Company registration number 11221846 (England and Wales)
CARIBE COFFEE COMPANY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
CARIBE COFFEE COMPANY LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
CARIBE COFFEE COMPANY LTD
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,153
6,676
Current assets
Stocks
4
11,196
12,437
Debtors
5
9,703
2,878
Cash at bank and in hand
17,153
2,727
38,052
18,042
Creditors: amounts falling due within one year
6
(89,386)
(76,955)
Net current liabilities
(51,334)
(58,913)
Total assets less current liabilities
(29,181)
(52,237)
Creditors: amounts falling due after more than one year
7
(5,625)
(8,125)
Net liabilities
(34,806)
(60,362)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(34,906)
(60,462)
Total equity
(34,806)
(60,362)
CARIBE COFFEE COMPANY LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 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 16 November 2023 and are signed on its behalf by:
W. G. Carcamo Herrera
Director
Company Registration No. 11221846
CARIBE COFFEE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Caribe Coffee Company Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Fivehills, Fairmoor, Morpeth, Northumberland, NE61 3JL.
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.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources, notwithstanding the company's negative assets position, to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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 machinery
25% reducing balance
Office equipment
25% reducing balance
Motor vehicles
25% reducing balance
CARIBE COFFEE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
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.
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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
CARIBE COFFEE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.8
Government grants
Government grants in relation to tangible fixed assets are credited to the income statement over the useful lives of the related assets.
Government grants relating to the costs incurred by the company are recognised in the income statement over the period necessary to match them with costs that they are intended to compensate. Government grants are presented seperately and disclosed in Other Operating Income in the income statement.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022
4,781
4,842
2,792
12,415
Additions
14,644
4,622
19,266
At 28 February 2023
19,425
9,464
2,792
31,681
Depreciation and impairment
At 1 March 2022
2,676
1,613
1,450
5,739
Depreciation charged in the year
2,112
1,341
336
3,789
At 28 February 2023
4,788
2,954
1,786
9,528
Carrying amount
At 28 February 2023
14,637
6,510
1,006
22,153
At 28 February 2022
2,105
3,229
1,342
6,676
4
Stocks
2023
2022
£
£
Stocks
11,196
12,437
CARIBE COFFEE COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
9,703
2,878
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8
2,500
2,500
Taxation and social security
64
Government grants
7,079
1,817
Other creditors
77,607
70,574
Accruals and deferred income
2,200
2,000
89,386
76,955
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
5,625
8,125
8
Loans and overdrafts
2023
2022
£
£
Bank loans
8,125
10,625
Payable within one year
2,500
2,500
Payable after one year
5,625
8,125