REGISTERED NUMBER: 07834397 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

CORNICO COFFEE COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A N Tobin

Miss B Tobin

Miss K Tobin

REGISTERED OFFICE:

Unit 3

Higher Trevibben

Wadebridge

Cornwall

PL27 7SH

REGISTERED NUMBER:

07834397 (England and Wales)

ACCOUNTANTS:

Whitakers

Chartered Accountants

Bryndon House

5/7 Berry Road

Newquay

Cornwall

TR7 1AD

FIXED ASSETS

Tangible assets

4

129,055

155,402

CURRENT ASSETS

Stocks

64,531

78,714

Debtors

5

58,109

44,841

Cash at bank and in hand

1,717

2,341

124,357

125,896

CREDITORS

Amounts falling due within one year

6

321,582

268,584

NET CURRENT LIABILITIES

(197,225

)

(142,688

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(68,170

)

12,714

CREDITORS

Amounts falling due after more than one year

7

(35,158

)

(53,641

)

PROVISIONS FOR LIABILITIES

(24,520

)

(29,526

)

NET LIABILITIES

(127,848

)

(70,453

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(127,948

)

(70,553

)

SHAREHOLDERS' FUNDS

(127,848

)

(70,453

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

A N Tobin - Director

1.	STATUTORY INFORMATION

Cornico Coffee Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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 or deferred taxation assets and liabilities are not discounted.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 November 2023

170,025

75,144

7,475

252,644

Additions

2,918

-

299

3,217

At 31 October 2024

172,943

75,144

7,774

255,861

DEPRECIATION

At 1 November 2023

73,364

18,786

5,092

97,242

Charge for year

14,937

14,090

537

29,564

At 31 October 2024

88,301

32,876

5,629

126,806

NET BOOK VALUE

At 31 October 2024

84,642

42,268

2,145

129,055

At 31 October 2023

96,661

56,358

2,383

155,402

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 November 2023

and 31 October 2024

75,144

DEPRECIATION

At 1 November 2023

18,786

Charge for year

14,090

At 31 October 2024

32,876

NET BOOK VALUE

At 31 October 2024

42,268

At 31 October 2023

56,358

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.24

31.10.23

£

£

Trade debtors

57,579

41,233

Other debtors

-

3,035

Prepayments

530

573

58,109

44,841

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.24

31.10.23

£

£

Bank loans and overdrafts

90,337

10,000

Funding Circle loan

-

30,416

Iwoca Ozone Ltd loan

-

15,960

Hire purchase contracts

8,484

7,566

Trade creditors

119,556

130,665

Social security and other taxes

6,098

3,971

Other creditors

6,418

4,201

Directors' current accounts

90,369

65,313

Accrued expenses

320

492

321,582

268,584

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.24

31.10.23

£

£

Bounce Back loan account

5,834

15,833

Hire purchase contracts

29,324

37,808

35,158

53,641

8.	ULTIMATE CONTROLLING PARTY

During the year the company was controlled by Mr A Tobin and Mr M Fraser, by virtue of the fact that between them they own 100% of the company's issued ordinary share capital.

9.	GOING CONCERN AND LIQUIDITY

Although the company has a deficiency of assets at the Balance Sheet date, the most significant creditor, other than Trade Creditors, (Note 7) is the directors current account. Whilst this amount is effectively repayable on demand, the directors are fully aware of the shortfall in the company's net assets, and has given assurances that the loan owing to them personally will not be called upon to the extent that the company does not have sufficient working capital. On that basis, the directors have concluded that there is no material uncertainty which casts any significant doubt upon the company's ability to continue as a going concern. As a result, the going concern basis of accounting has been adopted and is considered appropriate.