Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31132023-01-01false13truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06244192 2023-01-01 2023-12-31 06244192 2022-01-01 2022-12-31 06244192 2023-12-31 06244192 2022-12-31 06244192 c:Director2 2023-01-01 2023-12-31 06244192 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 06244192 d:PlantMachinery 2023-01-01 2023-12-31 06244192 d:PlantMachinery 2023-12-31 06244192 d:PlantMachinery 2022-12-31 06244192 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06244192 d:FurnitureFittings 2023-01-01 2023-12-31 06244192 d:FurnitureFittings 2023-12-31 06244192 d:FurnitureFittings 2022-12-31 06244192 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06244192 d:ComputerEquipment 2023-01-01 2023-12-31 06244192 d:ComputerEquipment 2023-12-31 06244192 d:ComputerEquipment 2022-12-31 06244192 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06244192 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06244192 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 06244192 d:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 06244192 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-12-31 06244192 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 06244192 d:CurrentFinancialInstruments 2023-12-31 06244192 d:CurrentFinancialInstruments 2022-12-31 06244192 d:CurrentFinancialInstruments 1 2023-12-31 06244192 d:CurrentFinancialInstruments 1 2022-12-31 06244192 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06244192 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06244192 d:ShareCapital 2023-12-31 06244192 d:ShareCapital 2022-12-31 06244192 d:RetainedEarningsAccumulatedLosses 2023-12-31 06244192 d:RetainedEarningsAccumulatedLosses 2022-12-31 06244192 c:FRS102 2023-01-01 2023-12-31 06244192 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06244192 c:FullAccounts 2023-01-01 2023-12-31 06244192 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06244192 d:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 06244192 d:EntityControlledByKeyManagementPersonnel1 2023-12-31 06244192 d:EntityControlledByKeyManagementPersonnel1 2022-12-31 06244192 d:EntityControlledByKeyManagementPersonnel2 2023-01-01 2023-12-31 06244192 d:EntityControlledByKeyManagementPersonnel2 2022-12-31 06244192 d:EntityControlledByKeyManagementPersonnel3 2023-01-01 2023-12-31 06244192 d:EntityControlledByKeyManagementPersonnel3 2023-12-31 06244192 d:EntityControlledByKeyManagementPersonnel3 2022-12-31 06244192 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 06244192 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-01-01 2022-12-31 06244192 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-12-31 06244192 d:PlantEquipmentOtherAssetsUnderOperatingLeases 2022-12-31 06244192 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2023-12-31 06244192 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:WithinOneYear 2022-12-31 06244192 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2023-12-31 06244192 d:PlantEquipmentOtherAssetsUnderOperatingLeases d:BetweenOneFiveYears 2022-12-31 06244192 d:EntityControlledByKeyManagementPersonnel1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 06244192









TEA TIMES TRADING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TEA TIMES TRADING LIMITED
REGISTERED NUMBER:06244192

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
15,168
19,322

  
15,168
19,322

Current assets
  

Stocks
 6 
1,473,419
1,594,735

Debtors: amounts falling due within one year
 7 
1,167,894
849,627

Cash at bank and in hand
  
119,983
26,451

  
2,761,296
2,470,813

Creditors: amounts falling due within one year
 8 
(1,458,604)
(1,249,022)

Net current assets
  
 
 
1,302,692
 
 
1,221,791

Provisions for liabilities
  

Deferred tax
  
(259)
(213)

Net assets
  
1,317,601
1,240,900


Capital and reserves
  

Called up share capital 
  
800,001
800,001

Retained earnings
  
517,600
440,899

Shareholders' funds
  
1,317,601
1,240,900

Page 1

 
TEA TIMES TRADING LIMITED
REGISTERED NUMBER:06244192
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The Company has opted not to file the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




K L Ginsberg
Director

Date: 23 September 2024

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
TEA TIMES TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tea Times Trading Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 06244192). The registered office address is Old Library Chambers, 21 Chipper Lane, Salisbury, SP1 1BG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
TEA TIMES TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 4

 
TEA TIMES TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Building Improvements
-
20%
Plant & machinery
-
20%
Fixtures & fittings
-
20%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 
2.10

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument. 
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.  

Page 5

 
TEA TIMES TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.
 
 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 13).

Page 6

 
TEA TIMES TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Patents
Trademarks
Total

£
£
£



Cost


At 1 January 2023
14,000
14,751
28,751



At 31 December 2023

14,000
14,751
28,751



Amortisation


At 1 January 2023
14,000
14,751
28,751



At 31 December 2023

14,000
14,751
28,751



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
-
-
-



Page 7

 
TEA TIMES TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2023
3,331
15,167
69,197
87,695


Additions
-
-
5,093
5,093



At 31 December 2023

3,331
15,167
74,290
92,788



Depreciation


At 1 January 2023
3,331
6,466
58,576
68,373


Charge for the year
-
2,038
7,209
9,247



At 31 December 2023

3,331
8,504
65,785
77,620



Net book value



At 31 December 2023
-
6,663
8,505
15,168



At 31 December 2022
-
8,701
10,621
19,322

Page 8

 
TEA TIMES TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,473,419
1,594,735



7.


Debtors

2023
2022
£
£


Trade debtors
1,002,014
790,490

Amounts owed by group undertakings
101,016
-

Other debtors
10,668
7,200

Prepayments and accrued income
34,487
38,270

Tax recoverable
19,709
13,667

1,167,894
849,627



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
630,821
528,704

Amounts owed to group undertakings
118,545
156,374

Corporation tax
19,356
1,839

Other taxation and social security
13,738
14,191

Proceeds of factored debts
448,627
413,935

Other creditors
21,491
23,671

Accruals and deferred income
206,026
110,308

1,458,604
1,249,022


Page 9

 
TEA TIMES TRADING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:



2023
2022

£
£


Not later than 1 year
24,000
24,000

Later than 1 year and not later than 5 years
54,000
78,000

78,000
102,000


10.


Related party transactions

At the year end, the Company owed £118,545 (2022 - £98,674) to Wistbray Limited, a company associated by common control. This balance is included within creditors.
At the year end, the Company owed £Nil 
(2022 - £48,232) to Tea Sources Limited, a company associated by common control. This balance is included within creditors. 
At the year end, the Company was owed £101,016 
(2022 - £9,468 owed to) by Tea Times Holdings Limited, the ultimate parent company.  This balance is included within debtors. 
At the year end, Tea Times Trading Limited has committed to an unlimited inter-company composite guarantee of loan finance from B C Ginsberg, utilised by its parent company and supported by a fixed and floating charge over the Company's assets. At 31 December 2023, this loan facility totalled £284,482 
(2022 - £318,998).
During the year the Company was charged £49,288 (2022 - £43,493) net management fees by related entities.


11.


Controlling party

The immediate and ultimate parent undertaking is Tea Times Holdings Limited, a company registered in England and Wales.
The ultimate controlling parties are P Busse and B Ginsberg by virtue of their shareholding and directorship in the ultimate parent undertaking.
 
Page 10