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Registered number: 08245597
Southsea Coffee Co Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
MATCH Accounting Limited
Portsmouth Technopole Kingston Crescent
Portsmouth
Hampshire
PO2 8FA
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 08245597
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,593 18,190
19,593 18,190
CURRENT ASSETS
Stocks 5 4,246 3,911
Debtors 6 40,890 13,204
Cash at bank and in hand 13,995 34,512
59,131 51,627
Creditors: Amounts Falling Due Within One Year 7 (61,049 ) (38,730 )
NET CURRENT ASSETS (LIABILITIES) (1,918 ) 12,897
TOTAL ASSETS LESS CURRENT LIABILITIES 17,675 31,087
Creditors: Amounts Falling Due After More Than One Year 8 (13,421 ) (11,847 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,723 ) (3,457 )
NET ASSETS 531 15,783
CAPITAL AND RESERVES
Called up share capital 9 2 2
Income Statement 529 15,781
SHAREHOLDERS' FUNDS 531 15,783
Page 1
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 Income Statement.
On behalf of the board
T Knight
Director
30/07/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Southsea Coffee Co Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08245597 . The registered office is 63 Osborne Road, Southsea, Hampshire, PO5 3LS.
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 measured at cost less accumulated depreciation and any accumulated impairment losses. 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 5 years straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 33.3% straight line
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.
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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.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 19 16
19 16
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2022 12,955 37,325 6,000 1,668
Additions - 7,657 - 564
As at 31 October 2023 12,955 44,982 6,000 2,232
...CONTINUED
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Depreciation
As at 1 November 2022 11,691 23,696 4,750 535
Provided during the period 877 4,667 313 320
As at 31 October 2023 12,568 28,363 5,063 855
Net Book Value
As at 31 October 2023 387 16,619 937 1,377
As at 1 November 2022 1,264 13,629 1,250 1,133
Computer Equipment Total
£ £
Cost
As at 1 November 2022 3,010 60,958
Additions - 8,221
As at 31 October 2023 3,010 69,179
Depreciation
As at 1 November 2022 2,096 42,768
Provided during the period 641 6,818
As at 31 October 2023 2,737 49,586
Net Book Value
As at 31 October 2023 273 19,593
As at 1 November 2022 914 18,190
5. Stocks
2023 2022
£ £
Stock 4,246 3,911
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,480 4,742
Other debtors 38,410 8,462
40,890 13,204
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 10,533 5,313
Bank loans and overdrafts 7,883 3,948
Other creditors 6,717 6,150
Taxation and social security 35,916 23,319
61,049 38,730
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 13,421 11,847
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
10. Related Party Transactions
At the balance sheet date there was a balance of £7,987 owed to the company from Local Coffee Limited  which was a company connected under common control.
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