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Registration number: 11574574

Source F&B Ltd

trading as Caffe Lee

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Source F&B Ltd

trading as Caffe Lee

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Source F&B Ltd

trading as Caffe Lee

Company Information

Directors

Mr MW Brophy

Mr JM Brouder

Registered office

16 Pier Street
Lee-On-Solent
Hampshire
PO13 9LD

Accountants

Athena Accounting Ltd
Chartered Accountants81 Andrew Crescent
Waterlooville
Hampshire
PO7 6BG

 

Source F&B Ltd

trading as Caffe Lee

(Registration number: 11574574)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

7,928

9,092

Current assets

 

Stocks

6

4,047

4,704

Debtors

7

27,352

27,317

Cash at bank and in hand

 

16,570

20,559

 

47,969

52,580

Creditors: Amounts falling due within one year

8

(42,545)

(43,190)

Net current assets

 

5,424

9,390

Total assets less current liabilities

 

13,352

18,482

Creditors: Amounts falling due after more than one year

8

(11,708)

(16,632)

Provisions for liabilities

(1,507)

(1,728)

Net assets

 

137

122

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

37

22

Shareholders' funds

 

137

122

For the financial year ending 30 September 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 and 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 26 March 2025 and signed on its behalf by:
 

 

Source F&B Ltd

trading as Caffe Lee

(Registration number: 11574574)
Balance Sheet as at 30 September 2024 (continued)

.........................................
Mr MW Brophy
Director

.........................................
Mr JM Brouder
Director

 

Source F&B Ltd

trading as Caffe Lee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
16 Pier Street
Lee-On-Solent
Hampshire
PO13 9LD
United Kingdom

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.

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.

 

Source F&B Ltd

trading as Caffe Lee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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.

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

25% reducing balance

Leasehold

4 years straight line

Office equipment

3 years straight line

 

Source F&B Ltd

trading as Caffe Lee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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.

 

Source F&B Ltd

trading as Caffe Lee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (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. 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.

 

Source F&B Ltd

trading as Caffe Lee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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 21 (2023 - 18).

 

Source F&B Ltd

trading as Caffe Lee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

5,000

5,000

At 30 September 2024

5,000

5,000

Amortisation

At 1 October 2023

5,000

5,000

At 30 September 2024

5,000

5,000

Carrying amount

At 30 September 2024

-

-

 

Source F&B Ltd

trading as Caffe Lee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2023

10,000

27,774

691

38,465

Additions

-

1,814

-

1,814

Disposals

-

(315)

-

(315)

At 30 September 2024

10,000

29,273

691

39,964

Depreciation

At 1 October 2023

10,000

18,863

510

29,373

Charge for the year

-

2,655

181

2,836

Eliminated on disposal

-

(173)

-

(173)

At 30 September 2024

10,000

21,345

691

32,036

Carrying amount

At 30 September 2024

-

7,928

-

7,928

At 30 September 2023

-

8,911

181

9,092

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

4,047

4,704

7

Debtors

 

Source F&B Ltd

trading as Caffe Lee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

7

Debtors (continued)

2024
£

2023
£

Other debtors

20,421

20,656

Prepayments

6,931

6,661

27,352

27,317

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

9,870

9,764

Trade creditors

 

9,218

10,064

Taxation and social security

 

20,706

20,791

Accruals and deferred income

 

2,514

2,189

Other creditors

 

237

382

 

42,545

43,190

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

11,708

16,632

 

Source F&B Ltd

trading as Caffe Lee

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,708

16,632

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,870

9,764