Registration number:
Prepared for the registrar
for the
Year Ended 31 May 2024
Vintage Tea & Coffee Co Limited
(Registration number: 09333360)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
8 |
8 |
|
Share premium reserve |
499,996 |
499,996 |
|
Retained earnings |
(1,182,988) |
(1,132,181) |
|
Shareholders' deficit |
(682,984) |
(632,177) |
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Director
Vintage Tea & Coffee Co Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Wales
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
Management have produced forecasts which have been reviewed by the directors. These demonstrate the company is forecast to generate profits and cash in the foreseeable future. As such, the directors are satisfied that the company has adequate resources to continue in operational existence and therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
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 and after eliminating sales within the company.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Vintage Tea & Coffee Co Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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 |
Leasehold improvements |
10% straight line |
Furniture, fittings and equipment |
20% reducing balance and 20% straight line |
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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Vintage Tea & Coffee Co Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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.
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Total |
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Cost |
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At 1 June 2023 |
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Additions |
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At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Vintage Tea & Coffee Co Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Debtors |
2024 |
2023 |
|
Trade debtors |
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Receivables from related parties |
45,072 |
8,382 |
Prepayments |
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Other debtors |
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Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
243,888 |
67,751 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Other creditors |
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Vintage Tea & Coffee Co Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Of the £535,528 bank borrowings, £145,000 (£70,000 due within one year and £75,000 due after one year) represents a Coronavirus Business Interruption loan which is guaranteed by the UK Government, £390,528 (£126,909 due within one year and £263,619 due after one year) represents the secured HSBC bank loan which is secured by way of a fixed and floating charge over all assets.
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with other related parties
At 31 May 2024, the company was owed £45,072 (2023: £8,382) from The Lucky Onion LLP and owed £982 (2023: £Nil) to Dunkertons Cider Company Limited. These companies are related by virtue of the shareholder J Dunkerton.
At 31 May 2024, the company owed £899,500 (2023: £899,500) to its shareholders. Total interest of £185,164 (2023: £140,041) was accrued, but not paid to date.