Registered number
09155320
First Cup Limited
Unaudited Filleted Accounts
31 October 2023
First Cup Limited
Registered number: 09155320
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 492,373 604,644
Investments 4 400 400
492,773 605,044
Current assets
Debtors 5 674,964 745,992
Cash at bank and in hand 4,309 17,520
679,273 763,512
Creditors: amounts falling due within one year 6 (1,329,012) (1,335,337)
Net current liabilities (649,739) (571,825)
Net (liabilities)/assets (156,966) 33,219
Capital and reserves
Called up share capital 100 100
Profit and loss account (157,066) 33,119
Shareholders' funds (156,966) 33,219
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms S C Chew
Director
Approved by the board on 15 July 2024
First Cup Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Improvement to premises 10% straight line
Plant and machinery 20% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemptions provided by section399(2A) of the Companies Act 2006 not to prepare group accounts.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Land and buildings Plant and machinery etc Improvement to premises Total
£ £ £ £
Cost
At 1 November 2022 617,467 136,012 645,773 1,399,252
At 31 October 2023 617,467 136,012 645,773 1,399,252
Depreciation
At 1 November 2022 366,400 117,347 310,861 794,608
Charge for the year 41,873 5,821 64,577 112,271
At 31 October 2023 408,273 123,168 375,438 906,879
Net book value
At 31 October 2023 209,194 12,844 270,335 492,373
At 31 October 2022 251,067 18,665 334,912 604,644
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 November 2022 400
At 31 October 2023 400
5 Debtors 2023 2022
£ £
Trade debtors 76,059 159,766
Amounts owed by group undertakings and undertakings in which the company has a participating interest 465,900 465,900
Deferred tax asset 43,756 11,166
Other debtors 89,249 109,160
674,964 745,992
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 47,424 24,098
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,178,527 1,084,019
Taxation and social security costs 7,346 12,658
Other creditors 95,715 214,562
1,329,012 1,335,337
7 Controlling party
The company has taken advantages 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 in the group.
8 Other information
First Cup Limited is a private company limited by shares and incorporated in England. Its registered office is:
15 Frith Street
1st Floor
London
W1D 4RE
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