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REGISTERED NUMBER: 08566128 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

NICHE COFFEE LIMITED

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


NICHE COFFEE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr M J Nicholson



REGISTERED OFFICE: Murrills House
48 East Street
Portchester
Fareham
Hampshire
PO16 9XS



BUSINESS ADDRESS: 5 Priory Gardens
Waterlooville
Hampshire
PO7 7RS



REGISTERED NUMBER: 08566128 (England and Wales)



SENIOR STATUTORY AUDITOR: Gary Brown (FCCA)



INDEPENDENT AUDITORS: HWB Chartered Accountants
Statutory Auditor
Highland House, Mayflower Close
Chandlers Ford
Eastleigh
Hampshire
SO53 4AR

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The director presents his strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
During the year Niche has experienced a reduction in sales due to increasingly difficult global economic conditions.

Niche has maintained a healthy profit margin this year.

Niche has recruited 3 new employees to strengthen its financial team and coffee expertise and shed one employee during this period.

Niche continues to invest in the future of the business with the design and development of other coffee related products.

PRINCIPAL RISKS AND UNCERTAINTIES
As far as the directors are aware Niche does not face any risks or uncertainties, other than the continuing challenges associated with the current global economic climate and associated currency exchange rates (Pound, Dollar, Euro and RMB).


NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

POSITION AT THE END OF THE YEAR
The strength of Niche's balance sheet remained healthy due to the retention of profits. This was despite the investments made in increased stock holding in the UK, increased advertising spend and the development of new coffee related products.

Niche launched its new and patented 83F Duo grinder early in the financial year and has seen sales quantities for this model, although modest, steadily grow throughout the year.

Niche continued to strengthen its IP portfolio with the division of its first patent, continued global filing of further patents, and strengthening its global trade marking of the Niche brand.

The directors expect continued good performance in the foreseeable future and continue to carefully monitor cash flow, global exchange rates and future product order quantities.

Analysis of KPI's
In a difficult global market Niche:

Increased shareholder funds.

Launched a new patented flat burr grinder model.

Increased profit margins per grinder.

Globally standardized grinder pricing.

Maintained grinder manufacturing costs.

Maintained short customer order lead times.

Increased UK storage capacity while maintaining steady overheads.

ON BEHALF OF THE BOARD:





Mr M J Nicholson - Director


11 November 2024

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024


The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and sale of coffee grinders.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £6,350,000 (2023: £732,404). The director recommends that no final dividend be paid.

DIRECTOR
Mr M J Nicholson held office during the whole of the period from 1 April 2023 to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE
The donations made in the year are not political.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, HWB Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr M J Nicholson - Director


11 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NICHE COFFEE LIMITED


Opinion
We have audited the financial statements of Niche Coffee Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NICHE COFFEE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NICHE COFFEE LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NICHE COFFEE LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Gary Brown (FCCA) (Senior Statutory Auditor)
for and on behalf of HWB Chartered Accountants
Statutory Auditor
Highland House, Mayflower Close
Chandlers Ford
Eastleigh
Hampshire
SO53 4AR

12 November 2024

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 3 9,627,538 14,243,153

Cost of sales (4,085,890 ) (5,372,914 )
GROSS PROFIT 5,541,648 8,870,239

Administrative expenses (1,714,635 ) (1,594,826 )
3,827,013 7,275,413

Other operating income 137,134 93,910
OPERATING PROFIT 5 3,964,147 7,369,323

Interest receivable and similar income 39,512 6,507
PROFIT BEFORE TAXATION 4,003,659 7,375,830

Tax on profit 6 (327,806 ) (639,342 )
PROFIT FOR THE FINANCIAL YEAR 3,675,853 6,736,488

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 3,675,853 6,736,488


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

3,675,853

6,736,488

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 25,650 19,105
Tangible assets 9 63,792 80,518
89,442 99,623

CURRENT ASSETS
Stocks 10 3,455,526 2,732,048
Debtors 11 2,016,922 3,493,803
Cash at bank 1,016,247 4,747,890
6,488,695 10,973,741
CREDITORS
Amounts falling due within one year 12 326,334 2,143,133
NET CURRENT ASSETS 6,162,361 8,830,608
TOTAL ASSETS LESS CURRENT LIABILITIES 6,251,803 8,930,231

PROVISIONS FOR LIABILITIES 13 15,662 19,941
NET ASSETS 6,236,141 8,910,290

CAPITAL AND RESERVES
Called up share capital 14 400 402
Retained earnings 15 6,235,741 8,909,888
SHAREHOLDERS' FUNDS 6,236,141 8,910,290

The financial statements were approved by the director and authorised for issue on 11 November 2024 and were signed by:





Mr M J Nicholson - Director


NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 402 2,905,804 2,906,206

Changes in equity
Dividends - (732,404 ) (732,404 )
Total comprehensive income - 6,736,488 6,736,488
Balance at 31 March 2023 402 8,909,888 8,910,290

Changes in equity
Issue of share capital (2 ) - (2 )
Dividends - (6,350,000 ) (6,350,000 )
Total comprehensive income - 3,675,853 3,675,853
Balance at 31 March 2024 400 6,235,741 6,236,141

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,204,660 5,006,713
Tax paid (608,046 ) (420,674 )
Net cash from operating activities 2,596,614 4,586,039

Cash flows from investing activities
Purchase of intangible fixed assets (10,608 ) (13,743 )
Purchase of tangible fixed assets (7,483 ) (76,055 )
Interest received 39,512 6,507
Net cash from investing activities 21,421 (83,291 )

Cash flows from financing activities
Amount introduced by directors 324 312
Amount withdrawn by directors - (1,202,100 )
Share issue (2 ) -
Equity dividends paid (6,350,000 ) (133,552 )
Net cash from financing activities (6,349,678 ) (1,335,340 )

(Decrease)/increase in cash and cash equivalents (3,731,643 ) 3,167,408
Cash and cash equivalents at beginning of
year

2

4,747,890

1,580,482

Cash and cash equivalents at end of year 2 1,016,247 4,747,890

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 4,003,659 7,375,830
Depreciation charges 27,280 31,691
Loss on disposal of fixed assets 992 -
Finance income (39,512 ) (6,507 )
3,992,419 7,401,014
Increase in stocks (723,478 ) (1,433,940 )
Decrease/(increase) in trade and other debtors 1,752,842 (1,124,430 )
(Decrease)/increase in trade and other creditors (1,817,123 ) 164,069
Cash generated from operations 3,204,660 5,006,713

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,016,247 4,747,890
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 4,747,890 1,580,482


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 4,747,890 (3,731,643 ) 1,016,247
4,747,890 (3,731,643 ) 1,016,247
Total 4,747,890 (3,731,643 ) 1,016,247

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Niche Coffee Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents amounts received for goods delivered net of VAT where applicable.

Intangible assets
The patents have been included in the financial statements at cost and have been amortised on a straight line basis at 33% per year.

The trade marks have been included in the financial statements at cost and have been amortised on a straight line basis at 10% per year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

For stock items which are interchangeable, the First In, First Out (FIFO) method is utilised.


NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial assets
The company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Financial liabilities are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Equity instruments
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Offsetting financial assets and financial liabilities
Financial assets are liabilities are offset against and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Electrical domestic appliances 9,627,538 14,243,153
9,627,538 14,243,153

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 1,763,438 3,017,992
Rest of world 7,864,100 11,225,161
9,627,538 14,243,153

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 618,362 388,374
Social security costs 69,703 43,515
Other pension costs 179,871 129,603
867,936 561,492

The average number of employees during the year was as follows:
2024 2023

Directors 1 1
Administration 8 5
9 6

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Director's remuneration 385,384 200,000
Director's pension contributions to money purchase schemes 60,000 40,000

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 385,384 200,000
Pension contributions to money purchase schemes 60,000 40,000

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 14,264 -
Depreciation - owned assets 23,217 28,689
Loss on disposal of fixed assets 992 -
Patents and licences amortisation 776 776
Trade mark amortisation 3,287 2,226
Auditors' remuneration 23,959 -
Foreign exchange differences 15,382 60,009

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 332,085 625,995

Deferred tax (4,279 ) 13,347
Tax on profit 327,806 639,342

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 4,003,659 7,375,830
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

1,000,915

1,401,408

Effects of:
Expenses not deductible for tax purposes 533 1,479
Capital allowances in excess of depreciation - (9,325 )
Depreciation in excess of capital allowances 5,101 -
Patent box (556,693 ) (629,848 )
Research and development (115,119 ) (135,108 )
Trade mark additions (2,652 ) (2,611 )

Deferred tax (4,279 ) 13,347
Total tax charge 327,806 639,342

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim - 598,852
Ordinary A shares of £1 each
Interim 6,350,000 -
Ordinary B & C shares of £1 each
Interim - 133,552
6,350,000 732,404

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. INTANGIBLE FIXED ASSETS
Patents
and Trade
licences mark Totals
£    £    £   
COST
At 1 April 2023 15,543 22,258 37,801
Additions - 10,608 10,608
At 31 March 2024 15,543 32,866 48,409
AMORTISATION
At 1 April 2023 14,766 3,930 18,696
Amortisation for year 776 3,287 4,063
At 31 March 2024 15,542 7,217 22,759
NET BOOK VALUE
At 31 March 2024 1 25,649 25,650
At 31 March 2023 777 18,328 19,105

9. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 16,614 94,835 22,508 133,957
Additions - - 7,483 7,483
Disposals - - (2,229 ) (2,229 )
At 31 March 2024 16,614 94,835 27,762 139,211
DEPRECIATION
At 1 April 2023 7,368 34,699 11,372 53,439
Charge for year 2,312 15,035 5,870 23,217
Eliminated on disposal - - (1,237 ) (1,237 )
At 31 March 2024 9,680 49,734 16,005 75,419
NET BOOK VALUE
At 31 March 2024 6,934 45,101 11,757 63,792
At 31 March 2023 9,246 60,136 11,136 80,518

10. STOCKS
2024 2023
£    £   
Stocks 3,455,526 2,732,048

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 338,394 78,734
Other debtors 180,056 367,934
Tax 293,695 17,734
Accrued income 857,154 1,083,131
Prepayments 12,008 11,143
Payments on account 335,615 1,935,127
2,016,922 3,493,803

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 70,029 1,670,820
VAT 64,890 255,780
Pension control 922 858
Directors' current accounts 1,663 1,339
Deferred income 102,150 111,145
Accrued expenses 86,680 103,191
326,334 2,143,133

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 15,662 19,941

Deferred
tax
£   
Balance at 1 April 2023 19,941
Provided during year (4,279 )
Balance at 31 March 2024 15,662

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
322 Ordinary £1 78 200
78 Ordinary A £1 322 200
2 Ordinary B & C £1 - 2
400 402

Shares rank equally for voting rights, dividends and any distribution made.

During the year 122 Ordinary shares were reclassified as Ordinary A shares.

Ordinary B and C shares were reduced from 2 to Nil shares in the year.

15. RESERVES
Retained
earnings
£   

At 1 April 2023 8,909,888
Profit for the year 3,675,853
Dividends (6,350,000 )
At 31 March 2024 6,235,741

16. PENSION COMMITMENTS

The total pension paid in respect of defined contributions was £179,871 (2023 : £129,603).

The amount owing at the balance sheet date was £922 (2023 : £868).

17. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr M J Nicholson
Balance outstanding at start of year (1,339 ) (1,203,127 )
Amounts advanced - 1,202,100
Amounts repaid (324 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (1,663 ) (1,339 )

NICHE COFFEE LIMITED (REGISTERED NUMBER: 08566128)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


18. ULTIMATE CONTROLLING PARTY

Niche Coffee Limited is owned by Nicholson Design Consultants Ltd whose registered office is Murrills House, 48 East Street, Portchester, Fareham, Hampshire, PO16 9XS and principal place of business is 5 Priory Gardens, Waterlooville, Hampshire, PO7 7 RS.

Nicholson Design Consultants Ltd is owned by Nson Limited, whose registered office and principal place of business is as above.

By virtue of his shareholding, the director, M Nicholson is considered to be the ultimate controlling party.