Company Registered number
10528013
England and Wales
QIMA COFFEE LTD
Annual Report and Audited Accounts
31 December 2022
QIMA COFFEE LTD
Report and accounts
Contents
Page
Company information 1
Balance sheet 2
Notes to the accounts 3
QIMA COFFEE LTD
Company Information
Director
Faris Abubaker Ahmed Sheibani
Auditors
Accendo Consulting Ltd (Statutory Auditors)
Kemp House
160 City Road
London
EC1V 2NX
Registered office
21 WARREN STREET
FITZROVIA
LONDON
W1T 5LT
Registered number
10528013
QIMA COFFEE LTD
Registered number: 10528013
Abridged Balance Sheet
as at 31 December 2022
Audited Unaudited
Notes 2022 2021
£ £
Fixed assets
Intangible assets 4 218,919 132,873
Tangible assets 5 761,690 422,459
980,609 555,332
Current assets
Stocks 115,081 462,083
Debtors 188,308 93,516
Cash at bank and in hand 642,951 118,870
946,340 674,469
Creditors: amounts falling due within one year (322,547) (101,582)
Net current assets 623,793 572,887
Total assets less current liabilities 1,604,402 1,128,219
Creditors: amounts falling due after more than one year (609,243) (215,978)
Net assets 995,159 912,241
Capital and reserves
Called up share capital 1,000,000 1,000,000
Profit and loss account (4,841) (87,759)
Shareholder's funds 995,159 912,241
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Faris Abubaker Ahmed Sheibani
Director
Approved by the board on 5 February 2024
QIMA COFFEE LTD
Notes to the Abridged Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 10 years
Leasehold land and buildings over 10 years
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
Motor Vehicles over 8 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Audit information
The auditor’s report on these financial statements was unqualified and there were no matters to which the auditor drew attention by way of emphasis. The auditor’s report was signed on 31 January 2024 by R M Asif Rafique (Senior Statutory Auditor) for and on behalf of Accendo Consulting Ltd (Statutory Auditors). The comparative figures are unaudited.
Senior statutory auditor: R M Asif Rafique
Firm: Accendo Consulting Ltd (Statutory Auditors)
Date of audit report: 31 January 2024
3 Employees 2022 2021
Number Number
Average number of persons employed by the company 7 6
4 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2022 132,873
Additions 86,046
At 31 December 2022 218,919
Amortisation
At 31 December 2022 -
Net book value
At 31 December 2022 218,919
At 31 December 2021 132,873
5 Tangible fixed assets
Total
£
Cost
At 1 January 2022 494,623
Additions 433,477
At 31 December 2022 928,100
Depreciation
At 1 January 2022 72,164
Charge for the year 94,246
At 31 December 2022 166,410
Net book value
At 31 December 2022 761,690
At 31 December 2021 422,459
6 Other information
QIMA COFFEE LTD is a private company limited by shares and incorporated in England. Its registered office is:
21 WARREN STREET
FITZROVIA
LONDON
W1T 5LT
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