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Registered Number: 03027210
England and Wales

 

 

 

CAFEWERKS LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cafewerks Limited for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and related notes from the companys accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulations.

This report is made solely to the Board of Directors of Cafewerks Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cafewerks Limited and state those matters that we have agreed to state to the Board of Directors of Cafewerks Limited, as a body, in this report in accordance with AAF 2/10 as detailed at http://icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cafewerks Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Cafewerks Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cafewerks Limited. You consider that Cafewerks Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cafewerks Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.


Acorn Financial Solutions Limited
99 Brentwood Road
Brighton
East Sussex
BN1 7ET
21 November 2024
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 5 1,304    6,065 
1,304    6,065 
Current assets      
Debtors: amounts falling due within one year 1,578    1,846 
Debtors: amounts falling due after one year 2    2 
Cash at bank and in hand 1,448    1,490 
3,028    3,338 
Creditors: amount falling due within one year (2,354)   (2,603)
Net current assets 674    735 
 
Total assets less current liabilities 1,978    6,800 
Creditors: amount falling due after more than one year (121,472)   (94,740)
Net assets (119,494)   (87,940)
 

Capital and reserves
     
Called up share capital 6 6    6 
Profit and loss account (119,500)   (87,946)
Shareholders' funds (119,494)   (87,940)
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 21 November 2024 and were signed on its behalf by:


-------------------------------
Martin Bouette
Director
2
General Information
Cafewerks Limited is a private company, limited by shares, registered in England and Wales, registration number 03027210, registration address 15-17 Middle Street, Brighton, East Sussex, BN1 1AL.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard).
Going concern basis
The Coronavirus pandemic took its toll on events and cafe use along with the Cost of Living Crisis that followed.  Staffing the cafes consistently has proved a massive part to play in the lack of profit in the year.  The cost of staffing, the cost of the products being sold, means the events income must be recovered to make them sustainable.  The events income is recovering but not fast enough to support the running consistently of two cafes within two of our main buildings.
A third cafe was open in a new building during 2021-22.  This has continued in operation and profitability and was taken over by staff in November 2022.  It is thriving and continues to support this third building.
Just after the year end 2023, the Directors restructured the business.  The income is more sustainable this way and meets the demands of our in situ clients. Event income and business is only provided if this is specifically asked for by the client.  The Directors can see that by using this approach the cafes are managing their costs appropriately.  Thus they continue to adopt the going concern basis of accounting in preparing the financial statements for this year end and the ongoing financial year.  The year end result represents the cost of staff up to the restructuring of the cafe in August 2023.  The salaries were being covered by an associated company.  It is the balance owed for such costs to this associated company that represents the net liability position of this year.  It is not expected this balance will be repaid in the near future. 
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery etc 3 years
Capitalisation of borrowing costs
Interest accruing on a loan arrangement is capitalised at the outset of the loan within prepayments and accrued income, and released evenly across the duration of the loan repayment period.
2.

Directors' Emoluments

2024   2023
 
The Directors do not receive any payments for their involvement with this company.

3.

Average number of employees

Average number of employees during the year was 3 (2023 : 5).
4.

Financial Commitments, Guarantees and Contingencies

The company has been successful in raising capital via a government bounce back loan of £18,000 in the autumn of 2020, as a result of the coronavirus pandemic ceasing all trade from events and meetings due to the restrictions on social distancing throughout 2020 and the beginning of 2021.
The bounce back loan is fully guaranteed by the government of the UK.  It will be repaid on 26th November 2030.

5.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 April 2023 17,999    17,999 
Additions  
Disposals  
At 31 March 2024 17,999    17,999 
Depreciation
At 01 April 2023 11,934    11,934 
Charge for year 4,761    4,761 
On disposals  
At 31 March 2024 16,695    16,695 
Net book values
Closing balance as at 31 March 2024 1,304    1,304 
Opening balance as at 01 April 2023 6,065    6,065 


6.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
6 Class A shares of £1.00 each  
 

7.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Werk Hubs Limited(28,666)(44,732)(95,393)(66,727)
Werks Collaborations Limited(11,002)(11,002)(11,002)

Loans were made by Werk Hubs Limited to finance the improvement of buildings, repairs and maintenance, plus the staffing of the cafes during and succeeding the pandemic for the company. Outstanding and owing to the company at the year end is £95,393 (2023: £66,727).
Loans were made by Werks Collaborations Limited to finance the set up and staffing of the cafe within this company's building. Outstanding and owing to the company at the year end is £11,002.
3