Coffeenest Ltd - Accounts to registrar (filleted) - small 18.2

Coffeenest Ltd - Accounts to registrar (filleted) - small 18.2

COFFEENEST LTD - Company Information

Print Friendly Version

IRIS Accounts Production v22.1.0.628 08517688 Board of Directors 1.11.20 31.10.21 31.10.21 0 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure085176882020-10-31085176882021-10-31085176882020-11-012021-10-31085176882019-10-31085176882019-11-012020-10-31085176882020-10-3108517688ns16:EnglandWales2020-11-012021-10-3108517688ns15:PoundSterling2020-11-012021-10-3108517688ns11:Director12020-11-012021-10-3108517688ns11:PrivateLimitedCompanyLtd2020-11-012021-10-3108517688ns11:SmallEntities2020-11-012021-10-3108517688ns11:AuditExempt-NoAccountantsReport2020-11-012021-10-3108517688ns11:SmallCompaniesRegimeForDirectorsReport2020-11-012021-10-3108517688ns11:SmallCompaniesRegimeForAccounts2020-11-012021-10-3108517688ns11:FullAccounts2020-11-012021-10-3108517688ns6:CurrentFinancialInstruments2021-10-3108517688ns6:CurrentFinancialInstruments2020-10-3108517688ns6:Non-currentFinancialInstruments2021-10-3108517688ns6:Non-currentFinancialInstruments2020-10-3108517688ns6:ShareCapital2021-10-3108517688ns6:ShareCapital2020-10-3108517688ns6:FurtherSpecificReserve3ComponentTotalEquity2021-10-3108517688ns6:FurtherSpecificReserve3ComponentTotalEquity2020-10-3108517688ns6:RetainedEarningsAccumulatedLosses2021-10-3108517688ns6:RetainedEarningsAccumulatedLosses2020-10-3108517688ns11:RegisteredOffice2020-11-012021-10-3108517688ns6:WithinOneYearns6:CurrentFinancialInstruments2021-10-3108517688ns6:WithinOneYearns6:CurrentFinancialInstruments2020-10-3108517688ns6:Secured2021-10-3108517688ns6:Secured2020-10-3108517688ns6:DeferredTaxation2020-10-3108517688ns6:DeferredTaxation2021-10-3108517688ns6:FurtherSpecificReserve3ComponentTotalEquity2020-10-31
REGISTERED NUMBER: 08517688 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

COFFEENEST LTD
COFFEENEST LTD (REGISTERED NUMBER: 08517688)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


COFFEENEST LTD (REGISTERED NUMBER: 08517688)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,050,000 1,050,000

CURRENT ASSETS
Debtors 5 80,464 81,491
Cash at bank and in hand 81 186
80,545 81,677
CREDITORS
Amounts falling due within one year 6 429,165 399,660
NET CURRENT LIABILITIES (348,620 ) (317,983 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
701,380
732,017

CREDITORS
Amounts falling due after more than one
year
7
(517,791
)
(548,930
)

PROVISIONS FOR LIABILITIES 9 (34,106 ) (34,106 )
NET ASSETS 149,483 148,981

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 145,401 145,401
Retained earnings 3,982 3,480
149,483 148,981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 11 July 2022 and were signed on its behalf by:




Mr M Gec - Director


The notes form part of these financial statements

Page 1
COFFEENEST LTD (REGISTERED NUMBER: 08517688)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

1. STATUTORY INFORMATION

Coffeenest Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08517688

Registered office: 1 Kings Avenue
Winchmore Hill
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements and estimates involved in the preparation of the financial statements.

Revenue
Revenue represents rents receivable, net of value added tax and discounts. Revenue is recognised evenly over the period of the rental agreement.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.

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 statement of financial position date.


Page 2 continued...
COFFEENEST LTD (REGISTERED NUMBER: 08517688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - NIL ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2020
and 31 October 2021 1,050,000
NET BOOK VALUE
At 31 October 2021 1,050,000
At 31 October 2020 1,050,000

Investment property was valued on an open market basis on 31 October 2021 by the directors.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 80,464 81,491

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 29,052 26,966
Trade creditors 2,642 13,673
Taxation and social security 30,791 17,210
Other creditors 366,680 341,811
429,165 399,660

Page 3 continued...
COFFEENEST LTD (REGISTERED NUMBER: 08517688)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2021

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Bank loans 517,791 548,930

8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 546,843 575,896

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

9. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax
Other timing differences 34,106 34,106

Deferred
tax
£   
Balance at 1 November 2020 34,106
Balance at 31 October 2021 34,106

10. RESERVES
Fair
value
reserve
£   
At 1 November 2020
and 31 October 2021 145,401

11. RELATED PARTY DISCLOSURES

lncluded in other debtors less than one year is an amount of £79,491 (2020: £81,491) due from connected companies under common control. The amount is interest free and repayable on demand.

lncluded in other creditors less than one year is an amount of £355,545 (2020: £335,767) due to a connected company under common control. The amount is interest free and repayable on demand.

Page 4