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Origin Coffee Retail Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2024

Registration number: 08603355

 

Origin Coffee Retail Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Origin Coffee Retail Limited

Balance Sheet

31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

414,229

299,416

Current assets

 

Stocks

22,425

21,252

Debtors

5

87,987

88,381

Cash at bank and in hand

 

69,784

2,290

 

180,196

111,923

Creditors: Amounts falling due within one year

6

(803,564)

(613,069)

Net current liabilities

 

(623,368)

(501,146)

Total assets less current liabilities

 

(209,139)

(201,730)

Provisions for liabilities

(31,167)

(34,581)

Net liabilities

 

(240,306)

(236,311)

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

(240,307)

(236,312)

Shareholders' deficit

 

(240,306)

(236,311)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................

D J Goodenough

Director

 

Origin Coffee Retail Limited

Balance Sheet

31 January 2024

Company Registration Number: 08603355

 

Origin Coffee Retail Limited

Notes to the Financial Statements

Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Roastery
1 Treysa Place
Porthleven
Cornwall
TR13 9FJ

The principal place of business is:
The Roastery
1 Treysa Place
Porthleven
Cornwall
TR13 9FJ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a resonable expectation that the Company has adequate resources to continue in operational existence and to meets its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Origin Coffee Retail Limited

Notes to the Financial Statements

Year Ended 31 January 2024

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

20% straight line

Fixtures and fittings

20% straight line

Plant and machinery

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amountof the receivable can be measured reliably.

 

Origin Coffee Retail Limited

Notes to the Financial Statements

Year Ended 31 January 2024

Leases

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 Profit and Loss Account 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial assets and liabilities are recognised/(derecognised) when the company becomes/(ceases to be) party to the contractual provisions of the instrument. The company holds the following financial assets & liabilities:

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. any losses arising from impairment ("doubtful debts") are recognised in the statement of income and retained earnings before operating profit.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2023 - 34).

 

Origin Coffee Retail Limited

Notes to the Financial Statements

Year Ended 31 January 2024

4

Tangible assets

Leasehold property improvements
£

Fixtures and fittings
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 February 2023

226,154

96,900

130,556

453,610

Additions

108,975

63,365

5,974

178,314

Disposals

-

(384)

(77,918)

(78,302)

At 31 January 2024

335,129

159,881

58,612

553,622

Depreciation

At 1 February 2023

91,579

27,117

35,498

154,194

Charge for the year

-

29,900

26,401

56,301

Eliminated on disposal

(26,233)

(6,797)

(38,072)

(71,102)

At 31 January 2024

65,346

50,220

23,827

139,393

Carrying amount

At 31 January 2024

269,783

109,661

34,785

414,229

At 31 January 2023

134,575

69,783

95,058

299,416

5

Debtors

2024
 £

2023
 £

Trade debtors

10,865

99

Other debtors

40,787

72,823

Prepayments

36,335

15,459

Total current trade and other debtors

87,987

88,381

 

Origin Coffee Retail Limited

Notes to the Financial Statements

Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

2024
 £

2023
 £

Due within one year

Trade creditors

177,551

145,336

Amounts due to group undertakings

524,062

369,575

Social security and other taxes

59,385

55,969

Outstanding defined contribution pension costs

2,390

1,874

Other creditors

25,205

27,313

Accrued expenses

14,971

13,002

803,564

613,069

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £140,335 (2023 - £17,225). Of the balance, £6,890 (2023 - £6,890) is due within one year and the remaining balance £3,445 (2023 - £10,335) is due between one and five years.

9

Related party transactions

Directors' remuneration

Loans from related parties

There is a loan balance owed to an associated company of £524,063 (2023 - £369,575). There is no interest on the loan and the loan is repayable on demand.

 

Origin Coffee Retail Limited

Notes to the Financial Statements

Year Ended 31 January 2024

10

Parent and ultimate parent undertaking

The address of the parent company is The Roastery, 1 Treysa Place, Porthleven, Cornwall, United Kingdom, TR13 9FJ.

 The company's immediate parent is Origin Coffee (Holdings) Limited, incorporated in England and Wales.

The ultimate controlling party is Mr T Sobey.