Company registration number 09863849 (England and Wales)
VOLCANO COFFEE HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
VOLCANO COFFEE HOUSE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
VOLCANO COFFEE HOUSE LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
223,156
190,681
Creditors: amounts falling due within one year
4
(134,563)
(110,411)
Net current assets
88,593
80,270
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
88,592
80,269
Total equity
88,593
80,270
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 30 June 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 29 March 2024 and are signed on its behalf by:
Miss E L Loisel
Director
Company registration number 09863849 (England and Wales)
VOLCANO COFFEE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
1
Accounting policies
Company information
Volcano Coffee House Limited is a private company limited by shares incorporated in England and Wales. The registered office is 244 Ferndale Road, Brixton, London, SW9 8FR.
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
These accounts have been prepared on a going concern basis on the grounds that the shareholders willtrue continue to provide sufficient funding for the company to meet its liabilities as they fall due.
1.3
Turnover
Turnover represents amounts receivable in relation to rent and rates recharges and for services provided in the normal course of business, net of VAT.
1.4
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.
1.5
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.
Basic financial assets
Basic financial assets, which include trade and other receivables, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, less any impairment. Interest is recognised using the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
Basic financial liabilities
Basic financial liabilities, including trade and other payables 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method, except for short-term payables when the recognition of interest would be immaterial.
1.6
Taxation
The tax expense represents the tax currently payable.
VOLCANO COFFEE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022: 2).
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
223,156
190,681
4
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
132,605
108,623
Other creditors
1,958
1,788
134,563
110,411
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
1 Ordinary share of of £1 each
1
1
1
1
VOLCANO COFFEE HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
6
Related party transactions
At 30 June 2023, £132,605 (2022: £106,623) was owed to its parent company Full Steam Espresso Limited, a company registered in England and Wales and under common control, in respect of expenses paid on behalf of the company.