IRIS Accounts Production v24.1.0.576 07834397 Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh078343972022-10-31078343972023-10-31078343972022-11-012023-10-31078343972021-10-31078343972021-11-012022-10-31078343972022-10-3107834397ns15:EnglandWales2022-11-012023-10-3107834397ns14:PoundSterling2022-11-012023-10-3107834397ns10:Director12022-11-012023-10-3107834397ns10:PrivateLimitedCompanyLtd2022-11-012023-10-3107834397ns10:SmallEntities2022-11-012023-10-3107834397ns10:AuditExempt-NoAccountantsReport2022-11-012023-10-3107834397ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3107834397ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-3107834397ns10:FullAccounts2022-11-012023-10-3107834397ns10:Director22022-11-012023-10-3107834397ns10:Director32022-11-012023-10-3107834397ns10:RegisteredOffice2022-11-012023-10-3107834397ns5:CurrentFinancialInstruments2023-10-3107834397ns5:CurrentFinancialInstruments2022-10-3107834397ns5:Non-currentFinancialInstruments2023-10-3107834397ns5:Non-currentFinancialInstruments2022-10-3107834397ns5:ShareCapital2023-10-3107834397ns5:ShareCapital2022-10-3107834397ns5:RetainedEarningsAccumulatedLosses2023-10-3107834397ns5:RetainedEarningsAccumulatedLosses2022-10-3107834397ns5:PlantMachinery2022-11-012023-10-3107834397ns5:MotorVehicles2022-11-012023-10-3107834397ns5:ComputerEquipment2022-11-012023-10-3107834397ns5:PlantMachinery2022-10-3107834397ns5:MotorVehicles2022-10-3107834397ns5:ComputerEquipment2022-10-3107834397ns5:PlantMachinery2023-10-3107834397ns5:MotorVehicles2023-10-3107834397ns5:ComputerEquipment2023-10-3107834397ns5:PlantMachinery2022-10-3107834397ns5:MotorVehicles2022-10-3107834397ns5:ComputerEquipment2022-10-3107834397ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-10-3107834397ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-012023-10-3107834397ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-10-3107834397ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-10-3107834397ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3107834397ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31
REGISTERED NUMBER: 07834397 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

CORNICO COFFEE COMPANY LIMITED

CORNICO COFFEE COMPANY LIMITED (REGISTERED NUMBER: 07834397)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CORNICO COFFEE COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: A N Tobin
Miss B Tobin
Miss K Tobin





REGISTERED OFFICE: Unit 3
Higher Trevibben
Wadebridge
Cornwall
PL27 7SH





REGISTERED NUMBER: 07834397 (England and Wales)





ACCOUNTANTS: Whitakers
Chartered Accountants
Bryndon House
5/7 Berry Road
Newquay
Cornwall
TR7 1AD

CORNICO COFFEE COMPANY LIMITED (REGISTERED NUMBER: 07834397)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 155,402 155,679

CURRENT ASSETS
Stocks 78,714 92,987
Debtors 5 44,841 46,885
Cash at bank and in hand 2,341 3,369
125,896 143,241
CREDITORS
Amounts falling due within one year 6 268,584 187,271
NET CURRENT LIABILITIES (142,688 ) (44,030 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,714

111,649

CREDITORS
Amounts falling due after more than one
year

7

(53,641

)

(58,031

)

PROVISIONS FOR LIABILITIES (29,526 ) (29,580 )
NET (LIABILITIES)/ASSETS (70,453 ) 24,038

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (70,553 ) 23,938
SHAREHOLDERS' FUNDS (70,453 ) 24,038

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

CORNICO COFFEE COMPANY LIMITED (REGISTERED NUMBER: 07834397)

BALANCE SHEET - continued
31 OCTOBER 2023


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 Income Statement has not been delivered.

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





A N Tobin - Director


CORNICO COFFEE COMPANY LIMITED (REGISTERED NUMBER: 07834397)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Cornico Coffee Company 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% 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 Income Statement, 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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

CORNICO COFFEE COMPANY LIMITED (REGISTERED NUMBER: 07834397)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 211,205 71,836 6,957 289,998
Additions 18,695 75,144 518 94,357
Disposals (59,875 ) (71,836 ) - (131,711 )
At 31 October 2023 170,025 75,144 7,475 252,644
DEPRECIATION
At 1 November 2022 85,611 44,211 4,497 134,319
Charge for year 17,058 18,786 595 36,439
Eliminated on disposal (29,305 ) (44,211 ) - (73,516 )
At 31 October 2023 73,364 18,786 5,092 97,242
NET BOOK VALUE
At 31 October 2023 96,661 56,358 2,383 155,402
At 31 October 2022 125,594 27,625 2,460 155,679

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022 71,836
Additions 75,144
Disposals (71,836 )
At 31 October 2023 75,144
DEPRECIATION
At 1 November 2022 44,211
Charge for year 18,786
Eliminated on disposal (44,211 )
At 31 October 2023 18,786
NET BOOK VALUE
At 31 October 2023 56,358
At 31 October 2022 27,625

CORNICO COFFEE COMPANY LIMITED (REGISTERED NUMBER: 07834397)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 41,233 42,525
Other debtors 3,035 3,924
Prepayments 573 436
44,841 46,885

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 10,000 10,000
Funding Circle loan 30,416 40,000
Iwoca Ozone Ltd loan 15,960 -
Hire purchase contracts 7,566 6,755
Trade creditors 130,665 82,386
Tax - 3,035
Social security and other taxes 3,971 3,848
Other creditors 4,201 4,358
Directors' current accounts 65,313 36,879
Accrued expenses 492 10
268,584 187,271

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Funding Circle loan - 23,333
Bounce Back loan account 15,833 25,833
Hire purchase contracts 37,808 8,865
53,641 58,031

8. ULTIMATE CONTROLLING PARTY

During the year the company was controlled by Mr A Tobin and Mr M Fraser, by virtue of the fact that between them they own 100% of the company's issued ordinary share capital.

9. GOING CONCERN AND LIQUIDITY

Although the company has a deficiency of assets at the Balance Sheet date, the most significant creditor (Note 6) is the directors current account. Whilst this amount is effectively repayable on demand, the directors are fully aware of the shortfall in the company's net assets, and has given assurances that the loan owing to them personally will not be called upon to the extent that the company does not have sufficient working capital. On that basis, the directors have concluded that there is no material uncertainty which casts any significant doubt upon the company's ability to continue as a going concern. As a result, the going concern basis of accounting has been adopted and is considered appropriate.