Company registration number 06311977 (England and Wales)
ROMBOUTS COFFEE GREAT BRITAIN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ROMBOUTS COFFEE GREAT BRITAIN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ROMBOUTS COFFEE GREAT BRITAIN LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
30,808
9,042
Tangible assets
5
178,200
209,824
209,008
218,866
Current assets
Stocks
6
159,907
68,897
Debtors
7
706,840
924,942
Cash at bank and in hand
484,869
565,514
1,351,616
1,559,353
Creditors: amounts falling due within one year
8
(2,504,084)
(1,862,964)
Net current liabilities
(1,152,468)
(303,611)
Total assets less current liabilities
(943,460)
(84,745)
Creditors: amounts falling due after more than one year
9
(159,840)
(179,820)
Provisions for liabilities
(77,350)
(74,000)
Net liabilities
(1,180,650)
(338,565)
Capital and reserves
Called up share capital
11
2,750,000
2,750,000
Profit and loss reserves
(3,930,650)
(3,088,565)
Total equity
(1,180,650)
(338,565)

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 26 July 2024 and are signed on its behalf by:
X Rombouts
Director
Company registration number 06311977 (England and Wales)
ROMBOUTS COFFEE GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Rombouts Coffee Great Britain Limited is a private company limited by shares incorporated in England and Wales. The registered office is Slough Trading Estate, Weston Road 964, Slough, Berkshire, SL1 4NH.

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

At the time of approving the financial statements, the directortrues have a reasonable expectation that the company has adequate resources to draw on and so continue in operational existence for the foreseeable future. The directors continue to adopt the going concern basis in preparing the financial statements. The company is financially supported by its parent company, Koffie F. Rombouts NV, who have undertaken to provide such support that the company requires to continue to trade and meet its liabilities as and when they fall due.

 

The continued support of the parent company, which holds significant reserves, will allow financial support to continue whilst the company takes action to mitigate the rise in industry costs. It is expected that all financial assistance required can be provided in full by the support from its parent, this will allow the company to continue and cover its ongoing costs for the foreseeable future until the entity is able to financially support itself.

 

The directors therefore consider that there are no adjustments required to the accounts and that the company continues to be a going concern.

1.3
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised, once the asset is available for use, so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
Straight line basis over 3 years
ROMBOUTS COFFEE GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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 on the following bases:

Plant and equipment
Straight line basis over 3 years
Fixtures and fittings
Straight line basis over 10 years
Computers
Straight line basis over 3-5 years

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.

1.6
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.

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
Financial instruments
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.

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.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ROMBOUTS COFFEE GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

ROMBOUTS COFFEE GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -

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.

1.15
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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock

Determine whether any provision is required against slow moving or obsolete stock items. These decisions will depend on an assessment of the expiry date of the goods held in stock at the balance sheet date along with a physical inspection to identify any damaged stock items.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of stock

Stock held by the company is included in the accounts at the average purchase price of the item. This is considered to be a reasonable and acceptable valuation method, however, stock items are also reviewed to their current sales price, if available, or the most recent purchase price and, if deemed necessary, an impairment adjustment is made based on the possible losses of a reduced net realisable value.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
10
8
ROMBOUTS COFFEE GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Intangible fixed assets
Website
£
Cost
At 1 January 2023
9,042
Additions
21,917
At 31 December 2023
30,959
Amortisation and impairment
At 1 January 2023
-
0
Amortisation charged for the year
151
At 31 December 2023
151
Carrying amount
At 31 December 2023
30,808
At 31 December 2022
9,042
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
378,201
Additions
11,775
Disposals
(34,219)
At 31 December 2023
355,757
Depreciation and impairment
At 1 January 2023
168,377
Depreciation charged in the year
43,399
Eliminated in respect of disposals
(34,219)
At 31 December 2023
177,557
Carrying amount
At 31 December 2023
178,200
At 31 December 2022
209,824
6
Stocks
2023
2022
£
£
Stocks
159,907
68,897
ROMBOUTS COFFEE GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
574,560
888,401
Other debtors
132,280
36,541
706,840
924,942
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
78,924
201,963
Amounts owed to group undertakings
2,194,823
1,562,690
Taxation and social security
3,158
802
Other creditors
227,179
97,509
2,504,084
1,862,964
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
159,840
179,820
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
79,920
99,900
10
Financial instruments
2023
2022
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
163,320
-

Financial liabilities measured at fair value through profit or loss comprise foreign currency forward contracts in place at the year end.

Hedging arrangements

The company has entered into forward foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 31 December 2023, the outstanding contracts all mature within 11 months (2022: nil) of the year end. The group is committed to buy 5,000,000 and pay a fixed sterling amount.

 

The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivatives are the forward exchange rates GBP:EUR. The fair value loss of the forward-foreign currency contracts is £81,660 (2022: nil).

ROMBOUTS COFFEE GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1,000 each
2,750
2,750
2,750,000
2,750,000
12
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:
Tracey Wickens
Statutory Auditor:
MGI Midgley Snelling LLP
Date of audit report:
29 July 2024
13
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
974,369
1,098,828
ROMBOUTS COFFEE GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Operating lease commitments
(Continued)
- 9 -
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
29,765
28,639
14
Parent company

The immediate and ultimate parent company is Koffie F. Rombouts NV, a company incorporated in Belgium. Koffie F. Rombouts NV is the largest and smallest group for which consolidated accounts are produced. The group's financial statements can be obtained by contacting the company secretary at the registered office of Koffie F. Rombouts NV, being Antwerpsesteenweg 136. B-2630 Aartselaar, Belgium.

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