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Registered number: 10588599
Third Wave Coffee Group Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
TaxAssist Accountants Beckenham
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10588599
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 1,351,276 1,371,885
1,351,276 1,371,885
CURRENT ASSETS
Stocks 4 24,226 21,066
Debtors 5 63,334 56,988
Cash at bank and in hand 1,079 413
88,639 78,467
Creditors: Amounts Falling Due Within One Year 6 (857,243 ) (821,217 )
NET CURRENT ASSETS (LIABILITIES) (768,604 ) (742,750 )
TOTAL ASSETS LESS CURRENT LIABILITIES 582,672 629,135
Creditors: Amounts Falling Due After More Than One Year 7 (753,054 ) (735,800 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (31,862 ) (35,062 )
NET LIABILITIES (202,244 ) (141,727 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (202,344 ) (141,827 )
SHAREHOLDERS' FUNDS (202,244) (141,727)
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Page 2
For the 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.
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 Matthew Dickens
Director
17/10/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. 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.
1.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3. 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.
1.4. 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:
Freehold Straight Line - 0.5%
Leasehold Straight Line - 0.5%
Plant & Machinery Reducing balance - 20%
Fixtures & Fittings Reducing balance - 20%
Computer Equipment Straight Line - 25%
1.5. 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.
1.6. 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 year 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 asset reflects 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.
...CONTINUED
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1.6. Taxation - continued
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.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 66 (2023: 66)
66 66
3. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Fixtures & Fittings
£ £ £ £
Cost
As at 1 February 2023 1,102,112 93,445 152,181 122,330
Additions - - 11,988 13,219
As at 31 January 2024 1,102,112 93,445 164,169 135,549
Depreciation
As at 1 February 2023 7,740 467 54,696 36,988
Provided during the period 3,301 467 21,892 19,724
As at 31 January 2024 11,041 934 76,588 56,712
Net Book Value
As at 31 January 2024 1,091,071 92,511 87,581 78,837
As at 1 February 2023 1,094,372 92,978 97,485 85,342
Computer Equipment Total
£ £
Cost
As at 1 February 2023 3,883 1,473,951
Additions 719 25,926
As at 31 January 2024 4,602 1,499,877
Depreciation
As at 1 February 2023 2,175 102,066
Provided during the period 1,151 46,535
As at 31 January 2024 3,326 148,601
Net Book Value
As at 31 January 2024 1,276 1,351,276
As at 1 February 2023 1,708 1,371,885
4. Stocks
2024 2023
£ £
Finished goods 24,226 21,066
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Page 5
5. Debtors
2024 2023
£ £
Due within one year
Due after more than one year
Deferred tax current asset 63,334 56,988
63,334 56,988
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other taxes and social security 115,354 39,755
VAT 91,838 125,229
Accruals and deferred income 1,197 58,435
Directors' loan accounts 648,854 597,798
857,243 821,217
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 44,234 -
CBILS Loan (Long term liabilities - creditors > 1 year) 54,000 78,000
Bank loans (Long term liabilities - creditors > 1 year) 654,820 657,800
753,054 735,800
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. General Information
Third Wave Coffee Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10588599 . The registered office is Club Langley Hawksbrook Lane, Beckenham, BR3 3SR.
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