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Registration number: 12052768

Fuel Coffee Limited

trading as Felt Cafe

Unaudited Filleted Financial Statements

for the Year Ended 29 June 2024

 

Fuel Coffee Limited

trading as Felt Cafe

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Fuel Coffee Limited

trading as Felt Cafe

Company Information

Directors

Mrs C D Brodie

Mr M J Brodie

Registered office

Bourne Mills London Road
Brimscombe
Stroud
GL5 2TA

Accountants

Regulatory Accounting Ltd
T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Fuel Coffee Limited

trading as Felt Cafe

(Registration number: 12052768)
Balance Sheet as at 29 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

19,689

25,831

Current assets

 

Stocks

5

1,591

2,042

Debtors

6

20,378

20,619

Cash at bank and in hand

 

2,376

5,691

 

24,345

28,352

Creditors: Amounts falling due within one year

7

(40,403)

(37,010)

Net current liabilities

 

(16,058)

(8,658)

Total assets less current liabilities

 

3,631

17,173

Creditors: Amounts falling due after more than one year

7

(6,000)

(12,000)

Provisions for liabilities

(3,741)

(4,908)

Net (liabilities)/assets

 

(6,110)

265

Capital and reserves

 

Called up share capital

4

4

Retained earnings

(6,114)

261

Shareholders' (deficit)/funds

 

(6,110)

265

 

Fuel Coffee Limited

trading as Felt Cafe

(Registration number: 12052768)
Balance Sheet as at 29 June 2024

For the financial year ending 29 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 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 Board on 28 March 2025 and signed on its behalf by:
 

.........................................
Mrs C D Brodie
Director

.........................................
Mr M J Brodie
Director

 

Fuel Coffee Limited

trading as Felt Cafe

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Bourne Mills London Road
Brimscombe
Stroud
GL5 2TA
England

These financial statements were authorised for issue by the Board on 28 March 2025.

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 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 that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statement is the Pound Sterling(£).

Going concern

The financial statements have been prepared on a going concern basis. Despite the overdrawn balance sheet, the directors remain confident in the company to continue trading for the forseeable future.

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 when goods are supplied to the customer.

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.

 

Fuel Coffee Limited

trading as Felt Cafe

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

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.

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

Fixtures and fittings

15% Straight Line

Motor Vehicles

25% Reducing Balance

Office Equipment

10% 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.

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.

 

Fuel Coffee Limited

trading as Felt Cafe

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 directors) during the year, was 18 (2023 - 14).

 

Fuel Coffee Limited

trading as Felt Cafe

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 30 June 2023

37,218

19,260

56,478

Additions

1,586

-

1,586

At 29 June 2024

38,804

19,260

58,064

Depreciation

At 30 June 2023

19,512

11,135

30,647

Charge for the year

5,697

2,031

7,728

At 29 June 2024

25,209

13,166

38,375

Carrying amount

At 29 June 2024

13,595

6,094

19,689

At 29 June 2023

17,706

8,125

25,831

5

Stocks

2024
£

2023
£

Other inventories

1,591

2,042

 

Fuel Coffee Limited

trading as Felt Cafe

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

6

Debtors

2024
£

2023
£

Prepayments

392

320

Other debtors

19,986

20,299

20,378

20,619

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

6,786

6,000

Trade creditors

 

7,892

4,977

Taxation and social security

 

20,364

17,007

Accruals and deferred income

 

1,708

1,445

Other creditors

 

3,653

7,581

 

40,403

37,010

 

Fuel Coffee Limited

trading as Felt Cafe

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

6,000

12,000

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

6,000

12,000

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

786

-

Other borrowings

6,000

6,000

6,786

6,000

Bank borrowings

The bank borrowings is a Bounce Back Loan denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 15 May 2026. The carrying amount at the year end is £12,000 (2023 - £18,000).

 

Fuel Coffee Limited

trading as Felt Cafe

Notes to the Unaudited Financial Statements for the Year Ended 29 June 2024

9

Related party transactions

Transactions with directors

2024

At 30 June 2023
£

Advances to director
£

Repayments by director
£

At 29 June 2024
£

Mrs C D Brodie

Net deposits

(19,340)

(44,298)

48,695

(14,943)

2023

At 30 June 2022
£

Advances to director
£

Repayments by director
£

At 29 June 2023
£

Mrs C D Brodie

Net deposits

1,168

(89,049)

68,541

(19,340)

Interest has been charged on loan amounts over £10,000, at HMRC's standard rate of interest.