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Registration number: 06563795

The 2 N's Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 January 2024

 

The 2 N's Limited
(Registration number: 06563795)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The 2 N's Limited
(Registration number: 06563795)

Company Information

Directors

Mr S Rowe

Mrs J Rowe

Mr C Rowe

Mrs V Rowe

Registered office

Westcott Park
Cullompton
Devon
EX15 1SA

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

The 2 N's Limited
(Registration number: 06563795)

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,126

928

Investments

5

1

1

 

1,127

929

Current assets

 

Stocks

6

3,000

15,000

Debtors

7

117,557

198,628

Cash at bank and in hand

 

13,883

36,004

 

134,440

249,632

Creditors: Amounts falling due within one year

8

(28,955)

(25,172)

Net current assets

 

105,485

224,460

Total assets less current liabilities

 

106,612

225,389

Creditors: Amounts falling due after more than one year

8

(8,953)

(14,000)

Provisions for liabilities

(215)

(177)

Net assets

 

97,444

211,212

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

97,344

211,112

Total equity

 

97,444

211,212

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.

 

The 2 N's Limited
(Registration number: 06563795)

Balance Sheet as at 31 January 2024

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 October 2024 and signed on its behalf by:
 

.........................................
Mr S Rowe
Director

 

The 2 N's Limited
(Registration number: 06563795)

Notes to the Unaudited Financial Statements for the 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:
Westcott Park
Cullompton
Devon
EX15 1SA
United Kingdom

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred 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.

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

 

The 2 N's Limited
(Registration number: 06563795)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income 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

Plant and machinery

20% straight line basis

Fixtures and fittings

20% straight line basis

Motor vehicles

25% reducing balance basis

Office equipment

20% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

The 2 N's Limited
(Registration number: 06563795)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The 2 N's Limited
(Registration number: 06563795)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

28,828

2,800

34,437

66,065

Additions

-

-

490

490

At 31 January 2024

28,828

2,800

34,927

66,555

Depreciation

At 1 February 2023

28,828

2,632

33,677

65,137

Charge for the year

-

42

250

292

At 31 January 2024

28,828

2,674

33,927

65,429

Carrying amount

At 31 January 2024

-

126

1,000

1,126

At 31 January 2023

-

168

760

928

5

Investments

2024
£

2023
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost or valuation

At 1 February 2023

1

At 31 January 2024

1

Carrying amount

At 31 January 2024

1

At 31 January 2023

1

 

The 2 N's Limited
(Registration number: 06563795)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

The Tasty Coffee Company Limited

Westcott Park
Westcott
Cullompton
Devon
EX15 1SA

Ordinary

100%

100%

 

England and Wales

     

6

Stocks

2024
£

2023
£

Other stocks

3,000

15,000

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

8,863

19,335

Amounts owed by group undertakings and undertakings in which the company has a participating interest

108,116

176,965

Prepayments and accrued income

 

578

2,328

Total current trade and other debtors

 

117,557

198,628

 

The 2 N's Limited
(Registration number: 06563795)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,000

6,000

Trade creditors

 

200

1,112

Taxation and social security

 

21,075

16,485

Accrued expenses

 

1,680

1,575

 

28,955

25,172

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

8,953

14,000

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

6,000

6,000

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

8,953

14,000

10

Parent and ultimate parent undertaking

The company's immediate parent is Rowe Atlantic Limited, incorporated in England and Wales.