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Company No: 13601211 (England and Wales)

ORANGES AND LEMONS CAFE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ORANGES AND LEMONS CAFE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ORANGES AND LEMONS CAFE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
ORANGES AND LEMONS CAFE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 36,016 40,518
Tangible assets 4 6,688 3,349
42,704 43,867
Current assets
Stocks 5 10,000 10,000
Debtors 6 5,000 5,131
Cash at bank and in hand 33,236 28,633
48,236 43,764
Creditors: amounts falling due within one year 7 ( 86,966) ( 86,659)
Net current liabilities (38,730) (42,895)
Total assets less current liabilities 3,974 972
Provision for liabilities 8 ( 1,662) ( 837)
Net assets 2,312 135
Capital and reserves
Called-up share capital 100 100
Profit and loss account 2,212 35
Total shareholders' funds 2,312 135

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Oranges and Lemons Cafe Limited (registered number: 13601211) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

P J Williets
Director

12 August 2024

ORANGES AND LEMONS CAFE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ORANGES AND LEMONS CAFE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Oranges and Lemons Cafe Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Vine House, Orvis Lane, East Bergholt, CO7 6TT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

These financial statements cover the period from 1 January 2023 to 31 December 2023. The previous account period was a 16 month period from 3 September 2021 to 31 December 2022. As a result, the comparative accounts presented in the financial statements are not entirely comparable.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 15

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 45,020 45,020
At 31 December 2023 45,020 45,020
Accumulated amortisation
At 01 January 2023 4,502 4,502
Charge for the financial year 4,502 4,502
At 31 December 2023 9,004 9,004
Net book value
At 31 December 2023 36,016 36,016
At 31 December 2022 40,518 40,518

4. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 January 2023 1,400 3,103 4,503
Additions 4,141 833 4,974
At 31 December 2023 5,541 3,936 9,477
Accumulated depreciation
At 01 January 2023 50 1,104 1,154
Charge for the financial year 1,083 552 1,635
At 31 December 2023 1,133 1,656 2,789
Net book value
At 31 December 2023 4,408 2,280 6,688
At 31 December 2022 1,350 1,999 3,349

5. Stocks

2023 2022
£ £
Finished goods 10,000 10,000

6. Debtors

2023 2022
£ £
Prepayments 5,000 5,000
Other debtors 0 131
5,000 5,131

7. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 80,461 81,806
Accruals 1,350 1,200
Corporation tax 1,444 1,012
Other taxation and social security 3,616 2,641
Other creditors 95 0
86,966 86,659

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 837) 0
Charged to the Income Statement ( 825) ( 837)
At the end of financial year ( 1,662) ( 837)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 1,672) ( 837)
Other timing differences 10 0
( 1,662) ( 837)

9. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Other 75,000 100,000

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 25,000 25,000
between one and five years 50,000 75,000
75,000 100,000