probable that the
economic benefits associated with the transaction will flow to the company and the costs incurred or to be
incurred in respect of the transaction can be measured reliably.This is usually on dispatch of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
In-store displays - 50% on cost
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.


The Grown Up Chocolate Company Limited (Registered number: 07457856)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.

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.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other
administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,
they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement
constitutes a finance transaction it is measured at present value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2017 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2017
and 31 March 2018 262,550
AMORTISATION
Charge for year 17,508
At 31 March 2018 17,508
NET BOOK VALUE
At 31 March 2018 245,042
At 31 March 2017 262,550

The Grown Up Chocolate Company Limited (Registered number: 07457856)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2017 131,576 254,919 35,369
Additions 148 3,684 7,155
At 31 March 2018 131,724 258,603 42,524
DEPRECIATION
At 1 April 2017 46,195 51,024 20,290
Charge for year 21,382 51,607 4,903
At 31 March 2018 67,577 102,631 25,193
NET BOOK VALUE
At 31 March 2018 64,147 155,972 17,331
At 31 March 2017 85,381 203,895 15,079

In-store Computer
displays equipment Totals
£    £    £   
COST
At 1 April 2017 23,760 4,480 450,104
Additions - - 10,987
At 31 March 2018 23,760 4,480 461,091
DEPRECIATION
At 1 April 2017 10,220 2,981 130,710
Charge for year 13,540 375 91,807
At 31 March 2018 23,760 3,356 222,517
NET BOOK VALUE
At 31 March 2018 - 1,124 238,574
At 31 March 2017 13,540 1,499 319,394

6. STOCKS
31.3.18 31.3.17
£    £   
Stocks 416,257 357,829

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.18 31.3.17
£    £   
Trade debtors 787,144 402,525
Other debtors 30,203 15,670
817,347 418,195

The Grown Up Chocolate Company Limited (Registered number: 07457856)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.18 31.3.17
£    £   
Hire purchase contracts (see note 10) 25,824 29,992
Trade creditors 182,650 156,120
Taxation and social security 177,810 86,649
Other creditors 756,629 513,685
1,142,913 786,446

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.18 31.3.17
£    £   
Hire purchase contracts (see note 10) 6,843 34,677

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.18 31.3.17
£    £   
Net obligations repayable:
Within one year 25,824 29,992
Between one and five years 6,843 34,677
32,667 64,669

Non-cancellable
operating leases
31.3.18 31.3.17
£    £   
Within one year 21,200 20,400
Between one and five years 11,000 -
32,200 20,400

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.18 31.3.17
£    £   
Invoice financing 602,969 303,381

The Grown Up Chocolate Company Limited (Registered number: 07457856)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

12. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.18 31.3.17
value: £    £   
43,369 Ordinary £0.01 434 434

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jeffrey Stanley (Senior Statutory Auditor)
for and on behalf of Mudd Partners LLP

14. GOING CONCERN BASIS

Trading has been challenging for a lot of British companies and GUCC is no exception, with the continuing
effect of the Brexit vote, the fall in the value of sterling affecting raw material prices and volatility in some of
those key raw material prices.
The company made a profit in 2018 after a number of years of losses. Profit projections show the company's
profitability continuing to recover over the 24 month period following the balance sheet date. However, cash
flow projections show the financial headroom is tight.
In December 2018, funds of £400,000 were introduced into the company to facilitate payment of some historic
liabilities and provide working capital. A further fundraising exercise is planned in 2019 to finance an increase in
production capacity and a restructure of the manufacturing process which will drive the improvement in
profitability.
The company is dependent on this funding to secure the improvements to its production facilities and financing.
The directors are confident that they will be able to achieve a successful outcome although the future is
inherently uncertain. They continue to believe that the going concern basis is appropriate for the company.