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REGISTERED NUMBER: 11517952 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Honest Bean Co Limited

Honest Bean Co Limited (Registered number: 11517952)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Honest Bean Co Limited

Company Information
for the Year Ended 31 August 2023







Directors: Mr. A D Palmer
Ms Z C Oates





Registered office: 6 George Street
Driffield
East Yorkshire
YO25 6RA





Registered number: 11517952 (England and Wales)





Accountants: Ullyott Limited
6 George Street
Driffield
East Yorkshire
YO25 6RA

Honest Bean Co Limited (Registered number: 11517952)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 985 1,182
Tangible assets 5 1,175 1,567
2,160 2,749

CURRENT ASSETS
Stocks 20,197 43,535
Debtors 6 13,374 24,535
Cash at bank and in hand 8,433 814
42,004 68,884
CREDITORS
Amounts falling due within one year 7 33,179 53,515
NET CURRENT ASSETS 8,825 15,369
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,985

18,118

CREDITORS
Amounts falling due after more than one
year

8

193,886

179,887
NET LIABILITIES (182,901 ) (161,769 )

CAPITAL AND RESERVES
Called up share capital 9 101 101
Retained earnings (183,002 ) (161,870 )
SHAREHOLDERS' FUNDS (182,901 ) (161,769 )

Honest Bean Co Limited (Registered number: 11517952)

Balance Sheet - continued
31 August 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 April 2024 and were signed on its behalf by:





Mr. A D Palmer - Director


Honest Bean Co Limited (Registered number: 11517952)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Honest Bean Co Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared on a going concern basis even though the company made a loss during the year of £21,132 (2022: £66,923) and has a deficit of shareholders funds of £182,901 (£161,769). The business has the continued support of its directors and shareholders.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on reducing balance

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Honest Bean Co Limited (Registered number: 11517952)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2022
and 31 August 2023 1,970
AMORTISATION
At 1 September 2022 788
Charge for year 197
At 31 August 2023 985
NET BOOK VALUE
At 31 August 2023 985
At 31 August 2022 1,182

Honest Bean Co Limited (Registered number: 11517952)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 September 2022
and 31 August 2023 2,350 1,070 3,420
DEPRECIATION
At 1 September 2022 1,388 465 1,853
Charge for year 192 200 392
At 31 August 2023 1,580 665 2,245
NET BOOK VALUE
At 31 August 2023 770 405 1,175
At 31 August 2022 962 605 1,567

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 12,244 21,334
VAT 1,130 3,201
13,374 24,535

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 29,664 49,549
Amounts owed to associates 2,845 845
Social security and other taxes - 2,121
Other creditors 70 300
Accruals and deferred income 600 700
33,179 53,515

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Directors' loan accounts 193,886 179,887

Honest Bean Co Limited (Registered number: 11517952)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
94 Ordinary £1 94 94
6 Ordinary A £1 6 6
1 Ordinary B £1 1 1
101 101