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Registered number: 11467512
Formative Coffee Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
djca Limited
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Formative Coffee Ltd For The Year Ended 31 July 2023
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Formative Coffee Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Formative Coffee Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Formative Coffee Ltd and state those matters that we have agreed to state to the director of Formative Coffee Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Formative Coffee Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Formative Coffee Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Formative Coffee Ltd . You consider that Formative Coffee Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Formative Coffee Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Robert Fiford FCCA
07/08/2024
djca Limited
ACCA
154-160 Fleet Street
London
EC4A 2DQ
Page 1
Page 2
Balance Sheet
Registered number: 11467512
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 63,731 69,729
63,731 69,729
CURRENT ASSETS
Stocks 5 4,201 3,591
Debtors 6 46,570 34,069
50,771 37,660
Creditors: Amounts Falling Due Within One Year 7 (141,885 ) (139,220 )
NET CURRENT ASSETS (LIABILITIES) (91,114 ) (101,560 )
TOTAL ASSETS LESS CURRENT LIABILITIES (27,383 ) (31,831 )
Creditors: Amounts Falling Due After More Than One Year 8 (30,649 ) (37,891 )
NET LIABILITIES (58,032 ) (69,722 )
CAPITAL AND RESERVES
Called up share capital 9 50 50
Profit and Loss Account (58,082 ) (69,772 )
SHAREHOLDERS' FUNDS (58,032) (69,722)
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For the year ending 31 July 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 his 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 I Kissick
Director
07/08/2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Formative Coffee Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11467512 . The registered office is 27 Formative Coffee Ltd, Old Gloucester Street, London, WC1N 3AX.
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. Going Concern Disclosure
The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
The director offers their continued support to the business and will not demand repayment of the directors loan until such time that the company is in a positition to do so.
2.3. 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.
2.4. 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 Straight Line - 10%
Plant & Machinery Straight Line - 25%
Fixtures & Fittings Reducing Balance - 25%
Computer Equipment Straight Line - 33.33%
2.5. 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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 3)
5 3
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2022 88,487 4,483 18,048 5,672 116,690
Additions - 4,911 1,160 1,368 7,439
As at 31 July 2023 88,487 9,394 19,208 7,040 124,129
Depreciation
As at 1 August 2022 30,280 2,594 10,632 3,455 46,961
Provided during the period 8,848 1,396 1,923 1,270 13,437
As at 31 July 2023 39,128 3,990 12,555 4,725 60,398
Net Book Value
As at 31 July 2023 49,359 5,404 6,653 2,315 63,731
As at 1 August 2022 58,207 1,889 7,416 2,217 69,729
5. Stocks
2023 2022
£ £
Materials 4,201 3,591
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 11,742 -
Other debtors 34,828 34,069
46,570 34,069
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 18,046 -
Bank loans and overdrafts 31,876 40,180
Other taxes and social security 3,044 4,032
VAT 7,789 1,537
Other creditors 4,343 1,069
Accruals and deferred income 3,097 206
Director's loan account 73,690 92,196
141,885 139,220
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 30,649 37,891
30,649 37,891
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 50 50
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