Company No:
Contents
DIRECTOR | Mr D E Dickinson |
REGISTERED OFFICE | The Shed |
Bicester Park | |
Charbridge Lane | |
Bicester | |
Oxfordshire | |
OX26 4SS | |
United Kingdom |
COMPANY NUMBER | 09042997 (England and Wales) |
ACCOUNTANT | Shaw Gibbs Limited |
264 Banbury Road | |
Oxford | |
OX2 7DY | |
United Kingdom |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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96,765 | 54,701 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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177,109 | 154,986 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (121,816) | (59,226) | ||
Total assets less current liabilities | (25,051) | (4,525) | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account | (
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Total shareholder's deficit | (
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Director's responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Ground Coffee Roasters Limited (registered number:
Mr D E Dickinson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Ground Coffee Roasters Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Shed, Bicester Park, Charbridge Lane, Bicester, Oxfordshire, OX26 4SS, London, United Kingdom.
The principal activities are set out in the Director’s Report.
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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 future taxable profits.
Leasehold improvements |
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Plant and machinery |
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Fixtures and fittings |
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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.
The policy under which the assets are depreciated changed this year from the use of a reducing balance policy to that of a straight line policy as the directors of the company believes this better reflects the values of these assets.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Leasehold improve- ments |
Plant and machinery | Fixtures and fittings | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 June 2023 |
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Additions |
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At 31 May 2024 |
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Accumulated depreciation | |||||||
At 01 June 2023 |
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Charge for the financial year |
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At 31 May 2024 |
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Net book value | |||||||
At 31 May 2024 |
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At 31 May 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Deferred tax asset |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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During the year, the director repaid funds totalling £45,490 (2023: £24,139) and withdrew £52,922 (2023: £44,320). Loan interest of £582 (2023: £239) was charged at the official rate of interest of 2.25%. At the balance sheet date, the director owed £30,161 (2023: £22,147) to the company.