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Registered number: 08085174
Cornish Tea & Cornish Coffee Co Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
CAD Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08085174
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,605,364 1,424,472
1,605,364 1,424,472
CURRENT ASSETS
Stocks 5 665,739 453,462
Debtors 6 408,886 407,895
Cash at bank and in hand 59,476 59,482
1,134,101 920,839
Creditors: Amounts Falling Due Within One Year 7 (682,217 ) (554,003 )
NET CURRENT ASSETS (LIABILITIES) 451,884 366,836
TOTAL ASSETS LESS CURRENT LIABILITIES 2,057,248 1,791,308
Creditors: Amounts Falling Due After More Than One Year 8 (1,704,236 ) (1,441,878 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (60,792 ) (66,943 )
NET ASSETS 292,220 282,487
CAPITAL AND RESERVES
Called up share capital 10 3 3
Revaluation reserve 12 274,721 274,721
Profit and Loss Account 17,496 7,763
SHAREHOLDERS' FUNDS 292,220 282,487
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Duncan Bond
Director
Mr Harvey Bowden
Director
13th September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cornish Tea & Cornish Coffee Co Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08085174 . The registered office is The Tea Shed Little Trethew, Horningtops, Liskeard, Cornwall, PL14 3PZ.
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. 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.
2.3. 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 10% straight line
Plant & Machinery 20% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 20% straight line
Computer Equipment 33% straight line
Plant and Machinery
The company has undertaken a change in accounting estimate in relation to bespoke equipment, classified under Plant and Machinery,  to change the depreciation rate from 20% straight line to a 20 year depreciation basis.  The directors have determined that this estimate is more accurate to the useful life of the bespoke equipment held and used within the company.  No revaluation of Plant and Machinery has been undertaken within this period.
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
Page 3
Page 4
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2022: 19)
26 19
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2023 176,143 1,654,132 219,393 49,554
Additions 29,303 312,960 156,032 50,959
Disposals - (36,546 ) (25,495 ) (943 )
As at 31 December 2023 205,446 1,930,546 349,930 99,570
Depreciation
As at 1 January 2023 79,792 479,333 97,182 28,300
Provided during the period 17,225 210,876 78,712 17,749
Disposals - (9,517 ) (13,412 ) (189 )
As at 31 December 2023 97,017 680,692 162,482 45,860
Net Book Value
As at 31 December 2023 108,429 1,249,854 187,448 53,710
As at 1 January 2023 96,351 1,174,799 122,211 21,254
Page 4
Page 5
Computer Equipment Total
£ £
Cost
As at 1 January 2023 40,279 2,139,501
Additions 4,295 553,549
Disposals (3,312 ) (66,296 )
As at 31 December 2023 41,262 2,626,754
Depreciation
As at 1 January 2023 30,422 715,029
Provided during the period 6,010 330,572
Disposals (1,093 ) (24,211 )
As at 31 December 2023 35,339 1,021,390
Net Book Value
As at 31 December 2023 5,923 1,605,364
As at 1 January 2023 9,857 1,424,472
5. Stocks
2023 2022
£ £
Stock 64,322 -
Materials 601,417 453,462
665,739 453,462
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 336,506 345,439
Amounts owed by participating interests 192 159
Other debtors 72,188 62,297
408,886 407,895
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 155,459 79,474
Trade creditors 266,156 340,329
Bank loans and overdrafts 47,928 5,556
Amounts owed to participating interests 22,999 29,657
Other creditors 168,085 58,780
Taxation and social security 21,590 40,207
682,217 554,003
Page 5
Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 222,383 115,679
Bank loans 176,729 35,648
Other creditors 1,305,124 1,290,551
1,704,236 1,441,878
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 155,459 79,474
Later than one year and not later than five years 222,383 115,679
377,842 195,153
377,842 195,153
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 3 3
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year - 2,479
- 2,479
12. Reserves
Revaluation Reserve
£
As at 1 January 2023 274,721
As at 31 December 2023 274,721
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