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Registration number: 12272223

Foundation Coffee Roasters Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Foundation Coffee Roasters Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Foundation Coffee Roasters Limited

Company Information

Directors

Mr J P Farmer

Mr J McWilliams

Registered office

Unit 1
Penbeagle Industrial Estate
St Ives
TR26 2JH

Accountants

D.J. Reynolds & Co. 15 Alverton Street
Penzance
Cornwall
TR18 2QP

 

Foundation Coffee Roasters Limited

(Registration number: 12272223)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

360

433

Tangible assets

5

82,114

87,350

 

82,474

87,783

Current assets

 

Stocks

6

9,000

9,000

Debtors

7

18,258

25,343

Cash at bank and in hand

 

9,954

4,160

 

37,212

38,503

Creditors: Amounts falling due within one year

8

(104,574)

(150,445)

Net current liabilities

 

(67,362)

(111,942)

Total assets less current liabilities

 

15,112

(24,159)

Creditors: Amounts falling due after more than one year

8

(6,642)

(12,710)

Net assets/(liabilities)

 

8,470

(36,869)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

8,370

(36,969)

Shareholders' funds/(deficit)

 

8,470

(36,869)

For the financial year ending 31 October 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 17 July 2025 and signed on its behalf by:
 

.........................................
Mr J P Farmer
Director

.........................................
Mr J McWilliams
Director

 
     
 

Foundation Coffee Roasters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Unit 1
Penbeagle Industrial Estate
St Ives
TR26 2JH

These financial statements were authorised for issue by the Board on 17 July 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.

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.

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

Plant and machinery

20% reducing balance

Office equipment

20% reducing balance

Motor vehicles

20% reducing balance

 

Foundation Coffee Roasters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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

Trademarks

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.

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. 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.

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.
Trade creditors are recognised initially at the transaction price.

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.

 

Foundation Coffee Roasters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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 5 (2023 - 4).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 November 2023

725

725

At 31 October 2024

725

725

Amortisation

At 1 November 2023

292

292

Amortisation charge

73

73

At 31 October 2024

365

365

Carrying amount

At 31 October 2024

360

360

At 31 October 2023

433

433

 

Foundation Coffee Roasters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Machinery and equipment
£

Total
£

Cost or valuation

At 1 November 2023

1,550

-

194,748

196,298

Additions

-

11,185

4,108

15,293

At 31 October 2024

1,550

11,185

198,856

211,591

Depreciation

At 1 November 2023

560

-

108,388

108,948

Charge for the year

198

2,237

18,094

20,529

At 31 October 2024

758

2,237

126,482

129,477

Carrying amount

At 31 October 2024

792

8,948

72,374

82,114

At 31 October 2023

990

-

86,360

87,350

6

Stocks

2024
£

2023
£

Other inventories

9,000

9,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

11,920

16,969

Prepayments

10

-

Other debtors

6,328

8,374

 

18,258

25,343

 

Foundation Coffee Roasters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

68,900

113,400

Trade creditors

 

21,666

15,634

Taxation and social security

 

476

1,097

Accruals and deferred income

 

1,465

1,475

Other creditors

 

12,067

18,839

 

104,574

150,445

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

6,642

12,710

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,642

12,710

2024
£

2023
£

Current loans and borrowings

Bank borrowings

6,000

6,000

Other borrowings

62,900

107,400

68,900

113,400

 

Foundation Coffee Roasters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

11

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Mr J P Farmer

Loan from Director

(56)

-

756

700

-

-

-

-

(56)

-

756

700

Mr J McWilliams

Loan from Director

18,600

(7,500)

-

11,100

-

-

-

-

18,600

(7,500)

-

11,100

2023

At 1 November 2022
£

Advances to director
£

At 31 October 2023
£

Mr J P Farmer

Loan from Director

(44)

(12)

(56)

-

-

-

(44)

(12)

(56)

Mr J McWilliams

Loan from Director

18,600

-

18,600

-

-

-

18,600

-

18,600

Income and receivables from related parties

2024

Parent
£

Sale of goods

65,702

Amounts receivable from related party

3,375

2023

Parent
£

Sale of goods

85,902

Amounts receivable from related party

5,078

Expenditure with and payables to related parties

 

Foundation Coffee Roasters Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

2024

Parent
£

Purchase of goods

824

Rendering of services

3,049

3,873

Amounts payable to related party

556

2023

Parent
£

Purchase of goods

1,146

Rendering of services

15,041

16,187

Amounts payable to related party

3,965

12

Parent and ultimate parent undertaking

Foundation Coffee Roasters Limited is a 75% owned subsidiary of St. Ives Food Company Limited.

 The company's immediate parent is St. Ives Food Company Limited, incorporated in England and Wales.