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Registration number: 07181699

Sophie's Coffee Shop Limited

Unaudited Financial Statements

31 August 2024

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Sophie's Coffee Shop Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Sophie's Coffee Shop Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sophie's Coffee Shop Limited for the year ended 31 August 2024 as set out on pages 2 to 8 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sophie's Coffee Shop Limited, as a body, in accordance with the terms of our engagement letter dated 16 October 2020. Our work has been undertaken solely to prepare for your approval the accounts of Sophie's Coffee Shop Limited and state those matters that we have agreed to state to the Board of Directors of Sophie's Coffee Shop Limited, 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 Sophie's Coffee Shop Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sophie's Coffee Shop Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Sophie's Coffee Shop Limited. You consider that Sophie's Coffee Shop Limited 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 accounts of Sophie's Coffee Shop Limited. 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 accounts.



Dodd & Co Limited
Chartered Accountants
Dodd & Co Limited
FIFTEEN Rosehill
Montgomery Way
CARLISLE
CA1 2RW

7 March 2025

 

Sophie's Coffee Shop Limited

(Registration number: 07181699)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

251,596

265,809

Current assets

 

Stocks

17,600

16,000

Debtors

5

3,627

333

Cash at bank and in hand

 

56,468

79,515

 

77,695

95,848

Creditors: Amounts falling due within one year

6

(36,281)

(39,059)

Net current assets

 

41,414

56,789

Total assets less current liabilities

 

293,010

322,598

Provisions for liabilities

(8,646)

(11,156)

Net assets

 

284,364

311,442

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Share premium reserve

319,970

319,970

Profit and loss account

(35,706)

(8,628)

Total equity

 

284,364

311,442

 

Sophie's Coffee Shop Limited

(Registration number: 07181699)
Balance Sheet as at 31 August 2024 (continued)

For the financial year ending 31 August 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 her 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 Board on 7 March 2025
 

.........................................

S A Jacob

Director

 

Sophie's Coffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Lonsdale House
High Street
Hampsthwaite
HARROGATE
HG3 2ET

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

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.

 

Sophie's Coffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

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

Buildings

50 years straight line basis

Equipment, fixtures and fittings

20% reducing balance basis

Office equipment

3 years straight line basis

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 the sale of goods 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.

 

Sophie's Coffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

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 subsequently measured at amortised cost using the effective interest method where due after more than one year.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2023 - 10).

 

Sophie's Coffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 September 2023

290,085

154,103

444,188

At 31 August 2024

290,085

154,103

444,188

Depreciation

At 1 September 2023

65,544

112,835

178,379

Charge for the year

5,802

8,411

14,213

At 31 August 2024

71,346

121,246

192,592

Carrying amount

At 31 August 2024

218,739

32,857

251,596

At 31 August 2023

224,541

41,268

265,809

5

Debtors

2024
£

2023
£

Other debtors

3,627

333

3,627

333

6

Creditors

2024
£

2023
£

Due within one year

 

Trade creditors

 

19,115

15,586

Taxation and social security

 

1,983

9,131

Corporation tax liability

 

-

962

Other creditors

 

15,183

13,380

 

36,281

39,059

7

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 £6,000 (2023 - £13,200).

 

Sophie's Coffee Shop Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

8

Related party transactions

Transactions with the director

2024

At 1 September 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 August 2024
£

S A Jacob

Loan to director

333

3,340

(1,368)

-

-

-

2,305

               
         

 

2023

At 1 September 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 August 2023
£

S A Jacob

Loan to director

-

506

(173)

-

-

-

333

               
         

 

Directors' advances are repayable on demand.

Interest has not been charged on advances to directors.