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REGISTERED NUMBER: 08517688 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

COFFEENEST LTD

COFFEENEST LTD (REGISTERED NUMBER: 08517688)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 OCTOBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


COFFEENEST LTD (REGISTERED NUMBER: 08517688)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,050,000 1,050,000

CURRENT ASSETS
Debtors 5 81,281 80,551
Cash at bank and in hand 82 80
81,363 80,631
CREDITORS
Amounts falling due within one year 6 361,571 402,658
NET CURRENT LIABILITIES (280,208 ) (322,027 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

769,792

727,973

CREDITORS
Amounts falling due after more than one
year

7

(509,264

)

(503,890

)

PROVISIONS FOR LIABILITIES 9 (44,876 ) (34,106 )
NET ASSETS 215,652 189,977

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 134,631 145,401
Retained earnings 80,921 44,476
215,652 189,977

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.

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 25 July 2024 and were signed on its behalf by:



Mr M Gec - Director


COFFEENEST LTD (REGISTERED NUMBER: 08517688)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 OCTOBER 2023

1. STATUTORY INFORMATION

Coffeenest Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08517688

Registered office: 1 Kings Avenue
Winchmore Hill
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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 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.

There are significant judgements and estimates involved in the preparation of the financial statements.

Revenue
Revenue represents rents receivable, net of value added tax and discounts. Revenue is recognised evenly over the period of the rental agreement.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

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 statement of financial position date.


COFFEENEST LTD (REGISTERED NUMBER: 08517688)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 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 statement of financial position 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.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 2 ).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 1,050,000
NET BOOK VALUE
At 31 October 2023 1,050,000
At 31 October 2022 1,050,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2017 12,424
Valuation in 2020 167,083
Cost 870,493
1,050,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 870,493 870,493

The directors consider the market value of the investment property as at year-end to be as stated in the accounts.

COFFEENEST LTD (REGISTERED NUMBER: 08517688)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 79,491 79,491
Other debtors 1,790 1,060
81,281 80,551

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,388 21,769
Trade creditors 5,880 2,940
Amounts owed to group undertakings 287,337 331,440
Taxation and social security 46,033 34,236
Other creditors 16,933 12,273
361,571 402,658

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 509,264 503,890

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 514,652 525,078

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Other timing differences 44,876 34,106

Deferred
tax
£   
Balance at 1 November 2022 34,106
Provided during year 10,770
Balance at 31 October 2023 44,876

COFFEENEST LTD (REGISTERED NUMBER: 08517688)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 OCTOBER 2023

10. RESERVES
Fair
value
reserve
£   
At 1 November 2022 145,401
Movement in the year (10,770 )

At 31 October 2023 134,631

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.