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Registered number: 08723662
Crank House Coffee Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Steiner & Co.
50 Cowick Street
Exeter
Devon
EX4 1AP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08723662
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,640 1,640
Tangible Assets 5 73,970 95,950
75,610 97,590
CURRENT ASSETS
Stocks 6 30,000 30,000
Debtors 7 30,134 18,710
Cash at bank and in hand 223,748 164,275
283,882 212,985
Creditors: Amounts Falling Due Within One Year 8 (243,519 ) (192,118 )
NET CURRENT ASSETS (LIABILITIES) 40,363 20,867
TOTAL ASSETS LESS CURRENT LIABILITIES 115,973 118,457
NET ASSETS 115,973 118,457
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 115,873 118,357
SHAREHOLDERS' FUNDS 115,973 118,457
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Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Stanton
Director
29th July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Crank House Coffee Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08723662 . The registered office is 50 Cowick Street, Exeter, EX4 1AP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15% reducing balance
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 1
Sales, marketing and distribution 1 1
2 2
4. Intangible Assets
Other
£
Cost
As at 1 November 2022 1,640
As at 31 October 2023 1,640
Net Book Value
As at 31 October 2023 1,640
As at 1 November 2022 1,640
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 13,030 129,223 10,979 3,120 156,352
Additions - - 1,462 - 1,462
As at 31 October 2023 13,030 129,223 12,441 3,120 157,814
Depreciation
As at 1 November 2022 3,930 51,123 3,429 1,920 60,402
Provided during the period 1,365 19,525 2,252 300 23,442
As at 31 October 2023 5,295 70,648 5,681 2,220 83,844
Net Book Value
As at 31 October 2023 7,735 58,575 6,760 900 73,970
As at 1 November 2022 9,100 78,100 7,550 1,200 95,950
6. Stocks
2023 2022
£ £
Materials 30,000 30,000
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 23,341 11,199
Rent deposit 3,375 3,375
VAT 3,418 4,136
30,134 18,710
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 466 585
Corporation tax 8,117 -
Nest 127 104
Shopify gift cards 343 139
Accruals and deferred income 5,150 4,000
Directors' loan accounts 229,316 187,290
243,519 192,118
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Creditors is the following loan by the director:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr David Stanton 187,290 3,365 45,391 - 229,316
11. Related Party Transactions
During the year the company was charged £1,900 interest by the director on money he has lent to the company.
12. Ultimate Controlling Party
The company's ultimate controlling party is the director by virtue of his ownership of 100% of the issued share capital in the company.
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