Company registration number 05746733 (England and Wales)
ROGERS ESTATE COFFEES (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ROGERS ESTATE COFFEES (UK) LIMITED
COMPANY INFORMATION
Directors
Mr J D Rogers
Mr J W Rogers
Ms L R Smoot
(Appointed 17 May 2022)
Company number
05746733
Registered office
Unit Q
Trecenydd Business Park
Caerphilly
Mid Glamorgan
Wales
CF83 2RZ
Auditor
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
ROGERS ESTATE COFFEES (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ROGERS ESTATE COFFEES (UK) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,062,384
760,449
Current assets
Stocks
5
1,563,098
1,680,346
Debtors
6
310,259
318,268
Cash at bank and in hand
225,721
167,506
2,099,078
2,166,120
Creditors: amounts falling due within one year
7
(4,796,946)
(4,191,343)
Net current liabilities
(2,697,868)
(2,025,223)
Net liabilities
(1,635,484)
(1,264,774)
Capital and reserves
Called up share capital
1,000
1,000
Share premium account
75,000
75,000
Profit and loss reserves
(1,711,484)
(1,340,774)
Total equity
(1,635,484)
(1,264,774)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 7 March 2024 and are signed on its behalf by:
Mr J W Rogers
Director
Company Registration No. 05746733
ROGERS ESTATE COFFEES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Rogers Estate Coffees (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit Q, Trecenydd Business Park, Caerphilly, Mid Glamorgan, Wales, CF83 2RZ.
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
The financial statements have been prepared on the going concern basis. This is considered appropriate as the company is being used to satisfy one of the group's major customers and is therefore fulfilling an important group requirement. The parent company is actively pursuing further customer relationships in the UK in order to generate operating profits within the UK.true
The directors also place reliance on a letter of support received from its ultimate parent company, JBR Inc., that confirms it will provide support to Rogers Estate Coffees (UK) Ltd for a period of 12 months from the signing date of these documents. Whilst the letter of support is not legally binding, which has been taken into consideration, the directors have satisfied themselves of both the willingness and ability of JBR Inc. to provide such support as may be necessary in the worst-case downside scenarios, in order for the Company to fulfil its obligations to creditors and lenders as they fall due. Consequently, the directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
As with any company placing reliance on the other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although at the date of approval of these financial statements, they have no reason to believe that it will not do so.
1.3
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax and trade discounts. Income is recognised once the coffee products have been delivered to the customer.
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, once brought into use, on the following bases:
Leasehold improvements
Depreciated over the life of the lease
Plant and equipment
10%-20% on cost
Fixtures and fittings
20% on cost
ROGERS ESTATE COFFEES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.6
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.
The production cost of stocks includes an appropriate proportion of depreciation and production overheads. Cost is determined on the following bases:
- Raw materials and consumables are valued on a first in, first out (FIFO) basis
- Finished goods are valued at raw material cost, labour cost and a proportion of manufacturing overhead expenses.
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.
1.7
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.
1.8
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
ROGERS ESTATE COFFEES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.11
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
6
5
4
Tangible fixed assets
Leasehold improvements
Assets under construction
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 April 2022
118,468
198,896
793,412
47,176
1,157,952
Additions
374,732
374,732
Transfers
2,714
(2,714)
At 31 March 2023
121,182
570,914
793,412
47,176
1,532,684
Depreciation and impairment
At 1 April 2022
59,374
290,953
47,176
397,503
Depreciation charged in the year
16,618
56,179
72,797
At 31 March 2023
75,992
347,132
47,176
470,300
Carrying amount
At 31 March 2023
45,190
570,914
446,280
1,062,384
At 31 March 2022
59,094
198,896
502,459
760,449
ROGERS ESTATE COFFEES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Stocks
2023
2022
£
£
Stocks
1,563,098
1,680,346
Stock is reviewed annually for any indicators of impairment. Green coffee beans are kept in specialised storage facilities, therefore unroasted green beans have a long life.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
245,034
257,824
Other debtors
65,225
60,444
310,259
318,268
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
42,388
36,779
Amounts owed to group undertakings
3,483,701
3,225,190
Taxation and social security
20,364
33,189
Other creditors
1,250,493
896,185
4,796,946
4,191,343
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
David Forinton
Statutory Auditor:
Kirk Rice LLP
ROGERS ESTATE COFFEES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
9
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
£
£
25,500
76,500
10
Financial commitments, guarantees and contingent liabilities
Barclays Bank PLC holds a fixed charge over one of the company's bank accounts.
11
Parent company
The company's parent undertaking, who prepares the consolidated accounts, at the balance sheet date continued to be JBR Inc., a company incorporated in the United States of America.
The registered office of JBR Inc. is:
1731 Aviation Blvd
Lincoln
CA 95648
United States