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 | |||||||||||
resigned |
|||||||||||
appointed |
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SECRETARY | |||||||||||
The company does not have an appointed secretary | |||||||||||
REGISTERED OFFICE | |||||||||||
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 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock | |||||||||||
Debtors | 6 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 7 | ||||||||||
NET CURRENT LIABILITIES | ( |
( |
|||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
CREDITORS: Amounts falling due after more than one year | 8 | ||||||||||
Provisions for liabilities and charges | |||||||||||
NET LIABILITIES | ( |
( |
|||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | ( |
( |
|||||||||
SHAREHOLDERS' DEFICIT | ( |
( |
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UE COFFEE ROASTERS LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2024 | |||||||||||
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: |
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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 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
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 | |||||||||||
Plant and machinery | |||||||||||
Fixtures, fittings, tools and equipment | |||||||||||
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 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 | |||||||||||
UE COFFEE ROASTERS LIMITED | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
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. |
Taxation | |||||||||||
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. | |||||||||||
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 | |||||||||||
Pensions | |||||||||||
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 | |||||||||||
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 | |||||||||||
Additions | |||||||||||
Disposals | ( |
( |
( |
( |
|||||||
At 31 March 2024 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 April 2023 | |||||||||||
Charge for year | |||||||||||
Disposals | ( |
( |
( |
( |
|||||||
At 31 March 2024 | |||||||||||
Net book value | |||||||||||
At 1 April 2023 | |||||||||||
At 31 March 2024 | |||||||||||
6 | DEBTORS | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
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 | |||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Hire purchase contracts and finance leases | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
1,095,203 | 943,097 | ||||||||||
8 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Hire purchase contracts and finance leases | |||||||||||
102,030 | 195,455 | ||||||||||
9 | SECURED DEBTS | ||||||||||
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 | |||||||||||
In more than one but less than five years | |||||||||||
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 | |||||||||||
D Boyett | |||||||||||
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: | |||||||||||
Associate undertaking | 2024 | 2023 | |||||||||
£ | £ | ||||||||||
Associate undertaking | 2024 | 2023 | |||||||||
£ | £ | ||||||||||