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Company No: 05891764 (England and Wales)

# CORNISH TEA COMPANY LIMITED

### Unaudited Financial Statements
For the financial year ended 31 July 2025
Pages for filing with the registrar

CORNISH TEA COMPANY LIMITED

## Unaudited Financial Statements

For the financial year ended 31 July 2025

Contents

CORNISH TEA COMPANY LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 July 2025
CORNISH TEA COMPANY LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 154,691 |  | 171,562
|  | 154,691 |  | 171,562
Current assets |  |  |  |
Debtors | 4 | 3,076 |  | 6,445
Cash at bank and in hand |  | 58,265 |  | 67,494
|  | 61,341 |  | 73,939
Creditors: amounts falling due within one year | 5 | ( 122,597) |  | ( 118,035)
Net current liabilities |  | (61,256) |  | (44,096)
Total assets less current liabilities |  | 93,435 |  | 127,466
Provision for liabilities |  | ( 23,984) |  | ( 32,254)
Net assets |  | 69,451 |  | 95,212
Capital and reserves |  |  |  |
Called-up share capital | 6 | 2 |  | 2
Profit and loss account |  | 69,449 |  | 95,210
Total shareholders' funds |  | 69,451 |  | 95,212

For the financial year ending 31 July 2025 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 financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Cornish Tea Company Limited (registered number: 05891764) were approved and authorised for issue by the Board of Directors on 17 March 2026. They were signed on its behalf by:

J A Hicks Director |

CORNISH TEA COMPANY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2025
CORNISH TEA COMPANY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Cornish Tea Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Saffron Hill, Egloskerry, Launceston, PL15 8RX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £61,256. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings | 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

##### Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 3. Tangible assets

| Fixtures and fittings |  | Total
| £ |  | £
Cost |  |  |
At 01 August 2024 | 337,419 |  | 337,419
At 31 July 2025 | 337,419 |  | 337,419
Accumulated depreciation |  |  |
At 01 August 2024 | 165,857 |  | 165,857
Charge for the financial year | 16,871 |  | 16,871
At 31 July 2025 | 182,728 |  | 182,728
Net book value |  |  |
At 31 July 2025 | 154,691 |  | 154,691
At 31 July 2024 | 171,562 |  | 171,562

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Prepayments | 0 |  | 6,445
VAT recoverable | 376 |  | 0
Other debtors | 2,700 |  | 0
| 3,076 |  | 6,445

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Amounts owed to directors | 119,811 |  | 115,016
Accruals | 2,500 |  | 2,400
Other taxation and social security | 0 |  | 619
Other creditors | 286 |  | 0
| 122,597 |  | 118,035

There are no amounts included above in respect of which any security has been given by the small entity.

#### 6. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
2 Ordinary shares of £ 1.00 each | 2 |  | 2

#### 7. Related party transactions

Transactions with the entity's directors

| 2025 |  | 2024
| £ |  | £
Balance owed to directors - no interest charged and no set repayment terms | 119,811 |  | 115,016