REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
GARAGE COFFEE LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
GARAGE COFFEE LTD |
GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
GARAGE COFFEE LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 The Links |
HERNE BAY |
Kent |
CT6 7GQ |
GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891) |
ABRIDGED BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891) |
ABRIDGED BALANCE SHEET - continued |
31ST MARCH 2024 |
The financial statements were approved by the director and authorised for issue on |
GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Garage Coffee Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Recognition: |
The company earns revenue from the sale of food, beverages and merchandise which is recognised at the point of sale with the exception of wholesale and online orders which are recognised on delivery. This revenue is recognised in the accounting period when control of the product has been transferred, at an amount that reflects the consideration to which the company expects to be entitled in exchange for fulfilling its performance obligations to customers. |
The following 5 step principles are applied to revenue recognition: |
1. Identify the contracts with the customer |
2. Identify the performance obligations in the contract |
3. Determine the transaction price |
4. Allocate the transaction price to the performance obligations in the contract |
5. Recognise revenue when or as the company satisfies its performance obligations |
Sale of food and beverages: |
For retail, the contract is established when the customer orders the food and beverage, and the performance obligation is the provision of food and beverages by the outlet. The performance obligation is satisfied when the food and beverage is delivered to the customer, and revenue is recognised at this point at the price for the items purchased. Payment is made on the same day and consequently there are no contract assets or liabilities. |
For online sales, the contract is established when an order has been placed for the supply of goods by the customer. The performance obligation is the promise in the contract to deliver the goods to the customer for the agreed transaction price. The revenue is recognised when the title of ownership transfers from the company to the customer. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st April 2023 |
and 31st March 2024 |
AMORTISATION |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
GARAGE COFFEE LTD (REGISTERED NUMBER: 10636891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st April 2023 |
Additions |
Disposals | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 12,996 |