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Registration number: 04277042

Coffee Xpress (Bedford) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Coffee Xpress (Bedford) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Coffee Xpress (Bedford) Limited

Company Information

Director

Mr J McWilliams

Company secretary

Mrs L Rennie

Registered office

10 Sunbeam Road
Kempston
Bedford
Bedfordshire
MK42 7BY

Accountants

Russells (Accountants) Limited
Certified Accountants
20 Riverview Way
Kempston
Bedford
Bedfordshire
MK42 7BB

 

Coffee Xpress (Bedford) Limited

(Registration number: 04277042)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

157,762

153,958

Current assets

 

Stocks

5

4,000

2,875

Debtors

6

57,373

17,748

Cash at bank and in hand

 

14,431

16,251

 

75,804

36,874

Creditors: Amounts falling due within one year

7

(70,518)

(45,810)

Net current assets/(liabilities)

 

5,286

(8,936)

Total assets less current liabilities

 

163,048

145,022

Creditors: Amounts falling due after more than one year

7

(112,486)

(87,386)

Provisions for liabilities

(29,975)

(29,252)

Net assets

 

20,587

28,384

Capital and reserves

 

Called up share capital

2

2

Retained earnings

20,585

28,382

Shareholders' funds

 

20,587

28,384

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

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 September 2024
 

 

Coffee Xpress (Bedford) Limited

(Registration number: 04277042)
Balance Sheet as at 31 March 2024

.........................................
Mr J McWilliams
Director

 

Coffee Xpress (Bedford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
10 Sunbeam Road
Kempston
Bedford
Bedfordshire
MK42 7BY
England

These financial statements were authorised for issue by the director on 5 September 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Coffee Xpress (Bedford) Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Long leasehold land and buildings

33.3% straight line

Other property, plant and equipment

20% reducing balance

Furniture, fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

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.

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.

 

Coffee Xpress (Bedford) Limited

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Coffee Xpress (Bedford) Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 18 (2023 - 16).

 

Coffee Xpress (Bedford) Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Cost or valuation

At 1 April 2023

11,658

21,507

318,780

29,772

Additions

-

4,866

49,235

818

At 31 March 2024

11,658

26,373

368,015

30,590

Depreciation

At 1 April 2023

11,658

13,490

181,297

21,316

Charge for the year

-

2,576

46,679

1,858

At 31 March 2024

11,658

16,066

227,976

23,174

Carrying amount

At 31 March 2024

-

10,307

140,039

7,416

At 31 March 2023

-

8,019

137,483

8,456

Total
£

Cost or valuation

At 1 April 2023

381,717

Additions

54,919

At 31 March 2024

436,636

Depreciation

At 1 April 2023

227,761

Charge for the year

51,113

At 31 March 2024

278,874

Carrying amount

At 31 March 2024

157,762

At 31 March 2023

153,958

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of long leasehold land and buildings.
 

 

Coffee Xpress (Bedford) Limited

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

5

Stocks

2024
£

2023
£

Other inventories

4,000

2,875

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,431

2,152

Amounts owed by related parties

9

45,000

-

Prepayments

 

10,748

4,669

Other debtors

 

194

206

Directors current account

9

-

10,721

   

57,373

17,748

 

Coffee Xpress (Bedford) Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

26,732

19,061

Trade creditors

 

28,838

5,506

Taxation and social security

 

9,690

8,587

Corporation tax

 

-

8,726

Accruals and deferred income

 

3,019

3,287

Other creditors

 

2,045

643

Directors current accounts

 

194

-

 

70,518

45,810

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

112,486

87,386

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

28,704

34,259

Hire purchase contracts

83,782

53,127

112,486

87,386

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,556

5,556

Hire purchase contracts

21,176

13,505

26,732

19,061

 

Coffee Xpress (Bedford) Limited

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

9

Related party transactions

The Company operated an interest free loan during the year to the Director, Mr J McWilliams. This loan was repaid in the year.

Transactions with the director

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr J McWilliams

Directors loan account

10,721

(10,721)

-

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr J McWilliams

Directors loan account

(14,270)

24,991

10,721

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,096

9,096

Contributions paid to money purchase schemes

5,500

10,005

14,596

19,101

Dividends paid to the director

2024
£

2023
£

Mr J McWilliams

Interim dividends

5,000

30,000

 

 

Loans to related parties

2024

Other related parties
£

Total
£

Advanced

45,000

45,000

At end of period

45,000

45,000

 

Coffee Xpress (Bedford) Limited

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

Terms of loans to related parties

The loan was made to JDK Property Group Limited, a company under the common control of the director, Mr JJ McWilliams.