Company No:
Contents
DIRECTORS | Mrs C Little |
Mr W Little |
REGISTERED OFFICE | Unit 7 Blackdown Park |
Willand | |
EX15 2FS | |
England | |
United Kingdom |
COMPANY NUMBER | 09467237 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 4 |
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Tangible assets | 5 |
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322,796 | 330,825 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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444,013 | 393,334 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 331,229 | 302,452 | ||
Total assets less current liabilities | 654,025 | 633,277 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Roastworks Coffee Company Limited (registered number:
Mrs C Little
Director |
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.
Roastworks Coffee Company 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 Unit 7 Blackdown Park, Willand, EX15 2FS, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
In the year ended 31 March 2024 the Company changed its depreciation policy for Plant and machinery from 5 years to 7 years. If the previous depreciation was still in place the Net Book Value of Plant and machinery would be £72,744. The depreciation charge for Fixtures and Fittings in the Profit & Loss report would have been £10,611, the updated depreciation charge is now £3,411.
The nature and effects of a prior year error are disclosed in note 2 of the financial statements.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Trademarks, patents and licences |
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Land and buildings |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
As a result of misclassifications in the profit and loss statement in the prior year we have reclassified a number of entries.
As previously reported | Adjustment | As restated | ||||
Year ended 31 March 2023 | £ | £ | £ | |||
Closing stock | 186,215 | (10,481) | 175,734 | |||
Sales | 1,112,350 | 6,475 | 1,118,825 | |||
Direct costs | (778,581) | 4,007 | (774,574) |
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Trademarks, patents and licences |
Total | ||
£ | £ | ||
Cost | |||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated amortisation | |||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||
At 31 March 2024 |
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At 31 March 2023 |
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Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 April 2023 |
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Additions |
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At 31 March 2024 |
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Accumulated depreciation | |||||||||
At 01 April 2023 |
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Charge for the financial year |
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At 31 March 2024 |
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Net book value | |||||||||
At 31 March 2024 |
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At 31 March 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by directors |
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Prepayments |
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VAT recoverable |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Accruals |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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The bank loan is secured over the freehold property.
Finance lease - included in finance leases at the year end is £41,585 (2023: £49,331) on which the following security has been provided:
The finance lease is secured over the motor vehicles.
2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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Obligations under finance leases and hire purchase contracts (secured) |
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The bank loan is secured over the freehold property.
Finance lease - included in finance leases at the year end is £41,585 (2023: £49,331) on which the following security has been provided:
The finance lease is secured over the motor vehicles.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Amounts owed by director | 11,000 | 22,000 |