Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr G Jefferson 12/01/2024 Mrs C Little 30/01/2024 Mr H Little 14/09/1995 Mr W Little 25/11/2014 04 September 2024 The principal activity of the Company during the financial year was coffee manufacturer and wholesaler. 03101980 2024-03-31 03101980 bus:Director1 2024-03-31 03101980 bus:Director2 2024-03-31 03101980 bus:Director3 2024-03-31 03101980 bus:Director4 2024-03-31 03101980 2023-03-31 03101980 core:CurrentFinancialInstruments 2024-03-31 03101980 core:CurrentFinancialInstruments 2023-03-31 03101980 core:Non-currentFinancialInstruments 2024-03-31 03101980 core:Non-currentFinancialInstruments 2023-03-31 03101980 core:ShareCapital 2024-03-31 03101980 core:ShareCapital 2023-03-31 03101980 core:RetainedEarningsAccumulatedLosses 2024-03-31 03101980 core:RetainedEarningsAccumulatedLosses 2023-03-31 03101980 core:Goodwill 2023-03-31 03101980 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 03101980 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-03-31 03101980 core:Goodwill 2024-03-31 03101980 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 03101980 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-03-31 03101980 core:LandBuildings 2023-03-31 03101980 core:FurnitureFittings 2023-03-31 03101980 core:OfficeEquipment 2023-03-31 03101980 core:LandBuildings 2024-03-31 03101980 core:FurnitureFittings 2024-03-31 03101980 core:OfficeEquipment 2024-03-31 03101980 core:CurrentFinancialInstruments core:Secured 2024-03-31 03101980 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-03-31 03101980 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-03-31 03101980 core:Non-currentFinancialInstruments core:Secured 2024-03-31 03101980 core:MoreThanFiveYears 2024-03-31 03101980 core:MoreThanFiveYears 2023-03-31 03101980 bus:OrdinaryShareClass1 2024-03-31 03101980 bus:OrdinaryShareClass2 2024-03-31 03101980 2023-04-01 2024-03-31 03101980 bus:FilletedAccounts 2023-04-01 2024-03-31 03101980 bus:SmallEntities 2023-04-01 2024-03-31 03101980 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03101980 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03101980 bus:Director1 2023-04-01 2024-03-31 03101980 bus:Director2 2023-04-01 2024-03-31 03101980 bus:Director3 2023-04-01 2024-03-31 03101980 bus:Director4 2023-04-01 2024-03-31 03101980 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 03101980 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-04-01 2024-03-31 03101980 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-04-01 2024-03-31 03101980 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 03101980 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 03101980 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 03101980 2022-04-01 2023-03-31 03101980 core:Goodwill 2023-04-01 2024-03-31 03101980 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 03101980 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 03101980 core:LandBuildings 2023-04-01 2024-03-31 03101980 core:FurnitureFittings 2023-04-01 2024-03-31 03101980 core:OfficeEquipment 2023-04-01 2024-03-31 03101980 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 03101980 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 03101980 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03101980 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 03101980 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03101980 (England and Wales)

LITTLE'S COFFEE LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

LITTLE'S COFFEE LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

LITTLE'S COFFEE LTD

COMPANY INFORMATION

For the financial year ended 31 March 2024
LITTLE'S COFFEE LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Mr G Jefferson (Appointed 12 January 2024)
Mrs C Little (Appointed 30 January 2024)
Mr H Little
Mr W Little
SECRETARY Mrs L Little
REGISTERED OFFICE Unit 8 Blackdown Park
South View Estate
Willand
Cullompton
EX15 2FS
United Kingdom
COMPANY NUMBER 03101980 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
LITTLE'S COFFEE LTD

BALANCE SHEET

As at 31 March 2024
LITTLE'S COFFEE LTD

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 15,285 19,176
Tangible assets 4 930,263 537,447
945,548 556,623
Current assets
Stocks 575,114 597,922
Debtors 5 705,379 561,370
Cash at bank and in hand 188,589 227,881
1,469,082 1,387,173
Creditors: amounts falling due within one year 6 ( 865,202) ( 664,611)
Net current assets 603,880 722,562
Total assets less current liabilities 1,549,428 1,279,185
Creditors: amounts falling due after more than one year 7 ( 655,501) ( 285,453)
Provision for liabilities ( 54,500) ( 45,000)
Net assets 839,427 948,732
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 839,327 948,632
Total shareholders' funds 839,427 948,732

For the financial year ending 31 March 2024 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 Little's Coffee Ltd (registered number: 03101980) were approved and authorised for issue by the Board of Directors on 04 September 2024. They were signed on its behalf by:

Mr W Little
Director
LITTLE'S COFFEE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
LITTLE'S COFFEE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Little's Coffee 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 8 Blackdown Park, South View Estate, Willand, Cullompton, EX15 2FS.

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 £.

Change in accounting estimate

In the year ended 31 March 2024 the Company changed its depreciation policy for Fixtures and Fittings from 4-10 year to 7 years. If the previous depreciation was still in place the Net Book Value of Fixtures and Fittings would be £538,360. The depreciation charge for Fixtures and Fittings in the Profit & Loss report would have been £102,607, the updated depreciation charge is now £75,729.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 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.

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
Trademarks, patents and licences 10 years straight line
Website costs 7 years straight line
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 basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

The Freehold Land, included in Land and buildings, is not depreciated.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost formula.

Financial instruments

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 16

3. Intangible assets

Goodwill Trademarks, patents
and licences
Website costs Total
£ £ £ £
Cost
At 01 April 2023 50,000 3,203 25,000 78,203
At 31 March 2024 50,000 3,203 25,000 78,203
Accumulated amortisation
At 01 April 2023 50,000 2,301 6,726 59,027
Charge for the financial year 0 320 3,571 3,891
At 31 March 2024 50,000 2,621 10,297 62,918
Net book value
At 31 March 2024 0 582 14,703 15,285
At 31 March 2023 0 902 18,274 19,176

4. Tangible assets

Land and buildings Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 April 2023 420,939 325,219 16,875 763,033
Additions 0 475,093 5,167 480,260
At 31 March 2024 420,939 800,312 22,042 1,243,293
Accumulated depreciation
At 01 April 2023 59,762 159,346 6,478 225,586
Charge for the financial year 7,434 75,729 4,281 87,444
At 31 March 2024 67,196 235,075 10,759 313,030
Net book value
At 31 March 2024 353,743 565,237 11,283 930,263
At 31 March 2023 361,177 165,873 10,397 537,447

5. Debtors

2024 2023
£ £
Trade debtors 518,951 485,774
Prepayments 96,818 15,516
VAT recoverable 62,147 57,967
Corporation tax 24,964 0
Other debtors 2,499 2,113
705,379 561,370

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured £ 12,034) 410,199 409,791
Trade creditors 365,533 174,263
Amounts owed to related parties 18,411 1,014
Amounts owed to directors 28,900 28,884
Accruals 37,407 21,954
Taxation and social security 0 28,675
Other creditors 4,752 30
865,202 664,611

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured £ 261,644) 276,438 257,071
Obligations under finance leases and hire purchase contracts 356,357 0
Other creditors 22,706 28,382
655,501 285,453

Included in bank loans at the year end is £261,644 (2023: £286,574) on which the following security has been provided:

The freehold property known as Unit 7 & 8 Blackdown Park, Willand together with their associated assets and a property owned personally by a director known as 8 The Laurels, Flightway, Dunkeswell.

Amounts owed to Royal Bank of Scotland under an invoice discounting facility amount to £294,496 (2023: £345,458). This is secured on the company's trade debtors.

Bank loans (excluding the Bounce Back loan) are secured over the company assets.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (repayable by instalments) 203,874 202,169

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
92 Ordinary shares of £ 1.00 each 92 92
8 Ordinary A shares of £ 1.00 each 8 8
100 100

All shares shall rank pari passu in all respects, but shall constitute a separate class of shares.

9. Financial commitments

Other financial commitments

2024 2023
£ £
Financial commitments not included in the balance sheet 32,458 52,958

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance b/fwd 2,113 0
Interest free advances to directors 390 2,113
Repayments by director (4) 0
Balance c/f 2,499 2,113