Company registration number 09379157 (England and Wales)
SUGAR QUAY COFFEE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
SUGAR QUAY COFFEE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
3 - 4
Notes to the financial statements
5 - 8
SUGAR QUAY COFFEE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr J A Drysdale
Mr C Chubb
Company number
09379157
Registered office
Little Victories
Unit 7
Gaol Ferry Steps
Bristol
United Kingdom
BS 1 6WE
Accountants
TC Group
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
SUGAR QUAY COFFEE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2021
100
97,297
97,397
Year ended 31 January 2022:
Profit and total comprehensive income for the year
-
97,870
97,870
Dividends
-
(74,000)
(74,000)
Balance at 31 January 2022
100
121,167
121,267
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
44,860
44,860
Dividends
-
(70,000)
(70,000)
Balance at 31 January 2023
100
96,028
96,128
SUGAR QUAY COFFEE LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
46,590
50,432
Current assets
Stocks
2,750
2,500
Debtors
4
200,000
175,000
Cash at bank and in hand
90,684
114,916
293,434
292,416
Creditors: amounts falling due within one year
5
(197,674)
(172,832)
Net current assets
95,760
119,584
Total assets less current liabilities
142,350
170,016
Creditors: amounts falling due after more than one year
6
(37,370)
(39,167)
Provisions for liabilities
(8,852)
(9,582)
Net assets
96,128
121,267
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
96,028
121,167
Total equity
96,128
121,267
SUGAR QUAY COFFEE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2023
31 January 2023
- 4 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 October 2023 and are signed on its behalf by:
Mr J A Drysdale
Mr C Chubb
Director
Director
Company Registration No. 09379157
SUGAR QUAY COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
1
Accounting policies
Company information
Sugar Quay Coffee Limited is a private company limited by shares incorporated in England and Wales. The registered office is Little Victories, Unit 7, Gaol Ferry Steps, Bristol, United Kingdom, BS 1 6WE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
7.5% / 15% Reducing balance
Fixtures and fittings
7.5% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
SUGAR QUAY COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
SUGAR QUAY COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
8
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2022
68,880
27,999
96,879
Additions
618
618
At 31 January 2023
68,880
28,617
97,497
Depreciation and impairment
At 1 February 2022
36,267
10,180
46,447
Depreciation charged in the year
3,080
1,380
4,460
At 31 January 2023
39,347
11,560
50,907
Carrying amount
At 31 January 2023
29,533
17,057
46,590
At 31 January 2022
32,613
17,819
50,432
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
200,000
175,000
SUGAR QUAY COFFEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,250
10,000
Trade creditors
3,630
433
Taxation and social security
25,714
35,820
Other creditors
162,080
126,579
197,674
172,832
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
37,370
39,167