Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3152023-01-01false5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 06244241 2023-01-01 2023-12-31 06244241 2022-01-01 2022-12-31 06244241 2023-12-31 06244241 2022-12-31 06244241 c:Director2 2023-01-01 2023-12-31 06244241 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2023-12-31 06244241 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2022-12-31 06244241 d:CurrentFinancialInstruments 2023-12-31 06244241 d:CurrentFinancialInstruments 2022-12-31 06244241 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06244241 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 06244241 d:ShareCapital 2023-12-31 06244241 d:ShareCapital 2022-12-31 06244241 d:SharePremium 2023-12-31 06244241 d:SharePremium 2022-12-31 06244241 d:RetainedEarningsAccumulatedLosses 2023-12-31 06244241 d:RetainedEarningsAccumulatedLosses 2022-12-31 06244241 c:FRS102 2023-01-01 2023-12-31 06244241 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 06244241 c:FullAccounts 2023-01-01 2023-12-31 06244241 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06244241 d:Subsidiary1 2023-01-01 2023-12-31 06244241 d:Subsidiary1 1 2023-01-01 2023-12-31 06244241 d:Subsidiary2 2023-01-01 2023-12-31 06244241 d:Subsidiary2 1 2023-01-01 2023-12-31 06244241 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 06244241









TEA TIMES HOLDINGS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TEA TIMES HOLDINGS LIMITED
REGISTERED NUMBER:06244241

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Fixed Asset Investments
 4 
964,576
995,316

  
964,576
995,316

Current assets
  

Debtors: amounts falling due within one year
 5 
107,681
75,981

Cash at bank and in hand
  
430
207

  
108,111
76,188

Creditors: amounts falling due within one year
 6 
(565,934)
(476,916)

Net current liabilities
  
 
 
(457,823)
 
 
(400,728)

  

Net assets
  
506,753
594,588


Capital and reserves
  

Called up share capital 
  
1,706
1,706

Share premium account
  
569,425
569,425

Retained earnings
  
(64,378)
23,457

Shareholders' funds
  
506,753
594,588


Page 1

 
TEA TIMES HOLDINGS LIMITED
REGISTERED NUMBER:06244241
    
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 8 form part of these financial statements.

Page 2

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

1.


General information

Tea Times Holdings Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 06244241). The registered office address is Old Library Chambers, 21 Chipper Lane, Salisbury, SP1 1BG.
The Company's functional and presentational currency is GBP.

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

Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

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.

 
2.4

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:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

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

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.8

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 4

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

2.Accounting policies (continued)

 
2.9

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, 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.10

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 5 (2022 - 5)

Page 5

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

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2023
995,316


Additions
15,000


Disposals
(40,000)


Amounts written off
(5,740)



At 31 December 2023
964,576




The reduction in the value of investments relates to the disposal of Tea Sources Limited which has been disolved.


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Tea Times Trading Limite
The principal activity of the Company is that of the import and wholesale of teas, coffees and beverages.
Ordinary
100%
Wistbray Limited
The principal activity of the Company is that of the import and wholesale of teas, coffees and beverages.
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Net assets
Profit
£
£

Tea Times Trading Limite
1,317,601
76,701

Wistbray Limited
110,653
10,525

Page 6

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

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
91,803
63,661

Other debtors
1,053
1,053

Deferred taxation
14,825
11,267

107,681
75,981



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Debenture loans
284,482
318,998

Amounts owed to group undertakings
101,016
-

Corporation tax
-
1,261

Other taxation and social security
-
757

Other creditors
180,436
155,900

565,934
476,916


The entire balance in debenture loans is due to B C Ginsberg. The loan is secured by a fixed and floating charge over the assets of the Company and, by way of inter-company guarantee, against the assets of Tea Times Trading Limited and Wistbray Limited. 


7.


Related party transactions

At the year-end the Company owed £101,016 (2022 - £9,468 was owed) to its subsidiary Tea Times Trading Limited
At the year-end the Company was owed £80,061 
(2022 - £43,162) from its subsidiary Tea Sources Limited
At the year-end the Company was owed £11,742 
(2022 - £11,031) from its subsidiary Wistbray Limited.
 
Included in creditors at 31 December 2023 is a balance of £284,482 
(2022 - £318,998) due to B C Ginsberg. The loan is secured by a fixed and floating charge over the assets of the Company and, by way of inter-company guarantee, against the assets of Tea Times Trading Limited and Wistbray Limited.  
During the year the Company charged £50,000 
(2022 - £50,000) in total to its subsidiaries for management fees. 

Page 7

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

8.


Controlling party

The ultimate controlling parties are P Busse and B Ginsberg by virtue of their shareholding and directorship.

 
Page 8