Caseware UK (AP4) 2022.0.179 2022.0.179 2022-04-302022-04-302021-05-01falseNo description of principal activity3835truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09556762 2021-05-01 2022-04-30 09556762 2020-05-01 2021-04-30 09556762 2022-04-30 09556762 2021-04-30 09556762 c:Director1 2021-05-01 2022-04-30 09556762 d:FurnitureFittings 2021-05-01 2022-04-30 09556762 d:FurnitureFittings 2022-04-30 09556762 d:FurnitureFittings 2021-04-30 09556762 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-05-01 2022-04-30 09556762 d:PatentsTrademarksLicencesConcessionsSimilar 2022-04-30 09556762 d:PatentsTrademarksLicencesConcessionsSimilar 2021-04-30 09556762 d:CurrentFinancialInstruments 2022-04-30 09556762 d:CurrentFinancialInstruments 2021-04-30 09556762 d:Non-currentFinancialInstruments 2022-04-30 09556762 d:Non-currentFinancialInstruments 2021-04-30 09556762 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 09556762 d:CurrentFinancialInstruments d:WithinOneYear 2021-04-30 09556762 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 09556762 d:Non-currentFinancialInstruments d:AfterOneYear 2021-04-30 09556762 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-04-30 09556762 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-04-30 09556762 d:ShareCapital 2022-04-30 09556762 d:ShareCapital 2021-04-30 09556762 d:RetainedEarningsAccumulatedLosses 2022-04-30 09556762 d:RetainedEarningsAccumulatedLosses 2021-04-30 09556762 c:FRS102 2021-05-01 2022-04-30 09556762 c:AuditExempt-NoAccountantsReport 2021-05-01 2022-04-30 09556762 c:FullAccounts 2021-05-01 2022-04-30 09556762 c:PrivateLimitedCompanyLtd 2021-05-01 2022-04-30 09556762 d:WithinOneYear 2022-04-30 09556762 d:WithinOneYear 2021-04-30 09556762 d:BetweenOneFiveYears 2022-04-30 09556762 d:BetweenOneFiveYears 2021-04-30 09556762 d:MoreThanFiveYears 2022-04-30 09556762 d:MoreThanFiveYears 2021-04-30 09556762 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure

Registered number: 09556762









FT CAFE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2022

 
FT CAFE LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 11

 
FT CAFE LIMITED
REGISTERED NUMBER: 09556762

BALANCE SHEET
AS AT 30 APRIL 2022

2022
2022
2021
2021
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
23,696
31,848

Tangible assets
 5 
251,432
320,541

  
275,128
352,389

Current assets
  

Stocks
 6 
7,516
7,496

Debtors: amounts falling due within one year
 7 
117,730
214,160

Cash at bank and in hand
 8 
87,638
16,749

  
212,884
238,405

Creditors: amounts falling due within one year
 9 
(681,805)
(909,883)

Net current liabilities
  
 
 
(468,921)
 
 
(671,478)

Total assets less current liabilities
  
(193,793)
(319,089)

Creditors: amounts falling due after more than one year
 10 
-
(97,729)

  

Net liabilities
  
(193,793)
(416,818)


Capital and reserves
  

Called up share capital 
  
10
10

Profit and loss account
  
(193,803)
(416,828)

  
(193,793)
(416,818)

Page 1

 
FT CAFE LIMITED
REGISTERED NUMBER: 09556762
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 October 2023.




M F Tahir
Director

The notes on pages 3 to 11 form part of these financial statements.
Page 2

 
FT CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

1.


General information

FT Cafe Limited is a private company, limited by shares, incorporated in England and Wales, United Kingdom, with a registration number 09556762. The address of the registered office is 236 High Street,  London, E15 2JA. The nature of the company's operations and principal activities is that of a Starbucks Franchisee.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest pound Sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

At year end the company has net current liabilities in the accounts due to significant intercompany balances. It is noted the company is financially reliant on the connected parties and at the year end an amount of £469,043 (2021: £487,042) was due to the connected parties. The directors are comfortable in the knowledge that the related parties will continue to provide support.  

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover comprises revenue recognised by the company in respect of food and drink supplied through its cafe outlets which are operated under the Starbucks brand. Revenue is recognised at the point of sale.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
FT CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life of ten years..

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
10%
straight-line

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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks represents raw food and are stated at the lower of cost and net realisable value.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
FT CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
FT CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 38 (2021 - 35).

Page 6

 
FT CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

4.


Intangible assets




Licences

£



Cost


At 1 May 2021
78,260



At 30 April 2022

78,260



Amortisation


At 1 May 2021
46,412


Charge for the year on owned assets
8,152



At 30 April 2022

54,564



Net book value



At 30 April 2022
23,696



At 30 April 2021
31,848



Page 7

 
FT CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 May 2021
736,152


Additions
4,604



At 30 April 2022

740,756



Depreciation


At 1 May 2021
415,611


Charge for the year on owned assets
73,713



At 30 April 2022

489,324



Net book value



At 30 April 2022
251,432



At 30 April 2021
320,541


6.


Stocks

2022
2021
£
£

Raw materials and consumables
7,516
7,496

7,516
7,496



7.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
-
168,965

Other debtors
51,429
24,017

Prepayments and accrued income
66,301
21,178

117,730
214,160


Page 8

 
FT CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

8.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
87,638
16,749

Less: bank overdrafts
(4,344)
(4,853)

83,294
11,896



9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
4,344
4,853

Bank loans
76,939
102,778

Trade creditors
99,431
103,420

Amounts owed to group undertakings
469,043
656,005

Other taxation and social security
8,736
2,678

Other creditors
5,853
6,614

Accruals and deferred income
17,459
33,535

681,805
909,883



10.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
-
97,729

-
97,729


Page 9

 
FT CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

11.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
76,939
102,778


76,939
102,778


Amounts falling due 2-5 years

Bank loans
-
97,729


-
97,729


76,939
200,507


Secured Loans
The loan is secured by a mortgage debenture over the assets of FT Cafê Limited, FT Foods Limited and FT Estates Limited.
The loan is also secured by an ultimate cross guarantee between this company and the companies G R Food Limited, FT Foods Limited and FT Estates Limited, all related party companies.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £4,290 (2021 - £3,297) . Contributions totalling £316 (2021 - £1,107) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

 
FT CAFE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022

13.


Commitments under operating leases

At 30 April 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
88,250
88,250

Later than 1 year and not later than 5 years
353,000
353,000

Later than 5 years
850,500
938,750

1,291,750
1,380,000


14.


Related party transactions

At the year end, the following balance was due to: 


2022
2021
£
£

Entities under common control
(469,043)
(487,043)
(469,043)
(487,043)


15.


Controlling party

The ultimate controlling party is M F Tahir by virtue of his shareholding.
 
Page 11