Established Coffee Co. Ltd.
Established Coffee Co. Ltd.
Registered number: NI620699
Unaudited Financial Statements
For The Year Ended
31 October 2020
Established Coffee Co. Ltd.
Unaudited Financial Statements
For The Year Ended
31 October 2020
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Established Coffee Co. Ltd.
Balance Sheet
As at
31 October 2020
Balance Sheet
Registered number:
NI620699
For the year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 35,536 | 48,235 | |||
Page 1
Established Coffee Co. Ltd.
Balance Sheet (continued)
As at
31 October 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Established Coffee Co. Ltd.
Notes to the Financial Statements
For The Year Ended
31 October 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The presentation currency is £ Sterling.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the customer has received the goods.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Computer Equipment |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Financial Instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Page 3
Established Coffee Co. Ltd.
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2020
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2020 | 2019 | ||
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| Average number of employees, including directors, during the year: |
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3.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
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| Additions |
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
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Page 4
Established Coffee Co. Ltd.
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2020
4.
Stocks
| 2020 | 2019 | ||
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| £ | £ | ||
| Stock - finished goods |
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5.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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6.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Accruals and deferred income |
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| Directors' loan accounts |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Bank loans |
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Page 5
Established Coffee Co. Ltd.
Notes to the Financial Statements (continued)
For The Year Ended
31 October 2020
9.
Directors Advances, Credits and Guarantees
Included within Debtors/(Creditors) are the following loans to/(from) directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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| £ | £ | £ | £ | £ | |
| Mr Mark Ashbridge |
( |
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- |
( |
| Ms Bridgeen Barbour |
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( |
The above loan is unsecured, interest free and repayable on demand.
10.
Post Balance Sheet Events
The outbreak of the Novel Coronavirus ("COVID-19") in 2020 has adversely impacted global commercial activity. The global impact of the outbreak is continuing to evolve. Many countries have reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues. Businesses are also implementing similar precautionary measures. Such measures are creating significant disruption in economic activity and the industry has experienced considerable impacts from this and does expect further future disruption. Management continue to work on minimising the impact of this disruption on the business. The directors will continue to closely analyse and review the impact of COVID-19 on the company and will take appropriate action as required.
11.
Related Party Transactions
Established Coffee Roasters Ltd is a related party due to common directors. Included in other debtors is amounts owed by Established Coffee Roasters Ltd of £7,853 (2019: £nil).
12.
General Information
Established Coffee Co. Ltd.
is a private company, limited by shares, incorporated in Northern Ireland, registered number
NI620699
. The registered office is 37 Talbot Street, Belfast, BT1 2LD.
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