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Registration number: 08000379

River Exe Cafe Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 December 2022

 

River Exe Cafe Limited
(Registration number: 08000379)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

River Exe Cafe Limited
(Registration number: 08000379)

Company Information

Director

Mr Paul Craven

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

River Exe Cafe Limited
(Registration number: 08000379)

Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

-

500

Tangible assets

5

284,191

159,893

 

284,191

160,393

Current assets

 

Stocks

6

2,245

4,800

Debtors

7

125,923

16,375

Cash at bank and in hand

 

37,557

91,305

 

165,725

112,480

Creditors: Amounts falling due within one year

8

(214,263)

(102,811)

Net current (liabilities)/assets

 

(48,538)

9,669

Total assets less current liabilities

 

235,653

170,062

Creditors: Amounts falling due after more than one year

8

(72,204)

(119,804)

Provisions for liabilities

(50,070)

(16,965)

Net assets

 

113,379

33,293

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

113,279

33,193

Total equity

 

113,379

33,293

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

River Exe Cafe Limited
(Registration number: 08000379)

Balance Sheet as at 31 December 2022

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 September 2023
 

.........................................
Mr Paul Craven
Director

 

River Exe Cafe Limited
(Registration number: 08000379)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The Coronavirus Job Retention Scheme grant has been credited to other income so as to match the grant to the underlying eligible furloughed staff expenditure to which it relates. Other government grants relate to the Business Interruption Paymernt and is recognised under the accrual model.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

River Exe Cafe Limited
(Registration number: 08000379)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

20% straight line basis

Barges

10% straight line basis

Plant and machinery

20% straight line basis

Motor vehicles

25% straight line basis

Leasehold property

Over 50 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

River Exe Cafe Limited
(Registration number: 08000379)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

River Exe Cafe Limited
(Registration number: 08000379)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 20 (2021 - 20).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

20,000

20,000

At 31 December 2022

20,000

20,000

Amortisation

At 1 January 2022

19,500

19,500

Amortisation charge

500

500

At 31 December 2022

20,000

20,000

Carrying amount

At 31 December 2022

-

-

At 31 December 2021

500

500

 

River Exe Cafe Limited
(Registration number: 08000379)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
£

Barges
£

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 January 2022

83,383

49,133

53,787

3,550

290,764

480,617

Additions

-

53,364

-

-

151,577

204,941

Disposals

-

(27,456)

-

(3,550)

-

(31,006)

At 31 December 2022

83,383

75,041

53,787

-

442,341

654,552

Depreciation

At 1 January 2022

8,338

37,690

48,165

3,075

223,456

320,724

Charge for the year

1,668

14,274

4,253

238

59,973

80,406

Eliminated on disposal

-

(27,456)

-

(3,313)

-

(30,769)

At 31 December 2022

10,006

24,508

52,418

-

283,429

370,361

Carrying amount

At 31 December 2022

73,377

50,533

1,369

-

158,912

284,191

At 31 December 2021

75,045

11,443

5,622

475

67,308

159,893

Included within the net book value of land and buildings above is £73,377 (2021 - £75,045) in respect of long leasehold land and buildings.
 

 

River Exe Cafe Limited
(Registration number: 08000379)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Stocks

2022
£

2021
£

Other stocks

2,245

4,800

7

Debtors

Note

2022
£

2021
£

Trade debtors

 

-

3,237

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

65,000

-

Other debtors

 

47,599

-

Prepayments and accrued income

 

13,324

13,138

Total current trade and other debtors

 

125,923

16,375

8

Creditors

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

44,396

44,396

Trade creditors

 

13,005

6,788

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

3,420

5,420

Taxation and social security

 

84,565

25,515

Other creditors

 

1,192

12,211

Accrued expenses

 

11,168

5,714

Deferred income

 

56,517

2,767

 

214,263

102,811

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

72,204

119,804

 

River Exe Cafe Limited
(Registration number: 08000379)

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

9

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

44,396

44,396

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

72,204

119,804

10

Related party transactions

Transactions with the director

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Interest free loan

-

74,754

(36,166)

38,588

         
       

 

2021

At 1 January 2021
£

Repayments by director
£

At 31 December 2021
£

Interest free loan

71,236

(71,236)

-

       
     

 

11

Parent and ultimate parent undertaking

The ultimate controlling party is Mr P Craven who owns the entire issued share capital of the parent company, River Exe Group Limited.