Company registration number 05480712 (England and Wales)
FULL STEAM ESPRESSO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
FULL STEAM ESPRESSO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
FULL STEAM ESPRESSO LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
106,100
43,212
Tangible assets
5
295,424
293,160
Investments
6
101
101
401,625
336,473
Current assets
Stocks
252,494
288,191
Debtors
8
718,867
671,212
Cash at bank and in hand
60,677
152,022
1,032,038
1,111,425
Creditors: amounts falling due within one year
9
(1,844,329)
(1,945,169)
Net current liabilities
(812,291)
(833,744)
Total assets less current liabilities
(410,666)
(497,271)
Creditors: amounts falling due after more than one year
10
(240,807)
(331,500)
Provisions for liabilities
11
(43,723)
(16,309)
Deferred income
(9,794)
(34,774)
Net liabilities
(704,990)
(879,854)
Capital and reserves
Called up share capital
13
323
323
Share premium account
104,499
104,499
Profit and loss reserves
(809,812)
(984,676)
Total equity
(704,990)
(879,854)
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.
FULL STEAM ESPRESSO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 April 2024 and are signed on its behalf by:
Miss E L Loisel
Director
Company registration number 05480712 (England and Wales)
FULL STEAM ESPRESSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Full Steam Espresso Limited is a private company limited by shares incorporated in England and Wales. The registered office is 244 Ferndale Road Brixton, London, United Kingdom, 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
Atruet the time of approving the financial statements, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The Directors remain satisfied that the company is able to meet its liabilities as they fall due over the next 12 months. These accounts have been prepared on a going concern basis on the grounds that the shareholders will continue to provide sufficient funding for the company to meet its liabilities as they fall due.Thus it has adopted the going concern basis in preparing the annual financial statements.
1.3
Turnover
Turnover represents amounts receivable for the wholesale and retail of coffee and related products net of VAT.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website & software
straight line over 10 years
Trademark
straight line over 10 years
1.5
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.
FULL STEAM ESPRESSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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:
Equipment
33% straight line
Leasehold property
Over the lease term
Electric Van
Over the lease term
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.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
FULL STEAM ESPRESSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.8
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.
1.9
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.
1.10
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 balance sheet 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.
FULL STEAM ESPRESSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.13
Taxation
The tax expense represents the sum of the tax currently recievable.
Current tax
The tax currently receivable 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 asset 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.
1.14
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
FULL STEAM ESPRESSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 7 -
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.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
40
46
FULL STEAM ESPRESSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
4
Intangible fixed assets
Website & software
Trademark
Total
£
£
£
Cost
At 1 July 2022
52,726
3,618
56,344
Additions
75,640
-
75,640
Disposals
(1,360)
(1,360)
At 30 June 2023
127,006
3,618
130,624
Amortisation and impairment
At 1 July 2022
11,950
1,182
13,132
Amortisation charged for the year
13,432
(2,040)
11,392
At 30 June 2023
25,382
(858)
24,524
Carrying amount
At 30 June 2023
101,624
4,476
106,100
At 30 June 2022
40,776
2,436
43,212
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Electric Van
Total
£
£
£
£
Cost
At 1 July 2022
298,980
751,815
-
1,050,795
Additions
42,758
38,375
81,133
At 30 June 2023
298,980
794,573
38,375
1,131,928
Depreciation and impairment
At 1 July 2022
105,075
652,560
-
757,635
Depreciation charged in the year
19,851
58,378
640
78,869
At 30 June 2023
124,926
710,938
640
836,504
Carrying amount
At 30 June 2023
174,054
83,635
37,735
295,424
At 30 June 2022
193,905
99,255
-
293,160
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
101
101
FULL STEAM ESPRESSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
7
Subsidiaries
Details of the company's subsidiaries at 30 June 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Volcano Coffee House Limited
England and Wales
Ordinary
100.00
Volcano Coffee Works Limited
England and Wales
Ordinary
100.00
Assembly Coffee Limited
England and Wales
Ordinary
90.00
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
540,888
375,213
Bad debt provision
(29,409)
-
Other debtors
207,388
295,999
718,867
671,212
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
119,747
128,039
Trade creditors
229,882
360,866
Taxation and social security
44,798
130,873
Other creditors
1,449,902
1,325,391
1,844,329
1,945,169
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
214,500
331,500
Other creditors
26,307
240,807
331,500
The bank loan is secured by fixed and floating charges over the assets of the company.
11
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
12
43,723
16,309
FULL STEAM ESPRESSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
12
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
43,723
16,309
2023
Movements in the year:
£
Liability at 1 July 2022
16,309
Charge to profit or loss
27,414
Liability at 30 June 2023
43,723
13
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
323,414
323,414
323
323
14
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Between one and five years
100,000
150,000
FULL STEAM ESPRESSO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
15
Related party transactions
At 30 June 2023, the company owed Mr K Stewart, a director and shareholder, £10,000 (2022: £10,000) in respect of a loan provided to the company. During the year £480 (2022: £480) of interest was accrued in respect of this loan.
As at 30 June 2023, the company owed Miss E L Loisel, a director, £100,334 (2022: £360) in relation to expenses settled on behalf of the company and a short term loan. During the year £2,055 (2022: £14,262) of interest was accrued in respect of this loan.
As at 30 June 2023, the company owed Tamise Investments Limited, owned by E Loisel, £839,950 (2022: £839,950), interest of £40,207 (2022: £40,207) was accrued in respect of this loan.
As at 30 June 2023, the company owed Ms S Springer, £32,750 (2022: £27,978), interest of £4,027 (2022: £1,339) was accrued in respect of this loan. During the year £1,392 (2022: £7,491) was charged to the company for consulting services.
As at 30 June 2023, the company owed Mr N Mabey, a director, £120,012 (2022: £120,012), interest of £5,745 (2022: £5,745) was accrued in respect of this loan.
As at 30th June 2023, the company was owed £1,545 (2022: £1,089) by Volcano Coffee Works Limited.
As at 30 June 2023, £132,605 (2022: £108,622) was owed by Volcano Coffee House Limited, a subsidiary of Full Steam Espresso Limited, in respect of expenses paid on behalf of the company.
16
Share Options
At 30 June 2023 the Company had 14,266 Employee Management Incentive share options outstanding over ordinary shares of £0.001 each. The average exercise price of these options is £1.61.
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