UE COFFEE ROASTERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Company Registration Number: 06856005
UE COFFEE ROASTERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 11
UE COFFEE ROASTERS LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
DIRECTORS
D F Franzese-Boyett
D Boyett
resigned 31 May 2023
appointed 21 August 2023
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Unit 11A - 11B Windrush Industrial Park
Linkwood Road
Witney
Oxon
OX29 7HA
COMPANY REGISTRATION NUMBER
06856005 England and Wales
UE COFFEE ROASTERS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 213,667 277,591
CURRENT ASSETS
Stock 64,812 71,813
Debtors 6 886,566 762,395
Cash at bank and in hand 4,850 19,297
956,228 853,505
CREDITORS: Amounts falling due within one year 7 1,095,203 943,097
NET CURRENT LIABILITIES (138,975) (89,592)
TOTAL ASSETS LESS CURRENT LIABILITIES 74,692 187,999
CREDITORS: Amounts falling due after more than one year 8 102,030 195,455
Provisions for liabilities and charges 39,720 45,623
NET LIABILITIES (67,058) (53,079)
CAPITAL AND RESERVES
Called up share capital 800 800
Distributable profit and loss account (67,858) (53,879)
SHAREHOLDERS' DEFICIT (67,058) (53,079)
UE COFFEE ROASTERS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
D F Franzese-Boyett D Boyett
Director Director
Date approved by the board: 18 March 2025
UE COFFEE ROASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 GENERAL INFORMATION
Ue Coffee Roasters Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit 11A - 11B Windrush Industrial Park
Linkwood Road
Witney
Oxon
OX29 7HA
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes its bank £389,601 in the form of an overdraft, a bank loan, credit card and an invoice discounting facility. The company also owes amounts to third party lenders totalling £191,340, in the form of loan facilities and invoice discounting facilities. The company is therefore dependent upon the continued support of the bank and the third party lenders. The directors do not consider the support of the bank or the third party lenders likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the wholesale and retail of tea, coffee and related products, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
UE COFFEE ROASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rates so as to write off the cost or valuation of the assets less their residual value over their estimated useful lives.
Leasehold improvements 20% straight line basis
Plant and machinery 20% reducing balance basis, or over the life of capitalised finance lease
Fixtures, fittings, tools and equipment 20% reducing balance basis
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
UE COFFEE ROASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
UE COFFEE ROASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
UE COFFEE ROASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Foreign currencies
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss.
Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 26 30
UE COFFEE ROASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
5 TANGIBLE ASSETS
Leasehold improvements Plant and machinery Fixtures, fittings, tools and equipment Total
£ £ £ £
Cost
At 1 April 2023 95,027 418,822 268,377 782,226
Additions 1,183 20,852 4,884 26,919
Disposals (10,121) (49,066) (27,606) (86,793)
At 31 March 2024 86,089 390,608 245,655 722,352
Accumulated depreciation and impairments
At 1 April 2023 56,463 304,219 143,953 504,635
Charge for year 10,626 41,896 19,342 71,864
Disposals (10,121) (37,459) (20,234) (67,814)
At 31 March 2024 56,968 308,656 143,061 508,685
Net book value
At 1 April 2023 38,564 114,603 124,424 277,591
At 31 March 2024 29,121 81,952 102,594 213,667
6 DEBTORS
2024 2023
£ £
Trade debtors 150,356 93,175
Prepayments and accrued income 80,840 94,432
Other debtors 655,370 574,788
886,566 762,395
UE COFFEE ROASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 167,501 168,169
Trade creditors 226,190 163,450
Taxation and social security 295,416 262,750
Hire purchase contracts and finance leases 29,696 42,856
Accruals and deferred income 51,442 44,426
Other creditors 324,958 261,446
1,095,203 943,097
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 93,617 158,333
Hire purchase contracts and finance leases 8,413 37,122
102,030 195,455
9 SECURED DEBTS
The company has a bank loan with HSBC Bank plc which is secured on the assets of the company.
The company has a debt finance agreement with HSBC Invoice Finance (UK) Ltd which is secured on non-vesting debts, interest is charged at 3.25% plus base rate.
The hire purchase contracts and finance leases are secured on the assets concerned.
10 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2024 2023
£ £
In less than one year 58,717 51,955
In more than one but less than five years 144,983 30,981
203,700 82,936
UE COFFEE ROASTERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11 DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The following directors' advances, credits and guarantees took place during the year:
Balance at 1 April 2023 Amounts advanced Amounts repaid Balance at 31 March 2024
£ £ £ £
D F Franzese-Boyett 131,738 46,272 30,366 147,644
D Boyett 201,672 88,492 30,000 260,164
333,410 134,764 60,366 407,808
Interest has been charged on these advances at the beneficial loan arrangement official rate as prescribed by HM Revenue and Customs. These advances are repayable on demand.
12 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Jeeves & Jericho The Jolly Good Tea Company Ltd
Associate undertaking 2024 2023
£ £
Loan to associate 6,427 6,427
Ue Coffee Roasters (UK) Limited
Associate undertaking 2024 2023
£ £
Loan to associate 114,198 113,418
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