Company registration number 10124447 (England and Wales)
HERMANOS COLOMBIAN COFFEE ROASTERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
HERMANOS COLOMBIAN COFFEE ROASTERS LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
HERMANOS COLOMBIAN COFFEE ROASTERS LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HERMANOS COLOMBIAN COFFEE ROASTERS LTD FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hermanos Colombian Coffee Roasters Ltd for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Hermanos Colombian Coffee Roasters Ltd, as a body, in accordance with the terms of our engagement letter dated 4 July 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Hermanos Colombian Coffee Roasters Ltd and state those matters that we have agreed to state to the board of directors of Hermanos Colombian Coffee Roasters Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hermanos Colombian Coffee Roasters Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Hermanos Colombian Coffee Roasters Ltd 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 loss of Hermanos Colombian Coffee Roasters Ltd. You consider that Hermanos Colombian Coffee Roasters Ltd 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 Hermanos Colombian Coffee Roasters Ltd. 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.

Carpenter Box
21 January 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
HERMANOS COLOMBIAN COFFEE ROASTERS LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,578
-
0
Tangible assets
4
338,038
219,760
344,616
219,760
Current assets
Stocks
123,985
62,230
Debtors
5
235,385
163,982
Cash at bank and in hand
144,652
435,738
504,022
661,950
Creditors: amounts falling due within one year
6
(1,060,523)
(736,928)
Net current liabilities
(556,501)
(74,978)
Total assets less current liabilities
(211,885)
144,782
Creditors: amounts falling due after more than one year
7
(291,143)
(220,931)
Provisions for liabilities
(56,200)
(41,754)
Net liabilities
(559,228)
(117,903)
Capital and reserves
Called up share capital
8
3
3
Profit and loss reserves
(559,231)
(117,906)
Total equity
(559,228)
(117,903)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HERMANOS COLOMBIAN COFFEE ROASTERS LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
Mr J S Gamboa Hernandez
Mr V J Gamboa Hernandez
Director
Director
Company registration number 10124447 (England and Wales)
HERMANOS COLOMBIAN COFFEE ROASTERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Hermanos Colombian Coffee Roasters Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

 

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered truethe relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment.

At the balance sheet date, the company is in a net current liabilities position. The company is reliant on the ongoing support of its directors, does not expect any of its loans held to be recalled and is meeting its liabilities as they fall due. The financial statements do not include any adjustments that would result in the withdrawal of their support.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services provided net of VAT.

1.4
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
5 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

HERMANOS COLOMBIAN COFFEE ROASTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the term of the lease.
Plant and equipment
20% diminishing value per annum.
Fixtures and fittings
20% diminishing value per annum.
Computers
20% diminishing value per annum.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

HERMANOS COLOMBIAN COFFEE ROASTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 53 (2023 - 49).

HERMANOS COLOMBIAN COFFEE ROASTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Intangible fixed assets
Software
£
Cost
At 1 May 2023
-
0
Additions
8,054
At 30 April 2024
8,054
Amortisation and impairment
At 1 May 2023
-
0
Amortisation charged for the year
1,476
At 30 April 2024
1,476
Carrying amount
At 30 April 2024
6,578
At 30 April 2023
-
0
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 May 2023
10,703
242,843
38,809
16,961
309,316
Additions
120,016
58,567
2,268
7,107
187,958
Disposals
-
0
(455)
-
0
-
0
(455)
At 30 April 2024
130,719
300,955
41,077
24,068
496,819
Depreciation and impairment
At 1 May 2023
1,929
73,659
6,331
7,637
89,556
Depreciation charged in the year
17,280
42,370
6,763
2,812
69,225
At 30 April 2024
19,209
116,029
13,094
10,449
158,781
Carrying amount
At 30 April 2024
111,510
184,926
27,983
13,619
338,038
At 30 April 2023
8,774
169,184
32,478
9,324
219,760
HERMANOS COLOMBIAN COFFEE ROASTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,233
1,986
Other debtors
217,152
161,996
235,385
163,982
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
45,051
19,926
Trade creditors
332,580
128,347
Taxation and social security
123,494
88,313
Other creditors
559,398
500,342
1,060,523
736,928

Bank loans are secured on the assets of the business.

 

Included in other creditors are loans of £380,154 secured on the assets of the business.

Included within the other creditors is £23,137 for hire purchase agreements which are secured on the underlying assets.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,834
25,909
Other creditors
280,309
195,022
291,143
220,931

The bank loans held are secured over the assets of the company.

Included within the other creditors is £75,435 for hire purchase agreements and other loans of £204,874 which are secured on the underlying assets.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3
3
3
3
HERMANOS COLOMBIAN COFFEE ROASTERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
1,234,620
1,469,010
10
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
-
15,547
(60)
15,487
15,547
(60)
15,487
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