Silverfin false false 30/06/2023 06/06/2022 30/06/2023 Angela Kozak 06/06/2022 02 April 2024 The principal activity of the company is that of the provision of a café. The company commenced trading on 1 July 2022. SC734590 2023-06-30 SC734590 bus:Director1 2023-06-30 SC734590 core:CurrentFinancialInstruments 2023-06-30 SC734590 core:ShareCapital 2023-06-30 SC734590 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC734590 core:OtherPropertyPlantEquipment 2022-06-05 SC734590 2022-06-05 SC734590 core:OtherPropertyPlantEquipment 2023-06-30 SC734590 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-06-30 SC734590 bus:OrdinaryShareClass1 2023-06-30 SC734590 2022-06-06 2023-06-30 SC734590 bus:FilletedAccounts 2022-06-06 2023-06-30 SC734590 bus:SmallEntities 2022-06-06 2023-06-30 SC734590 bus:AuditExemptWithAccountantsReport 2022-06-06 2023-06-30 SC734590 bus:PrivateLimitedCompanyLtd 2022-06-06 2023-06-30 SC734590 bus:Director1 2022-06-06 2023-06-30 SC734590 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-06-06 2023-06-30 SC734590 core:OtherPropertyPlantEquipment 2022-06-06 2023-06-30 SC734590 bus:OrdinaryShareClass1 2022-06-06 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC734590 (Scotland)

CUP TEA SALON LTD

Unaudited Financial Statements
For the financial period from 06 June 2022 to 30 June 2023
Pages for filing with the registrar

CUP TEA SALON LTD

Unaudited Financial Statements

For the financial period from 06 June 2022 to 30 June 2023

Contents

CUP TEA SALON LTD

COMPANY INFORMATION

For the financial period from 06 June 2022 to 30 June 2023
CUP TEA SALON LTD

COMPANY INFORMATION (continued)

For the financial period from 06 June 2022 to 30 June 2023
DIRECTOR Angela Kozak
REGISTERED OFFICE 9 Little Belmont Street
Aberdeen
AB10 1JG
United Kingdom
COMPANY NUMBER SC734590 (Scotland)
ACCOUNTANT Hall Morrice LLP
6 & 7 Queens Terrace
Aberdeen
AB10 1XL
CUP TEA SALON LTD

BALANCE SHEET

As at 30 June 2023
CUP TEA SALON LTD

BALANCE SHEET (continued)

As at 30 June 2023
Note 30.06.2023
£
Fixed assets
Tangible assets 3 163
163
Current assets
Stocks 4 600
Debtors 5 2,017
Cash at bank and in hand 1,745
4,362
Creditors: amounts falling due within one year 6 ( 5,027)
Net current liabilities (665)
Total assets less current liabilities (502)
Net liabilities ( 502)
Capital and reserves
Called-up share capital 7 1
Profit and loss account ( 503 )
Total shareholder's deficit ( 502)

For the financial period ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Cup Tea Salon Ltd (registered number: SC734590) were approved and authorised for issue by the Director on 02 April 2024. They were signed on its behalf by:

Angela Kozak
Director
CUP TEA SALON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 06 June 2022 to 30 June 2023
CUP TEA SALON LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 06 June 2022 to 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Cup Tea Salon Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 9 Little Belmont Street, Aberdeen, AB10 1JG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the director has continued to adopt the going concern basis of accounting in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

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.

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.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.

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. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
06.06.2022 to
30.06.2023
Number
Monthly average number of persons employed by the Company during the period, including the director 3

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 06 June 2022 0 0
Additions 178 178
At 30 June 2023 178 178
Accumulated depreciation
At 06 June 2022 0 0
Charge for the financial period 15 15
At 30 June 2023 15 15
Net book value
At 30 June 2023 163 163

4. Stocks

30.06.2023
£
Stocks 600

5. Debtors

30.06.2023
£
Corporation tax 307
Other debtors 1,710
2,017

6. Creditors: amounts falling due within one year

30.06.2023
£
Trade creditors 870
Amounts owed to related parties 606
Taxation and social security 1,631
Other creditors 1,920
5,027

7. Called-up share capital

30.06.2023
£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1

During the financial period, one £1 ordinary share was issued at par.

8. Related party transactions

Transactions with the entity's director

As at 30 June 2023 the director was due the company £911. The loan is interest free with no fixed repayment terms.

Other related party transactions

30.06.2023
£
Other related parties 606