Minerva Café Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 9

Minerva Café Ltd

(Registration number: 13064499)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	10,860	16,772
Current assets
Stocks	5	5,000	3,250
Debtors	6	67,719	55,552
Cash at bank and in hand		1,607	1,672
		74,326	60,474
Creditors: Amounts falling due within one year	7	(115,725)	(96,085)
Net current liabilities		(41,399)	(35,611)
Net liabilities		(30,539)	(18,839)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(30,639)	(18,939)
Shareholders' deficit		(30,539)	(18,839)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 23 December 2025
 

Mr Daniel Rowbotham Director

Minerva Café Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
26 Providence Street
Plymouth
Devon
PL4 8JQ

Principal activity

The principal activity of the company is a café

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 financial statements are prepared in sterling which is the functional currency of the entity.

Minerva Café Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Computer Equipment	33% Straight line
Fixtures & Fittings	25% Reducing balance
Motor Vehicles	25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Minerva Café Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

Minerva Café Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

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 statement of comprehensive income 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Minerva Café Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 7).

Minerva Café Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4	Tangible assets

	Fixtures and fittings £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	17,470	325	8,500	26,295
Additions	66	-	-	66
Disposals	-	-	(3,000)	(3,000)
At 31 December 2024	17,536	325	5,500	23,361
Depreciation
At 1 January 2024	7,184	214	2,125	9,523
Charge for the year	2,590	107	1,031	3,728
Eliminated on disposal	-	-	(750)	(750)
At 31 December 2024	9,774	321	2,406	12,501
Carrying amount
At 31 December 2024	7,762	4	3,094	10,860
At 31 December 2023	10,286	111	6,375	16,772

5

Stocks

	2024 £	2023 £
Finished goods and goods for resale	5,000	3,250

6

Debtors

	Note	2024 £	2023 £
Trade debtors		12,688	21,176
Other debtors		44,195	27,857
Income tax asset		10,836	6,519
		67,719	55,552

Minerva Café Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	44,620	54,925
Trade creditors		4,300	9,898
Taxation and social security		58,256	25,229
Accruals and deferred income		6,660	4,710
Other creditors		1,889	1,323
		115,725	96,085

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	9,061	6,697
Finance lease liabilities	12,499	-
Other borrowings	23,060	48,228
	44,620	54,925

Current loans and borrowings include £44,620 of loans which are secured to the assets to which it relates.

Minerva Café Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

10	Related party transactions

During the year the directors entered into the following advances and credits with the company:

Transactions with the director

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
Mr Daniel Rowbotham
	15,716	20,620	(4,731)	31,605

2023	At 1 January 2023 £	Advances to director £	Repayments by director £	At 31 December 2023 £
Mr Daniel Rowbotham
	9,131	10,448	(3,863)	15,716

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.